Stuart's latest profile looks at Murray International, the global equity income trust managed by the long serving Bruce Stout, whose concerns about the wisdom of US and European monetary policy are finally being vindicated. Having been away last week, I spared you my immediate thoughts on the inept handling of the UK government's mini-maxi-Budget (call it what you will), whose damaging effects will, I fear, continue to be felt for some weeks ahead. It has unfortunately made a difficult investment environment even harder. I will be posting a fuller Q3 market review shortly. You will also find h...
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Stuart's profile of 3i duly appeared this week and his next subject will be will be looking at Literacy Capital (ticker: BOOK), an interesting vehicle with a positive social purpose. In this week's notes I continue to look at what other investors I follow are saying and doing, while I ponder where we go from here and how best to navigate the coming months.
Liquidity is key One of the things that I have learned over the years is that there is more than one way to analyse the markets and where they may be heading. My own approach combines historical experience, a lot of charts and repeated c...
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Stuart's profile of BH Macro duly appeared this week and his next subject will be will be looking at 3i, the large but idiosyncratic private equity group, whose investment in the European retail chain Action has been one of the more remarkable successes of recent years. In this week's notes I continue to look at what other investors I follow are saying and doing, while I ponder where we go from here and how best to navigate the coming months.
Something different today? As you may know I do some occasional podcasts and interviews for Master Investor and spoke at their big annual investor ev...
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After the Diverse Income Trust profile which appeared this week, Stuart's next will be looking at BH Macro, the one hedge fund that has ever made it into my personal portfolio. This week, in addition to our regular weekly summaries of company announcements and movements in share prices, we are adding a new feature, a look ahead to forthcoming dividend payments and ex-div dates. Keeping track of your dividends is likely to be increasingly important as we move forward from here.
Down she goes It was a pleasure to have Max King on the podcast this week, sounding an upbeat note about the likely...
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I am back from my holiday break but there is no in-depth fund profile this week as Stuart is now also away. His next profile, of the Diverse Income Trust, will appear this coming week. However there are plenty of recent profiles you may have missed, so do double check the back catalogue. Our weekly summaries of company announcements and movements in share prices, NAVs and discounts are posted as usual again this week. You can also read the latest thoughts on discounts from the Kepler Intelligence team.
The narrative and the price There were plenty of good reasons, both fundamental and techn...
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I am still on my holiday break but we continue to publish our in-depth fund profiles - the latest this week is on the CT Global Managed Portfolio trust. Our weekly summaries of company announcements and movements in share prices, NAVs and discounts also continue to be posted each week. I have also included a link here to the second part of my hourlong conversation with Terry Smith (for Master Investor). I and the podcast will be back next week.
Link to recordings This is the link to part two of my hour-long conversation with Terry Smith, the founder of Fundsmith. We discuss the way that Fund...
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I'm taking a holiday break for a couple of weeks but we continue to publish our in-depth fund profiles - the latest this week is on PRS REIT. Our weekly summaries of company announcements and movements in share prices, NAVs and discounts continue to be posted each week. I have also included a couple of links to recordings I have recently made with Terry Smith (for Master Investor) and Peter Seilern (the Moses and Methuselah podcast).
Links to recordings This is the link to part one of my hour-long conversation with Terry Smith, the founder of Fundsmith. We discuss whether we are likely to se...
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There will be a a short break in this series of comments as I'm taking a holiday break for a couple of weeks. We will continue to publish our in-depth fund profiles - the latest this week is on the Ruffer Investment Company (ticker: RICA), the popular defensive multi-asset trust, and next week we will look at PRS REIT - and our weekly summaries of company announcements and movements in share prices, NAVs and discounts will continue to be posted each week. I have also reposted last week's comments which were accidentally taken down from view. This week I add some random thoughts on where we ar...
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This week I have a few further short notes on the market outlook, and quote a number of market participants and commentators whose views I have come to respect. They all think that the equity market sell off has further to go, as do I. Am I the victim here of what the behavioural scientists call cognitive bias? Am I only hearing what I want to hear? It is certainly possible - humility is a useful quality to bring to the investment game. Notwithstanding that I have raised the possibility of a rally, and suggested there is a case for edging back into the market as a precaution against being wron...
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I have added some interesting charts with brief comments which subscribers can download below. The general thrust is that while sentiment is very negative, suggesting at least a rally in the short term (as we saw this week), there are still good reasons for thinking that we are not yet over the worst.
The second quarter company results on Wall Street will be watched closely to see whether the outlook has deteriorated sufficiently to justify marking down expectations of equity market earnings over the next 12 months. So far earnings forecasts have remained stubbornly high but they could well ...
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