Valuing the Essential Nature of Stuff
There is a remarkably simple test for whether something has intrinsic value
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INVESTMENT BLOG
The Latest on Equities, Bonds, Economics, Behavioural Investing, Climate Change & More
Peter Elston
Feb 1, 20223 min read
Growing Pains
I remember feeling extremely honoured when I was invited four years ago to write this column. It seemed to me to be a great opportunity.
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Peter Elston
Nov 1, 20193 min read
The Indiscriminate Inflow Threat
Michael Burry, the doctor-turned-hedge fund manager who foresaw the bursting of both the tech and subprime bubbles, has just revealed...
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Peter Elston
Aug 31, 20184 min read
Our Valuation Methodology Applied to US Equities
In June, we moved to a zero weight in US equities across all our funds. This is obviously a very high conviction position given that the...
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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
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
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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Peter Elston
Sep 30, 20173 min read
Applying a Value-Oriented Approach to Asset Allocation
We employ two types of asset allocation: strategic and tactical. The strategic asset allocation for a particular fund represents the...
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Peter Elston
Jul 31, 20173 min read
Long-Term Growth Prospects may be Rosier than you Think
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...
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Peter Elston
Dec 1, 20164 min read
Why Value Investors Don’t Have to Restrict Themselves to Cheap Stocks
I’m thinking about launching a smart beta ETF called the “Smart Alpha Smart Beta ETF”. It would invest only in shares that go up. At the...
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Peter Elston
Feb 1, 20166 min read
Outlook for Equities
It is possible that we are now in an environment in which the falls in markets since last summer, particularly those in early December...
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Peter Elston
Jul 31, 20152 min read
Introducing 'Multi-Asset Value Investing'
We have introduced an explicit value-oriented approach to our investment process. We think multi-asset value investing is both new and...
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Peter Elston
Apr 30, 20153 min read
Value Investing: The Basics
I am a value investor. I hate to give him even more publicity than he already has, but Woodford Patient Capital Trust’s Neil Woodford...
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Peter Elston
Mar 1, 20133 min read
Government Bonds: A Game of Chicken?
Over Chinese New Year I went trekking in Nepal. On the long drive to the starting point we were held up at a roadblock by villagers who...
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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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