Market news is being dominated by the coronavirus outbreak at the moment. Monday saw the FTSE 100 close down more than 3%, after Italy reported the largest outbreak outside Asia. Obviously the human impact of this outbreak is everyone’s top concern. But as investors we’re obliged to consider the economic impact too. I see this as a temporary disruption, but there’s no way of knowing how long or how severe the impact will be. However, my general philosophy is to stay invested at all times. So I don’t plan to make any changes to my personal portfolio or to the SIF fund in response to this outbreak. Before I start this month’s review of Ashmore and Michelmersh, I’d like to take a look at a domestic story where I do have a strong view. I’m probably a bit late to this, but I’ve noticed worrying signs of ‘innovation’ in the mortgage market. I wonder if this is a sign that housing affordability is finally about to hit the buffers. Too clever by half? A recent piece in the FT (paywall) examined the growing trend for “doing the splits”. This means splitting a mortgage into two or three loans…
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