Better Behaviour by Design

Reading Time: 8 minutes The evidence is undeniable. We all have brains that are set-up to make consistently bad choices when it comes to domains that are complex, ambiguous and unpredictable – like investing. We overestimate our own ability, screen out information that conflicts with our pre-conceived views, we fear losses, and anchor to what feels well known and … More Better Behaviour by Design

The Mis-behaving Investor

Reading Time: 4 minutes In finance 101 you learn all about the two types of risk: systematic (market) and non-systematic (idiosyncratic) risk, but conventional teaching tends to ignore a third risk – Behavioral risk, which can be the most important. >> From @danielcrosby ‘s excellent book The Behavioral Investor which provides both a new taxonomy of behavioral biases from … More The Mis-behaving Investor

Three Ideas that Came of Age in 2018

Reading Time: 5 minutes 1. The Universal Owner Did you go to many investment conferences in 2018? You probably don’t need me to tell you that ESG (Environmental, Social and Governance) considerations have been brought front and centre this year. I think this theme can be interpreted at a higher level in terms of how asset owners weigh externalities … More Three Ideas that Came of Age in 2018

My Top 6 Books of 2018

Reading Time: 2 minutes Prisoners of Geography This book was a massive “AHA” moment for me: rivers, mountains, seas, plains, boundaries and why they mean, almost everything. Shoe Dog I’ll never look at a pair of Nikes the same way again. A business non-fiction that reads like a novel. A great real life tale combining sports and business entrepreneurship … More My Top 6 Books of 2018

20 Questions to Reflect Professionally and Personally on 2018

Reading Time: 2 minutes The end of the year is a great time for real reflection, which can actually be surprisingly powerful in learning and developing (whether you define that as being better at work, at home being happier or more fulfilled etc). Sure you say, I know that and I’ll reflect at some point, on the train home … More 20 Questions to Reflect Professionally and Personally on 2018

Running off DB Pensions: What is Self-Sufficiency?

Reading Time: 9 minutes A simple question of defining an oft-used term leads to important but tricky questions, and throws light on key issues. It becomes clear that running a pension scheme in run-off mode involves a very different set of considerations to deficit recovery mode. Mindset, language and tools need to change. The conclusion is that a full … More Running off DB Pensions: What is Self-Sufficiency?

15 Things that changed my perspective so far this year

Reading Time: 5 minutes   Wiser – how group decisions can let us down 50 years since the term “groupthink” was first coined it is still alive and well in the corridors of power in government, business, finance and elsewhere. This readable book by Cass Sunstein & Reid Hastie systematically unpicks the aspects of human nature that can lead … More 15 Things that changed my perspective so far this year

[Books] Wiser (part 2) – getting past groupthink to better outcomes

Reading Time: 3 minutes Authors Cass Sunstein and Reid Hastie have put together an excellent and readable taxonomy of the “bugs” that can afflict group decision making and cause groups to blunder in their book Wiser. In the first part of this blog I discussed their dissection of the causes of group decision making failure. How can we make … More [Books] Wiser (part 2) – getting past groupthink to better outcomes