Don’t panic! Don’t panic!
This week the International Monetary Fund warned of a "widening disconnect" between geopolitical uncertainty and stock markets, hinting that valuations have become disconnected from reality. This follows similar such warnings ...
Is passive investing creating opportunity for value investors?
The evidence is that the average active fund has produced disappointing results for investors.This means that to be an active fund manager you either need to believe that you are ...
Where do we go from here?
Our modus operandi is to be bottom-up investors, studying companies that we think might make for overlooked bargains. This, however, doesn’t entirely free us from thinking about the bigger picture ...
The Voting Machine
The grandfather of value investing, Ben Graham, famously said that “in the short run, the market is a voting machine but in the long run, it is a weighing machine” ...
Can trees grow to the sky?
The performance of American public equities since the Global Financial Crisis has been exceptional, with the result that they account for more than 70% of the MSCI World index. This ...
New Year’s Resolutions
If you are anything like me you will have arrived in January willing yourself to be a better person, full of resolutions to eat less, exercise more, and to use ...
The long-term just happened…
It has been five years since the Havelock Global Select fund launched in August 2018. I will stop short of saying what “uncertain times” they were, as to my reckoning ...
Back off to the races?
There has, of late, been a certain amount of punditry about “style rotation” within equity markets. Will last year’s outperformance of “value” over “growth” resume, or did the resetting of ...
