Posts in Markets

An innocent among investment bankers

Beddard in the City

On Wednesday I attended a conference hosted by Soc Gen's much quoted Analysts Albert Edwards and Dylan Grice. It's a New Year ritual for many investment banks, and since Edwards has a formidable reputation, and I've learned much from reading Grice and his predecessor James Montier, I thought I’d emerge from my private investor bolt-hole and experience three hours in the lives of these analysts and the assorted City throng that follow them.

Is the market looking forwards or backwards?

If it’s looking backwards, it’s not looking very far…

Shares in the typical UK company cost 15 times median earnings over the last ten years.

Dogs of the FT30

Back in the old days, that's to say in the 1970s and early 1980s, the FT30 share index was the benchmark of choice for investors. Rather like the Dow Jones Industrials index in the US, this is a simply constructed average of 30 leading share prices.

Shipbrokers and the long shipping cycle

lessons from economic history

I urge you to read this *lecture (pdf) to the Royal Institute of Naval Architects, given by Dr Martin Stopford of shipbroker Clarksons two years ago.

Slovakia, so bad

HQ: 13 October

I'm not much of a list compiler. There may be a modest point in ensuring you buy the right things at Waitrose, or make certain you know what jobs around the house you've failed to get round to, but your 10 favourite this and the 10 most desired that? Give me strength.

Market entering thrifty territory again

Message from the spurious statistics department: Median Long Term PE is 15

Assuming my median 10 year PE statistic tells is useful (there are

Monthly update: continuously reducing risk

The Thrifty 30 moves sideways, the market moves all over the place Here's the performance table:

Cold calls and red-hot stocks

HQ: 23 September

If there is one group of people I hate more than any other - excepting smart-arsed money brokers like the Ghastly son-in-law, of course - it is telephone sales people. I loathe the insincere - and frequently unintelligible - exhortations to change mobile phone provider, or gas and electricity supplier; or invest in carbon trading or development land.

D-Day for takeovers

Amid all the welter of central bank action over the eurozone debt crisis, and accompanying volatile equity and bond markets, one event appears to have gone largely unnoticed. Tuesday 19 September marked the end of coyness by boards in the takeover game.

Beating the inefficient market

The market is inefficient. So are the techniques for beating it.