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
There is, among novice investors, a persistent tendency toward feverish impatience. When markets tremble, headlines blare, and portfolios lurch, the inexperienced are seized by a dangerous impulse: to act immediately, and often unwisely. Yet it is precisely in such moments that the wiser course is often one of stillness. When global markets collapse, even the
Navigating Volatility: Lessons from the Classics Read More »
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 »
The world of investing is, by its very nature, a realm of uncertainty. No matter how sophisticated our tools, how robust our strategies, or how informed our decisions, the future remains fundamentally unknowable. Yet, paradoxically, it is within this uncertainty that great opportunities lie. The art and science of investing hinge not on eliminating uncertainty
Embracing Uncertainty: The Investor’s Path to Acceptance Read More »
In the ever-evolving world of finance, it is the discerning investor who recognises that fiscal policy changes are not merely legislative adjustments but harbingers of new opportunities. The latest UK budget reforms, published last Wednesday by our first ever female Chancellor of the Exchequer, offer much for the astute investor to consider. Initial reactions to
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
A few weeks ago, I was speaking to a newer investor who had listened to an episode of the podcast and had heard me talking about being “down 40, 50, 60%” on an investment. As someone that hadn’t been investing long, this had concerned them, and they wrote in to ask if I could clarify
Earlier this week, a reader contacted me on social media with a question about the repayment of debt compared to paying or maintaining a dividend. Although I initially answered privately, I wanted to take the opportunity to write a longer response which is better suited to an article. “Companies like Vodafone and Halfords which have
In 2007, one of the world’s biggest investment banks, Lehman Brothers, collapsed into bankruptcy after suffering months of share price declines amid rumours of its subprime mortgage exposure. For those readers of a more tender age, the investment banking system had basically loaned funds to property investors that were fundamentally incapable of keeping up with
The Chinese property market – is it Lehman Brothers part II? Read More »
During the final week of September, I had two positions, Anglo Asian Mining and Digital 9 Infrastructure Trust drop by 20%+ in a single session. Both rebounded strongly the next day – the proverbial “dead cat bounce” but remain heavily underwater for recent investors. Despite this, I am still holding both companies and in this
Every investor knows the saying that investments can go down as well as up in value. Knowing and seeing this in action are two different things however, and my perception over the last 24 months has been of a huge number of investors disappearing from social media. After a decade of low interest rates and
Being a patient investor in a persistent market downturn Read More »
Ask most private investors about their opinion of investing in small companies and they will happily tell you that ‘investing in small caps exposes investors to an information mismatch which enables outperformance’. The idea is a simple one. Big funds with professional analysts have too much capital to deploy to worry about investing in companies
Anyone with half an eye on financial markets will have seen the headlines about Silicon Valley Bank becoming insolvent over the last few days. The situation is rapidly escalating and with it the entire financial press and half of my financial contacts have become consumed by producing coverage. I am joining them. In this article,
