SEARCH
December 10, 2013 London, England [Editor’s Note: Tim Price, Director of Investment at PFP Wealth Management and frequent Sovereign Man contributor is filling in for Simon today.] For practitioners of Schadenfreude, seeing high-profile investors losing their shirts is always amusing. But for the true connoisseur, the finest expression of the art comes when
December 2, 2013 London, England [Editor’s Note: Tim Price, Director of Investment at PFP Wealth Management and frequent Sovereign Man contributor is filling in for Simon today.] In 1983, commodities trader Richard Dennis set out to show that anybody could trade profitably provided they were taught some simple rules. His partner, William Eckhardt,
November 25, 2013 London, England [Editor’s Note: Tim Price, Director of Investment at PFP Wealth Management and frequent Sovereign Man contributor is filling in for Simon today.] “In investing, what is comfortable is rarely profitable.” — Robert Arnott Valuations still matter. Assuming that one is -investing- as opposed to -speculating-, initial valuation (i.e.
September 23, 2013 London, England [Editor’s Note: Tim Price, Director of Investment at PFP Wealth Management and frequent Sovereign Man contributor is filling in for Simon today.] “This took guts.” – Comment by Steven Ricchiuto of Mizuho Securities in response to the Federal Reserve’s surprise decision to refrain from “tapering” its $85 billion
June 13, 2013 London, England [Editor’s note: Tim Price, Director of Investment at PFP Wealth Management in the UK and frequent Sovereign Man contributor, is filling in for Simon this morning.] As Ben Graham, the father of value investing, observed, an investment operation “is one which, upon thorough analysis, promises safety of principal
May 22, 2013 London, England [Tim Price, frequent Sovereign Man contributor and Director of Investment at PFP Wealth Management, is filling in for Simon today.] James Montier’s bible on behavioural finance, ‘Behavioural investing’, points out two recent discoveries by neuroscientists that have relevance to all investors: 1) We are hard-wired to think short-term,
[Editor’s note: Tim Price, frequent Sovereign Man contributor and Director of Investment at PFP Wealth Management in the UK, is filling in for Simon today from London, England.] Like Lehman Brothers before it, Cyprus may well come to be seen not so much as the cause of further crisis but as yet another
[Editor’s note: Tim Price, Director of Investment at PFP Wealth Management and frequent Sovereign Man contributor is filling in from London, England while Simon is touring agricultural property today.] If there was ever a policy manual on how to deal with recession, the Fed and ECB’s copies have fallen out of the ugly
[Editor’s note: Tim Price, Director of Investment at PFP Wealth Management and frequent Sovereign Man contributor is filling in from London, England while Simon is touring agricultural property today.] When Moody’s downgraded the UK’s sovereign credit rating last week it was something of an anti-climax. The ratings agencies long ago lost what little
“Price is what you pay; value is what you get.”– Warren Buffett Warren Buffett’s aphorism has been rightly celebrated. But to be a true value investor, it helps to have values. Courtesy of near-zero interest rates and global competitive currency debauchery, it is increasingly difficult to assess the value of anything, as denominated
Credit expansion, wrote the great Austrian economist Ludwig von Mises, is not a nostrum to make people happy. “The boom it engenders must inevitably lead to a debacle and unhappiness.” That seems a pretty accurate summary of the current situation for the western economies: a debacle, and unhappiness. Von Mises also wrote that
If you want to send a roomful of 100 wealth managers into an icy chill, have Russell Napier address them. This is exactly what happened at Citywire’s Smart Beta retreat at the Four Seasons Hotel in Hampshire recently. Napier’s presentation, “Deflation in an Age of Fiat Currency,” is thought-provoking, and the precise polar
