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- What would Kermit do? – Why some human decisions are no different from a frog eating a fly
- Where Einstein struggled in theory – relatively speaking
- Our 2020 anti-forecast: Why pay for profits after the event?
- Politics may change but our manifesto remains demonstrably consistent
- The big issue with ‘buy and hold’ stock predictions
- Three ways to make better decisions – with Michael Mauboussin, Part 1
- How to create the ideal decision-making environment – with Michael Mauboussin, Part 2
- A tip for investors from the controversial 2015 Super Bowl
- Distinguishing between skill and luck in investment - with Michael Mauboussin, Part 3
- Why an indiscriminate sell-off means opportunity for discerning investors
- Build a process to strike out superficially attractive investments
- Forget the wonder strikes and focus on investment ‘tap-ins’
- Beware the rise of the asset that yields less than nothing
- Judging information quantity and quality – with Air Marshal Sir Graham Stacey
- What’s wrong with writing off Warren Buffett – again
- The pick of world markets from 2019 is still historically cheap
- Bitcoin is no ‘safe-haven’ against the coronavirus – or anything else
- Disrupted should be required reading for any would-be tech start-up backer
- A value strategy works in emerging markets as much as developed ones
- Integrating ESG considerations into investment risk analysis
- Focus on all three elements of ‘ESG’ to reduce investment risk
- The movie version of a key value principle – with film-maker Santiago Zapata
- In difficult and volatile markets, look to valuation as your guide
- Cool heads in Antarctica – with Nics Wetherill and Sophie Montagne
- As with the Olympics, investment success comes from hard work, not predictions
- How we ‘stress-tested’ our portfolios long before the Coronavirus
- When markets are plummeting, value can be your parachute
- Pick your moments to be contrarian – with Nics Wetherill and Sophie Montagne
- Balancing risk and reward is a constant battle – with Nics Wetherill
- A spotlight on oil companies and dividend payouts
- Plans may falter but planning is everything – with Marshall Elliott
- History is telling investors now is a time to be brave
- As the banks scrap their 2020 pay-outs, what's next for UK dividends?
- When no roadmap exists, know your options – with Sean Sutcliffe
- Two key qualities for business and investing – with Sean Sutcliffe
- Planning for uncertainty in conflict zones – with Marshall Elliott
- Tips to counter the despair of volatile markets
- This is no time for investors to reach for the panic button
- Two key risks the market is ignoring – Part 1: Balance sheet risk
- Two key risks the market is ignoring – Part 2: Valuation risk
- What does the oil price drop mean for dividends?
- Equity investment is a marathon, not a sprint
- Why balance sheet strength should interest investors more than ever
- How to stress-test a business’s finances
- Uncertainty should be no barrier to intelligent decisions
- Three new arguments against value – and why they don’t hold water
- How Warren Buffet invests in terms of probabilities
- Probability and decision-making – with Annie Duke
- Base rates and countering ‘tilt’ – with Annie Duke
- Outcomes and timeframes – with Annie Duke
- Financial strength should now be recognised as the plus it always was
- Why you should, frankly, give a dam about company balance sheets
- Was this spring’s sunshine really a ‘one in a million’ occurrence?
- The case for taking an ‘outside view’ in Royal Ascot Week
- Beware picking an investment – or a football team – for its glory days
- Like cricketers, investors should be wary of feelings trumping facts
- When misunderstanding risk is truly disastrous – with Hector Ibarra
- Creative ways to communicate the nature of risk – with Hector Ibarra
- Liverpool’s period in the wilderness is over – now what about value’s?
- A fall in dividends this year is an inevitable side-effect of Covid-19
- 2020 vision – Part 1: The downward drop of an extraordinary six months
- The long-term opportunity for patient value investors remains huge
- Flying colours – The value traits revealed by the memoirs of a First World War air ace
- 2020 vision – Part 2: The upward bounce of an extraordinary six months
- How the UK now offers attractive options for discerning investors
- No matter how you do the maths, a big UK dividend cut is coming
- What does value investing have in common with Forrest Gump?
- Identifying the ‘seven deadly sins’ of company debt
- Five rules for navigating a market crisis – Part 1
- Five rules for navigating a market crisis – Part 2
- Five rules for navigating a market crisis – Part 3
- Ergodicity – The odd word with important implications for investors
- Investors should be careful about the phrase ‘average returns’
- Why ‘what might have been’ would often not have happened
- Challenger banks have faced a huge challenge of their own this year
- A theory on the gravity of Apple’s situation
- How to identify businesses that can land on their feet
- Why you should consider a contrarian play within a contrarian play
- Put more ‘educated’ into your guess – with Annie Duke
- A shot in the arm for value?
- Value investors are feeling the heat – but that is integral to the strategy
- Learn to make the hard decisions better – with Hannah Mills
- Controlling the controllables – with Hannah Mills
- A Covid-19 vaccine, Part 1: The ‘dark cloud’ base rates offered us
- A Covid-19 vaccine, Part 2: The ‘ray of light’ base rates offered us
- Investment warnings – What might have been and still could be
- How certainly can you define ‘uncertainty’? with Marvin Barth
- Are we really living in ‘unprecedented times’? With Marvin Barth
- Five steps to managing uncertainty – with Marvin Barth
- Beware the illusion of large financial data sets – with Jake Taylor
- Our 2021 anti-forecast – Vic Reeves on a roll
- Now is a great time to visit your ‘investment gym’ – with Jake Taylor
- Track your decisions to trace what helps or hurts – with Jake Taylor
- Did Joe Biden learn a key lesson from the Democrats’ 2016 campaign?
- The Rosetta Stone’s clue to cracking the value code
- Our clients’ most commonly asked questions since ‘Vaccine Monday’, Part 1: Market rotation and ESG considerations
- Our client’s most commonly asked questions since ‘Vaccine Monday’, Part 2: Market considerations and our portfolios
- Missing November’s value rally does not mean missing ‘the value boat’
- Five thoughts on value in emerging markets
- Will pressure on Chinese tech firms spark renewed interest in value stocks?
- The truth about growth and value performance
- How value can now be the answer to four different investment questions
- Learning to think probabilistically through poker – with Maria Konnikova
- Why global investors should target cheap markets such as the UK
- Two big diversification lessons to take from 2020
- Why we are certainly excited about our upcoming podcast guest
- Valuers must beware the ‘multiple-personality company’ – with Aswath Damodaran
- How to counter your biggest valuation enemy – with Aswath Damodaran
- ‘Without data, all we have are fairy tales’ – with Aswath Damodaran
- Cognitive diversity’s key role in decision-making – with Ted Seides
- One trophy won but City FA Cup loss confirms Pep’s outside view
- Helping probabilities pass the clarity test– with David Holland
- Four quadrants, one decision factory – with David Holland
- Has the value ship sailed?
- Is this the most misunderstood word in investment? – with David Holland
- The art of high-quality decision-making – with David Holland
- How options can spice up investment – with Erik Kobayashi-Solomon
- How to use a valuation framework with options – with Erik Kobayashi-Solomon
- The year youth became a market force. Again.
- Forget trading cards, this is the time to be collecting value stocks
- The intersection between quality and value – with Dan Rasmussen
- Three lines on a chart? No – just the one
- Base rates and the right side of history, Part 1 – with Dan Rasmussen
- Base rates and the right side of history, Part 2 – with Dan Rasmussen
- Beware the two biggest threats to equity portfolios – with Dan Rasmussen
- The contrarian approach that continues to bloom in Hollywood
- Whistling up the secret to good decision-making – with Wayne Barnes
- In search of the Holy Grail of consistency – Wayne Barnes
- Pressing the ‘reset’ button on decisions – with Wayne Barnes
- Tough decisions, plain-sailing – with Tokyo Olympics gold medallist Hannah Mills
- Control the controllables – with Tokyo Olympics gold medallist Hannah Mills
- Big numbers and strategies that count – with Andrew Elliott
- Beware the flaw of averages – with Andrew Elliott
- Who’d have believed ‘Sweet Caroline’ holds a value lesson?
