We believe that the crisis is over in Europe and that the direction of travel from here is definitely for an improvement. — Fund Manager A If I have this right, in the autumn we will see an upturn in earnings, sterling weaken, and gilts weaken. — Fund Manager B Which of these fund managers […]

Bear markets are not fun. Typically, one of these beasts is defined as a decline of 20% or more. While hard-wired positive thinkers and cold-blooded businessmen view them purely as buying opportunities, for most investors they are worrying and destabilising affairs where carefully constructed buying theses seem to count for nought and babies are thrown out with bath water from any […]

A third consecutive positive month brought a return of 1.7% for the portfolio. Sadly, it must be statistically likely that June will see the end of this little purple patch, but it has been nice while it lasted. AstraZeneca and Glaxo both fell as Pfizer’s gentle courting of the former was curtly rebuffed and the latter […]

One of the most interesting parts of the Berkshire Hatahway AGM this year was the update on the Buffett vs Protégé Partners bet. For anyone who doesn’t know the background, here is the bet: Over a ten-year period commencing on January 1, 2008, and ending on December 31, 2017, the S&P 500 will outperform a portfolio of funds […]

A return of 2.31% for the portfolio in April makes for a second consecutive positive month since beginning the blog but, sure enough, now that we are into May that desperate old “Sell in May and go away” saw is being trotted out by all the usual suspects. I think that trying to predict the […]

One of the many amusing market clichés you see on financial sites is dash to trash. Frustratingly for the painstakingly careful, discerning investor (me) in quality companies (low-cost producers that are not up to their eyes in debt), this dash does actually happen, especially in one of those phew, we’re still alive comebacks after a steep market fall–but why? Philip […]

On walking into a used car lot, the experienced buyer will do no more than cast a vaguely disparaging glance at the price tag. His or her first action will instead be a stern request that the bonnet be raised aloft so that the engine can be scrutinised. I think it should be similar when you […]