Freedom Calls: 25/5/26, “Chelsea in bloom and SpaceX files for IPO”

From the team at Freedom Asset Management

Few things bring out the British upper and middle classes quite like the Royal Horticultural Society’s Chelsea Flower Show, or  “Chelsea” as it is known to the gardening fraternity.  King Charles, Queen Camilla, and even Sir David Beckham graced Chelsea last week (see below).

Picture credit (R): You Mok/WPA Pool/Getty

I was lucky enough to win a couple of tickets to Chelsea and the place was packed with fellow gardeners - I did not know that David and I shared such passions.  Needless to say, the clematises in my garden don't quite match up to Raymond Evison’s gold medal winning show garden pictured above!  

Performance: markets were in bloom as well

Markets were strong last week, despite being thrown a continual flow of potentially bad news.   It seems that the market is simply not interested in the ongoing Strait of Hormuz challenges, higher fuel prices or the likely inflation spike coming down the line.  And probably that is a good thing - markets learn, and the shorts hoping for a 2022 reaction will be disappointed.  

Going into this weekend, there was a growing concern that the US might decide to restart its bombing campaign in Iran.  I am pleased to say that by the time we woke up in Hong Kong on Sunday morning, the news flow was very different - an extension of the ceasefire for another 60 days and a commitment to have the Strait of Hormuz opened up soon.  This bodes well for markets as we head into the summer.

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