Don’t blame it on Rio – Glencore may turn out to be fortunate it had its advances rebuffed

By Ian Kelly The enthusiasm that greeted rumours of a takeover bid by Glencore for Rio Tinto to create a £100bn mining and commodities-trading giant was in no way dampened by the sector’s current poor health. At The Value Perspective, … Read More

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Marriage guidance – Weddings and portfolios can both end up focusing on the wrong things

By Ian Kelly Diamonds – as any James Bond fan will tell you – may be forever but, if you want your marriage to be remotely durable, you would do well to keep diamonds or indeed anything much in the … Read More

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Your starter for tenure – How important is a manager’s experience in fund selection?

By Nick Kirrage When it comes to evaluating funds, just how important a consideration is fund manager tenure – that is to say, the length of time somebody has been at the helm of a particular portfolio? It is a … Read More

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Short notice – The fundamentals of shorting on valuation are less sound than when going long

by Jamie Lowry In recent months, The Value Perspective has found a few different ways to look at the idea of ‘shorting’ – that is, seeking to profit from the failure of a business or a decline in its share … Read More

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Behavioural swine-ance – What ‘The Learned Pig’ can teach us about human instincts

By Andrew Lyddon Over the years, our holiday reading has taken The Value Perspective down many different roads although these have always tended to lead back to the comforting embrace of value investing. Our latest trip to warmer climes proved … Read More

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Cut and thrust – Dividend cuts may reflect past mistakes but also future growth potential

By Nick Kirrage It goes without saying that dividend yield is an important consideration for income-hungry investors but so too is dividend growth. After all, a dividend payment that does not grow over time and therefore cannot keep up with … Read More

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One size fits all – The underlying dynamics of retail apply no matter what you sell

By Andrew Lyddon The recent travails of Mulberry, which culminated in the UK-based luxury goods company issuing a profit warning on 14 October, led us to revisit Spot the difference, an article written by The Value Perspective back in June … Read More

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Morally neutral – Share buybacks are not a question of good or bad but of good or bad value

By Ian Kelly “I don’t want to know about your complicated financial engineering schemes,” harrumphed the chief executive of a large industrials business dismissively after we had suggested in a recent meeting his company might like to think about share … Read More

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Red flag – Despite what some policymakers may imply, global debt levels are not reducing

by Jamie Lowry ‘Deleveraging? What deleveraging?’ may sound suspiciously like an article you would find on The Value Perspective – certainly its theme of the dangers of taking on too much debt or ‘leverage’ will be familiar enough to regular … Read More

Posted in Debt, Developed markets, Emerging Markets, Global growth | Leave a comment

Meeting criteria – Why a company’s choice of AGM location could be a possible ‘sell’ signal

By Ian Kelly Academics can grow very excited about findings that are ‘statistically significant’. Without wishing to become too bogged down in the maths, however, we would respectfully suggest that, just because something is significant in a statistical context, it … Read More

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