Notes, ideas and leads for stock market investors

Membership of The Investment Reader network is by invitation or recommendation only. I run a small and private independent network that offers members, for a modest annual fee, a chance to  share the ideas and insights with other active investors, both private and professional. Regular contributors act as eyes and ears on the markets. Some of them also monitor model portfolios that match the way they invest their own money. Members receive a regular email with whatever is new – portfolio summaries, market commentary, interesting links and comments on three other things that intrude on my personal and professional life – politics (of necessity), books (for pleasure and knowledge) and the game of bridge (a private passion). We also plan to hold private seminars at which members can hear directly from experienced professional investors on a topical or specialist subject.

Recent...

Notebook: emerging markets thoughts

As regular readers will know, I am a fan of Terry Smith and his Fundsmith Equity Fund has been a member of the Investment Reader core fund portfolio since the outset. Okay, Terry may be a little arrogant but in private he has a great sense of humour and I for one don’t begrudge him his rewards for making Fundsmith such a runaway success. Of all the professional investors I have encountered, he is the one who to my mind has most accurately translated into practice lessons from the experience of Warren Buffett, whose thinking he, like so many other smart investors, frequently references. (Yes, I am guilty of that too).

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May 30, 2019

Market notes: why not more bargains?

The market correction in the last quarter of 2018 was a salutary reminder of the risks inherent in high valuations for many investors, but the real disappointment is that it did not seem to create many obvious bargains in the process. At least that seems to be true of the investment trust sector (though not many individual stocks, as noted earlier). As Charles Cade of Numis notes in his start-of-year annual review of the sector, discounts on equity trusts generally remain very tight by historical standards. Despite the sell-off, they ended the year at 4.1%, the lowest rating on record.

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January 27, 2019

Market notes: things worth reading

There has been a lot of good stuff, as usual, in the past few days casting light on developments in the markets. In these notes the views of some prominent professional investors (Crispin Odey, James Anderson, Terry Smith and Stephen Lewis) are mostly reproduced without comment. We start though with a summary of global and UK stock market developments, in the form of charts and graphs.So far the post-Christmas rally remains intact.

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January 20, 2019

Portfolio review: hard pounding

I imagine that very few wealth managers and advisers will be relishing writing their end of year reports to clients. 2018 was, by any standards, a difficult year to navigate with 90% of asset classes delivering a negative return. Cash that yielded next to nothing was one of the best performers. The surge in volatility should in theory have helped traders to plunder something from the wreckage, but in practice few did (an honourable mention here to BH Macro, one of the few surviving hedge fund investment trusts I follow, which delivered a total return of 12% over the course of the 12 months).

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January 17, 2019