I looked up Equity ETFs with “ESG” in their description using the Bloomberg function, “ETF”


$334bn in total AUM Wow, investors are hungry for this so took a “deep dive” into the largest – $22bn iShares ESG Aware MSCI USA “composed of U.S. companies that have positive environmental, social & governance characteristics as identified by the index provider” “.. that applies the following business involvement screens: civilian firearms, controversial weapons, … Read on

In 2001, I arrived in the UK eager to look at leading global companies.


One was GE, led by the late Jack Welch, who had just published a book, “Jack: Straight from the gut” about his “career running one of the largest and most successful corporations” The stock sold at 15x earnings – seemed fair value for a “wonderful business run by brilliant management” Cash from operating activities of … Read on

I really wish undervalued companies wouldn’t pay any dividends.


It’s like them investing in a 0% IRR project – they give the money away and get nothing in return No, you’re “rewarding” shareholders with a share of the profits The person who bought the share the day before the Record date doesn’t need rewarding But what about the retirees and funds that need the … Read on

Why don’t you own Microsoft, It’s an amazing business?


Their Return on Equity is over 42% I know, I wish we had held onto it longer, but it got too expensive for us Anyway that’s ok, I’m sure our clients all hold Microsoft via their other Passive and Active funds and so we’re diversifying their exposure – no point in all their funds owning … Read on