Mind the gap – What might trigger a huge rise or fall in equity markets over the coming year

By Kevin Murphy The FTSE 100 and S&P 500 may have reached all-time highs in recent months but how much further might they and other equity markets rise? Regular visitors to The Value Perspective will be well aware of our … Read More

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Twice is nice – Unlike books, dividends really should be judged by their cover

As of the end of March 2015, investors could obtain more than twice as much in yield from the FTSE 100 index as from the 10-year UK government bond – 3.53% versus 1.7%. Meanwhile, at yields of 3.36% and 3.33% … Read More

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New ‘age’ thinking – This is why you should avoid judging a fund by its sectoral exposure

By Ian Kelly When we see clients, it is perfectly natural that they should ask us about the make-up of the portfolios we run on their behalf. Often this will involve questions about the industry sectors we hold and how … Read More

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The cons of pros – Studies showing the fallibility and overconfidence of experts are nothing new

By Kevin Murphy Touched on most recently in Aversion therapy and Polls apart, the overconfidence of experts, their unwillingness to keep things simple and their disinclination to learn from past mistakes are favourite themes of The Value Perspective and to … Read More

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Testing metal – Is the outlook for platinum really quite as dire as the market appears to believe?

By Nick Kirrage The Value Perspective may not have focused on the platinum industry since June 2013 – that article’s title, Limping along, neatly summarising our downbeat view on the general health of the sector – but that does not … Read More

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Track record – What value lessons can be learned from a century of decline in the rail industry?

By Nick Kirrage We recently focused on the shifting nature of stockmarket indices in Only fools and bourses – along the way name checking an unlikely combination of a girl band, a sitcom character and a First Century philosopher. Let’s build … Read More

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Period of adjustments – Watch out for the growing list of ‘exceptional’ items in company results

By Andrew Lyddon Every results season offers The Value Perspective the opportunity – the obligation even – to work through a wide range of announcements to see how companies are getting on financially and what they are saying about life. … Read More

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Aversion therapy – people mistrust algorithms, of which value may be seen as a simple example

By Kevin Murphy An algorithm may be defined as a formula, process or set of rules that is used to approach or solve a particular problem – usually, though not necessarily, by way of a computer programme. So it is … Read More

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Only fools and bourses – the make up of indices may have changed significantly over the years just like the Sugababes

The ‘CAPE’ ratio can be useful but do not take it at face value says Kevin Murphy The British girl group Sugababes may not seem an obvious starting point for any discussion on the merits of value investing but please … Read More

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Sage advice – Institutional fund or Warren Buffett? Who would be your investment role model?

By Andrew Lyddon With the UK population being handed ever greater control of their pension pots, whom among the professionals might they reasonably pick as a role model when they think about investing their money? Perhaps not the world’s giant … Read More

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