- Yes, things can go wrong – but what if they go right? With Tom Slater
- Podcast Transcript - Russell Napier
- Podcast Transcript - Rob Gardner
- The value lesson nestling inside every Christmas cracker
- Christmas Quiz 2021, Take 1
- Christmas Quiz 2021, Take 2
- Podcast Transcript - Mike Mitchell
- Podcast Transcript - Dominique Mielle
- What makes a situation ‘special’ for investors? With Mike Mitchell
- Emerging markets now offer investors an exciting case of déjà vu
- Maximising outcomes in football and investing – with Simon Hallett
- The winning goal of turning theory into practice – with Simon Hallett
- A Manchester City quadruple would confound Pep’s ‘outside view’
- Lessons from a bet with Warren Buffett – with Ted Seides
- Stepping up to the plate – Ted Seides on investing and baseball
- Managing expectations as well as money – with Ted Seides
- Running a central bank with the Taliban at the door – with Ajmal Ahmady
- Reliable information makes for better decisions – with Ajmal Ahmady
- Evolving processes to make good decisions quicker – with Ajmal Ahmady
- The five commonest behavioural investment mistakes – with Joe Wiggins
- The best way to learn from past mistakes – with Joe Wiggins
- Where private investors have an ‘edge’ over the pros– with Joe Wiggins
- Podcast Transcript - Joe Wiggins
- Podcast Transcript - Erik Kobayashi Solomon - ESG Mini Series
- What about the other 75% of emissions? – with Erik Kobayashi-Solomon
- Podcast Transcript - Arjun Murti - ESG Mini Series
- Podcast Transcript - Tobias Carlisle
- Podcast Transcript - Jim McDermott- ESG Mini Series
- Key take-away – There are many reasons to avoid investing in China but we only need the one
- New Lloyds' latest results shift the focus to fundamentals rather than speculation
- BP oil spill two years on - the market’s immediate reaction now looks excessive
- All in the price – What you pay, not the growth you see, is the biggest driver of future returns
- Can regulation improve analysts’ forecasts? – Can you guess what we think about that question?
- Drug giants AstraZeneca and GlaxoSmithKline subtly switch strategy
- ‘Sell’ preservation society – A lack of analyst ‘sells’ is one more reason to do your own research
- Power struggle – Oil companies may look cheap but there are some very good reasons for that.
- Post-war years offer some perspective on today’s choppy market environment
- Olympic names - Sports fans remember winners and losers but investors must think differently
- Companies adopt the Olympics approach to managing investors’ expectations
- Glam rocked – New research shows value outperforming growth all around the world
- Is Standard Chartered a good investment? Focus on the valuation, not the noise
- Crash course – The scariest aspect of China’s recent market falls is what could be left to come
- RSA may not deserve all the respect the market is showing it
- UK telecoms companies must avoid aggressive overbidding in the 4G auction in 2013
- Compound interest is an extremely powerful thing
- ‘Wriggly’ believe it or not – Few rich nations now boast what we would call a margin of safety
- Tax avoidance schemes under scrutiny
- Fashion statement – Why formal clothing may actually be indicative of a more creative thinker
- True defective – Stop us if you’ve heard this before
- Death of the 'buy-and-hold' strategy has been greatly exaggerated
- The Jellybean Trilogy (Part IV) – How academic research can be as flawed as this title
- Investors need to remain wary of involving themselves in IPOs
- Investors should continually challenge their perception of a business
- Market farces – Benchmarks may have their uses but gauging portfolio risk is not one of them
- The only way to make sense of the US market now is to consider valuation
- Emerging risk - Wage inflation is a real threat to corporate profitability in developing economies
- Better judgement – Investors can work to prevent personal biases influencing their decisions
- 'Active share' can help investors identify more skilful fund managers
- Sticking to the basics of value investing outperforms over time
- Left smarting – Smart beta products may not make bad decisions but they do facilitate them
- Governments must consider the overall value of any auction
- Vanilla fudge – Are some banks reverting to pre-crisis ideas of what constitutes prudent lending?
- Profitability of commodities producers can be a costly business
- A new chart underlines an old truth about value investing
- Investors, like motorists, are safer when they have to think for themselves
- Emotion and instinct tend to cloud investors' judgement
- Company analysts have a tendency to be overoptimistic in their forecasts
- Metaphorically speaking – Behavioural finance has become embedded in investors’ language
- Eurozone companies appear unbothered by macro bad news
- Quarter pounder – Just who benefits from the modern-day insistence on quarterly reporting?
- Merger mystery II – How happy should its investors be that Intel is back on the M&A trail?
- Surprise, surprise – Why even investors who focus on earnings surprises should embrace value
- Misunderstood profits - Profit cycles may not repeat themselves but they do rhyme
- Iron deficiency – Why do analysts so rarely drop their long-term commodity price forecasts?
- Skydiver’s space jump - a high-risk idea or a ‘no-brainer’?
- Not all dividends are created equal – Investors must consider sustainability and growth
- On the loose: what sort of approaches are best suited to finding and interpreting information
- Best dividend growth offered by the UK
- Merger mystery – If one M&A deal will often destroy value, why would businesses rack up 20?
- People keep trying to forecast when all the evidence suggests they should stop
- Hedge trimming – Effective currency hedging is a great deal easier said than done
- Unreal estate – Some property investors appear to have forgotten a very recent history lesson
- Investors who waited till Taylor Wimpey got its house in order waited too long
- In a pickle - a company should be run for their benefit and not its bank's
- Company men – The value giants know understanding business can make for better investors
- Dotty valuation – Buy US equities now and you could be locking into historically poor returns
- Buy low, sell high - investors continue to ignore one of the most basic rules of investing
- Poll fault – We didn’t know who would win the election but we knew the pundits didn’t either
- Value investors distinguish between safety and the perception of safety
- Every little helps – Tesco could benefit from even a small rise in how its pension scheme is valued
- Is it the end of the world for global markets, again?
- Curious consensus – Why are analyst ratings and equity prices now going in opposite directions?
- Bank fundamentals have been far stronger than the market perceives
- Investors are often unable to visualise potential upsides for struggling sectors such as Retail
- Positive thinking – Market gloom can offer a ‘free option’ on recovering share prices
- It is tough to paint Vodafone's share buyback plans as a bad thing
- Travail news – Serco’s continuing woes show the damage bad management decisions can cause
- A new bond from Barclays has served to highlight the value in the bank’s shares
- Anglo-American's new iron ore mine makes a wider point about the economics of the sector
- The next Bank of England governor could be good for UK bank investors
- Mind the gap – What might trigger a huge rise or fall in equity markets over the coming year?
- Lonmin's situation offers an insight into the health of the commodity sector
- Shock and ore – Why investors should look out for signs of financial distress in the mining sector
- Beyond belief – Value investing may be a broad church but some things must fall outside its walls
- Pooled resources – Neither good nor bad times last forever
- What you pay, not the growth you get, is the biggest driver of future returns
- Life cycles – The features that make value investing work are present in all things
- Oh-oh seven? – Why so-called ‘bond proxies’ could leave their investors both shaken and stirred
- Nobody can know the future, which is why value investors prefer to play it safe
- Bonderland – Fixed income markets are increasingly resembling something out of Lewis Carroll
- Some eurozone markets are already at their lowest levels for decades
- Smart thinking – Smart beta may make it easier to buy and sell but that is not how value works
- Invensys and C&W show that the broader stock market sometimes fails to see value potential
- One in 10 shops lying empty is not necessarily negative for retailers
- Shale gas discovery in the US has had some perverse consequences
- Mobile home and away – The same economic rules tend to apply wherever you are in the world
- A large pension liability ought to act as a warning signal for value investors
- Facing the music - The internet caused HMV’s problems but other reasons lie behind its demise
- Anti-social-There are always new investment approaches but only one has stood the test of time
- Platinum star – Laudable actions by one platinum producer address the whole sector’s problems
- Twice is nice – Unlike books, dividends really should be judged by their cover
- Bear facts – Heed metrics that drive rather than those that are merely passengers
- Two tribes - It is always interesting when bond and equity markets value businesses differently
- Prediction addiction – In decision-making, there really is such a thing as too much information
- Horse sense - Value investing is all about keeping investors on the right side of the averages
- New ‘age’ thinking – This is why you should avoid judging a fund by its sectoral exposure
- The cons of pros – Studies showing the fallibility and overconfidence of experts are nothing new
- Both ways - Value investors will not 'rotate' sectors but they tend to benefit when others do
- Testing metal – Is the outlook for platinum really quite as dire as the market appears to believe?
- Paying the penalty of not planning for stress – with Maria Konnikova
- Clustering round an index can guarantee mediocrity – with Tom Slater
- Ore-struck - Short-term thinking can pervade all aspects of business and investment
- Track record – What value lessons can be learned from a century of decline in the rail industry?
- Inherent risk - The human mind has not evolved to make the best investment decisions
- Period of adjustments – Watch out for the growing list of ‘exceptional’ items in company results
- Aversion therapy – People mistrust algorithms, of which value may be seen as a simple example
- Circle of life - The recent history of Crest Nicholson is a cautionary tale for investors
- Sentimental journey - Public opinion may have changed but the banks themselves have not
- Only fools and bourses – The ‘CAPE’ ratio can be useful but do not take it at face value
- Cheesegrated expectations - Having a market to itself is still no guarantee a business will succeed
- Sage advice – Institutional fund or Warren Buffett? Who would be your investment role model?
