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INVESTMENT BLOG
The Latest on Equities, Bonds, Economics, Behavioural Investing, Climate Change & More
Monthly Review and Outlook
December saw a number of key economic data releases indicating continued strength across both the developed and emerging worlds. Latest...
Peter Elston
Jan 1, 20183 min read
Professional Adviser: Loud and Clear
My note: this piece was written by Julian Marr and captures nicely many of my beliefs about multi-asset investing and investing more...
Peter Elston
Dec 29, 20176 min read
Macro and Markets Monthly
From an economic perspective, November was in many respects a repeat of October. On the whole, macro data supported our belief that...
Peter Elston
Dec 1, 20174 min read
A New, Simple, Comprehensive Measure of Fund ‘Active-ness’
In the spirit of Christmas, I present in this final letter of the year some truly psychedelic charts! "I guess he’d never heard of Warren...
Peter Elston
Dec 1, 20175 min read
Three Lessons from Value Investing
This is my fourth and final piece on value investing. Next year’s four will be on the topic of behavioural investing. In light of Richard...
Peter Elston
Nov 1, 20174 min read
Macro and Markets Monthly
There were few signs during the month of October that the global economic improvement of late was starting to stutter. Labour markets in...
Peter Elston
Nov 1, 20173 min read
Keeping it Simple – How to Add Value Effectively Through Tactical Asset Allocation
Take a look at the equity weight over time of some multi-asset funds and you’d have thought that the manager was at best flipping coins...
Peter Elston
Nov 1, 20174 min read
Applying a Value-Oriented Approach to Asset Allocation
We employ two types of asset allocation: strategic and tactical. The strategic asset allocation for a particular fund represents the...
Peter Elston
Sep 30, 20173 min read
Five Points about Active Management in the Multi-Asset Space
I was presenting a slide deck entitled ‘The Art and Science of Multi-Asset Investing’ at five venues across the country recently, as part...
Peter Elston
Sep 30, 20176 min read
Yet More Shocking Findings About Active Management
From Seneca Investment Managers' public marketing material. Seneca is now part of Momentum Global Investment Management. Most of you will...
Peter Elston
Aug 31, 20177 min read
Multi-Asset Value Investing
This article is about the new investment process that was introduced while I was chief investment officer at Seneca Investment Managers,...
Peter Elston
Aug 31, 20173 min read
More Great News
Following the announcement about two awards in my last letter, this month we have been shortlisted for another one. This time, our...
Peter Elston
Aug 31, 20171 min read
The Case for UK Growth
In his 1992 Chairman’s Letter, Warren Buffett wrote that the investment approaches ‘value’ and ‘growth’ are “joined at the hip”. In many...
Peter Elston
Aug 31, 20172 min read
The Big Issues with 'Absolute Return Funds'
The three funds my team manage are all multi-asset, investing in equities, bonds, and specialist investment trusts that themselves invest...
Peter Elston
Aug 31, 20174 min read
Wealth Creation from US Equities Since 1926
I was alerted by an article in the Evening Standard to an interesting research paper entitled Do Stocks Outperform Treasury Bills? The...
Peter Elston
Jul 31, 20172 min read
An Attack on Poor Active Management
From Seneca Investment Managers' public marketing material. Seneca is now part of Momentum Global Investment Management. I abhor poor...
Peter Elston
Jul 31, 20174 min read
Long-Term Growth Prospects may be Rosier than you Think
The concept of ‘intrinsic value’ is at the heart of Benjamin Graham and David Dodd’s 1934 framework that would later be known as ‘value...
Peter Elston
Jul 31, 20173 min read
Awards Announcement
We have been shortlisted for two awards – Multi-Asset Manager of the Year and Investment Boutique of the Year. I am very proud of my...
Peter Elston
Jul 31, 20171 min read
Interesting Anomaly with Respect to Global Fund Managers’ AUM Rankings
I mentioned at the start of this letter that we had been shortlisted for two prestigious awards. We were nominated in two of 18...
Peter Elston
Jul 31, 20172 min read
How to Protect your Portfolio
My framework for thinking about asset allocation and thus portfolio protection is based around business cycle analysis. It is well...
Peter Elston
Jul 31, 20173 min read
Where's My Cycle?
An update on where I think we are in the business cycle with respect to growth, inflation and markets
Correlation or causation?
Data is too often presented in an unfair, unclear and misleading way
Dear John
Liontrust's John Husselbee's arguments in support of balanced funds are lame
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