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The Concept of Emerging Markets is an outdated relic, we need a new paradigm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 The name “Emerging Markets” … More The Concept of Emerging Markets is an outdated relic, we need a new paradigm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