- Powers of recovery – Lloyds’ resumed dividend may be small but it is still a significant step
- Happy pill - 3i has taken an interesting approach to fighting off a possible takeover
- Open season – No matter how you look at it, there is little to be said for investing in an IPO
- Logic problem - mining firms need to take a longer-term view than some appear to have been
- Regaining control - Barclays' latest results have not altered our positive view on its future
- Polls apart – Political pundits are no better at making predictions than any other forecasters
- Media studies - Market perceptions may change but not, apparently, the conventions of M&A
- Slow progress – Increasing short-termism is bad news for society; less so for value investors
- On the contrary – Contrarian investing is tough to do but that can also make it rewarding
- Clear picture - All investors believe they buy low and sell high but the numbers say otherwise
- Active stance – Active share certainly has its merits but it is no short cut to investment success
- Double-edged sword - M&A is not invariably good news for value investors
- Perverse psychology - How rational decision-making can be undermined in business
- In praise of dull – Boring can often be viewed as a sin but not in the world of value investing
- Absolute truth – Fund managers should never forget their investors care about real returns
- Skewed priorities – Paying a dividend is not always a sensible strategy for a business
- Bottom line - As the world's richest man is learning, too much debt will find any company out
- What has changed? It is an important question to ask about any company – not least the banks
- Cleaning up - Businesses like Johnson Services Group beat the odds by grinding out results
- A little less conversation - US politicians have failed to grasp the debt issue for almost a century
- On the double – Though easier said than done, ‘doubling down’ is a valuable tool for investors
- Catch our drift – Why the simplicity of the value process should be good news for investors
- Fear factor – Why might value investors be less scared of certain stocks than the wider market?
- The Valentine Perspective – Value is the Marmite of the investment world and proud of it
- Position of strength - Investors are now challenging businesses over their healthy balance sheets
- Love and money – This Valentine’s Day, spare a thought for your future self
- Forward thinking - There is a value lesson to be found in Michael Owen’s career of two halves
- Extreme medicine - Businesses that cut deepest after the crunch have bounced back strongest
- Off-target – Human beings often focus on the wrong information and investors are no exception
- Unfair reflection – The market has yet to acknowledge how Trinity Mirror is reducing its debt
- Hybrid society - Higher yields should not blind investors to the potential risks of hybrid bonds
- The Jellybean Trilogy (Part III) – Why most back-tested data is less helpful than it could be
- The Jellybean Trilogy (Part II) – Why you should show causation before you seek correlation
- The Jellybean Trilogy (Part I) – Why you may not know what you think you know
- Metric conversion – What would it actually take for UK house prices to rise much further?
- Binary notes – The more meaningful questions in investment rarely have yes/no answers
- Hot and bothered – Looking too often at portfolio performance can be counterproductive
- Something or nothing – The human dislike of simply doing nothing can work against investors
- Shop talk – Why did the market react so badly to Boohoo’s recent trading update?
- Grade expectations – The belief analysts can affect share prices is mistaken and misleading
- Tomorrow’s world – Dividend investors must think about future payouts as much as today’s
- CAPE of good hope – Though rarer than they have been, investment opportunities do still exist
- 2015 anti-forecast – Let valuation not prediction be your guide over the coming year
- Time in the sun – If bought on the right valuations, even the dullest stocks can shine
- Alternative reality – Even a three-year outlook is no real basis for sound investment decisions
- Theme parked - Investors may love themes but no portfolio should be a one-way bet
- Slim down – A favoured company’s falling share price can muddle investors’ thinking
- Mean machine - Focus on regression to the mean rather than extrapolating from the present
- Best laid plans – Good intentions need to be acted upon before they can lead to good returns
- Basic mistake – Why one lesson of ‘Finance 1.01’ is ‘Wrong. All wrong’
- What will be the catalyst for a value recovery? with Tobias Carlisle, part 3
- Can value bounce back? with Tobias Carlisle, part 1
- Has the internet invalidated reversion to the mean? with Tobias Carlisle, part 2
- Shock-and-awe, currency war – Precedents for Japan’s new policies are not wholly encouraging
- Don’t grumble, give a whistle – Even value managers can look on the bright side of life
- Two sides of the deal - Taylor Wimpey did well when it sold its US arm but the buyers did better
- Flaw covering – Our analysis of Carpetright pulls the rug out from under an investment case
- The generation game- Lowly valued, yes, but oil and gas businesses lack one key thing. Cash
- Eyes on the price - Why we are still passing on Serco despite its share price falls over 2014
- Plane truth – Those who focus only on life’s winners will miss out on some valuable lessons
- Long run, Forrest, long run – Buying a great stock may be hard but holding on to it is harder
- Risk assessment- Why investors are wrong to think they can eliminate risk completely
- Gone with the flow- Investors cannot hope to know the true liquidity of assets that rarely trade
- Staffing problem - Falling recruitment figures are further evidence of an Australian downturn
- On the level - An analysis of valuation proves not all stockmarket highs are created equal
- Thanks but no thanks – Why investors should be very wary of some high-dividend US stocks
- Target practice – We prefer to rely on our own company analysis rather than that of brokers
- Taking care of business - The UK's falling corporation tax rate should be good for its economy
- Active service – A new paper has identified two factors that can lead to strong performance
- Right as rain? - Unlike many financial forecasters, the Met Office accepts the future is uncertain
- Initial step - Rentokil has shown how a disposal can affect value as much as an acquisition
- Star quality - Focus your attentions on a fund's process, not its manager
- Gluttons for punishment - The only fun bit about value investing is the potential return
- Just an illusion - Investors often see a value trap where one simply does not exist
- Digging deeper - It takes more than a good listing to make a good investment
- Invest in rhyme, expect a rough time - Valuation will help your portfolio climb
- Pattern of behaviour- The longer the time periods used, the more value reveals its strengths
- Don’t blame it on Rio – Glencore may turn out to be fortunate it had its advances rebuffed
- Politically incorrect - Unfortunately investment considerations often come second to politics
- Two tribes - It is always interesting when bond and equity markets value businesses differently
- Grains of truth - The three factors that exacerbate stockmarket stress points
- Fragile state – Are investors already beginning to forget some of the lessons of the credit crisis?
- Crystal clarity - An apparent relationship between two facts is nothing without a causal link
- Relatively speaking - Equities may be cheaper than other assets but that is not enough by itself
- Cycle path - Investors could avoid some nasty shocks by studying companies’ business cycles
- Marriage guidance – Weddings and portfolios can both end up focusing on the wrong things
- Your starter for tenure – How important is a manager’s experience in fund selection?
- Short notice – The fundamentals of shorting on valuation are less sound than when going long
- Taboo or not taboo - Value managers holding cash is not as frowned-upon as it once was
- Behavioural swine-ance – What ‘The Learned Pig’ can teach us about human instincts
- A failure to execute – Monetary policymakers are always reluctant to act to stop market booms
- The wrong track - First Group is showing the dangers of kicking the debt ‘can’ down the road
- Purchasing power - To outpace inflation, income sources must not only be high but growing
- Rain or shine – The value of a forecast may lie in looking back and seeing where you went wrong
- One size fits all - The underlying dynamics of retail apply no matter what you sell
- Morally neutral - Share buybacks are not a question of good or bad but of good or bad value
- Red flag- Despite what some policymakers may imply, global debt levels are not reducing
- Meeting criteria – Why a company’s choice of AGM location could be a possible ‘sell’ signal
- Holding pattern- When there are fewer attractive assets to buy, value investors buy fewer assets
- High and dry – There is a reason some fixed income investments are known as ‘junk’ bonds
- For the best - Why a value strategy should not set time limits on its investments paying off
- A matter of time – ‘Average’ is a simple word that masks a significant degree of complexity
- Costa benefit analysis II – In value terms, Chelsea are in a different league to Manchester United
- Constant threats - When it come to risk and investing, out of sight should not mean out of mind
- Weighting game – An eye on valuation can help counter the human bias to buy high and sell low
- Night and day – UK banks are wholly different to the businesses they were before the credit crisis
- Law of averages - Investors need to distinguish between 'time' and 'ensemble' averages
- Explosive potential – How can value investors benefit from an expected boom in M&A activity?
- Higher education - Valuations are expensive but history shows they can grow more expensive yet
- Tullett like it is - Structural issues are a concern but not necessarily terminal for a business
- Short shrift – Other investors may not like short-sellers but they can learn from them
- Cat and mouse - Insurance-linked securities is yet another area where value is in short supply
- Cynk hole - Plenty of extreme sports already exist so there is no need to make investing one
- Slow burn - Bad decisions taken in boom times can take a surprisingly long time to unwind
- Not so sweet - What should fund managers tell clients if their asset class gets really expensive?
- Home truths – Next time house prices crop up at a dinner party, take a value perspective
- Special case - There is a value lesson to be found in Jose Mourinho's return to manage Chelsea
- Long-term cares – A new paper suggests bond investors need to be careful reaching for yield
- Pipe dreams - Talking up the price of your business can be dangerous if it does not get paid
- Costa benefit analysis - What can the 2014 World Cup tell us about behavioural finance?
