Behavioural Finance

A no brainer?
October 11, 2016

Anyone who has worked in finance or studied it for any length of time will be familiar with the phrase:…

Germany could buy Shell for free
September 26, 2016

There are some strange things happening in financial markets today. Interest rates are negative across much of Europe and Japan.…

What price quality?
June 14, 2016

Beauty may be in the eye of the beholder but quality is in the eye of the buyer. There is…

Exploiting financial risk
April 12, 2016

Most people would agree that any investment proposition must involve some consideration of risk and return. A good investment idea…

Contract business models – don’t “skew” it up
April 8, 2015

This recent article by the Economist about “negative skew” has got me thinking again about business risk. The article highlights…

Mispriced risk
July 30, 2014

As a stock picker, 95% of my time is spent analysing individual companies in order to understand how and why…

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Behavioural Finance

It’s Skynet for some
August 30, 2017

There is one word that is overused by investors today – “disruption”. In fact disruption has been with us since…

Mr Market is smiling on consumer staples. For now.
April 11, 2017

Warren Buffet famously described companies that “buy commodities and sell brands” as the sort of business model in which he…

A sign of the times…
March 6, 2017

Would you pay a premium for financial leverage? For most of my career – barring a short period before the…

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Commodities

Golden nuggets
July 12, 2017

In my previous post, I outlined my framework for investing in gold equities, highlighting the critical importance of ensuring a…

Opportunities in oil
October 5, 2015

In my previous post I suggested the oil sector may now be an excellent place to look for undervalued shares. In…

Oil – fear or greed?
August 26, 2015

“Fear is the foe of the faddist, but the friend of the fundamentalist.” Warren Buffett In my previous post I…

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Disruptive Technologies

It’s Skynet for some
August 30, 2017

There is one word that is overused by investors today – “disruption”. In fact disruption has been with us since…

How can a value investor buy into technological innovation?
June 7, 2017

In a world where Google is a verb and Amazon web services has nothing to do with spiders in the…

An interesting company, but is it an interesting investment? The sequel…
May 8, 2017

In the blog post titled ‘an interesting company, but is it an interesting investment’, I discussed the difficulty in justifying…

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Economics

The curse of the UK
February 20, 2017

2016 was certainly a peculiar year for the UK stock market. Despite finishing with a fairly healthy overall return (in…

Brexited – keep calm and carry on
June 28, 2016

So far this year I have avoided making any specific comments on Brexit. This is not because I don’t see it…

Betting the ranch – The shaky foundations of London’s expensive new build properties
May 4, 2016

When considering an investment in a company, it is important to understand what really drives demand for the company’s products,…

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Emerging Markets

Emerging markets – from hero to zero
June 29, 2015

“How do you incorporate “macro” into your investment process?” This is a question I am often asked. I’d like to…

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Income Investing

The Beautiful Game
September 8, 2017

The start of the football season has got me thinking about the language that is routinely used in the financial…

The six worst reasons for dividend cuts
October 26, 2015

My previous blog, How should a company set its dividend policy? outlined my view that a company should set its…

How should a company set its dividend policy?
October 15, 2015

I often get asked this question. People may think that the dividend policy of a company does not really matter.…

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Politics

Brexited – keep calm and carry on
June 28, 2016

So far this year I have avoided making any specific comments on Brexit. This is not because I don’t see it…

What is wrong with Britain’s economy?
May 5, 2015

As we approach the General Election this Thursday, politicians are battling over the question of ‘what is wrong with Britain’s…

FTSE Shades of grey
February 17, 2015

As we enter the home straight for the long-awaited May 2015 UK General Election, we can look forward to a…

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Unconstrained Investing

A tale of three sectors
February 24, 2015

As the FTSE 100 finally closes at a new all-time high, we will no doubt hear more commentary celebrating this…

Risky business
April 23, 2014

“The goal in investing is asymmetry: to expose yourself to return in a way that doesn’t expose you commensurately to…

Buffett, Index Funds and Climbing Mount Everest
March 10, 2014

Warren Buffett, one of the world’s most admired investors, has revealed that his will provides advice to his wife that…

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Value Investing

The Beautiful Game
September 8, 2017

The start of the football season has got me thinking about the language that is routinely used in the financial…

Golden nuggets
July 12, 2017

In my previous post, I outlined my framework for investing in gold equities, highlighting the critical importance of ensuring a…

Gold – it’s marmite for investors
June 27, 2017

At one extreme, I know investors who have their entire portfolios invested in a combination of gold, gold equities and…

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