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25 Years of British Banking

25 Years of British Banking

The Financial Times published a piece on European banks. What struck me was the positive headline, something I haven’t seen since pre-2007. The article mentions the high profits, the super-strong balance sheets, higher dividends and more buybacks. It’s an investors’ delight and all the more surprising that the

Bonds Back in Decline

Bonds Back in Decline

Trade in Soda; An uptrend is a series of higher highs and higher lows. In contrast, a downtrend is a series of lower highs and lower lows. The great hope was that the bond bear market was over and interest rates would decline. Yet, in the few weeks of this

Asset Managers

Asset Managers

Trade in Whisky; I joined the asset management business in April 1998, a time when asset management stocks were riding high. The stockmarket was booming, and tracker or index funds were already well established but considered dull. For the asset managers, the money was made in active management, where the

The Opportunity in Airlines

The Opportunity in Airlines

Trade in Whisky; In this issue, I am going to look at the airline sector, where we are witnessing a post-pandemic travel boom that shows no signs of abating. Furthermore, the price of oil has stabilised, which is one of the most important factors for their profitability. Against that, we

Investment Trust Buybacks Accelerate

Investment Trust Buybacks Accelerate

Trade in Soda; Many of my recent recommendations in Soda have focused more on the discount to net asset value than the portfolio itself. Assuming the assets acquired are credible and diversified, the opportunity to purchase them at a price below their fair value is an opportunity too good to

Cisco Then, NVIDIA Now

Cisco Then, NVIDIA Now

In a quick turn of events, the S&P 500 just made an all-time high, driven by the large tech stocks, which have sprung back to life. Looking back five years, there’s the technology sector, and then there’s the rest of the market, which resembles the rest

A Poor Start to 2024

A Poor Start to 2024

The yield curve has been inverted since mid-2022, which is widely thought to forecast a recession. That means the 10-year yield is below the 2-year yield. Investors are willing to pay more for longer term debt because they believe economic weakness will lead to a fall in interest rates. If