Reading Time: 4 minutes Ever wondered why ** every single ** private equity fund has a since inception “return” of 26% annually? Looks great compared to c8-10% in the public markets n’est pas? Especially in an era of low returns! Private markets must be the way forward … Yeah, nah, it doesn’t mean what you think it means … … More Inconvenient truths in Private Equity
Reading Time: 2 minutes War, climate change, pandemics, inflation, rising interest rates First published in LCP’s investment magazine – VISTA Original version available at lcp.foleon.com The job of investing involves reckoning with a huge amount of uncertainty and intersecting trends while making good decisions, screening out noise and resisting the temptation to overreact. That is, of course, easier said … More Turning points in uncharted territory
Reading Time: 2 minutes I asked the big question on Linkedin: what’s the most underappreciated workplace skill in 2022? Passive aggressive email drafting? Pretty powerpoint slides? Perfectly labelled excel spreadsheets? Here’s some of the answers I got back (crowd sourced): Teamwork The people who contribute huge value by making everyone around them a little bit better, though often in … More What’s the most underappreciated work skill in 2022?
Reading Time: 5 minutes Here’s my latest fortnightly real talk markets newsletter, in this edition: Q1 mumble, inflation, climate, the new triple-peak workday and Bill Gross is still standing. If you like it, please subscribe over on substack: How’s your week? I got followed by the real Bill Gross on Twitter y’all. So it’s been that kind of a … More Transitory inversion
Reading Time: 7 minutes Words like turning point and uncharted territory are easily overused in investing. No-one rings a bell at the top or bottom, and it’s always different this time, so usually they are no help. But it’s probably fair to say that 2022 is shaping up to present one of the more challenging periods investors will have … More Investing in a time of inflation: what they don’t tell you
Reading Time: 7 minutes I hereby call a meeting of the FAANG inclusion committee, on the agenda: Decade in review: how we the committee became one of the best stockpickers in the world Additions / deletions: Netflix Nvidia Microsoft Tesla Facebook/Meta 3. Two radical proposals for the future of the committee: 3.1 Renaming as GAMA 3.2 Dissolution of the … More Convening the FAANG committee
Reading Time: 5 minutes A reader asks: how do stockmarkets typically do in high inflation / interest rate rising environments (asking for a friend). You can see why the question is being asked: It’s the question we’re all asking right now (or should be). It’s funny sometimes when something that has been so widely predicted / talked about, actually … More Asking for a friend
Reading Time: 6 minutes Hypothetical question. How much is a business worth that does $120bn of revenue in a quarter , at a 40% profit margin. What if I told you earnings have been growing around 20% per year? Well, “a lot” would be one answer. But clearly Apple (yes, you guessed it!) is already valued at “a lot” … More 🍏
Reading Time: < 1 minute I’m starting a newsletter … Your Thursday Investment Fix Yeah I get it. Your inbox is already overflowing with thought-pieces , thunk-pieces, dunk pieces and puff pieces. But here’s the deal – this will be 3 minutes to read that will actually be useful. Every 2 weeks on a Thursday I will bring you: 3 … More Launching YTIF
Reading Time: 5 minutes Getting comfortable with failure leads to better goals, helps you learn what works and moves away from a fixed mindset. I love new year’s. At a pinch I might even choose New Year over Christmas and all its forced consumerism. New Year is a chance to reset, refresh, reflect – looking both backwards and forwards. … More Why it’s great to fail your new year’s resolutions
