AnnuAl Report 2023

Pokémoney !

Of course, we would never dream of plagiarising Satoshi Tajiri’s famous and highly lucrative creation: by portraying certain animals, being part of the stock market metaphorical bestiary, in the style of the Pokémon cards so popular with the youngsters among us, we are merely making a playful cultural reference.

Readers will be aware that financial market professionals often refer to animals – sometimes imaginary ones like unicorns – to refer to economic situations, behaviours and phenomena that sometimes may be obscure to the uninitiated. Accordingly, expressions taken from the animal kingdom have entered common financial parlance. For example, if central bank officials are more focused on ensuring price stability, they are described as hawks, whereas if they are keener on growth and employment they are referred to as doves. Investors who expect prices to rise are bulls, while those that expect them to fall are bears.