Insights





Value investing: Why cheap is not cheerful
Value investing: Why cheap is not cheerful
A stock is considered ‘value’ if it trades on a lower PE multiple than a market average. This is flawed. Value is price relative to worth.
Value investing: Why cheap is not cheerful
A stock is considered ‘value’ if it trades on a lower PE multiple than a market average. This is flawed. Value is price relative to worth.




Investing during the COVID-19 health and economic crisis
Investing during the COVID-19 health and economic crisis
The shutdowns in response to the coronavirus have led to declines in economic activity that are extraordinarily deep, abrupt and pervasive across the globe.
Investing during the COVID-19 health and economic crisis
The shutdowns in response to the coronavirus have led to declines in economic activity that are extraordinarily deep, abrupt and pervasive across the globe.




Market timing. Why it's in our too-hard basket.
Market timing. Why it's in our too-hard basket.
The appeal of market timing is its potential to both massively amplify returns and to protect investors from the pain of loss.
Market timing. Why it's in our too-hard basket.
The appeal of market timing is its potential to both massively amplify returns and to protect investors from the pain of loss.




FAANGS: The sun has set on their days of dominance
FAANGS: The sun has set on their days of dominance
The ‘FAANGs’ (Facebook, Apple, Amazon, Netflix and Google) have been the equity market story of the era, much like the BRICs (Brazil, Russia, India and China) and TMT (technology, media and telecom) defined previous five-to-10-year periods.
FAANGS: The sun has set on their days of dominance
The ‘FAANGs’ (Facebook, Apple, Amazon, Netflix and Google) have been the equity market story of the era, much like the BRICs (Brazil, Russia, India and China) and TMT (technology, media and telecom) defined previous five-to-10-year periods.




The emerging market fallacy
The emerging market fallacy
Over the last decade real EPS at an index level has more than halved in three of the five largest emerging markets. We debunk the myth that faster EPS growth follows faster GDP growth.
The emerging market fallacy
Over the last decade real EPS at an index level has more than halved in three of the five largest emerging markets. We debunk the myth that faster EPS growth follows faster GDP growth.
