That AI stocks are ESG darlings is hilarious. Reminds me of the old gag about a businessman who kills himself in order to reduce the tax he pays. As so often with humour, the joke highlights a serious side of human folly — in this…

Hypocrisy is ubiquitous, of course. But whereas in politics it is said voters don’t mind lies (it’s the saying one thing and doing another that appals), in business we can seemingly cope with the dissonance required of hypocrisy -…

With AI stocks booming, I thought I'd share with you an FT article I wrote more than five years ago on why such crazy stock valuations might be justified. It's far-out stuff - introducing the idea of negatively-depreciating physica…

Active management is a fraud. Sure it's possible to flip heads twenty times in a row - and a few superstar investors have. But on average it's impossible. In my latest column in the #financialtimes I remind readers why only fools d…

When Barry Humphries died last week, Aussies mourned. I was told recently of a similar mood in Zurich since Credit Suisse passed away. Humphries and the Swiss bank have occupied much of my time over the years. And odd as it seems,…

I received hundreds of emails and comments following my FT column last week. My hypothesis was that down-and-out office buildings were worth a look. About half agreed, the other half thought the idea was cracker-nuts. What do I g…

Who doesn’t have a shame-list of investments they’ve declined? Apple shares when Steve Jobs rejoined in 1997. Bitcoins a decade ago at ten bucks. An ex-colleague told me his Hungarian mother refused Ernő Rubik some money for a toy…

Think you understand how currency moves affect your investment portfolio? Long ago I decided the best approach is to ignore exchange rates and order a pint. Find out why you should join me in the #FTWeekend. #currencies #savings #…

More regulation. Stricter compliance. Higher capital ratios. Our response to the latest banking mess is predictable enough. What to do? As perverse as this sounds, instead of treating our financiers like wayward teenagers, how abo…

Once was a bank, run by wokies Didn’t hedge, now it’s brokies A biased deposit base, ironic that Time to pass around the hat #SVB #siliconvalleybank #federalreserve #financialcrisis #jpmorgan #woke #financialtimes

Want to understand Tips and Linkers? Did you lose your blouse owning Treasury inflation-protect securities last year, or index-linked bonds? You ain't alone. In 2001, inflation fears were building. Geopolitical ones ditto. Low-ris…

In my column in this weekend's Financial Times, I chart my progression from being a perma bear on stocks to raving believer. Only took more than a decade and thousands of dollars in losses for me to learn the error of my ways. Henc…

In my column this week I compare the recent news that money is flowing into corporate bonds with quantum superposition, the fundmental principle that more than one state can exist at the same time. And just as it's said that if you…

You couldn't move this week without reading an article on chatbots, MBA rankings or management consultants. Fascinating business stories all, but they don't have much to do with investing. Really, you ask? Surely revolutionary tech…

This Saturday in London I'm doing a speech for some dude called #Ted. Wouldn't tell me his last name. Just goes by "x". Must be important however, as he's assembled an amazing line up of speakers. I will be talking about the right…

Coming up with excuses for crappy returns is core to a portfolio manager's job, I wrote in the #FT in December. Another acquired skill is to fudge one's performance so not to have to apologise in the first place. Investment advisor…

Almost everyone believes taxing companies is a good idea. Far better to hit a nasty, faceless corporation earning millions (and its greedy investors) than poor hardworking families. Except that coporate taxes don't make any sense a…

Thematic funds make sense for everyone but investors. Portfolio managers love crapping on about Asia's middle classes or robotics or circular economies - beats doing hard valuation work any day. Asset managers only launch them when…

If you are buying stocks right now, it should NOT be for any of the following reasons: They are cheap (mostly no). The rate cycle is near a peak (irrelevant). Flows into equity funds are strong (contra-indicator). The yield is attr…

Asset management is a world-leading industry in the manufacturing of excuses. Simply no one knows how to avoid blame like a portfolio manager. I would go as far as to say it is their main job. Given the vast majority underperform t…