Kelly retrospective – Six of the best from The Value Perspective’s Ian Kelly
As Ian departs for pastures new we offer a small selection of his greatest hits.
From Medieval history to the threat of Armageddon, for regular contributor Ian Kelly, apparently almost any topic is a potentially insightful lens through which to examine value investing, here on The Value Perspective.
And now that he has departed for pastures new, tradition dictates that we mark his departure by offering up this small selection of his ’greatest hits’ in no particular order …
How value investing instincts helped tee up victory at the Battle of Agincourt
As every good schoolchild knows, the English won the Battle of Agincourt against great odds because their longbows were far more effective than the crossbows of the opposing French forces.
What fewer good schoolchildren know is the English had been already enjoying longbow-inspired victories for well over a century so the weapon was hardly a secret. So why were the French not wielding longbows at Agincourt too?
Gut feelings matter far less in investing than a set of hard-and-fast rules
Much as the tabloids love a good health-scare story to run on their front pages, the Financial Times rarely seems able to resist a new piece of research on behavioural – or, in this instance, physiological – finance.
And so it was that the story Man v machine: ‘Gut feelings’ key to financial trading success duly featured in a prominent position in the paper.
The fast and the furious – Why income-seekers should slow down and think carefully about yield
Every time I make the drive between London and Manchester to see my family, I will inevitably start thinking about speeds and speed limits – and from there, as a dedicated member of The Value Perspective team, it is only a short jump to the hunt for yield.
No, bear with me – we will make the link in a fraction of the time it takes me to get beyond the M25.
Three alternative top tips for new (and old) investors
September is the month when cohorts of fresh-faced young graduates descend upon the City of London to begin careers as professional investors – usually as analysts charged with coming up with stock ideas for portfolio managers.
Ever willing to help, here on The Value Perspective, we thought we would offer three pieces of advice that, while important, are unlikely to have been mentioned in the official induction sessions.
‘Hot iron’ trial by ordeal: a 13th Century lesson for investors
Trial by ordeal was an ancient way of determining someone’s guilt or innocence by making them undergo a painful, often potentially lethal, experience.
If they survived unscathed – or at any rate survived – they were deemed to be innocent of whatever charge had been levelled against them and, by the Middle Ages, the theory ran that this was because God was on their side and performing miracles to help them out.
There is no perfect time to invest, so seize the day
Everything in life, as Albert Einstein knew, is relative – even the threat of nuclear attack. None of what follows, we should immediately stress, is to downplay recent suggestions North Korea may have more nuclear weapons than previously thought or to dismiss the potential threat under which many people in Eastern Asia consequently live.
We would simply point out some of the big issues humanity faces today are hardly new.
The Value Perspective team
The views and opinions displayed are those of Nick Kirrage, Andrew Lyddon, Kevin Murphy, Andrew Williams, Andrew Evans, Simon Adler, Juan Torres Rodriguez, Liam Nunn, Vera German and Roberta Barr, members of the Schroder Global Value Equity Team (the Value Perspective Team), and other independent commentators where stated.
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