Reading Time: 2 minutes “Investing is the perfect example of a complex problem with no known solution. There are no secrets.” – Nick Magguili (Of Dollars and Data) So what really matters most in the volatile, uncertain and ambiguous environment of investing? Better models? Research? Skilled managers? Access to deals? These things can and do matter, and fortunes have … More The Four Most Important Things in Investing
Reading Time: 1 minute A common – and apt – acronym for today’s world, and particularly the domain of investing derives from the military – VUCA. “VUCA is an acronym – first used in 1987, drawing on the leadership theories of Warren Bennis and Burt Nanus – to describe or to reflect on the volatility, uncertainty, complexityand ambiguity of … More The World is VULCAN not VUCA
Reading Time: 1 minute Disagreeing well: it’s easy to disagree badly (and agree badly), and we all know the truism that different viewpoints is good, but harnessing dissenting views in practice is so much harder than you think Managing meetings effectively: many companies would baulk at an expense of several £’000, but routinely allow such sums to be wasted … More Underrated Skills
Reading Time: 1 minute Quite big news out last week on the future of RPI, in DB pensions-land, amid everything else that’s going on. I’ve seen a variety of conflicting takes on the announcement, but clearly has implications for DB schemes. Here is a helpful reminder of some of the recent background context on the long-running issues with RPI. … More RPI surprises
Reading Time: 1 minute A fantastic piece by the great Morgan Housel. Four reasons why complexity sells – Working through complexity feels like real work, while simplicity feels like an easy walk (too easy?) Length superficially signals effort and thoughtfulness (flawed thinking that is not challenged often enough) Things you don’t understand create a mystique around people who do … More Why Complexity Sells
Reading Time: 1 minute The answer, according to Mercer ‘s Asset Allocation Survey is 6-8 ish if you are an institution below 1bn, and 13+ above 1bn. I’d say that’s consistent with my experience too in that 1bn tends to create a breakpoint where governance resources step up to cater for portfolios with more managers. But even with 6-8 active (plus … More How many managers does it take to …. ?
Reading Time: 3 minutes Realise I’m a little late with this list this year, but here’s what I’ve enjoyed most so far this year … you’ll see I’m showing my normal bias toward non-fiction, and in fact haven’t included any fiction in this list (although I have read some). Enjoy, and let me know what you think Bad Blood … More Summer Reading 2019
Reading Time: 2 minutes Body-Mass Index (BMI) can be helpful in giving an indication of whether someone is overweight, at risk of developing negative health effects and can give a clear call-to-action to make changes from a dietary or exercise perspective. However, take BMI to extremes and you end up concluding that the Rock, and at least half of … More All Models are Wrong but Some are Useful
Reading Time: 1 minute There is an important concept in software development called Technical Debt. Technical debt is incurred whenever a quick fix is implemented that solves a problem but not in the most long-term optimal way form the perspective of the whole system. When you are building something fast, trying to get it working and ship it out, … More Technical Debt
Reading Time: 2 minutes First published in Professional Pensions on 6th June 2019 I was disappointed to see an overly simplistic “pensions should be harnessed to…” sort of message from Guy Opperman in The Times on 22 May. It’s great to see pensions being discussed amid the wider political context we are in, but I found the sentiments, however well-intended, quite … More Guy Opperman has it backward on Pensions & Infrastructure
