Momentum is a powerful force in driving investment performance, but carries significant dangers too, says financial historian Edward Chancellor, author of The Price of Time, a brilliant book about the folly of sustained low interest rates. Reproduced here with the author's permission.
Human nature at work - beware! In the investment world, the practice of blindly following market trends is known as momentum. When it takes off, investors who select stocks based on fundamental criteria start to trail their benchmarks. Disappointed clients take their money elsewhere. The temptation for the va...
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This is the latest article from our contributor Reg Hoare, who has worked for 40 years in the City, initially in investment banking and the securities business, latterly as managing director of MHP Communications. He has been investing in investment trusts as a private investor for more than three decades. Here, he reviews the performance of his holdings as we move into the second half of 2026.
Reg Hoare H1 performance and attribution It has been notable in recent weeks that investment companies reporting results for the period ended 31 March 2026 have been ruing the unfortunate timing of ha...
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The rivalry between Silicon Valley's leading lights over AI is symptomatic of a fundamental human flaw, says financial historian Edward Chancellor, author of a definitive history of past speculative excesses, from the South Sea Bubble onwards, and The Price of Time, a brilliant book about the folly of sustained low interest rates. Reproduced with the author's permission.
Human nature at work - beware! Economic theory posits that utility arises from within the individual; corporations aim to maximise profits; and investors seek the greatest returns for a given level of risk. But none of thes...
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Indexing has become such a large part of the market that it can no longer be called passive investing, 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. This article is reproduced with the author's permission.
Goodhart's Law is at work again Goodhart’s Law states that when a measure becomes a target, it ceases to be a good measure. The British economist Charles Goodhart came up with the idea in the mid-1970...
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It is too late to jump on the bandwagon that has driven shares in chip manufacturers through the roof, 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. This article is reproduced with the author's permission.
Shares in semiconductor stocks have been surging As investment in artificial intelligence surges, demand for semiconductors has gone through the roof. Prices for logic and memory chips have climbed fa...
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Looking for the losers from technological change is a more certain and profitable business than trying to pick the winners, 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. This article is reproduced with the author's permission.
Markets have poor scorecard for spotting AI losers When a groundbreaking new technology arrives, it’s often easier to spot the losers than the winners, says the author and investo...
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This is the latest article from our contributor Reg Hoare, who has worked for 40 years in the City, initially in investment banking and the securities business, latterly as managing director of MHP Communications. He has been investing in investment trusts as a private investor for more than three decades. Here, he reviews the performance of his holdings as we move into 2026.
Reg Hoare It started well... Q1 started so well; by 27 February, the FTSE 100 index was up nearly 10%. Then the Iran War began, and the index retraced its steps by some 7%, leaving the market overall up about 2.5% over t...
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This is the latest article from our contributor Reg Hoare, who has worked for 40 years in the City, initially in investment banking and the securities business, latterly as managing director of MHP Communications. He has been investing in investment trusts as a private investor for more than three decades. Here, he reviews the performance of his holdings over 2025 and looks forward to 2026.
Reg Hoare Onwards and upwards Another year has sped by, with drama aplenty along the way for markets to worry about. Overall, my SIPP had a decent year, rising 18.3%, fractionally behind the rise in the FT...
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The AI bubble will burst, 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.
Throughout the late 1990s Fred Hickey, the editor of The High-Tech Strategist, was relentlessly critical of the wild market excesses of the time. So-called “bubbleheads” responded ...
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Folklore holds that the great stock market crash of October 1929 pushed the world into depression. There's some truth in that. Still, had the financial foundations in the United States and elsewhere been robust, the sharp sell-off in the market would likely have been bearable. But the fundamentals were shaky and all hell broke lose. Herein lies a lesson for investors pondering the potential impact of any future slump. Although an immediate crisis in financial markets may have been avoided with Trump's enforced and partial policy retreat on his one for all tariffs, the threat to US financial m...
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