Work bench with glasses

Cycles and Sectors: The Market Timing Maze

We have spoken and written often about the perils of market timing and the damage that it can…

8 mins
Crafting

The Path of Least Resistance

October has been a grizzly month for stock and bond markets, the latter in particular. The reasons for…

5 mins
Craft workshop

The Debt Lag

As our investors will know well, the Ten Golden Rules are the guiding principles which we use to…

4 mins
Crafting tools on bench

‘The Uncertainties Behind AI’

Uncertainty is a constant As a Quality Growth investor, you are often being whiplashed between Growth and Value.…

8 mins
Crafting

The Return of the Bond Vigilantes

An old saying among US stock market aficionados claims that the trading days following the Labour Day holiday…

4 mins

Yield Curve Disinversion

The title of this newsletter may not be conducive to light holiday reading on the beach. It is,…

3 mins
Crafting

Navigating the Agency Problem

Businesses, especially those publicly listed, confront a challenge rooted in the distinction between management and ownership. While managers…

6 mins

Goldilocks Versus Bull Trap

Further evidence of disinflation has become visible across western economies. While non-core inflation continues to be unusually high,…

3 mins
Paper voting box

Quality Growth as a Long-Duration Asset

Quality Growth businesses are often described as the quintessential long-duration asset. In 2022, interest rates rose rapidly and…

9 mins

To Raise Or To Cut, That Is The Question

On June 14th, the US Federal Reserve finally paused its interest rate hikes but remained hawkish despite clearly…

4 mins