Don’t look back – the retrospective nature of volatility can induce a false sense of security

By Ian Kelly The false sense of security into which the current lack of market volatility is lulling many investors has been a recurring theme on The Value Perspective in recent months – and neither is this limited solely to … Read More

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Short change – How worried should you be that hedge funds appear so reluctant to short?

by Jamie Lowry Towards the start of the year, in Short notice, The Value Perspective referred to a Reuters interview in which Jim Chanos suggested the best time to be going short of markets – a practice in which he … Read More

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Law of averages – Investors need to distinguish between ‘time’ and ‘ensemble’ averages

By Kevin Murphy Let’s play a game we will call ‘Russian dice’, the rules of which were invented by a physicist/economist called Ole Peters. They are pretty simple – roll a dice and, if it comes up ‘one’, I will … Read More

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Explosive potential – How can value investors benefit from an expected boom in M&A activity?

By Nick Kirrage “Of course, you might think people would prefer to do M&A in an environment of low prices but it never works like that. People very rarely buy cheap – in reality, most make acquisitions when they are … Read More

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Higher education – Valuations are expensive but history shows they can grow more expensive yet

By Andrew Lyddon US equities are, relative to most of their history, expensive. We trust this is not too controversial a statement – and certainly it should come as little surprise to regular visitors to The Value Perspective. Still, if … Read More

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Tullett like it is – structural issues are a concern but not necessarily terminal for a business

By Nick Kirrage Inter-dealer broker Tullett Prebon issued its half-year results at the end of July and it would be fair to say these lived down to the market’s very low expectations. While equities tend to be bought and sold … Read More

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Short shrift – Other investors may not like short-sellers but they can learn from them

By Jamie Lowry Short-sellers often come in for criticism from both the media and the wider world of finance – not least because their aim of profiting from the failure or collapse of a business rather than its success can … Read More

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Cat and mouse – Insurance-linked securities is yet another area where value is in short supply

By Andrew Lyddon From time to time – though admittedly with what, in recent months, has felt like a good deal greater frequency – The Value Perspective likes to highlight an asset class that looks to be overpriced. This time, … Read More

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Cynk hole – Plenty of extreme sports already exist so there is no need to make investing one

By Jamie Lowry Everybody will have their own idea as to what is and is not ‘fun’ but, even so, The Value Perspective was a little taken aback to read the following comment in a recent Financial Times article: “We … Read More

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Blame game – Should investors ever reproach themselves for their advisers’ errors?

By Ian Kelly and Nick Kirrage To what degree should investors ever blame themselves for the mistakes of their investment advisers? Here on The Value Perspective, we were tempted to take a few steps towards this particular ethical minefield after … Read More

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