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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Quarter pounder – Just who benefits from the modern-day insistence on quarterly reporting?

By Nick Kirrage From time to time – last month and last October being two examples – the Lex column in the Financial Times will train its intellectual artillery on quarterly projections and other aspects of corporate reporting. Reading these pieces, … Read More

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Merger mystery II – How happy should its investors be that Intel is back on the M&A trail?

By Andrew Lyddon Intel has been back in the merger and acquisition (M&A) headlines. The world’s largest manufacturer of computer chips – which featured prominently among the highly-acquisitive businesses catalogued in the Empirical Research Partners work we discussed in Merger … Read More

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Iron deficiency – Why do analysts so rarely drop their long-term commodity price forecasts?

By Nick Kirrage When valuing a mining business, there are plenty of important elements, such as costs and margins, to factor into your calculations but clearly the most important consideration by far is the value of whatever it is the … Read More

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Every little helps – Tesco could benefit from even a small rise in how its pension scheme is valued

By Kevin Murphy The so-called “black hole” (© all media outlets) within Tesco’s staff pension scheme has led to a fair amount of comment in the press of late, with particular consternation provoked by the idea it could take 30 … Read More

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UK domestic inflation back above 2%

Price information in today’s revised UK GDP report suggests that domestically-generated inflation has picked up and is running above 2%. GDP growth in the first quarter of 2015 was unrevised at 0.3%, with strong domestic demand offset by a large … Read More

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Company men – The value giants know understanding business can make for better investors

By Jamie Lowry Anxiety, introspection and self-doubt are not emotional states you would normally associate with private equity – quite the opposite, in fact – but the sector really does appear to be going through a period of soul-searching. Interestingly, … Read More

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Dotty valuation – Buy US equities now and you could be locking into historically poor returns

By Andrew Lyddon The US equity market is expensive. Here on The Value Perspective, we would imagine this is unlikely to come as news to you – not least because we have pointed this out many times ourselves in articles, … Read More

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