- Wrong target - Investors in absolute return funds may not be buying what they think they are
- Sale of a century - Even in the best circumstances, why would anyone buy a 100-year bond?
- Questionable interpretation- Investment quotes are great just as long as they are used properly
- Siren song - Perceived correlations can be extremely seductive - and extremely dangerous
- High jinks - Whether you are analysing companies or countries, cash remains king
- On balance – Investors should not seek to reduce risk but weigh it up against potential rewards
- Not fair – Investors should think carefully before concluding a share price constitutes ‘fair value’
- Prime concern - is your investment advisor more worried about your returns or his job?
- Astra projections - in terms of shareholder value, Astar's management may have missed a trick
- Inflexible friend – EBITDA is not a perfect measure but it is less easily manipulated in accounts
- iPaid too much - The Apple bond issue shows the rules of value investing apply equally to debt
- Rocking the boat - A lesson in investing from an unlikely source
- Useful delusions - Is the world actually a better place for poor forecasting?
- Pros and cons – Do your homework and evaluate every IPO on a long-term basis
- Natural order – We cannot change human nature; all we can do is learn to work with it
- Moving target - There is no 'minimum' percentage below which Chinese growth cannot fall
- Motown blues – Not all of the US is enjoying an economic recovery
- Nothing to shout about - If only Yell could have changed its balance sheet as easily as its name
- Idle thought- The scientific proof value investors really can be busy doing nothing
- Every cloud - Rising bond yields are at least good news for companies with pension fund deficits
- Change of circumstances - Vodafone’s mega-deal will have rewarded contrarian investors
- Sweetening the deal - Numbers justify acquisitions, not friends who have done something similar
- Beating consensus – Investors should pay far more attention to multiples than earnings forecasts
- CAPE fear - Always look to understand any data rather than accepting it at face value
- Inaction stations - In times of crisis, policymakers rarely have the option of doing nothing
- Take your PIK – The reappearance of a little-known type of bond hints at risk in the system
- PIK-ing holes - PIK bonds may have returned with a different structure but the risk is the same
- #buyerbeware - How excited should investors really be about the upcoming Twitter IPO?
- Fever pitch – There is mounting evidence of aggressive, risk-taking behaviour in markets
- Potash training - Investors should consider more than the recent history of a company or sector
- The means of seduction – Simple is often better so try and resist the lure of investment ‘science’
- Beyond price - Smaller company prices may be at record highs but their valuations are not
- Stamp of disapproval - Royal Mail's pension commitments could threaten the stability of its dividend
- Dilution levy – Why investors should focus on the detail of earnings per share growth
- Ring of confidence – Aggregating individual forecasts can reveal if some are overly optimistic
- Prophet warning - Even if investors could predict the macroeconomic future, it would not help
- On the bounce - Try not to mistake short-run randomness for a change in long-term trends
- No Spain, no gain? – Make sure any passive fund you buy delivers your desired exposure
- Premium bind – Why investors should think carefully before buying a fund on a premium
- The good, the bad and the static – Despite recent dramatic headlines, little has changed at RBS
- New Sky thinking - BT may now be BSkyB’s main rival but how might things look in a decade?
- Expanded horizons - The Premier League has shown a global outlook can improve performance
- Point at issue - What might convertible bonds say about a company’s financing options?
- Heating up - A 'sunshine' bond is the latest asset raising concerns over the market’s risk appetite
- Fragile state – Are investors already beginning to forget some of the lessons of the credit crisis?
- High anxiety - Income seekers have bid up US high-dividend stock prices to worrying levels
- Guiding ‘lite’ – Central bank ‘forward guidance’ looks as unreliable as any other forecasting
- Two sides, same coin - Selling expensive shares is as key to value investing as buying cheap ones
- House-warming – It is not just The Value Perspective that thinks the housing sector is heating up
- Shadow of doubt - Key messages can get lost because it is human nature to dislike uncertainty
- Peer review - Peer-to-peer lending rates must be weighed against some less well-flagged risks
- Profits warning - US equities arguably offer even less value than they appear to
- Invensys and C&W show that the broader stock market sometimes fails to see value potential
- Open-and-shut case – Why we have no intention of trying to ‘lock in’ our recent strong returns
- Monitoring the Monitor - Reasons to be careful about aspects of the UK Dividend Monitor
- Recovery position – Companies that have fallen heavily in value can go on to make big returns
- Short notice - Why you ought to pay attention to the recent comments of a famous short-seller
- The main drag – Pay too much for a share and that valuation could work against you for years
- There goes January – Everyone needs sounder reasons to invest than a stockmarket adage
- Dry spell – Why the Baltic Dry index is not the reliable macro indicator some believe it to be
- Merger will out – The current rash of M&A deals may enhance earnings but what about value?
- Chinese takeaway - The experience of China’s peer-to-peer lending sector offers food for thought
- Time out - The cause of the next big market setback will not be the time passed since the last one
- Mind the gap – There may be times when the cheap part of the market is not cheap enough
- Tale of woe – Identifying with a particular narrative can lead investors to make poor decisions
- Wide of the mark – Since value is key, ignoring price can actually be the right thing to do
- Luck and judgement - Value investment acknowledges the part randomness can play in all of life
- Not many appy returns – No maths can justify Facebook’s $19bn purchase of WhatsApp
- Where angels fear to tread - Why opening up equity crowd-funding could be bad for investors
- Sweet success - Could some investors benefit from working to suppress their ‘inner child’?
- Forever with blue genes - Investors might do well to worry a bit more about market valuations
- Offside indicator - Rising car sales in the US do not necessarily mean the economy is thriving
- Electric blues - Reasons to worry about the US market include its current valuation of Tesla
- Flashing lite - Ever-greater issuance of 'covenant-lite' loans is a warning sign for markets
- Re assurance – What does the Budget announcement on pensions mean for UK life assurers?
- Marks off – Another bid for global expansion suggests M&S has not learned past lessons
- Con air – A good investment strategy should admit its cons as well as its pros so here are value’s
- Question of confidence - Increasing market optimism may be interpreted in different ways
- Fair value - If we are going to be critical of hedge funds then it will be for the right reasons
- Judgement call - Some securities would appear to be blurring the line between debt and equity
- Pep talk – Those calling Giggs ‘the next Guardiola’ are making a behavioural finance error
- Hostage to fortune – Even the most prudent of set targets can fall foul of the vagaries of real life
- Currency affairs - Emerging markets remain a lot more risky than many
- Out of the blue – That surprises happen in the real world of investing should come as no surprise
- Big deal - Any large company leaving the UK market would have real consequences for investors
- Emotional intelligence - Why we will continue to prefer ‘collective’ over ‘collectible’ investments
- Hiding in plain sight – Sometimes value can be staring investors in the face
- On the margin - The record amount being borrowed by investors is a worrying sign for markets
- Turning Serco – Serco’s recent experiences underline the need to focus on strong balance sheets
- Wrong guess - Analysts should focus on valuation rather than trying to forecast earnings estimates
- Bio-check – When it comes to valuing the biotech sector, the devil really can be in the detail
- Picture imperfect - Knowing every detail about a business is of little use if you ignore valuation
- Sob story – Even if history does not repeat itself, Boohoo.com suggests it could at least echo
- Mac attack – Could you trust anyone to call the macro outlook well enough to build a portfolio?
- Smoke and mirrors
- The seesaw of sentiment - value investors are not miserable, they just enjoy difficult times
- Whoops apocalypse
- Fear of the new - there are a number of reasons IPOs should be approached with caution
- Five signs your stock could be a value trap
- Some rough with your smooth
- Ringing endorsement - Vodafone has done a good job of rebuilding trust in recent years
- Eye of the beholder
- The hole truth
- China's steel and concrete sectors are indicative of something potentially wrong
- Missed bargains
- Creative destruction
- Dixons on the dock
- Platinum is losing it's shine
- Game theory
- Spot the difference
- Formula wear – What does it say that economists are using more and more equations these days?
- Lost and pounds – Even the UK’s ‘decade of lost returns’ produced some spectacular performers
- On reflection – What would happen if a market gave investors more time to pause for thought?
- Just enough – When analysing companies, we focus on a handful of very important factors
- Elop-sided argument – How might Nokia be faring if Stephen Elop had never been its CEO?
- Too many lifeboats
- Social not-working
- When is a profit warning not a profit warning?
- A fighting chance - a long-term approach to investing should enhance returns
- Netting returns
- Balancing lacked - Bond investors may need to think harder about the risk-reward equation
- Confidence trick
- Short change - How worried should you be that hedge funds appear so reluctant to short?
- Emotional rollercoaster
- Flight to quality
- Open, not shut, case - Extra information can be a bad thing if you do not keep an open mind
- Stress test – The experiment that suggests stress can cause short-term changes to risk tolerance
- Measuring up – Are you sure your benchmark index is doing the job you think it is?
