The first half of 2026 was less about discovering new investment opportunities and more about developing my approach to the stewardship of capital. I exited several long-term positions as my conviction deteriorated, reallocated capital towards higher-quality compounders and introduced a more deliberate framework for portfolio construction. Some of these decisions were prompted by changes in […]
There are moments in investing when the numbers aren’t the most difficult thing to interpret. We all have access to data, most of us can spot trends, and the market provides a constant barometer of our decision-making. Sometimes, though, the real challenge comes from our conviction softening, not because a single fact has changed, but
There are periods in markets when safety feels less like a portfolio strategy and more like a rumour. The start of 2026 feels like one of them. The difficulty isn’t simply that share prices are falling. Markets do that from time to time, and any investor with a little experience understands that drawdowns are part
ISA Season Investing: What Safety Really Means in a Falling Market Read More »
It’s 8:30am. The index is down sharply, the headlines are unhelpful, and one of your biggest holdings is suddenly off 7% despite no obvious company news. Volatility has returned. This is the moment a lack of process can destroy you. Volatility compresses time and makes decisions that ought to be part of a long-term strategy
Scores on the doors…drumroll please…the portfolio this year has return to form with a very pleasing 25.6% return and a 3.9% dividend yield. This has been the best year on record although as a friend pointed out, it was definitely a year to be overweight UK equities with the FTSE strongly outperforming the S&P 500.
2025 Annual Review – A Portfolio Re-Architecture Read More »
A new learning from an old lesson. A 0.5% position can treble in value and your bottom line will barely move. If the same thing happens to a 5% position, you’ll be dining out for weeks. Your job as a portfolio manager is to react to reality, not cling onto faint hopes. In the third
Fewer, Better, Bolder — Q3 2025 Portfolio Review Read More »
What a six months it’s been! I can hardly believe we’re already in July after what seems like a non-stop whirlwind of events – both personal and geopolitical. We’ll start with the good news, being that in June of this year I officially became the Senior Bid Manager in my team, taking over from a
In times of market tumult, when the daily headlines scream fear and the broader public scurries for the exits, the seasoned investor remains calm. For those of us with a long-term horizon and a preference for businesses of enduring substance, such periods offer something truly rare: the opportunity to acquire quality at a discount. In
How to Find Quality Companies During a Market Downturn Read More »
As an investor, I am constantly assessing whether the companies I own align with my financial objectives and investment principles. Although I consider myself a long-term investor, I will consider letting go of an investment if the business begins to face significant headwinds or persistent operational issues. Today, I’d like to share a little about
Time to Let Go: Why I’ve Moved on from S4 Capital and NCC Group Read More »
In last month’s article, I published a brief overview of the UK’s investment budget and explored how some of the changes may impact the investing landscape. Since then, reactions to the budget have turned decidedly sour, with most investors now resigning themselves to the view that the new Labour government are saying one thing and
How to Build an Investing Watchlist: A Timeless Guide for the Prudent Investor Read More »
Most investors recognise that holding a diversified portfolio of high-quality assets is a key risk management technique. In today’s article, I want to explore the idea of portfolio diversification as a risk management technique in more detaill – in particular, looking at the pros and cons of diversified portfolio vs. a concentrated portfolio, and how
When I first started writing this blog back in 2015, I was only a few years into my investing journey, and was just starting to get to grips with the world of investing. Since then, I’ve met dozens of private investors in all sorts of circumstances – from social events in Windsor (ever been to
In my previous article about investing for income, I explored a brief checklist of ideas for selecting income stocks and building an income-focussed portfolio. In today’s article, I’ve assumed that you’ve gone ahead and selected a few shares that fit these criteria and are now wondering how to manage them. I’ve written multiple articles before
What is investing for income? A few weeks ago, I was talking to an investor about my approach and described myself as “primarily a value investor with a dash of income investor on the side”. Over the course of the following conversation, I went on to talk through my approach to investing for income, which
Having started investing over ten years ago, I can now say with reasonable confidence that success takes hard work. Grande Sorpresa. After losing 11% in 2022, I have just managed to squeak out a fantastic 0% return. Yes, that’s right, after a whole year of hard work, I’ve managed to go precisely nowhere (compliments can
