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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Holding pattern – When there are fewer attractive assets to buy, value investors buy fewer assets

By Kevin Murphy In one or two recent client meetings, we have been asked why the turnover of stocks being bought and sold in our portfolios has increased of late. Let’s be clear on this – it hasn’t. Taking the … Read More

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High and dry – There is a reason some fixed income investments are known as ‘junk’ bonds

By Andrew Lyddon When will investors realise there is a difference between a promise to pay and actually coming up with the cash? We only ask because last month provided two more shining examples of the extremes income-seeking investors are … Read More

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For the best – Why a value strategy should not set time limits on its investments paying off

By Jamie Lowry The Value Perspective is grateful to fellow-blog The Brooklyn Investor for reminding us of a passage from the excellent business book Good to great by Jim Collins. This passage concerns what Collins names the ‘Stockdale Paradox’ after … Read More

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A matter of time – ‘Average’ is a simple word that masks a significant degree of complexity

By Kevin Murphy Our article Law of averages, which focused on the distinction between ‘time’ and ‘ensemble’ averages, provoked some interesting comments and feedback – both face-to-face and in the Twittersphere. This included a degree of scepticism over some of … Read More

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Costa benefit analysis II – In value terms, Chelsea are in a different league to Manchester United

By Kevin Murphy “Have some clubs paid too much for their new players?” wondered a headline on the BBC website just after the football transfer window closed on 1 September. Cynics might suggest that question could be answered with a … Read More

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Constant threats – When it comes to risk and investing, out of sight should not mean out of mind

By Andrew Lyddon As part of its statutory objective to “protect and enhance financial stability in the UK”, the Bank of England sets out to identify risks to the country’s financial system. One of the ways it goes about this … Read More

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Night and day – UK banks are wholly different to the businesses they were before the credit crisis

By Kevin Murphy In Article of faith, we noted how banks are, to our minds, decent businesses even if – with the sector by some distance the cheapest in the UK market – this is not an opinion shared by … Read More

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Stress test – The experiment that suggests stress can cause short-term changes to risk tolerance

By Jamie Lowry How much or how little risk someone is prepared to tolerate as they seek to grow their wealth is seen as one of the more fundamental considerations in investment. Implicit within this belief is the assumption that, … Read More

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Article of faith – What you pay, not the growth you receive, is the biggest driver of future returns

By Kevin Murphy Given markets are at near-record highs – not to mention the concerns about broad equity valuations we have expressed on The Value Perspective of late – one question clients are increasingly asking us boils down to how … Read More

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