10AUG 2018

What could Cristiano Ronaldo have to teach us about QE?

As the Premier League kicks off for another season, we return to the subject of football transfer fees and the important lesson it holds for investors who have benefitted from rising asset prices since the financial crisis



24APR 2018


Investment Warnings: Beware the rise of the loss-making IPO

We keep a folder of ‘red-flag market indicators’ – developments that make us very uneasy indeed – and one of them is the growing numbers of companies able to go public in spite of their negative earnings


30JAN 2018


Value investing skills #1: Informational edge

There are arguably four broad categories where it is possible for investors to enjoy some sort of advantage over their peers. Here we consider the informational ‘edge’ and how value investors can benefit from one

12JAN 2018


It is impossible to assess a share without reference to its price

Everybody’s investments go up and down in price and, whenever one of ours goes down, we will take a long-term view on its prospects based not on emotion but on its new price and valuation



05DEC 2017


Bitcoin's own valuation measure is meaningless

Aficionados of bitcoin and other so-called ‘crypto assets’ have started to refer to their own kind of valuation measure – the NVT ratio. The only snag being it tells people nothing about valuation


27OCT 2017


The investment decision that haunts us most

As Halloween approaches, we remember a dream stock that turned into a nightmare after an unexpected turn of events left us without a ghost of a chance of making our money back


19SEP 2017


Why we bought Provident Financial

The extraordinary amount of bad news surrounding Provident Financial in recent weeks would have been enough to pique the interest of any contrarian – and that is when the hard work of value investing begins


31AUG 2017


How tobacco stocks could now be damaging to your wealth

When stocks become ‘priced for perfection’, as tobacco businesses now are, even relatively mundane pieces of negative news can have a significant effect on share prices