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
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 The name “Emerging Markets” … More The Concept of Emerging Markets is an outdated relic, we need a new paradigm
Reading Time: 3 minutes Now look I know we all want to put 2020 behind us and move on as fast as we can, but investors would be well served in reflecting on their decisions. Seeing we saw almost a whole market cycle encompassing fear, panic, greed and euphoria in just one twelve month period, we certainly got quick … More Investors: did you decide well?
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
Reading Time: 5 minutes First featured on LCP Viewpoints I’ve seen several crises over my investment career most notably the 2008 crisis which occurred at a formative time in my industry development the lessons of which certainly influenced me – and I think many of my peers – for many years after (for better and worse). So I think … More Five things I learnt in 2020
Reading Time: 6 minutes GDP growth? US non-farm payrolls? Fed funds rate ? Oil price? VIX, change in the Baltic Dry index? All of those might make good candidates, but when it comes to overuse one number trumps them all thanks to its seductive power. The Price/Earnings ratio. Let me explain why. There’s quite a lot of psychology bound … More The most overused number in investing
Reading Time: 6 minutes For a spotify playlist of all these episodes click here. I’ve said it before and I’ll say it again – the quality of free content in blogs, articles and podcasts these days is I think on a par with what you’d get in a masters degrees in times past, if you know where to look. … More The Top 12 FinPods of 2020
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
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?
Reading Time: 4 minutes It’s good news when the stock market hits a new high, right? Well … maybe, but it might not seem like it if you are about to put money to work in the market , considering how to invest ongoing savings, or even making a switch from one asset class to another. If the market … More Advice for investing at all time highs
Reading Time: 2 minutes I’ve got a whacky and unpopular theory, hear me out … The largest group of tech stocks have soared past many market cap milestones recently. If only I’d had £1 for every time I’ve read that Apple exceeded the market cap of the FTSE 100 (eye catching, but so what?) and more recently that this … More Why FANMAG stocks are under-owned
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
Reading Time: 4 minutes Contrary to first impressions, big wave surfing is all about risk management. In the late 1980’s legendary Hawaiian big wave surfer Brian Keaulanu looked at the new models of jet ski that were being produced like the Yamaha Waverunner that allowed the rider to sit down, and had a flash of inspiration. He realised that … More We’re all risk managers now
Reading Time: 4 minutes Ok so look I know the world probably doesn’t need another article on this. Obviously you’d need to have been on Mars for the last week not to have seen the world lose their minds over the GameStop stock story, that became an iconic meme, that became a saga that turned into a real pop … More Stop. But should long-term investors care?