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

Dec 1, 20214 min read

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...

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...

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...

Sep 30, 20163 min read

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...

Feb 1, 20153 min read

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...

May 31, 20144 min read

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...

Aug 31, 20104 min read

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?...

Apr 30, 20103 min read

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...

Aug 31, 20064 min read

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...

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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