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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Powers of recovery – Lloyds’ resumed dividend may be small but it is still a significant step

By Andrew Lyddon After an absence from the UK’s dividend register dating back to the dark days of the financial crisis in 2008, Lloyds Banking Group has recently announced it is to resume paying a dividend. The news marks the … Read More

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Open season – No matter how you look at it, there is little to be said for investing in an IPO

By Jamie Lowry As a clan, value investors tend to be wary of the initial public offering (IPO). Not only are there sound behavioural finance reasons for this – as we explained, for example, in Fear of the new, IPOs … Read More

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Polls apart – Political pundits are no better at making predictions than any other forecasters

By Andrew Lyddon If you are already feeling jaded by the constant procession of so-called experts speculating on who will and will not win the upcoming general election, the good news is you only have another two months to endure. … Read More

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Slow progress – Increasing short-termism is bad news for society; less so for value investors

By Kevin Murphy Economic growth is generally taken for granted these days but it is actually a relativity new concept. As Andy Haldane puts it in a recent speech, Growing, fast and slow  “Secularly rising living standards have become the … Read More

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On the contrary – Contrarian investing is tough to do but that can also make it rewarding

By Andrew Lyddon Here on The Value Perspective, we may wear our contrarian approach to investing as a bit of a badge of honour but taking a position that is in direct opposition to the great majority of investors and … Read More

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Active stance – active share certainly has its merits but it is no short cut to investment success

By Kevin Murphy Active share – the hitherto little-known academic measure of the extent to which the weightings of a fund’s holdings differ from those of its benchmark index – has been enjoying a more heightened media profile in recent … Read More

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In praise of dull – Boring can often be viewed as a sin but not in the world of value investing

By Jamie Lowry Boring may be the last thing you want to be faced with at a party or across a dinner table but, in the world of investment, the quality is by no means so undesirable. Committed value investors … Read More

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