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The Latest on Equities, Bonds, Economics, Behavioural Investing, Climate Change & More


No Such Thing as a Free Lunch
In my Last Word column in May this year I wrote about investment fund blow-ups, with a focus on the debacle of Allianz’s Structured Alpha...
Peter Elston
Dec 1, 20214 min read
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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...
Peter Elston
Aug 1, 20183 min read
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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...
Peter Elston
Dec 1, 20175 min read
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Citywire Investment Committee No.1
At Seneca we have a five-year investment time horizon so our views don’t tend to change very often. I have little doubt that when I write...
Peter Elston
Oct 1, 20163 min read
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Active Share Tells Fund Managers how to Catch the Biggest Fish
It is unsurprising that “active share has not been a reliable indicator of fund managers’ success” (“Active share revealed to have feet...
Peter Elston
Feb 1, 20153 min read
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For Better Investment Results, Concentrate
As the Financial Times’ John Authers rightly points out, “active share” – the portion of a fund that differs from its benchmark – should...
Peter Elston
Jun 1, 20144 min read
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Study Finds Good Predictor of Fund Performance
Is it possible to find a simple measure that identifies skilful active managers and thus funds that will produce good returns?...
Peter Elston
Sep 1, 20104 min read
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Don’t Tar All Actives With the Same Brush
The active versus passive management debate is intensifying. In FTfm the two sides have traded increasingly hostile blows, with the most...
Peter Elston
May 1, 20103 min read
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Too Many Eggs in Investment Baskets
Everyone knows that diversification reduces risk. Except, of course, when it doesn't. It took the world some time to notice...
Peter Elston
Sep 1, 20064 min read
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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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