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Sep 17, 2025
High yield credit spreads are tight. At the time of writing, the US index trades at a spread of 279 over Treasuries.
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Sep 10, 2025
It seems a fair bet that in a few years’ time we will come to see the two most dangerous words in investing as “democratisation” and “innovation”.
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Sep 3, 2025
As an investment theme AI has it all: the potential for transformational societal and economic change, huge capital investment and the prospect of dramatic corporate winners and...
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Aug 8, 2025
Meetings change the way we think and therefore, the types of decisions we make.
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Jul 31, 2025
The rise of private markets has been supported by the perceived existence of an ‘illiquidity premium’ – or the extra return provided to investors as compensation...
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Jul 25, 2025
Most financial market debate and discussion amounts to people shouting at each other in different languages.
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Jul 16, 2025
There are three types of investors: momentum, valuation and noise.
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Jun 25, 2025
One of my favourite Daniel Kahneman quotes is: “Nothing in life is as important as you think it is while you are thinking about it”.
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Jun 19, 2025
Other things equal, a higher valuation for an asset should make it less attractive. Returns are being pulled from the future to the present. So why does the reverse often seem to be...
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Jun 11, 2025
Is Warren Buffett attempting to ‘time the market’ by holding over $300bn in cash?
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Jun 4, 2025
In recent years, the idea of a behaviour gap in investing has become commonplace. Although there are several ways of defining what this actually means, it is most typically used to...
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May 14, 2025
It is important to think carefully about our investment philosophy – defining what we believe about investing is critical to good decision making.
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May 8, 2025
You are running a multi-asset portfolio and know for certain that over the next five years there is a 20% chance of an occurrence that will cause it to suffer severe losses. What do...
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Apr 23, 2025
Back in December, I wrote a piece expressing concerns about the ubiquity and strength of the “US exceptionalism” narrative.
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Apr 9, 2025
Bear markets bring about increased risk but perhaps not in the way we might think. Sharp declines in equity markets create incredibly high levels of behavioural risk.
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Apr 8, 2025
When equity markets are rising it is really easy to stick with the key principles required to be a successful long-term investor; unfortunately, it gets far harder when they start to...
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Apr 4, 2025
For anyone interested in investor behaviour, extremes matter.
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Mar 26, 2025
Earnings by themselves don't tell the whole story.
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Mar 19, 2025
You can't have one without the other.
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Mar 12, 2025
We were wrong then but we'll be right this time. Um, no.
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Mar 5, 2025
At the 1998 shareholder meeting for Berkshire Hathaway, Warren Buffett said: “We try to think about two things: things that are important and things that are...
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Feb 20, 2025
Humans hate uncertainty.
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Feb 12, 2025
One of the key challenges faced by investors aiming to generate long-term returns with a diversified portfolio is ‘line-item thinking’.
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Jan 29, 2025
Most of the issues that dominate the day to day news flow doesn't matter for investors.
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Jan 23, 2025
Investing is hard, and for many reasons.
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Jan 16, 2025
There has never been a better time to be an investor. We have unprecedented choice, transparency and control. There has also never been a worse time to be an investor. We have...
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Jan 10, 2025
As you may have gathered by now, I am a little sceptical of financial market forecasts. That does not mean, however, that the formation of expectations is not a fascinating...
Sep 17, 2025High yield credit spreads are tight. At the time of writing, the US index trades at a spread of 279 over Treasuries. 
Sep 10, 2025It seems a fair bet that in a few years’ time we will come to see the two most dangerous words in investing as “democratisation” and “innovation”. 
Sep 3, 2025As an investment theme AI has it all: the potential for transformational societal and economic change, huge capital investment and the prospect of dramatic corporate winners and...
Aug 8, 2025Meetings change the way we think and therefore, the types of decisions we make.
Jul 31, 2025The rise of private markets has been supported by the perceived existence of an ‘illiquidity premium’ – or the extra return provided to investors as compensation...
Jul 25, 2025Most financial market debate and discussion amounts to people shouting at each other in different languages.
Jul 16, 2025There are three types of investors: momentum, valuation and noise. 
Jun 25, 2025One of my favourite Daniel Kahneman quotes is: “Nothing in life is as important as you think it is while you are thinking about it”. 
Jun 19, 2025Other things equal, a higher valuation for an asset should make it less attractive. Returns are being pulled from the future to the present. So why does the reverse often seem to be...
Jun 11, 2025Is Warren Buffett attempting to ‘time the market’ by holding over $300bn in cash? 
Jun 4, 2025In recent years, the idea of a behaviour gap in investing has become commonplace. Although there are several ways of defining what this actually means, it is most typically used to...
May 14, 2025It is important to think carefully about our investment philosophy – defining what we believe about investing is critical to good decision making. 
May 8, 2025You are running a multi-asset portfolio and know for certain that over the next five years there is a 20% chance of an occurrence that will cause it to suffer severe losses. What do...
Apr 23, 2025Back in December, I wrote a piece expressing concerns about the ubiquity and strength of the “US exceptionalism” narrative.
Apr 9, 2025Bear markets bring about increased risk but perhaps not in the way we might think. Sharp declines in equity markets create incredibly high levels of behavioural risk. 
Apr 8, 2025When equity markets are rising it is really easy to stick with the key principles required to be a successful long-term investor; unfortunately, it gets far harder when they start to...
Apr 4, 2025For anyone interested in investor behaviour, extremes matter. 
Mar 26, 2025Earnings by themselves don't tell the whole story.
Mar 19, 2025You can't have one without the other.
Mar 12, 2025We were wrong then but we'll be right this time. Um, no.
Mar 5, 2025At the 1998 shareholder meeting for Berkshire Hathaway, Warren Buffett said: “We try to think about two things: things that are important and things that are...
Feb 20, 2025Humans hate uncertainty. 
Feb 12, 2025One of the key challenges faced by investors aiming to generate long-term returns with a diversified portfolio is ‘line-item thinking’. 
Jan 29, 2025Most of the issues that dominate the day to day news flow doesn't matter for investors. 
Jan 23, 2025Investing is hard, and for many reasons.
Jan 16, 2025There has never been a better time to be an investor. We have unprecedented choice, transparency and control. There has also never been a worse time to be an investor. We have...