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Investors need to get wise to a new world order. Don’t count on a perpetual US bull market. In early 1989, Japan’s 45% weighting in...

On 22 September, there was the $100bn OpenAI & NVIDIA deal “to build and deploy at least 10 GW of AI data centers with NVIDIA...

No, don’t conclude that, we question the usefulness of Sector classifications Especially for Consumer Discretionary “Why?” Well, look at the MSCI World Consumer Discretionary Index...

A province in India once had too many cobras, so they incentivised the capture of these snakes Except then people began breeding cobras to earn...

But in a recent interview, Howard Marks applied a financial twist to that definition saying, “Insanity is doing the same thing, in an entirely different...

No market, sector or size rules for ever; the wheel always turns Howard Marks (pictured) is a billionaire investor who’s been successfully investing through the...

Time for a fresh chance to do the things you know make sense And aren’t January sales great? Who doesn’t think buying goods on sale...

– Has only one position– Uses leverage, there’s no limit and it’s growing– Is run by a “fund manager” with a chequered history – settling...

Their true numbers are blurred by huge share awards to employees. Finance theory says a company is worth the present value of its future cash...

I’m with you, Charlie Because there are LOTS of BIG lessons companies seem to miss about consultants Last week, US discount retailer, Big Lots, announced...

He played it down a little at the AGM in May when questioned about his Q1 sale of 115m Apple shares But meanwhile his trader...

Wrote my son in a WhatsApp message from the golf course where he is working over the summer He’s never sent me a message like...

I guess I’m not sure I’d look good in a Burberry Bucket hat And at £320 a piece, am not about to “check” “But Luxury...

Given all their in-house talent, they should be much better at this. Asset management businesses should have a deep understanding of capital allocation. It is literally their...

Yes, I hear people are excited, the price is up 12% since then Well, that’s one way of putting it The other is that Apple’s...

Many investors love brands – but often they don’t deliver value in any sense of the word, argues the manager of the Ranmore Global Equity...

A quick Mag 7 recap before Meta -Tesla is down 36% ytd, 61% off its 2021 high-Netflix is down 21% below its 2021 high-On Friday...

How have you done? I asked We were top quartile over many periods, it’s a pity they closed our $300m fund What? Your company closed...

Many London Business School students and listeners of my Stacy Havener interview know I enjoy teaching, and if I were lecturing today, I’d say, “Be increasingly creative and resilient...

The common thinking is the Mark Twain argument, that – “in a gold rush it’s a good time to be in the picks & shovels...

A friend quotes Mark Twain “During the gold rush it’s a good time to be in the pick and shovel business’ Wait, Cisco make all...

Well I’m no great golfer so I only play with those people, ONCE Because even great golfers hit bad shots, it’s guaranteed! David Duval, who...

There’s no such thing as a dead cert in investing. Let asymmetry be your friend… ‘How can we be certain that we’re at the beginning...

Perhaps they were worried about: – The wars raging in the Middle East and Europe,– An imminent recession– The seasonally tough time of year, And...

and it doesn’t even do AI… But that’s exactly what happened when Mars paid an “inter-galactic” 170% premium for Hotel Chocolat A “Bounty” for all...

Think about it how can we expect anything to be sustainable over the long term, when we live in a dynamic and competitive world? Very...

What makes you think that? You’re overweight Consumer Discretionary stocks Oh, please be very careful about drawing conclusions from those broad sector classifications, I think...

And that means using Enterprise Value A Price Earnings multiple tells you how many years it would take to recoup your investment if earnings are...

Call it a “roole” Yahoo was once worth $125bn, declined a $45bn buyout offer from Microsoft in 2008, and sold to Verizon for $4bn 10...

The idea of being a long-term buy-and-hold investor is attractive – it doesn’t require making many decisions, and decisions are often stressful, especially those about...

“…if management steal less money than they stole last year” He was talking about Russian oil giant, Gazprom, at a conference I attended back in...

A £200 portfolio with a fair value of £300 and a potential return of 50% The next day, company A announces fabulous results and rallies...

Or “The 7 habits of AVERAGELY successful people” By Stephen Covey You haven’t? Of course not, HIGHLY successful people want GREAT, not AVERAGE Who doesn’t...

But then isn’t Like Argentina beating Saudi Arabia at the football World Cup But then losing 2-1 Or the All Blacks beating Ireland in NZ...

A company’s future ROE / ROA / ROIC is unlikely to be the same as history,especially if management allocates capital badly Meaning I’m no fan...

COMMENT: There’s real pain for investors in highly-rated companies that don’t deliver. ‘We’re still growing, right? So, it’s not that we’re shrinking there, but it’s...

Disney hit the lowest price in a year – down 59% since March ’21 How? Isn’t it a “great business” with “excellent management”? I thought...

Is that Nvidia’s net income? No, that was $6.1bn Is that their revenue? No, that was $13.5bn It’s not the market cap because I know...

So you hire a consultant for their “expert” view They conclude his investment philosophy is sound because he buys undervalued companies, his track record is...

The MSCI World Information Technology sector under-performed the MSCI World Index by 4.11% over the past 2 weeks -4%, that’s not much, is it? Hang...

No! Or, “Samsung Electronics sweeps coveted global AI awards” No, I didn’t see that either! You see! I told you this “AI” boom is for...

What are you worried about? I’m worried about the “markets” being expensive, and worried about a recession, and worried about inflation, and worried about what...

Not at all – I suffer from “FOMOL” not #FOMO What’s “FOMOL”, never heard of it? “Fear Of Making Oversized Losses” Homegrown – keeps me safe...

No, I didn’t! Is that on their investor relations page? Nope, you need to look on SEC.GOV But why file it on a Friday night? I...

The size of Bank of America, orTwo Caterpillars, orDeere + American Expresses, orFedex + Heineken + Colgate Palmolive + Yum Brands Sorry, what is? $220bn...

What would you like me to do when a holding hits fair value? Sell of course And what do you expect our win/loss ratio to...

But I’ve heard the Value message and think it makes sense, so I’m going to buy an ETF benchmarked to the MSCI World Global Value...

Fantastic news, tell me about the results Revenue declined 3% Hang on, inflation is +5% so that’s -8% real Yes, but in “constant currency” terms...

But Tesla shareholders look likely to get “skewered” today judging by the -8% pre-market move Why? Well unlike James who struggled to provide “one example”...