Vanguard Doubles Down
The passive fund behemoth refuses to consider possibility that inflation will remain high
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INVESTMENT BLOG
The Latest on Equities, Bonds, Economics, Behavioural Investing, Climate Change & More
Peter Elston
Nov 4, 20226 min read
Is Vanguard In Denial?
The manager of the huge passive balanced fund range is clearly conflicted
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Peter Elston
Mar 31, 20213 min read
An Open and Shut Case
Closed-ended funds – investment trusts – are wonderful structures. So, too, are open-ended funds – OEICs, short for open-ended investment...
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Peter Elston
Feb 1, 20203 min read
Education, Education, Education
It always saddens me when I hear about small investors having lost, perhaps irretrievably, a sizeable portion of their net worth, in...
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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
Jul 31, 20193 min read
Take a Stand Against Mediocrity
The investment profession is one I have often said that I both love and loath. I love the company or country analysis; and the fact that...
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Peter Elston
Jul 31, 20195 min read
Active Management and the Predictability of Markets Redux: Eugene Fama
According to Moody’s, total assets in passive funds in the US will overtake those in actively managed funds in 2021. In light of this...
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Peter Elston
Dec 1, 20183 min read
Lessons from Scandinavia
The fund industry is not like other industries. With most consumer products, you know what you are getting. Furthermore, if they break,...
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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
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
Jan 1, 20185 min read
A Review of 2017 and Outlook for 2018
All three of our funds have been blowing passive multi-asset funds out of the water based on volatility adjusted returns for five years...
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Peter Elston
Aug 31, 20177 min read
Yet More Shocking Findings About Active Management
From Seneca Investment Managers' public marketing material. Seneca is now part of Momentum Global Investment Management. Most of you will...
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Peter Elston
May 31, 20165 min read
Active Management and the Problem with “Passive”
From Seneca Investment Managers' public marketing material. Seneca is now part of Momentum Global Investment Management. My attention was...
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Peter Elston
Jan 1, 20144 min read
Active Management and the Predictability of Markets – Eugene Fama
That it is possible to add substantially more value to customers' portfolios than is subtracted from them in fees is the basis of the...
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Peter Elston
Sep 1, 20137 min read
Intelligent Investing
Intelligent investing is not necessarily easy, but that doesn’t mean it has to be complex. There are significant returns to be made if...
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Peter Elston
Jun 30, 20093 min read
A Run of the Mill Attitude is No Way to Invest
I don't like exchange-traded funds (ETFs) or, more precisely, the way they are being used. "I doubt such a company would last long" ETFs...
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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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