- Price war déjà vu? – look beyond market panic to see a little bit of history repeating
- In the frame – With any search for answers, it helps if people can first agree on the question
- Strangers on a train - Why the concept of 'pluralistic ignorance' really is not bliss
- A reach for Sky – The valuations are stacked against BSkyB's push into the rest of Europe
- Don’t look back – The retrospective nature of volatility can induce a false sense of security
- Short shrift – Other investors may not like short-sellers but they can learn from them
- Get your coat – An M&A party may be in progress but what stage of the night have we reached?
- Mean well – Why the average of 10 and 50 is not necessarily 30
- Low blow – Why low-volatility ETFs could prove anything but when you really need them to be
- Now and then – ‘Fair value’ for an asset today will not always be more than the purchase price
- Poor payback linguistics – Be wary about any jargon that sends a share price into overdrive
- Martial lore – The idea of ‘paying for hope’ is not confined to the world of football
- Sudden debt - Why Glencore's degree of leverage is really a matter of perspective
- Robust Bank Story – How far down the road to recovery are Lloyds and RBS?
- Basic maths – If an industry has a longer economic cycle, valuation metrics should reflect this
- Sneaking up – Has banking’s recovery taken so long the market has stopped paying attention?
- Eyes front - Value investing is more about planning for the future than reacting to past events
- Spur of the momentum – Who enables momentum investors to profit by buying their ‘cast-offs’?
- Hit and myth - Investors should be careful about believing in modern-day unicorns
- Carry on regardless- Apparently not even China's woes can knock 2015's M&A boom off-track
- Good call – Why businesses ought not to ignore how their actions affect their wider industry
- Pulp friction – The tech sector feels like investors have made a date to meet up in the year 2000
- Less is more – The way financial data is presented can affect people’s investment choices
- ‘Core belief' – Why we are still passing on Glencore despite its continuing share price falls
- Under the influence – Human beings are instinctively social, which is not helpful in investment
- All together now – Neither managers nor governments should be judged on a single investment
- Word to the wise – Experts are especially prone to thinking they know more than they really do
- Hit or miss – Do ‘target date’ funds introduce more investment risks than they counter?
- Portfolio Theory – In investment, the whole should be greater than the constituent parts
- Time and again - The only way to be sure of the future is to own a DeLorean and a flux capacitor
- Handsome returns - Why beauty should be in the eye of the beholder, not the shareholder
- The Valeant Perspective - Why are value gurus split on the merits of this pharma business?
- Shorn of the edge - Arguably the scariest thing about investing is people’s ‘inner zombie’
- Boom – Venture capitalists seem to be operating in a different world to other investors. For now
- "Where we're going" - Creative destruction helps generate long-term returns for investors
- Storage issues – We do not doubt the existence of ‘unicorns’, only their investment case
- Green Flags– Lloyds is on the cusp of reclaiming its place as a natural choice for income funds
- AA OK? -The AA must be careful high debt levels do not leave it stuck by the side of the road
- Gross misconduct – Why market-watchers should stop obsessing about initial estimates of GDP
- Buy the buy - Cheap companies that buy back their shares tend to be rewarded by the market
- In the picture part I - Risk is less about price volatility than the uncertainty of an asset’s future path
- Drink up – No matter how good a business may be, it should still be bought on a cheap valuation
- In the picture II – How might we illustrate the idea of risk in value-oriented equity investing?
- Big deal – Why the Pfizer/Allergan mega-merger is a mega-warning for investors
- Deal of fortune – What proportion of any CEO’s success is attributable to luck?
- Form warning – Investing in a fund on a large premium presumes good news must continue
- 4x4-ward thinking – It is rarely a good idea to buy anything when almost everybody else is too
- Notes of caution – Watch out for some of the ways brokers look to justify a target share price
- Rand Awareness - The worlds of business and economics have a way of working themselves out
- Time is of the essence – Ultimately, everyone is likely to invest for the same underlying reason
- Greatly Dubious Premise I - GDP is an artificial construct with shifting parameters
- Greatly Dubious Premise II – The adjustments GDP calculations require are by no means perfect
- Disruptive’s influence – Is ‘disruption’ really powerful enough to justify such high valuations?
- Greatly Dubious Premise III – Some very practical reasons why investors should be wary of GDP
- Rainbow worrier – Mean regression lies behind so much of life, including sporting superstition
- Just the ticket – The probabilities in value investing are greatly more realistic than any lottery
- Hair today, gone tomorrow – Why investment themes can so often leave investors disappointed
- Capital news – Don’t just take our word on UK banks. Read what the regulator now thinks …
- Whatever the weather – Things change, so factor a range of scenarios into investment thinking
- Not now – Future investment success means looking past the “incredible wonders of the present”
- Familiar story – After all it has been through, could Serco really be heading back to square one?
- Imperfect harmony – Why signs of unanimous agreement should set off alarm bells for investors
- Time to think - Why do so many investors persist in believing that speed has to be a good thing?
- Cause and defect - There are no straight lines from investment decisions to their consequences
- Addressing the deficit - Ever-decreasing attention spans make markets even harder to forecast
- Top guns - It is only over long periods of time that you can begin to distinguish skill from luck
- Trick of the mind - The brain’s instinct to form connections does not always serve investors well
- Just an illusion - Investors should beware correlations lulling them into a false sense of security
- Long haul – In the world of investment, a bird in the hand is not always worth two in the bush
- Think big - Why income-seekers must now take a view on commodities and financial stocks
- (S)elf-analysis - Focus on what exists on the balance sheet rather than what is only in the mind
- Oil in good time - While not the ‘raging buy’ some suggest, the energy sector is now on our radar
- Crash diet -Investors often underestimate how much a recovering business may have to shrink
- Video Nasty - Tech stocks need to match expectations and the market has huge ones of Netflix
- Copper's Bottom? - Why those now hoping for a rise in the copper price may be waiting a while
- Sleep loss - Investors who seek out lower volatility will typically be sacrificing some return
- Income outcome - Why income matters much more than yield
- The long game - Don’t let short-term data distract you from a longer-term view
- Basket case - What maths is involved in making returns from a basket of ‘unicorn’ stocks?
- Rush argh - There are echoes of the California Gold Rush in San Francisco’s property market
- More reasons - Why Morrisons could be valued as greater than a simple supermarket chain
- Natural order - Investors must resist the very human urge to do something rather than nothing
- 'Hold' on – Step 1 to profiting from analysts’ recommendations: Build a time machine
- The Vallée Perspective - Skiing is like investment but, no, not for the reason you just thought
- A spoonful of sugar - To what extent should businesses try to sweeten the pill of tough decisions?
- Desperate Measures - The more passive investors focus on a metric, the less worth it can have
- Motivationally speaking - Incentive schemes do work, just not always as planned
- Reel Returns - Why Hollywood execs (and investors) ought to reconsider the status quo
- Poll position – Why our thinking on ‘Brexit’ is not so much a view as a ‘déjà view’
- Flying colours – The value traits revealed by the memoirs of a First World War air ace
- Theory and practice – While the IA consults on definitions, investors need to be pragmatic
- Medium and message - The more interest there is in a stock, the more likely it will be overvalued
- Domain Drag - Whatever is motivating Chinese firms’ current buying spree, it isn’t value
- Lowry retrospective - Five of the best from The Value Perspective’s Jamie Lowry
- City haul - Successful 5,000-1 bets play to people’s preference for outcomes over process
- Blind spot 1 - Why investors must not underestimate the significance of a change in valuation
- Blind spot 2 - Beware trading strategies whose recent success is only down to changing valuation
- The peacock’s tale – Why good storytelling should serve you better in romance than in finance
- Practice and theory – Eating into Peter’s capital to pay Paul’s income is no way to add value
- Caveat creditor – The recent travails of Lending Club are a reminder of the risks of P2P lending
- In the picture – There is no long-term relationship between GDP growth and future returns
- The Jellybean Trilogy (Part V) – Like this expanding ‘trilogy’, investors should be adaptable
- Full tilt – Income investors’ current huge bias to growth is a great opportunity for value
- Rosé-tinted glasses - Why even experts can be blinded to reality by context and experience
- Don’t cry for yield… – There are better ways to earn 7% than Argentinian government debt
- Throw out the playbook – In difficult and volatile markets, let valuation be your guide
- Pot shots – Short-term investing doesn’t really help anybody. In which case, who’s doing it?
- Do look back – A true indication of a company’s progress is often to be found in its small print
- Sage advice II – Why you should learn from Warren Buffett’s past, not try to copy his present
- The hunt for oats and income
- Full tilt II – Not knowing their exposure to value or growth is a much greater risk than investors realise
- Missing link – If you do not happen to be clairvoyant, try looking back at history instead
- Fighting chance – The big difference between active and passive funds hardly anyone mentions
- Minus sign – A preponderance of negative bond yields is surely evidence of an irrational market
- The fast and the furious – Why income-seekers should slow down and think carefully about yield
- Oh (land)lord – Even before Brexit, a worrying situation was developing in the buy-to-let market
- Just because – Human beings are inclined to search for a reason why, even when none exists
- Cause and effect – The most effective solutions can be found in the least fashionable areas
- No slam dunk– Why most professional basketballers would make terrible value investors
- Pokémon no-no – Sometimes the market can end up doing the right thing for the wrong reason
- Calm before the storm – Why paying for ‘peace of mind’ could well end up proving stressful
- The lessons of history – How close were the ancient Chinese to inventing value investing?
