Hot and bothered – Looking too often at portfolio performance can be counterproductive

By Ian Kelly It was only a matter of time before somebody made the connection between the marshmallow test and retirement planning. After all, when you think about it, the test is all about delaying instant gratification in the pursuit … Read More

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Something or nothing – The human dislike of simply doing nothing can work against investors

By Kevin Murphy “All man’s miseries derive from being unable to sit quietly in a room alone.” So observed the 17th Century philosopher and mathematician Blaise Pascal but even he might have been surprised by the results of an experiment … Read More

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Shop talk – Why did the market react so badly to Boohoo’s recent trading update compared with Sainbury’s??

By Nick Kirrage Earlier this month, two very different retailers issued very different trading statements and saw their share prices react in very different ways. Nothing too surprising there you might think – except for the fact that, the … Read More

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CAPE of good hope – Though rarer than they have been, investment opportunities do still exist

By Andrew Lyddon All professional investors have their preferred methods for assessing the valuations of potential investments and regular visitors to The Value Perspective will know one such favourite metric of ours is the cyclically adjusted price/earnings ratio. Known for … Read More

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2015 anti-forecast – Let valuation not prediction be your guide over the coming year

By Kevin Murphy The start of a new year is traditionally seen as the time for all fund managers to opine on the future of economies, markets and the general state of the universe but, ever the contrarians, here on … Read More

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Alternative reality – Even a three-year outlook is no real basis for sound investment decisions

By Andrew Lyddon This is an exciting time to be heavily involved in mezzanine finance and other kinds of specialist finance markets such as high-yield – or so we learned recently from a presentation by Intermediate Capital Group (ICG), a … Read More

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Mean machine – Focus on regression to the mean rather than extrapolating from the present

by Ian Kelly Regular visitors to The Value Perspective will know we have never been as confident as some other investors about the chances of China’s economic growth figures continuing to defy gravity – just as they will know we … Read More

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Best laid plans – Good intentions need to be acted upon before they can lead to good returns

By Ian Kelly The old proverb holds that the road to hell is paved with good intentions and it would appear the road to poor investment returns may have a similar motif. According to a recent academic paper by US … Read More

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Basic mistake – Why one lesson of ‘Finance 1.01’ is ‘Wrong. All wrong’

By Jamie Lowry Any student of finance or economics will recognise the chart below. It shows the graphical relationship between risk and return – the idea that, as investors take on more risk, they should be compensated with more return. … Read More

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The generation game – Lowly valued, yes, but oil and gas businesses lack one key thing. Cash

By Kevin Murphy Regular visitors to The Value Perspective will be aware that one of our preferred metrics is something called the Graham & Dodd price/earnings (P/E) ratio. Rather than referring to a single year’s profit number, this longer-term P/E … Read More

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