Re assurance – What does the Budget announcement on pensions mean for UK life assurers?

by Kevin Murphy One of the standout aspects of the 2014 Budget was Chancellor George Osborne’s announcement that British retirees will no longer have to use their pension pot to buy an annuity. Whatever this may mean for the personal … Read More

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Flashing lite – ever-greater issuance of ‘covenant-lite’ loans is a warning sign for markets

By Jamie Lowry A friend on secondment in Los Angeles emails with an example of US hospitality – although the precise term he uses in connection with a recent offer of a mortgage with a 3.5% deposit, 4.5% interest fixed … Read More

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Electric blues – Reasons to worry about the US market include its current valuation of Tesla

By Jamie Lowry In Forever with blue genes, we quoted some observations of one of The Value Perspective’s favourite investors, Seth Klarman, on current market valuations. One “fashionable” company the Baupost Group founder has picked out by name as having “nosebleed” … Read More

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Offside indicator – Rising car sales in the US do not necessarily mean the economy is thriving

by Ian Kelly One statistic some commentators have been trotting out of late as a way of illustrating how well the US economy is doing is the ongoing uptick in car sales. After all, buying a new car is one … Read More

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Forever with blue genes – Investors might do well to worry a bit more about market valuations

by Jamie Lowry Do you have the worry gene? Seth Klarman says he does and, since the billionaire founder of the Boston-based Baupost Group is also one of the professional investors we take most seriously here on the Value Perspective, … Read More

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Big ‘but’ – house-hunters can still find bargains in the UK, providing they don’t mind innuendo

A stone’s throw from where The Value Perspective spends its days tirelessly hunting down market inefficiencies lies Gutter Lane. This was once the home of accountancy firm Cooper Brothers and, as City folklore has it, the address represented a small … Read More

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Where angels fear to tread – Why opening up equity crowd-funding could be bad for investors

by Ian Kelly Just because you think something is a good idea, it does not necessarily follow it will be a good investment. You may be convinced the world would be a much better place if only you could find … Read More

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Where do I get lucky? – Pick your battlegrounds as carefully as you pick your battles

By Jamie Lowry In his report Alpha and the paradox of skill, Michael Mauboussin, one of The Value Perspective’s favourite thinkers on value investing, talks about a successful US chief executive who spent his youth trying to become a better … Read More

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Luck and judgement – value investment acknowledges the part randomness can play in all of life

by Jamie Lowry Do we make our own luck? It is a question tackled with great insight by Oaktree Capital chairman Howard Marks, one of The Value Perspective’s favourite investors, in his excellent memo to the firm’s clients, Getting lucky.  … Read More

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Wide of the mark – Since value is key, ignoring price can actually be the right thing to do

by Ian Kelly What gets into academics when they title their work? Private equity’s diversification illusion – economic co-movement and fair value reporting hardly seems calculated to set pulses racing – or people reading – yet it revolves around a point The … Read More

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