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My Journey in Finance: How to Build a Momentum Fund

My Journey in Finance: How to Build a Momentum Fund

Last week, I kicked off this new series by introducing why momentum works. Please have a look at Why Momentum Works before you carry on. To build a global momentum fund, you can’t look at every stock in the world; you have to cut that down to size. Too

Venture: Digital Value Update

Venture: Digital Value Update

On Tuesday, 7 October, Digital Value (DGV) was in the news as there was a raid by the tax authorities on their offices over “alleged corruption in public procurement contracts”. DGV was suspended on the Milan stock exchange in the morning. On Wednesday, we learnt that the board appointed Paolo

Clearing the Decks

Clearing the Decks

Trade in Whisky; Last week, I wrote about China, and the key takeaway is that China has been allocating, in some cases misallocating, vast amounts of capital for a very long time. We have all seen the ghost developments, bridges, dams and high-speed rail. Much of it is impressive, and

JD.COM (JD) – Take Profits

JD.COM (JD) – Take Profits

I covered JD in May. It had been a high-growth company that had sunk to a low valuation, with a strong balance sheet and strong cash flow. The situation required a little patience, but the recent stimulus package in China unleashed a strong rally. JD.COM The stimulus packages seem

No Time to Be a Doubter

No Time to Be a Doubter

ByteFolio Issue 129; 💡This issue covers Raydium (RAY), Ethena, Uniswap (UNI), and GateChain (GT). One of Bitcoin’s great rational bulls, Fred Krueger, aka @dotkrueger on X.com, posted a chart showing the current lack of interest in Bitcoin. It turns out to be 16% of the level seen in

My Journey in Finance: Why Momentum Works

My Journey in Finance: Why Momentum Works

In this new series of articles, My Journey in Finance, I wanted to explain why the ByteTree investment process is what it is. It is built on personal experience, having begun my investment journey as an amateur in 1992 and professionally since 1998. In that time, I have come across

Venture: The Short Squeeze in Palladium

Venture: The Short Squeeze in Palladium

Issue 45; The bull market in precious metals continues. In recent weeks, gold has shrugged off both rising bond yields and a recovery in the dollar. This is a change of behaviour from the years past, as investors come to realise they are underweight in a sector they need to