Can AI mania be justified? No, says financial historian Edward Chancellor, author of a definitive history of past speculative excesses, from the South Sea Bubble onwards, and a brilliant recent book, The Price of Time, about the folly of sustained low interest rates. An earlier version of this article first appeared on the online financial website, Reuters Breakingviews, and is reproduced with the author's permission.
AI - off the rails? The excitement about artificial intelligence is matched only by the technology’s voracious investment needs. Total investment in AI is set to top $1 trilli...
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This is the fourth in our new regular weekly feature, an email to subscribers that summarises both our latest thoughts and all the regular bonus features you will find as a premium subscriber to the Money Makers Circle. Thank you again for the positive feedback, but do feel free to continue sending your thoughts (to editormm124@gmail.com). This week's email is abbreviated because of the holiday period. New features that will be added week by week over the coming weeks include lists of my favourite funds, sector and individual trust performance notes and videos, interesting reads plus my guide ...
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This is our weekly roundup of investment trust announcements, movers, and forthcoming dividend and ex-dividend dates. The tables with the week's biggest gainers, losers and discount changes, courtesy of Numis Securities follow. Most of the usual data from Winterflood and Buchanan is unavailable this week due to the festive break, but this information will return in the new year. The final table at the bottom of the article from Winterflood shows upcoming dividend payments. Please note that the charts and weekly and year-to-date performance data were correct as of Friday morning.
The Winterfl...
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This is the third in our new regular weekly feature, an email to subscribers that summarises both our latest thoughts and all the regular bonus features you will find as a premium subscriber to the Money Makers Circle. Thank you for the positive feedback, all of it helpful, but do feel free to continue sending your thoughts (to editormm124@gmail.com) and suggest any improvements to the regular features in which you are interested. New features that will be added week by week over the coming weeks include lists of my favourite funds, sector and individual trust performance notes and videos, int...
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This is our weekly roundup of investment trust announcements, movers, and forthcoming dividend and ex-dividend dates. The tables with the week's biggest gainers, losers and discount changes, courtesy of Numis Securities follow along with a table from Winterflood showing recent aggregate sector movements. If there are trusts you are interested in, the links in the list of news each day will take you to the relevant London Stock Exchange announcement. The percentage figures in this list show the trust's discount/premium to NAV on the day of the announcement. The final table at the bottom of the...
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JPMorgan UK Smaller Companies (ticker: JMI) was launched in 1990. It was run by River & Mercantile up until 1996 and then the mandate was taken over by Robert Fleming & Co., which later became part of JPMorgan. Georgina Brittain has worked on JMI since 1998 and managed the trust since 2003; Katen Patel joined her as co-manager in 2014. Over the last twenty years, JMI has produced an annualised NAV return of 11.3%, well ahead of the 6.5% produced by its benchmark. Like most UK small-cap trusts, it has a growth/momentum bias and its share price has been volatile over time with several la...
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This is the second in our new regular weekly feature, an email to subscribers that summarises both our latest thoughts and all the regular bonus features you will find as a premium subscriber to the Money Makers Circle. The new look has attracted a lot of positive feedback, but do feel free to send your thoughts (to editormm124@gmail.com) and suggest any improvements to the regular features that you are interested in. New features that will be added week by week over the coming weeks include lists of my favourite funds, sector and individual trust performance notes and videos, plus my guide to...
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This is our weekly roundup of investment trust announcements, movers, and forthcoming dividend and ex-dividend dates. The tables with the week's biggest gainers, losers and discount changes, courtesy of Numis Securities follow along with a table from Winterflood showing recent aggregate sector movements. If there are trusts you are interested in, the links in the list of news each day will take you to the relevant London Stock Exchange announcement. The percentage figures in this list show the trust's discount/premium to NAV on the day of the announcement. The final table at the bottom of the...
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VinaCapital Vietnam Opportunity Fund (ticker: VOF) was launched in 2003 and recently celebrated its twentieth anniversary. It is one of three Vietnam trusts listed in London, has returned around 11.5% a year in US dollar terms over the last two decades, and has net assets of $1.1bn. As a single-country trust focused on a frontier market, its returns can be quite volatile from year to year. VOF runs a concentrated portfolio with low portfolio turnover and although most of its holdings are listed, its initial investments are usually made either when the businesses are private or it is able to ne...
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This is the first of what we plan to be a regular weekly feature, which we are also sending directly to members in an email, summarising both my latest thoughts and all the regular bonus features you will find as a premium subscriber to the Money Makers Circle. I am grateful to you all for your support since we started. Do feel free to send me feedback (editormm124@gmail.com) and suggest any improvements to the regular features that you are interested in. It has been another positive week for both bonds and equities, with longer-dated gilts seeing their yields decline and the US and UK equity ...
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