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 ...
KYB – Know Your Banks
The collapse of Silicon Valley Bank has sent shockwaves through the financial markets, with many investors being blind-sided by the true state of their balance sheet that led to a ...
What have we learnt from history?
The world appears to be at something of a crossroads, with investors divided as to if last year was a temporary setback for markets, or if we have moved into ...
“Quality” is in the eye of the beholder
In the last decade quality has become something of a buzz word in investing. I suspect that no right-minded investment manager would set out their stall based on saying they ...
Uninvestable?
For some time, we have held the view that the UK stock market contains some decent companies that look cheap relative to a reasonable view of their future. We have ...
