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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

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

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

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

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

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