Medical advances have played a key role in improving global life expectancy over the last century. But medical science never stands still, and many of the scientific breakthroughs of the last 50 years, particularly in the field of genetics, are only now beginning to be fully realised. Whilst progress in many areas has been slow, future R&D projects will be helped by substantial cost reductions in areas such as gene sequencing, which will reduce some of the barriers preventing further progress.
In times of low yields, it is almost inevitable that investors look to assets whose returns are typically generated primarily from price appreciation. This does increase overall portfolio volatility, but what if these assets also have only low expected returns that hardly justify taking the higher risk? Total return expectations for equities, for example, continue to decline. We have argued for some time that tactical trading of typically more volatile asset classes is a feasible multi-asset strategy for the current low-yield, low-return-expectations environment.
Anti-ageing medicine is a very trendy medical field and is one of the fastest growing specialties throughout the world. Anti-ageing medicine is the pinnacle of biotechnology, joined with advanced scientific know-how and clinical preventive medicine for the early detection, prevention, treatment and reversal of age-related dysfunction, disorders and diseases. This discipline promotes innovative science and research to achieve the ultimate goal: prolonging a healthy life in humans, the length of time, that we are able to live productively and independently, and ensure that those years are enjoyed in an energetic and active way.
A weak economy, the reorientation of the Chinese economy and a mild winter to boot have cooled demand for middle distillates. By contrast, gasoline is in considerable demand thanks to low prices, a comfortable income situation and a growing number of vehicles. Supply is responding only slowly to the change in demand structure – accordingly, full tanks of middle distillates are weighing on crack spreads for diesel and putting the brakes on any recovery for the time being. On the other hand, the crack spread on the gasoline market is well supported at the start of the summer driving season in the US. The crude oil price will remain the key determinant of the price level on both markets, however.