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 The name “Emerging Markets” … More The Concept of Emerging Markets is an outdated relic, we need a new paradigm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