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My framework for tactical asset allocation is based on business cycle analysis and the documented findings that asset classes tend to...

In his 1992 Chairman’s Letter, Warren Buffett wrote that the investment approaches ‘value’ and ‘growth’ are “joined at the hip”. In many...

The concept of ‘intrinsic value’ is at the heart of Benjamin Graham and David Dodd’s 1934 framework that would later be known as ‘value...

My framework for thinking about asset allocation and thus portfolio protection is based around business cycle analysis. It is well...

From Seneca Investment Managers' public marketing material. Seneca is now part of Momentum Global Investment Management. The whole point...

I know I bang on about this, but value investing is about so much more than buying low price-to-earnings or low price-to-book stocks....

I recently came across a paper written in 2008 by Robeco’s Pim van Vliet and David Blitz entitled Dynamic Strategic Asset Allocation:...

As I write this Donald Trump has just been declared president and I congratulate him on playing a blinder of a hand. Let’s hope he can...

I was fortunate to have spent twenty or so years working in Asia. It has been – and continues to be – the highest growth region in the...

As I write this Donald Trump has just been declared president and I congratulate him on playing a blinder of a hand. Let’s hope he can...

Here’s an interesting question: do the low or negative long-term real interest rates that prevail around the world signify a bleak...

High wealth inequality is being increasingly cited as one of the main causes of the structurally lower growth that much of the world,...

Having written about secular stagnation and the natural rate of interest in my August letter, it was interesting to see San Francisco Fed...

For savers, the combination of lower investment returns and rising longevity is a toxic combination. In days gone by one may have only...

One of the most interesting features of global financial markets over the last 20 years has been the inexorable decline in long-term real...

While it is far from clear what its long term impact will be, Britain’s vote to leave the EU has shone a light on the growth problems in...

There is much that can be written about the referendum result. Indeed, much already has been. I shall try to keep this simple and focus...

Sales per share is often an interesting indicator to look at. Charts 6 and 7 below do just that, the first by geography and the second by...

From Seneca Investment Managers' public marketing material. Seneca is now part of Momentum Global Investment Management. First it was...

The OECD calculates leading indices every month for a large number of countries. Chart 5 below shows the year-on-year change in the...