- Dia, oh Dia – Why consumer staples investors may no longer be buying what they think they are
- Higher, stronger, bluster I – Unfair performance enhancement is not just an Olympic issue
- Managing value for 10 years
- Higher, stronger, bluster II – Nine things businesses do to improve the look of their accounts
- Thinking inside the box – What ‘Deal or no Deal’ has to tell us about investor psychology
- Window-dressing – In football transfers, as in investment, it is the system that matters, not ‘gurus’
- Driving returns – What Skoda has to teach investors about value and paying for reliability
- Private view – Why private equity may not be quite the golden asset class its admirers claim
- Collective illusion – Investors need to realise liquidity does not work the way most of them think
- No defence – There really will come a time when bond proxies no longer seem so defensive or ‘safe’
- The catch with 10-year fund performance tables
- Crash course – Sub-prime lending is a dangerous road no matter what is used as security
- Putting it on the line – Why professional golfers would come up short as value investors
- A tough regulatory environment has rarely prevented UK banks from making good returns
- In today’s world of ‘too much information’, we aim to focus on what we know we can do well
- Are some businesses so great that their valuation is irrelevant?
- Accounting techniques that enhance one part of a balance sheet will likely dent another
- Gut feelings matter far less in investing than a set of hard-and-fast rules
- Brexit’s double illustration of the problem with predictions
- Why yield cannot be the sole driver of an investment decision
- Why we are looking so closely at commodity and banking-related businesses
- ESG- Forget the acronyms – analysing a business’s stakeholders and governance helps reduce risk
- Today’s central bankers could have thrived in King Henry VIII’s court
- Halloween or not, the market’s fixation on yield is genuinely scary
- The FTSE 100 companies that now offer ‘deep value’
- Focus on what matters in investment – and be wary of experts who don’t
- Why the presidential stock market cycle no longer works
- Investment has its fashion victims too – so make sure you don’t become one
- Direct experience means little now investors can be centuries old 'in mind'
- M&A deals the size of BAT and Reynolds can often see value go up in smoke
- The US election win is yet another illustration the future is unknowable
- Share price should not be the principal focus for investors – or analysts
- How style can equal substance in the world of investment
- The simple M&A lesson otherwise shrewd businessmen appear unable to grasp
- Celebrities rarely make their fortunes from stockpicking ability
- Bank shares and stress tests: the value investor’s verdict
- Two charts for those already suggesting the value bounce is finished
- Beware ‘style drift’ – one of professional investing’s disqualifying offences
- Alchemists could have settled for the glittering prize of a value strategy
- Twelve tales of value – Counting down our 12 most-read stories of 2016
- Value Christmas Treasure Hunt, Part 2 – Enter our festive quiz for a chance to win a £100 donation to charity
- Value Christmas Treasure Hunt, Part 1 – Enter our festive quiz for a chance to win a £100 donation to charity
- Value Christmas Treasure Hunt, Part 3 – Enter our festive quiz for a chance to win a £100 donation to charity
- Is Warren Buffett’s U-turn on airlines a nod to his value investing past?
- Three important investment lessons to take from 2016
- Our 2017 anti-forecast and the glaring problem with share tips
- Why banks could actually prove a less stressful part of your portfolio
- Value Christmas Treasure Hunt- The Answers
- Is the resurgence of value investing complete already?
- Given a choice, the media will always pick the most sensational numbers
- Why investors need to consider more than the evidence of their own eyes
- Analysing accounts takes investors a long way but you need something extra
- ‘Smart beta’ isn’t smart enough to replicate value investing effectively
- How investors, like Brexit judges, can exclude biases from decisions*
- 2016: the financial year in review (from a value perspective)
- ‘Hot iron’ trial by ordeal: a 13th Century lesson for investors
- Consumer credit growth and the flashing light marked ‘car financing’
- When to buy a company with a falling share price – and when not to
- There are two sides to every story – and value investors aim to ignore both
- An alternative view on energy prices
- Three questions to ask on a profit warning – your reporting season survival guide
- Don't just follow the share price, do your homework
- When it comes to predictions, even Amazon’s founder can be out by miles
- The psychology behind falling share prices and how you should react
- Two ways investors can cope with uncertainty and risk
- How value investing instincts helped tee up victory at the Battle of Agincourt
- Just one more reason to do your own investment research
- M&A deals that add value are rare – expensive deals that do so rarer still
- Why meeting a company’s management team is not all it’s cracked up to be
- Is the FTSE 250 a better indicator of the UK’s economic health than the FTSE 100?
- There is only one way to think about risk – and that is in absolute terms
- Three charts showing why we remain very happy to hold UK banks
- Why does inflation tend to be good news for value investing?
- Basing decisions on limited information is very human – and very dangerous
- Anglo’s 290% rise is a perfect example of patient value investing
- Just because value investing is hard doesn’t mean you shouldn’t do it
- Any point in history, or investment, has a range of possible outcomes
- What we expect from the businesses we invest in #1: Mergers and acquisitions
- What we expect from the businesses we invest in #2: Company accounts
- Passive funds, like sausages, are only as good as their ingredients
- How all-too-human instincts can sabotage your investment performance
- Seatbelt laws created a new danger – which offers a lesson to investors
- From shares to lottery tickets – the key to gauging the value of anything
- Two more reasons to be careful with the ETF ‘sausage machine’
- Is this the reason so many active funds underperformed in 2016?
- Are we overvaluing new stocks, and undervaluing the old?
- Following the crowd. Good for survival. Bad for investment
- A value strategy works in emerging markets as much as developed ones
- The only question you need to ask yourself before investing in an ISA
- Why we have no view on the result of the June general election or any other
- The unusual case of the cheaply valued share buyback
- Valuation must not be seen as an ‘inconvenient truth’ of investment
- Your key rights as a shareholder – and a good example of why you should use them
- The calmest markets in 20 years – and why that should make you nervous
- Life expectancy remains as uncertain as any other part of our future
- Cyber-attacks. Is value investing safe?
- Why investing passively now could be actively dangerous
- Why whole sectors being tarred with the same brush is good news for value investing
- Be careful with charts that tell you ‘what will happen next’
- ‘More expensive’ does not mean ‘more safe’ – for drivers or for investors
- Electric cars and oil prices. Should investors be concerned now?
- Why Amazon is the investment exception not the rule
- UK Election: Why you should forget politics and ‘vote value’
- A hung parliament — what does that mean for value investors ?
- Why value investors plan for the worst rather than hope for the best
- Why the robot apocalypse won’t come tomorrow
- Even Sir Ben Ainslie can’t beat the ‘outside view’
- Bitcoin – mouth-watering prospect or eye-watering valuation?
- Is South Korea still a ‘value trap’?
- The chart that could keep investors in ‘low-risk’ stocks awake at night
- House prices outside London are fair-value
- Why it takes more than a big share price fall to pique our interest
- How many of Amazon’s dotcom peers from March 2000 exist today?
- Can online take-away businesses really deliver for investors?
- Why value investors would respect Nelson Mandela but buy Seretse Khama
- Why skill takes far longer to show in investment than at Wimbledon
- Why consumer goods giants will pay Clooney-tunes prices for rivals
- Sir Ben Ainslie didn’t but could Roger Federer beat the outside view?
- Do snails really have better memories than most investors?
- Why we may soon be buying our lunchtime sandwich at 3am
- Costs are a key part of the investment equation – but so is timeframe
- Federer beat the averages. How often does this happen when investing?
- When dividends can be harmful to a company’s health
- Can a value investment mentality apply to businesses?
- What Alan Shearer has to teach us about inflation
- Why ‘winter is coming’ for overvalued growth stocks
- If you can’t find bargain shares, you aren’t looking hard enough
- Accept no substitutes – there is only one kind of value investing
- Can a value investment approach be applied to Hollywood?
- What Alan Shearer has to teach us about QE
- Why are some company reports so short on reporting?
- Amazon: Is this the end for ‘old-school’ retailers?
- Is it still possible to find value in retail stocks?
- What makes a retail stock an attractive value investment?
