Reading Time: 5 minutes If you dive into any of Warren Buffett’s many shareholder letters (and you absolutely should – they are a master class of communication style as well as an awesome throwback to the late-90’s early-internet-chic design style) the apparent lessons to take away is that the route to investment success is to buy a small number … More The Real Lessons of Buffett
Reading Time: 5 minutes The curious case of the stock market, the pension funds, in the library with the lead piping … It wasn’t the pension funds wotdunnit! It’s becoming a national obsession to lament the demise of the London stock market … there seems to have been a spate of articles recently such as this one in the … More No, it wasn’t the pension funds that killed the London stock market
Reading Time: 8 minutes Edit: updated for stats from Credit Suisse yearbook Tl:dr Prediction is difficult … especially about the future. Take them seriously not literally. I do love a well put-together set of expected returns, and it’s been great to see asset managers getting more comfortable sharing their own in recent years (in a previous post I said … More Tour d’Expected returns
Reading Time: 6 minutes Ok so I listen to a lot of podcasts. Each year for the last few years I’ve put together a list of the best. The ones that made me think different, unearthed a tonne of insight or just forced me to hit rewind and listen again. 2019’s is here, 2020 is here & 2021 is … More Top podcasts of 2022
Reading Time: 7 minutes It’s that time of year. I’m pretty skeptical of market outlooks, generally they either end up being a nowcast, or get thrown out before the ink has dried (see: 2022 forecasts), or they reiterate a bland consensus which isn’t useful or they are too vague or they tell you more about the forecaster than anything … More Not another 2023 outlook …
Reading Time: 2 minutes A few things about investing decisions … And a few I’ve learnt along the way 👇 1. Frameworks ground investment decisioning in a complex noisy world. VaR is a framework, returns are a framework. Loads of other possibilities, but you need something. 2. One of the most useful things you can do in investment is … More A few things I think I know
Reading Time: 4 minutes The Chartered Alternative Investment Association (CAIA) wrote an intriguing piece on the Portfolio for the Future, including 5 specific characteristics >> Diversification Private capital Fiduciary responsibility Actively engaged / Universal Owner Operational alpha We spoke to John Bowman about all this and more, here’s what he had to say ( web | apple podcasts ) … More The Portfolio of the Future
Reading Time: 2 minutes When you get chance to chat to renowned author and researcher Michael Mauboussin you take notes! You can listen to our full conversation right here (or here in apple podcasts or spotify), and below are my 6 main takeaways Investment Uncut · S3 Ep. 41 Multiples are not valuation with Michael Mauboussin 1. Expectations investing … More 6 Investment Frameworks from Michael Maouboussin
Reading Time: 9 minutes You don’t need me to tell you we’re in a bear market here. Those are fairly common. The slightly more unique feature of this one is that bonds are also in a bear market alongside equities. Is that a surprise? Not sure, it’s been predicted every year since about 2012 so in some ways it’s … More Bonds are Back: Navigating the bond bear market & 5 questions you should be thinking about.
Reading Time: 2 minutes We’ve asked this question to nearly 100 different guests on our pocast, Investment Uncut (subscribe here apple | spotify ) including investing legends like Rob Arnott of Resarch Affiliates, Charles Plowden of Baillie Gifford, fund researcher Deb Clarke, Professors like Allison Schrager, Ludovic Phallipou and Alex Edmans and authors Robin Wigglesworth, David Ricketts and Joe … More A Question: What is The Most Underappreciated Thing in Investing?
