Recent Posts

  • Nick Train and Value vs. Growth | Fri 22 Nov 2019

    Topic: Market commentary

    In the teleconference this week we touched on how Growth-style funds, those which have dominated for a number of years, began to falter from September. In contrast, Value-style funds began to outperform the indices – this occurred both within the UK and globally. [read more]

  • Market update: Did the bell just ring? Are you ready? | Fri 22 Nov 2019

    Topic: Market commentary

    In the teleconference earlier this week I suggested that the US stock market was within 1% of another significant peak, with falls of 25% to follow. During the course of this week a number of other interesting charts have come our way, highlighting the same risk – which I will share with you in a moment.

    Has the bell just been rung for the top?

    Well, the starting point is to define which top. Is it the end of the complete uptrend, bull market, since March 2009 (in which case falls could (would?) be 50%+. Or is it a lesser top? At least for now.

    The distinction is obviously significant. Falls in excess of 50%, perhaps occurring over years, or a mere 25% fall over months, after which will be another profitable upswing. [read more]

  • What's going on in Russia? | Fri 15 Nov 2019

    Topic: Market commentary

    The Russian Stock Market is the Best Performer in the World in 2019, according to the Moscow Times this week.

    Since the turn of the year, investors in Russia’s stock market would have profited over 40%. Over the past month the Russian Trading System Index (RTSI) is up 12.6%, and over 3 months is up almost 16%. Their recent renaissance has gone relatively under the radar in the West.

    Perhaps we are too distracted by the parochial issues besetting Western democracies (of which there are many!). Or perhaps there is a hint of selective reporting… I’m fairly confident if you put a minus in front of the figures above there’s a far greater chance of you seeing it in the Western press. [read more]

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