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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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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