- Why value investors must learn to take the rough with the smooth
- What you pay, not the growth you get, is the biggest driver of future returns
- How tobacco stocks could now be damaging to your wealth
- Fear of the new – why IPOs should be approached with caution
- The fundamental truth of value investing hitting the IPO market
- Why automation shouldn’t be the end of employment – or value
- Why it’s best to stay clear of ‘Peppa Pig’ fund managers
- The pension graph that looks like a fish and smells even worse
- Why we bought Provident Financial
- Car financing continues to speed down a dangerous road
- Three alternative top tips for new (and old) investors – Part 1
- Three alternative top tips for new (and old) investors – Part 2
- Three charts on why UK banks are far stronger than pre-Northern Rock
- Why a value investment should be your portfolio’s special ingredient
- Why the death of equity income funds has been exaggerated
- How the human instinct to repay hospitality can undermine investors
- There is no perfect time to invest, so seize the day
- Lessons in value investing from Nobel Prize winner Richard Thaler
- How do interest rates affect stockmarkets?
- If bitcoin isn’t a bubble, it’s a spookily good impression
- The flood of cryptocurrency ICOs are an echo of the dotcom boom
- Adopting a value approach to baseball success
- The investment decision that haunts us most
- This Halloween investment chart is actually built on fear
- Unearthing hidden value in baseball and investment
- A few investment tips for you – though not for the Melbourne Cup
- Be prudent and give yourself a margin of investment safety
- The greater a market’s valuation, the smaller the likely future returns
- Summer scramble or ‘We know what we did this summer’
- Active investment’s real challenge has nothing to do with passive
- Carillion’s collapse – Blame it on the Schuldschein?
- What’s less eco-friendly – mining coal or bitcoins?
- Two big risks of making investment forecasts
- Why one issue with passive funds is their investors
- What’s more dangerous – narrative fallacy or a 2-0 lead?
- Was Prince Harry's ring a bad choice or a good investment?
- Banks pass the stress-tests. Is now the time to invest?
- Bitcoin's own valuation measure is meaningless
- The investment lesson from the rise of Nike
- Value-doubters are now as vocal as they were before the dotcom crash
- Christmas Quiz 2017, Part 1
- Christmas Quiz 2017, Part 2
- The unprofitable reality of tobacco stocks
- It is impossible to assess a share without reference to its price
- The time and place for magic is Christmas, not the stockmarket
- Our most read stories of 2017: Alan Shearer leads the 'Value First XI'
- So farewell then, 2017 – an extraordinary year for markets
- How I scored in the investIQ test – and what I learned
- Is there a better poem for investors than this one?
- Our 2018 investment anti-forecast – Forget forecasts
- Is 2018's rosy economic outlook really that rosy?
- blockchain-corporation.com*. Would you be interested to invest?
- ‘Supermarket giants doomed’. No, just history repeating.
- Unmasking the real culprit behind the fall of Toys ‘R’ Us
- Are company ‘spin-offs’ worth a look?
- Value investing skills #1: Informational edge
- Would we see more readers as ‘The Bitcoin Perspective’?
- Why we passed on Dignity well ahead of its latest price fall
- Be wary of any explanations for the FTSE 100 ups and downs
- Five signs your stock could be a value trap
- Don’t let your profits go ‘woof’ in the Year of the Dog
- Value investing skills #2: Analytical edge
- Investment Red Flag Watch: Why we’re worried about the return of ‘SPAC’
- Value investing skills #3: Behavioural edge
- Investment markets never change. Until they do.
- Why Oscar winner and ‘value movie’ Get Out resonates with us
- Analysts’ enthusiasm for a stock may not match its returns
- In Gold Cup week, why forecasts Might Bite or leave you Definitely Red
- Three quick charts about investment risk
- Value investing skills #4: Organisational edge
- Why investment value is now key to buying ‘Brexit Britain’
- Why Warren Buffett now holds the equivalent of BP in cash
- Never base any investment decision on a single month of data
- ‘Save, save, save’ or ‘Invest, invest, invest’ this ISA season?
- Gradually rising interest rates? Don’t be too sure
- Before investing in an ISA ask yourself this question
- Economics: Could Nicolas Cage help save lives simply by retiring?
- The M&A records bringing out our inner Victor Meldrew
- Facebook’s salutary lesson on being ‘priced for perfection’
- The Grand National is too complex to predict. Just like investing.
- How to steer clear of investment hangovers
- An early warning sign to help spot struggling UK retailers
- Investment Warnings: Beware the rise of the loss-making IPO
- Capita is not Carillion – although there are echoes
- Sometimes investment history really can be a guide to the future
- How to have no regrets as an investor
- How realistic is a £1m pension pot?
- Portfolio turnover is more than a question of cost
- What investors can learn from the controversial 2015 Super Bowl
- All investors must learn to accept uncertainty as a fact of life
- Five famous chief executive gaffes
- The value investing guide to keeping calm and carrying on
- Company bosses are human too – even if they may not realise it
- How a longer-term view can offer investors some perspective
- One investment edge is good but four are better
- Be wary of using a single measure to value investments
- Investing is no place for ‘Once upon a time …’
- Kelly retrospective – Six of the best from The Value Perspective’s Ian Kelly
- Why Humans + Maths = Need for set process
- Should value investors meet company managers?
- Holding your nose and investing in value
- Why compounding should be the goal for all investors
- Market perceptions can be slow to catch up with reality
- Is ‘off-peaking’ a millennial take on value investing?
- Five famous market gaffes
- Mind the gap between what you know and what you think you know
- How Carpetright is looking to cover one big flaw
- Why checklists get a big tick from us
- Five lessons we took from value classic, Margin of Safety
- Why value investing works – in a single chart
- World cup emotions reinforce using a value investing system
- What makes us want to buy into a business?
- Five lessons we took from value classic, The Most Important Thing
- 'Thinking Fast and Slow': Two big lessons
- Eyeing returns in tennis and investment
- Why investors should care about rising interest rates
- Video: Method in the madness
- What could Cristiano Ronaldo have to teach us about QE?
- The contrarian investor's approach to attending music festivals
- The Strangely deep-value story at the heart of the Marvel empire
- The downside of looking on the bright side of investment
- Investment Warnings: Beware the record highs in this type of borrowing
- Don’t forget – human memory is fallible
- In investment it pays to know when to say ‘I don’t know’
- Lessons from the financial crisis have not been learned
- 10 lessons we took from value classic The Intelligent Investor
- The investment lessons from the Chris Froome doping accusations
- The map suggesting an inconvenient truth about a ban on plastic straws
- Investment advice: Make time to move out of your comfort zone
- A cautionary corporate governance tale for Good Money Week
- Why patience is a virtue in table-tennis and investment
- What happens when the ‘FAANG’ stocks lose their bite?
- The one-word secret of the greatest investor you’ve never heard of
- Banksy’s shredded evidence differentiating investment from speculation
- Why this Chinese oil giant subsidiary may not be as great as it looks
- Beware markets that view losses as ‘the new profits’
- It’s not just the devil – good results are in the detail too
- This Halloween, investors should remember – fear is always the key
- Why the robot apocalypse might not be intentional
- This ‘bond with a twist’ is sending a worrying message on risk
- Expensive businesses + high debt = cause for concern
- Company visits: why investors don't need to meet
- Five timeless value messages from Howard Marks’s new book
- Three excuses experts make to explain away wrong predictions
- Just because an investment decision crashes does not make it wrong
- The investment now giving central bankers the jitters
- Five things good parenting and good investing have in common
- Why are people apparently giving up on a basic rule of investing?
- Christmas Quiz 2018: Take 1
- Christmas Quiz 2018: Take 2
- Christmas Quiz 2019: Take 2
- The issue at the core of Apple’s share price falls
- Investment things that make you go ‘Hmmm …’
- How a measure of bitcoin’s worth proved worthless
- Revealed: The best choice in the Celebrations tin – from a value perspective
- Building an investment case the Lego way
- The World Cup, Dr Strange and a £1m pension pot – our most read stories of 2018
- Our 2019 investment anti-forecast – Even the pros concede forecasting is an impossible job
- The three principles Warren Buffett says underpin all value investing
- This is how the AI crumbles
- Beware the growing levels of debt just one step above ‘junk’
- Power your investment case with clear and objective data
- In which Seinfeld episode could George have made a fine value investor?
- How value can help prepare for the ‘Brexit test’ – whatever it may be
- A lesson for investors from the true life of Carlos Ghosn
- Why investors should beware increasingly unforgiving debt markets
- Why you should, frankly, give a dam about company balance sheets
- Fyre alert – value lessons from a doomed music festival
- Enjoy the fruits of a vegan and value approach to life
- No business is assured of going on forever
- If funds never outperform consistently, what should investors target?
- AI’s success story still has a few missing chapters
- When will value investing's bad record streak end?
- On the Spot: Q&A with the Value Team Q2
- On the Spot: Q&A with the Value Team
- Why great expectations tend to lead to small investment returns
- The case for taking an ‘outside view’ in Gold Cup week
- Cutting the ‘Hemline Index’ down to size
- Focus on businesses, not the people who run them
- Tips from an astronaut on value investing
- No matter what kind of investor you are, due-diligence is crucial
- Why value investors should care – but in a focused way
- Does value really underperform in times of market stress?
