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INVESTMENT BLOG
The Latest on Equities, Bonds, Economics, Behavioural Investing, Climate Change & More
Peter Elston
Nov 1, 20185 min read
Review and Outlook
October was clearly a bad month for equity markets around the world, with the MSCI AC World index falling 6.9% in local currency terms....
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Peter Elston
Sep 30, 20183 min read
Reducing Equity Targets
From Seneca Investment Managers' public marketing material. Seneca is now part of Momentum Global Investment Management. Last year we...
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Peter Elston
Sep 30, 20183 min read
Active Versus Passive: is it Different for Multi-Asset?
I have noted in my investment letters that in the multi-asset space, funds tend to do better in relation to their passive equivalents...
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Peter Elston
Aug 31, 20183 min read
The Investor as an Animal
Behaviour is everything. Our collective behaviour determines whether we as societies or as a race are creating or destroying. From time...
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Peter Elston
Jul 31, 20183 min read
It’s Different this Time. Really?
Just before the 1929 Wall Street crash, celebrated Yale economist Irving Fisher claimed that the stock market had reached “a permanently...
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Peter Elston
Jul 31, 20184 min read
Review and Outlook
Equity markets were generally strong in July, as investors appeared to shrug off fears of a global trade war. US and Eurozone equities...
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Peter Elston
Jul 31, 20183 min read
Some Home Truths for Investors
American author and publisher William Feather once noted, “One of the funny things about the stock market is that every time one person...
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Peter Elston
Jul 31, 20183 min read
The Benefits of Smaller Fund Size
From Seneca Investment Managers' public marketing material. Seneca is now part of Momentum Global Investment Management. It is well...
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Peter Elston
Jun 30, 20184 min read
Tactical Asset Allocation in the Current Phase of the Business Cycle
From Seneca Investment Managers' public marketing material. Seneca is now part of Momentum Global Investment Management. Our analysis...
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Peter Elston
May 31, 20184 min read
Cryptocurrencies: the Ultimate Bubble
Remember cryptocurrencies? Actually, that is a little unfair as they are still popular and thus still have much further to fall. Bitcoin...
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Peter Elston
May 31, 20183 min read
Review and Outlook
The month of May saw equities on the whole continuing to recover from their February and March declines as economic data remained broadly...
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Peter Elston
May 31, 20183 min read
Hubris is the Greatest Challenge
I am not exactly sure how I have ended up as a chief investment officer. Looking forward at the investment landscape, I generally only...
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Peter Elston
Apr 30, 20183 min read
Investment Markets are There to Make you Look Stupid
When you make a decision to buy something, whether a stock, a fund, an ETF or a passive fund, you impose on yourself a second decision,...
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Peter Elston
Mar 1, 20185 min read
Behave Yourself!
I’ve been writing quarterly articles for Trustnet over the last couple of years. The first four were on the subject of ‘investment risk’,...
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Peter Elston
Feb 1, 20184 min read
My Framework for Tactical Asset Allocation
My framework for tactical asset allocation is based on business cycle analysis and the documented findings that asset classes tend to...
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Peter Elston
Feb 1, 20184 min read
How Investors Often Make Bad Mistakes En Masse
Having now written two series of articles exclusively for Trustnet on the subjects of ‘investment risk’ and ‘value investing’, I now turn...
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Peter Elston
Feb 1, 20183 min read
Tactical Asset Allocation Framework
My first piece about asset allocation set out my framework for both strategic asset allocation and tactical asset allocation, as well as...
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Peter Elston
Dec 29, 20176 min read
Professional Adviser: Loud and Clear
My note: this piece was written by Julian Marr and captures nicely many of my beliefs about multi-asset investing and investing more...
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Peter Elston
Dec 1, 20175 min read
A New, Simple, Comprehensive Measure of Fund ‘Active-ness’
In the spirit of Christmas, I present in this final letter of the year some truly psychedelic charts! "I guess he’d never heard of Warren...
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Peter Elston
Nov 1, 20174 min read
Three Lessons from Value Investing
This is my fourth and final piece on value investing. Next year’s four will be on the topic of behavioural investing. In light of Richard...
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Where's My Cycle?
An update on where I think we are in the business cycle with respect to growth, inflation and markets
Correlation or causation?
Data is too often presented in an unfair, unclear and misleading way
Dear John
Liontrust's John Husselbee's arguments in support of balanced funds are lame
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