JP Morgan and the Panic of 1907
It is a well known truism that there isn't ever really anything entirely new in finance and what Greece is going through this week has been endured many times before. Knowing that isn't going to…
Patient Capital and Impatient Journalists
A small article in this Sunday Times' Money section summed up a lot of what I think is wrong with the asset management industry. Having begun by stating that "it is early days yet for…
If Buffett were British…
There was an an interesting post by Total Return Investor a few months ago in which he had a go at cloning Neil Woodford's portfolio with US-based companies. That started me thinking about whether British investors could do something…
Tom Russo: Capacity to Suffer
Tom Russo uses the phrase 'capacity to suffer' a lot. I had heard him talking of this before, but was reminded when I saw him being interviewed here (via MarketFolly). He doesn't expect this unduly from investors…
Valuation: Taking the Temperature
This weekend it is the turn of John Authers--a key member of the FT's resident brains trust--to nail his colours to the mast regarding market valuation. He believes that it is overvalued but that the…
Loews: Hiding In Plain Sight
A value trap is defined by Investopedia as follows: A stock that appears to be cheap because the stock has been trading at low multiples of earnings, cash flow or book value for an extended…
Battle Against Cancer Investment Trust: Doing Good by…
There is not much in the City that does not involve generous remuneration for all involved, but the Battle Against Cancer Investment Trust (BACIT) is one rare example. This is a fund of funds that, rather than collecting different…
Reverse Engineering Nick Train’s Pepsi Purchase
Waitress: Would you like a drink with that? FI: Yes please, can I have a Coke? Waitress: I'm sorry Sir, but I'm afraid we only have Pepsi. FI: Oh OK then, I'll take a Pepsi.…
Berkshire AGM – A little of the fallout
As always, there has been adoring media coverage of the Berkshire Hathaway AGM but, putting to one side the footage of WB chugging away merrily on Cherry Cokes and arm-wrestling footballers, there were two nuggets that provided me with…
Safes, safety, and plunging
It is a long weekend here in London but the weather--as usual--is refusing to make any concessions to barbecue cooks or day trippers. Chilly conditions and gusty winds do however make ideal conditions for reading from the comfort of…