As we weather the COVID-19 storm thoughts invariably turn to what life will look like after the storm passes and as luck would have it there is no shortage of economists to tell us what life will be like. Most of their prognostications seem to fall somewhere between being the last person on the Titanic…
A few years ago, when coaching a group of senior traders at a large US investment bank, one of the participants revealed to me that he was also a tournament poker player and was ranked in the world’s top 200 players. Curious to know more, I asked him what he felt gave him an edge…
Harry’s Garage is, in my opinion, the best motoring show going around at present. As to why he sold his Zonda – wait till you hear the servicing costs and that might give you a clue….
Picture the scene: you’re attending a regular medical checkup, fielding questions about your health and lifestyle, when your doctor tells you they can accurately estimate your life expectancy from your answers. Would you want to hear the truth, no matter how brutal it might be? Or would you prefer to live in ignorance? If you…
The chart below comes from Bianco Research via The Irrelevant Investor and it shows a potted history of the largest stocks in the S&P500 over the past 60 years. I always find things like this fascinating as they reinforce the understanding that your history is not the only history. Traders who began their careers this…
I snipped this out of the WSJ as the majority of the article is hidden behind a paywall but the introductory paragraph gives you the general idea. More here – The Wall Street Journal PS Not so well off folks can also be clueless about such things. Many years ago my recently divorced neighbour knocked…
One to print out and stick on your desk as you may never see it again.
Last week I had the pleasure of spending some time with Tony Kynaston and Cameron Reilly of QAV. What is always interesting when speaking to successful investors is the number of similarities they share across the board. At first glance, you would not expect successful value investors such as Tony and Cameron to have much…
A study set to appear soon in the Journal of Accounting Research asks whether deceptive chief executives and chief financial officers give themselves away by the language they use in the course of their conference calls. David F. Larcker and Anastasia Zakolyukina, both of Stanford University, Graduate School of Business, have developed prediction models (though still rather…
I found this chart that I generated a few years in my archive folder. It looks at $100,000 invested in either cash or the average return of the top 200 superfunds I should update it to see if the general pattern holds true in the current environment. My guess is that it probably does and…
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