- How can you best communicate what investment risk means to you?
- Can individual football results affect share prices?
- Snags with new accounting rules #1: Businesses find ways round them
- Snags with new accounting rules #2: Comparisons become trickier
- Recognise the crucial distinction between faith and optimism
- Five Game of Thrones quotes for value investors
- When enough people guess, someone will always look like an expert
- There is no ‘hack’ for value investing
- One big question you should answer before investing in an ISA
- How can you plausibly value a ‘unicorn’ business?
- What does this monkey business tell us about human investors?
- Tiger, Tiger – should these bets have been burning bright?
- The three reasons value investors will sell a share
- What’s your favourite Warren Buffett quote?
- The instinctive biases investors must beware – Part 1: Emotional biases
- ‘Return of the CDO’ – how scary could that sequel prove?
- Value perSPOOKtive: ‘The Return of the CDO’ – how scary could that sequel prove?
- The medical advice all value investors should follow
- The instinctive biases investors must beware – Part 2: Cognitive errors
- Probability and decision-making – with Annie Duke, Part 1
- Base rates and countering ‘tilt’ – With Annie Duke, Part 2
- Outcomes and timeframes – With Annie Duke, Part 3
- Can value investors profit from tech companies?
- Following heavyweight champ Andy Ruiz Jr’s lead towards punchy portfolios
- ‘Sorry’ should not be the hardest word for investors
- Why investors should think hard before feeding a ‘unicorn’
- Market perceptions can change unexpectedly – and share prices follow
- Investment Warnings: Beware these record highs in private equity
- Value-based guidance for one of investment’s growthiest growth sectors
- Value investing dead? Four reasons why that just isn’t the case
- Why value still matters hugely in this growth-obsessed world
- Lessons in investing from England’s Cricket World Cup victory
- The behavioural finance issues illustrated by the Chernobyl TV series
- A lesson in the realities of ESG – from reality TV
- Value investing will survive Fortnite – and other tech disruptors
- Beware picking an investment – or a football team – for its glory days
- Could 1995 contain some ‘cosmic significance’ for value investors?
- Investment Warnings: First came ‘cov-lite’, now it’s ‘doc-lite’
- Why we chose not to jump on board Thomas Cook
- Do buyers of ‘century bonds’ truly appreciate the associated risks?
- Paintings as collateral? The worrying picture emerging from the art market
- The only word we might change in our immediate post-Brexit analysis
- The highs and lows of how the word ‘average’ is used
- Disruptors get disrupted too - and then they can become value stocks
- Like cricketers, investors should be wary of feelings trumping facts
- Tackling concerns about rising debt levels by way of a rugby analogy
- This too shall pass: A non-political take on Brexit
- Don't let fintech unicorns blind you to high-street banks’ positives
- A focus on value can guard against the rising risk of ‘crowded trades’
- What underpinned value’s ‘flash rally’ in September?
- What are the lessons of value’s ‘flash rally’ in September?
- Should a media giant – even Facebook – aspire to be a bank?
- What can Match of the Day teach us about stockpicking?
- How value investing instincts helped tee up victory at the Battle of Agincourt
- Shedding extra light on how ‘we work’ as investors
- Could the odds on an England rugby win be a matter of interpretation?
- Might recent ‘unicorn’ IPOs encourage investors to be more rational?
- Admitting ‘I don’t know’ can be a positive for investors
- Value’s darkest days have tended to precede periods of extreme light
- Profit revisions are a reminder to investors to do their own analysis
- Can the recent Ashes series predict the winner of the 2019 election?
- The best major market of the last 21 years is not what you think
- Do you want good ideas or ideas that sound good?
- The value of knowing how a benchmark index is constructed
- It is not just the tech sector where IPO investors risk being bitten
- Value’s long-playing lesson from the revival of the vinyl record
- The biggest barrier to communicating risk – with Maria Konnikova
- Learn to be comfortable in an uncertain world – with Maria Konnikova
- What Marcelo Bielsa’s Leeds United team have in common with value investing
- The value lesson nestling inside every Easter egg
- Why we still believe in value investing
- If you don’t believe you know all the answers, pick value
- Investors must see growth in the context of history – Dan Rasmussen
- The big question you should address before investing in an ISA
- The tactical case for buying into value today
- Value is for life, not just a few quarters
- Unfair performance enhancement is not just an Olympic issue
- Nine techniques businesses use to improve the look of their accounts
- Markets may be pricey on average – but that conceals a stellar opportunity
- How Buffett shot down a $5bn investment proposal with one quick sum
- Why the price you pay is always wrong – with Tom Slater
- Three alternative top tips for new (and old) investors – Part 1
- Three alternative top tips for new (and old) investors – Part 2
- Give yourself the luxury of time – with Sam Sithole & Anthony Ball
- Selling, like buying, is no place for emotion or instinct
- The ‘terrible decision’ that led to United’s current malaise
- Podcast Transcript – Joe Sweeney
- Why would you make an investment that has never – ever – paid off?
- Fallen kingdom but no Jurassic Park – the appeal of UK dividends
- SISF European Value 2021 annual letter
- Podcast Transcript – Vitaliy Katsenelson
- Never take risk just for the sake of it – with Dominique Mielle
- The gulf of Wall Street – with Dominique Mielle
- Transcript of The Value Perspective podcast episode – with Arjun Murti
- Dr Seuss was right – you have to be odd to be number one
- Three stock types that would benefit from the return of inflation
- The letters enhancing our approach to ESG and company engagement
- Transcript of The Value Perspective Podcast episode – Meb Faber
- Transcript of The Value Perspective Podcast episode – with Charlotte Thorne
- Aim to solve climate and energy issues hand-in-hand – with Arjun Murti
- Three missed opportunities on achieving ‘net zero’ – with Arjun Murti
- Embrace uncertainty, then manage your expectations – with Meb Faber
- ‘Home bias’ – good for sports fans, bad for investors – with Meb Faber
- Why ‘long-term’ has to mean ‘long-term’ – with Meb Faber
- The Value Perspective Podcast episode – with Meredith Angwin
- Mo Salah illustrates the ‘inside view’ of Liverpool’s quadruple dream
- Pro-nuclear does not mean anti-ESG
- The people changing the nuclear narrative
-
Quarterly letters
- Value Perspective Quarterly Letter – 4Q 2015
- Value Perspective Quarterly Letter - 3Q 2015
- Value Perspective Quarterly Letter - 2Q 2015
- Value Perspective Quarterly Letter - 1Q 2015
- Value Perspective Quarterly Letter - 4Q 2014
- Value Perspective Quarterly Letter - 3Q 2014
- Value Perspective Quarterly Letter - 2Q 2014
- Value Perspective Quarterly Letter – Q1 2020
- Value Perspective Quarterly Letter – Q2 2020
- Value Perspective Quarterly Letter – Q3 2020
- Value Perspective Quarterly Letter – Q4 2020
- Value Perspective Quarterly Letter – Q1 2021
- Value Perspective Quarterly Letter – Q2 2021
- Value Perspective Quarterly Letter – Q3 2021 - UK
- Value Perspective Quarterly Letter – Q3 2021 - Global
- Value Perspective Quarterly Letter – Q3 2021 - Europe
- Value Perspective Quarterly Letter – Q4 2021 - UK
- Value Perspective Quarterly Letter – Q4 2021 - Global
- Value Perspective Quarterly Letter – 1Q 2016
- Value Perspective Quarterly Letter – 2Q 2016
- Value Perspective Quarterly Letter – 3Q 2016
- Value Perspective Quarterly Letter – 4Q 2016
- Value Perspective Quarterly Letter – 1Q 2017
- Value Perspective Quarterly Letter – 2Q 2017
- Value Perspective Quarterly Letter – 3Q 2017
- Value Perspective Quarterly Letter – 4Q 2017
- Value Perspective Quarterly Letter – 1Q 2018
- Value Perspective Quarterly Letter – 2Q 2018
- Value Perspective Quarterly Letter – 3Q 2018
- Value Perspective Quarterly Letter – 4Q 2018
- Value Perspective Quarterly Letter – 1Q 2019
- Value Perspective Quarterly Letter – 2Q 2019
- Value Perspective Quarterly Letter – 3Q 2019
- Value Perspective Quarterly Letter – 4Q 2019
Podcasts
Value videos
-
Value investing videos
- Video 1 - Value Perspective on: Profits
- Deep value
- On the Spot: Q&A with the Value Team
- On the Spot: Q&A with the Value Team
- On the Spot: Q&A with the Value Team Q4 2019
- Video 2 - Value Perspective on: Valuation (Part 1)
- Video 3 - Value Perspective on: Valuation (Part 2)
- Video 4 - Value Perspective on: Risk
- Video 5 - Value Perspective on: IPOs
- Video 6 - Value Perspective on: Economics
- Video 2 - How to be a value investor
- Video 1 - How to be a value fund manager