Episodes

Tuesday Oct 30, 2018
Grass beneath the leaves - Fundamentals still supporting
Tuesday Oct 30, 2018
Tuesday Oct 30, 2018
A financial nor'easter blew through global stock markets in October. Through last Friday, the S&P500 had fallen 8.7% for the month, the MSCI EAFE had declined by 9.9% and the MSCI EM had dropped by 10.3%.

Monday Oct 22, 2018
Friday night lights out
Monday Oct 22, 2018
Monday Oct 22, 2018
Last Friday, as we often do on Fridays, my wife and I had dinner at Legal Sea Foods in the Burlington Mall and afterwards, we strolled around the mall, ice cream in hand, watching the comings and goings.

Monday Oct 15, 2018
A tumble without a theme
Monday Oct 15, 2018
Monday Oct 15, 2018
It’s early Monday morning and I have writer’s block. This is a little frustrating because I should have lots to write about. Last week saw a surge in volatility with the S&P500 falling by 5% on Wednesday and Thursday combined. Even with a rally on Friday, large cap U.S. stocks have now fallen in seven of the last eight sessions.

Monday Oct 08, 2018
The case of rising rates
Monday Oct 08, 2018
Monday Oct 08, 2018
The great detective stands in front of the drawing-room fire, twirling the ends of his moustache as he ponders the Case of the Rising Rates. He knows who committed the crime – but what to do about it? He surveys the four suspects arrayed on the sofas before him, Inflation, Growth, The Deficit and The Fed. He clears his throat.

Monday Oct 01, 2018
Balance at takeoff, landing
Monday Oct 01, 2018
Monday Oct 01, 2018
I have flown enough over the years to have experienced most normal things that happen on planes. From time to time, I’ve been on smaller, regional jets and when, by chance, they are only half full, I know the routine.

Monday Sep 24, 2018
The asset arcade
Monday Sep 24, 2018
Monday Sep 24, 2018
It is some years now since I have been a regular patron of our local arcade, but I have always been fascinated by the financial transactions by which it is maintained.

Monday Sep 10, 2018
The problem with populism
Monday Sep 10, 2018
Monday Sep 10, 2018
A few years ago, I read a tragic story in a local newspaper about a young man who was walking along the train tracks with his earphones blasting loud music. Far ahead, he could see a train hurtling towards him and people on the side of the tracks were yelling and waving to get his attention. He ignored them, he had plenty of time to move … and then he was instantly killed by a train coming the other way. As we head towards the mid-term elections, America is bitterly divided politically, and many investors worry that "Chaos in Washington," variously defined, will cause the market to crash.

Tuesday Sep 04, 2018
Fixing the roof and making hay
Tuesday Sep 04, 2018
Tuesday Sep 04, 2018
I was in a meeting recently discussing asset allocation when a much-esteemed British colleague suggested that a certain strategy was like "fixing the roof while the sun shines." Growing up in agricultural Ireland, I had always heard something slightly different, namely that you should "make hay while the sun shines." Truth be told, the sun so rarely makes an appearance in the British Isles, that when it does, the temptation is to down tools, grab a book and a beer and soak in the rays.

Monday Aug 27, 2018
The investment implications of a return to 2% growth
Monday Aug 27, 2018
Monday Aug 27, 2018
Like most people, I have my minor obsessions, and one of them is a never-ending quest to run faster. A few weeks ago, I saw a story about some running shoes that would let you run 4% faster (or rather use 4% less energy when running which amounts to roughly the same thing). I had to get a pair.

Tuesday Aug 21, 2018
The flight to Jackson Hole
Tuesday Aug 21, 2018
Tuesday Aug 21, 2018
I get to fly far more than I would like for my job and air travel today in the United States is no picnic. Everyone talks about the hassle of the security lines. But the real problem is the boredom – sitting for hours in a seat with little contact with the outside world or useful distractions. However, the one advantage of a long flight is that it does give you time to think.