Fund Consultant, can I ask you a few questions?


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 be? Well, the data shows that if you win 50% & don’t lose much on the other 50% you’ll pump alpha Agree And when we get it wrong, what should … Read on

I’m so excited, Apple “beat the estimates”


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 they grew by 2% That’s nonsense – this is a global business and currencies aren’t constant Imagine a bank reporting “constant interest rates” or an oil company reporting “constant oil … Read on



Screamed my Bloomberg newsfeed in red a few minutes ago But:1)     Isn’t the war still going on?2)     Don’t most people think Europe is a “basket case”?3)     And didn’t the September 2022 Bank of America survey find that, “ Fund managers were the most UNDERWEIGHT on European equities EVER”, to quote the Forbes article on the report? YesYes andYes So … Read on

“At the centre of this investigation are greedy Swiss bankers & catnapping government regulators …. to help ultra-wealthy US citizens to evade taxes & rip off their fellow Americans”

said Senate Finance Committee Chair, Senator Ron Wyden about Credit Suisse’s alleged violation of their 2014 plea deal over “secret accounts” Now I know they don’t use kettles in the US, but if there was ever a case of, “the pot calling the coffee machine black”, this takes the biscuit (or cookie) Because if you’re on the … Read on

I’m no movie buff, but if you search for the worst movie sequels of all time, you’ll see some that you never knew existed like:


Basic Instinct II (seriously…)Superbabies: Baby geniusesWall Street – Money never SleepsJaws II – The RevengeThe Sting IIThe Hangover IIDumb & DumbererPolice Academy Well, there’s a new one more, that hit the theatres last Friday, “European Financial Crisis II – Ghost Protocol” Genre: Fantasy In this movie it appears that: Some “Baby Geniuses” set out to … Read on

SVB – the narrative and the numbers


Any guess who said this? “It’s important to note we have a high-quality very liquid balance sheet, which I know there will be lots of questions about; strong capital levels; a seasoned management team, which we experienced navigating challenging markets and adding a lot of new people with deep experience as well; and a consistent focus on our long-term business strategy. So when you … Read on

I love Charlie Munger


He sits next to Warren B, swaying his head as WB waffles away, and then delivers the knockout punch waffle waffle waffle Charlie, anything you’d like to say about EBITDA? “every time you see EBITDA just replace it with the phrase Bullsh*t earnings” Go, Charlie! But now there’s a new villain on the accounting slippery … Read on