The following is a very broad brush outline of some of my thinking but it may give an idea of where I am coming from in terms of investing interests.

Mining

Both Gold and Copper interest me. The former because I think that we are in a period of global uncertainty that could turn very nasty and Gold is to some degree a barometer of that uncertainty. It is also, in effect, an alternative currency that operates with no legislative restrictions (All US dollar accounts are cleared via the US). It's also a store of value and is the preferred choice of Central banks. In my opinion, more than ten years of quantitative easing as well as ultra-low interest rates have created asset bubbles across the world.  It also leaves policy makers with little headroom in terms of monetary policy. And there is now a real prospect of negative interest rates taking a grip both in the US and the UK. The graph below shows how gold has performed in Yen terms since Japanese interest rates went negative on 29th January 2016. 

The following chart, produced in 2015, in my view, illustrates the mess the monetary authorities have got into. The situation today is more acute than it was five years ago. Interest rates are lower now than they were then. It's one of the reasons why I am interested in Gold, at least as a store of value. And why I believe the metal will move centre stage as the economic focus shifts to the East.

Copper is essential for traditional infrastructure building but more importantly for future developments including electric vehicles. I also suspect that legislators are running out of options and simply building infrastructure may be the next stimulus option. That will probably be enough to spike the price of Copper.

But I am not interested in mining exploration. Putting a hole in the ground is usually risky and expensive. I want demonstrable profitability. At the same time, I'm aware that mining is capital intensive and inherently risky. So, my focus is on low-cost producers from several countries, with a preference for dividend payers.

Oil

Over the long-term, I believe that oil is on the way out. But that is very long-term. In the meantime, it is essential for the world's economy. Incidentally, oil used by combustion engines is dwarfed by the other uses of oil such as in plastics and fertilisers. I see parallels with the tobacco industry: The long downward trend makes it attractive to low-cost established players but increasingly unattractive to new entrants. When viewed broadly, oil can be a very attractive business for low-cost operators. Having said that, my prime concern now is the impact of the COVID-19 crisis on the demand for oil. Will it accelerate the trend of reduced demand for oil? 

UK Export-Led Companies

The non-commoditised end of the market where service or brands are key. Especially important considering Sterling's long-term decline against the US Dollar. I suspect that Sterling has already been weaponised in preparation for the Brexit discussions. Impossible to prove but I suspect that COVID-19 will encourage more Western countries to manufacture domestically. The trend could be towards local rather than global.

UK Housebuilding And Construction

Britain still has a huge pent-up housing demand, especially at the affordable end of the market. However, COVID-19 may have effectively destroyed some sectors of the commercial property market. My impression is that  it's based upon one underlying assumption and that's maximising the use of space. Social distancing, if rigorously enforced, could mean the collapse of large parts of the leisure and hospitality industries. Incidentally, the impact of large numbers of people working from home, in my opinion, has not been taken on board by investors. This rapid dislocation could create serious problems for commercial property owners and funders (Banks). 

Annuity Type Revenue

Companies with a high degree of earnings visibility or where the cost or hassle of moving to a new supplier may be prohibitive. I try to avoid businesses that are based on fads and high levels of discretionary spending.

High Technology 

I avoid companies that I do not understand. But I do invest in businesses that I can get a handle on. I like technology companies that have something "Sticky". Once in place, it is expensive and difficult to remove. I do not want to be in technology that can be commoditised or easily displaced. But sitting in the back of my mind is the possibility that China will re-engineer the internet and the US dominance of the the high-tech sector will wane. Could this be worth going to war for?

Is There Any Room At The Top?

Companies such as Amazon may be creating monopolies that cannot be challenged within a short time frame. The upshot could be that small companies remain small. Jim Slater once said that elephants don't jump in reference to the ability of large companies to grow larger. He might have added that they can squash ants and that's what they seem to be doing. Large companies may become an extension of the state in which they operate. Therefore, they are probably difficult to dislodge.