What if everything you were taught about economics & finance was wrong?

Reading Time: 5 minutes Do we stop to question received wisdoms as often as we should? The stories, words, metaphors and concepts we use to describe things do matter. They define the cast of characters on (or off) the economic stage, perhaps implicitly relegating important areas to marginal or non-existent roles, without even thinking about it . Adjectives and … More What if everything you were taught about economics & finance was wrong?

New to the investment industry? Eight things you must follow

Reading Time: 4 minutes Recently joined the investment industry? Congrats and welcome, you’re going to love it here! And your timing is impeccable, you’ve joined the industry right at the start of a once in a generation scale capital flow in infrastructure and decarbonisation . I have to warn you not everything’s clear cut: we could be looking at … More New to the investment industry? Eight things you must follow

Finding what others can’t vs seeing what others don’t

Reading Time: 3 minutes There are a great many ways to succeed in investing , some involve doing very little (eg owning a passive index) others involve a lot more. I reckon you have at least 4 broad categories: 1. Seeing what others don’t (eg Growth investing: buying Amazon or Apple ) 2. Finding what others can’t (eg private … More Finding what others can’t vs seeing what others don’t

How Much Would You Need to Retire In Your 40’s?

Reading Time: 6 minutes So look I get that no-one needs another piece debating the 4% rule. (I did write a piece doing exactly this last summer though, showing that the last decade of low rates had “broken” the 4% rule – in the UK, similar conclusions would hold in the US). The follow-up to that piece was surprising- … More How Much Would You Need to Retire In Your 40’s?

Delivering the goods or a bad taste in the mouth?

Reading Time: 3 minutes All the ingredients came together here to deliver a really tasty story: You’ve got a rare listing of a tech “darling” in London, in a climate where the UK government is desperate to “reawaken” London’s capital markets in a post-Brexit world and in a time of US-based SPACs stalking many private UK firms. Add to … More Delivering the goods or a bad taste in the mouth?

Social Conscience: The New Asset Management Competitive Advantage

Reading Time: 2 minutes They’ve done the hard work so you don’t need to. It was great to see ShareAction’s list of the top 13 shareholder resolutions to watch this AGM season – every investor or adviser should be putting this to the asset managers they work with to hear where they stand on these issues. We’re in a … More Social Conscience: The New Asset Management Competitive Advantage

Digital gold: the institutional case for Bitcoin

Reading Time: 3 minutes Look, I’ve always been pretty skecptical of Cryptocurrencies and Bitcoin. My typical argument would be that if you evaluate it against the characteristics of a typical financial asset you find that it has: no income, no claim to crytalise value and no inherent value. But perhaps that is too narrow a way of looking at … More Digital gold: the institutional case for Bitcoin

The Concept of Emerging Markets is an outdated relic, we need a new paradigm

Reading Time: 7 minutes In 1981, an enterprising economist at the World Bank named Antione Agtmael was trying to win backing for the idea of a fund investing in developing economies. He was struggling with the name, and he knew this mattered. He was stuck on “third world equity fund”, but his colleagues weren’t sure. The name “Emerging Markets” … More The Concept of Emerging Markets is an outdated relic, we need a new paradigm

Five questions that investors will be asking themselves in 2021

Reading Time: 2 minutes I’m not one for predictions, especially when we’ve just lived through a year where many forecasts went out the window shortly after the ink on them had dried. However I feel I’m on fairly safe ground with the prediction that investors will find themselves asking at least THREE of the following FIVE questions at some … More Five questions that investors will be asking themselves in 2021

Good and bad answers to the biggest portfolio puzzle

Reading Time: 7 minutes The big question that every investor must be wrestling with right now as we go into 2021 is the prospect for future returns. Do we need to take more risk to earn decent returns in a world of zero interest rates? This could be biggest investing puzzle of our time (a question Josh Brown posed … More Good and bad answers to the biggest portfolio puzzle

Who allocates capital these days?

Reading Time: 4 minutes The Economist recently put out an epic on the future of asset management. Some of the conclusions were fairly obvious and well-known (albeit still important) but a couple of others struck me as under-appreciated. Who allocates capital? When you strip asset management back to its core societal purpose it’s about allocating investors’ capital to the … More Who allocates capital these days?

The military’s powerful risk management technique

Reading Time: 9 minutes Think Like a Military Commander: The Red Team “One thing a person cannot do, no matter how rigorous his analysis, is draw up a list of thing that would never occur to him” – Thomas Schelling The commander had a serious problem. It was October 2010, a company of Paras had just arrived in southern … More The military’s powerful risk management technique

Five surprising stocks in a 20-year bear market

Reading Time: 3 minutes Looking at individual stocks gets wild … It might surprise you that the following stocks have all yet to surpass their March-2000 dot-com era highs (at the time of writing. Admittedly 2 are getting close): Intel Cisco Pfizer AT&T General Electric It gets even weirder when you focus in on Cisco – despite being in … More Five surprising stocks in a 20-year bear market