Q and A; value investor Alex Wright of Fidelity

May 31, 2017

Notebook: valuations, the UK election and more

May 30, 2017

The worst start to a year that anyone can remember

January 15, 2016

A range of different material

The content of the Investment Reader consists of a range of different material – daily comments, weekly and monthly round-ups, Q and As with leading investors, charts of the week, plus portfolio and market updates.  The great majority of the Q and As are deliberately kept short – 6-8 questions identifying the key thoughts of those being questioned. Some members of my panel may be asked to update their views every month. Others I only contact when I think they might have something particularly pertinent to say. On other occasions I will put questions about a particular issue to three or four different participants simultaneously. The one common element is that all my Q and As consist of original material.

A warning signal from small cap stocks

A research note by Lowry’s Corporation highlights the dramatic way in which small cap shares have underperformed their bigger brethren this year, reversing a longstanding trend that can be traced back as far as 1998. (The trend was broken for a few months when the 2008 financial crisis broke, but it soon resumed). Markets reverse course all the time, so what is special about this particular change in trend? The answer is that it may have something to say about the durability and vulnerability of the current bull market in equities.

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July 31, 2014

No threat yet to global profits

There has been widespread fears that the decline in government bond yields this spring is signaling that the global economy is headed south. We disagree. The decline in yields reflects a number of factors, from falling inflation expectations, increased odds of more reflation from the ECB and the Fed’s signaling that it will leave policy rates below their equilibrium level once it finally gets around to raising interest rates. These factors have pushed government bonds into expensive territory.

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May 31, 2014

Q and A: Sandy Nairn

Sandy Nairn, the CEO of Edinburgh Partners, has been a regular contributor to Independent Investor over the years, making several highly prescient calls along the way. He was extremely cautious in November 2007, just as the markets were starting to anticipate the full extent of the banking crisis, and bullish once more in March 2009, when the equity markets finally bottomed out after the severe 2007-09 bear market. Two years ago he made the case for investing in Japan. In the first part of our latest interview he argues that investors are overpaying for perceived safety: government bonds and companies with stable earnings are much more vulnerable to disappointment and capital loss than investors appear to appreciate.

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April 23, 2013

Q and A: Richard Buxton

February 15, 2011

Q and A: James Anderson

James Anderson, CIO of the Scottish fund group Baillie Gifford from 2006 to 2010, has been managing the Scottish Mortgage investment trust for the past 11 years and is a regular contributor to Independent Investor. In our latest Q and A he offers this notably upbeat assessment of the current outlook for equity investors. Scottish Mortgage is a global generalist trust that has produced a total return of 102% over the past ten years.

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January 31, 2011

Q and A: Jonathan Ruffer

What follows is the edited transcript of my interview with Jonathan Ruffer, the founder of Ruffer Investment Management (now Ruffer LLP). It forms the basis of my recent article in The Spectator. The firm’s flagship Total Return fund, which aims to provide consistent positive returns in all market conditions, has trebled in value (dividends reinvested) since its launch in 2000.

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October 14, 2010