Can regulation improve analysts’ forecasts? – Can you guess what we think about that question?

By Jamie Lowry Last week, in ‘Sell’ preservation society, we tiptoed around the possibility analysts might occasionally pull their punches on company research for fear of upsetting colleagues in more profitable parts of the investment banking world. This time we … Read More

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‘Sell’ preservation society – A lack of analyst ‘sells’ is one more reason to do your own research

By Nick Kirrage In some ways you have to admire their upbeat attitude. The rest of the investment world may have spent recent months fretting over such concerns as the possibility of Greece leaving the eurozone, the Chinese market bubble … Read More

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Power struggle – Oil companies may look cheap but there are some very good reasons for that

By Ian Kelly “If you are long commodities, you are short human innovation” may have been first suggested as an idea some five years ago by the then Société Générale strategist Dylan Grice but it has become something of mantra … Read More

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Crash course – The scariest aspect of China’s recent market falls is what could be left to come

By Jamie Lowry One of the few things that might be said for the Greek crisis is at least it helps take the mind off the story currently unfolding in the Far East. Still, while many investors have been worrying … Read More

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‘Wriggly’ believe it or not – Few rich nations now boast what we would call a margin of safety

By Nick Kirrage If a company’s stockmarket valuation stands at a significant discount to its fundamental worth, then investors enjoy not only the potential for share price appreciation but also some protection against the impact of adverse events. This so-called … Read More

Posted in Global growth, Global Reserves, Growth, Value Investing | Leave a comment

Fashion statement – Why formal clothing may actually be indicative of a more creative thinker

By Ian Kelly Heatwave-inspired dress-down policies can be fraught with danger – as I learned myself the other day when I arrived at the office sporting a coral pink polo shirt my wife had led me to believe was hugely … Read More

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The Jellybean Trilogy (Part IV) – How academic research can be as flawed as this title

By Kevin Murphy Here on The Value Perspective, we consider ourselves no slouches when it comes to poking fun at poor medical research (Jellybean Trilogy I, say), poor financial research (Jellybean Trilogy II) and poor statistical science (Jellybean Trilogy III) … Read More

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Market farces – Benchmarks may have their uses but gauging portfolio risk is not one of them

By Nick Kirrage Here on The Value Perspective, we have nothing against market indices in themselves but we do worry about how investors sometimes use them. Say you wanted to measure the relative returns on your investments over a suitably … Read More

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Left smarting – Smart beta products may not make bad decisions but they do facilitate them

By Kevin Murphy ‘But guns don’t kill people, people do’ is a line less likely to settle an argument than provoke further discussion and yet it is not impossible to imagine an advocate of so-called ‘smart beta’ investments – strategies … Read More

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Vanilla fudge – Are some banks reverting to pre-crisis ideas of what constitutes prudent lending?

By Andrew Lyddon A prevalent view among politicians, regulators, the media and other opinion-formers in general is that what tends to get banks into trouble are what are popularly known as their ‘casino banking’ activities – their speculative trading operations … Read More

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