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Is cash king?

By Gareth Horsfall
This article is published on: 3rd October 2023

It’s been a horrible 2 years (almost) in investment markets. Let’s just be honest. If markets don’t pick up in Quarter 4 of 2023 then we will have been in for 2 pretty rubbish years. It’s tough to say it from someone (me) who is invested in ‘investing’ and using the markets to protect money from inflation.

I know it’s the only way to protect our hard earned capital from the ravages of prices increases, but after 2 years of markets not going anywhere it is a tough job to convince anyone that this is still the best way to protect capital.

Until 2022 you could have almost been forgiven for wondering what inflation was. We hadn’t really seen the effects of inflation for the last 20 years, and now it’s back with a bang. Right at the moment of global political instability and war. The perfect storm!

Since Feb 2022 the markets reacted to the events between Russia and Ukraine and since then, with the onset of price increases for, just about, everything we buy, global stock markets are still trading under their highs of 2021.

Is cash king

Why not cash instead?
If you are someone sitting on cash, you might be cautious about investing and who can blame you? Everything around the world looks unstable and putting money in cash might earn you 5% in US CD’s, 4% in € and potentially 6% in GBP. Even though these interest rates are trailing the real rise in the cost of goods and services, you can’t be blamed for looking for some certainty in an uncertain world.

A woman’s view on the world
It is for this reason that I invited Joy Callendar of Brewin Dolphin  (  to come and speak at our events in Abruzzo and Marche on the 17th and 18th October, respectively.

I wanted to invite a female Investment Manager this time as women have a different perspective on investing than men.  Women are shown in numerous studies to be less aggressive and less impetuous than men in their investment decision making.   This is good for me, because I will get time to hear what Joy has to say to you, but also I will get time to speak with her during the time travelling to each place and in the evenings.   I myself want to hear how someone, like Joy, is going to help us navigate these rocky waters.

It is without a doubt that Joy will advocate investment as a mean to inflation protect your money and tell us that cash is, long term, a bad way to protect our real long term spending power of our money (because it is). But what about the short to medium term: is it a good idea to invest in cash now and wait until markets start to recover?  Or can we invest in areas which are less volatile?  Can Brewin Dolphin keep money in high interest bearing funds/investments with minimal risk and time the right moment to get into the markets for us?  Can they just move in and out of areas at the right time to maximise returns?

There are so many questions that I want the answers to.

Brewin Dolphin and many other asset management firms want to get out and talk directly to people, rather than being solely based online, as they see the value in talking to people directly.  They have a budget for working with companies like us who can provide an audience for them.  They have services for residents in Italy and also are SEC licensed for services to US persons living in Italy.  (Of course they love a few days out of the office in rural Italy as well) .

I am planning more events around Italy in the spring of 2024 (some with a different theme) and would welcome any recommendations if you think you might know a group of people who might want to listen to investment/tax planning experts for your life in Italy.   Don’t hesitate to let me know.

In the meantime, if you want some answers to any investment, currency exchange or tax planning questions then please register to come along to the events below.  Oct 17th in Abruzzo and Oct 18th Marche.

These events will NOT be a lecture or usual seminar,but, instead, a PANEL style approach.

The panel of experts will be open to questions and answers from any member/s of the audience and be available to listen to your concerns, worries and comments and hopefully provide some concrete and helpful information. 

I am keen to put these experts on the spot and get the answers we want and to really make them work for their money, and I need your help to do that!!

Article by Gareth Horsfall

If you live in Italy and or have financial interests in Italy you can contact Gareth Horsfall directly on: to request more information about how he may be able to help you. Alternatively you can complete the form below and a message will be sent to him. If you would like to read more about Gareth's work you can follow his blog on tax and financial planning in Italy HERE

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