How do you define success?

How do you define success?

Being a Leicester City football fan is a rollercoaster.  Since I started supporting them in the early 1990s, we’ve been relegated or promoted nine times, won the Premier League, Championship and League 1 (the top three divisions), the FA Cup and the League Cup (twice)...
Efficient markets

Efficient markets

  This week our portfolios have had a tough time.  According to Nobel Prize winner Eugene Fama, markets are efficient and reflect all available information.  Therefore, the move in prices we’ve seen this week are rational.  In my opinion, trying to understand the...
ESL and ESG

ESL and ESG

I’m a season ticket holder at Leicester City and despite having a successful last few years and winning the Premier League in 2016, thankfully my club was not considered to be ‘big’ enough to be included in the horrendously badly conceived idea that is/was the...
Patience and conviction

Patience and conviction

We’ve benefited from some good news this week in respect of one of our holdings in the Growth portfolio, called Schroder UK Public Private Trust.  This holding has had a troubled past and it is a good example of a couple of risks in our industry that are not very...
Green investing

Green investing

I’m not a big fan of watching the budget each year as the majority of points are so broad and generic that you can only really understand the implications once you’ve read the subsequent detail.  This year’s budget has highlighted two areas that we are positive on...
The rise of the retail investor

The rise of the retail investor

When I started in the industry, retail investors (do it yourself investors without professional experience or knowledge) had a bad reputation.  Always investing at the top and selling at the bottom.  The news over the last couple of weeks regarding GameStop shows how...