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INVESTMENT BLOG
The Latest on Equities, Bonds, Economics, Behavioural Investing, Climate Change & More
Heavy Weather
In November, the UK will host the 26th UN Climate Change Conference of the Parties (COP26). Considering this, and the recent extreme weather
Peter Elston
Sep 1, 20214 min read
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Message from The Oracle
‘Investing in the future, not the past’ is the theme for this month’s magazine and sounds eminently sensible. Obvious even. Surely it...
Peter Elston
Jun 1, 20213 min read
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Edge, Paradox, Bravery and the Stock Market
I have written in the past about the Kelly Betting Criterion, named after the Bell Laboratory researcher John L. Kelly. In short, ‘the...
Peter Elston
Jun 1, 20195 min read
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Making the Most of an Investment Edge
Whether in skill games like Poker or luck games like Blackjack, repeatable success requires tilting the odds in your favour, then betting...
Peter Elston
Mar 1, 20194 min read
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What Poker, Blackjack and Coin Toss can Teach you About Investing
Whether in skill games like poker or luck games like blackjack, repeatable success requires tilting the odds in your favour, then betting...
Peter Elston
Mar 1, 20194 min read
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The Investor as an Animal
Behaviour is everything. Our collective behaviour determines whether we as societies or as a race are creating or destroying. From time...
Peter Elston
Sep 1, 20183 min read
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An Attack on Poor Active Management
From Seneca Investment Managers' public marketing material. Seneca is now part of Momentum Global Investment Management. I abhor poor...
Peter Elston
Aug 1, 20174 min read
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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...
Peter Elston
Aug 1, 20173 min read
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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...
Peter Elston
Jun 1, 20165 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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Skilled Managers do Exist
John Authers asserts (“Quest for test of investment skill persists”, January 11) that nobody can tell which “investors are more skilled...
Peter Elston
Jan 1, 20134 min read
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Making the Most of an Investment Edge
Whether in skill games like Poker or luck games like Blackjack, repeatable success requires tilting the odds in your favour, then betting...
Peter Elston
Feb 1, 20114 min read
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8 Myths of Global Investing
At Aberdeen we believe there is enormous scope to enhance returns through global investment. To some, this has meant allocating funds...
Peter Elston
Jan 1, 20108 min read
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Emerging Markets are our Future
What will the world look like in 2050? Any credible answer to this question must, of course, be as complex as the question itself is...
Peter Elston
Oct 1, 20095 min read
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Is Cash Really King?
On October 17 Warren Buffett wrote in The New York Times that “equities will almost certainly outperform cash over the next decade,...
Peter Elston
Nov 1, 20084 min read
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Rule 1: Know Your Investment Target
Watching recent footage on television of punters gathered around computer screens at Shanghai brokerage outlets, poring over charts of...
Peter Elston
Jun 1, 20075 min read
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Any Successor to The Oracle Needs Promethean Vision
It lacks the hype that surrounds the release of a new Harry Potter novel, but as a free source of investment insight, Berkshire...
Peter Elston
Apr 1, 20074 min read
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It's About the Long Term, Stupid
Bill Miller’s 15-year streak of beating the S&P 500 index is finally over. When the end came it was big. His fund, the US$ 21 billion...
Peter Elston
Feb 1, 20074 min read
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Theories Can’t Count Cost of Risk
Risk. It's a word thrown around so frequently in the investment world there's risk-adjusted, systematic risk, specific risk, and we all...
Peter Elston
Nov 1, 20065 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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