Nick Kirrage admits he was never a gifted athlete but nevertheless last year completed the ‘Marathon Des Sables’, a 254km ultra-marathon across the Sahara Desert. A career specialising in value investing, which also needs extreme discipline, focus and patience, may indeed have been ideal preparation for this remarkable feat. When... Show More

In our ongoing mission to broadcast the attractions of value investing around the globe, a line we are hearing with increasing frequency, is that the strategy tends to underperform in falling markets. Given the largely upward trajectory of world markets over the last decade or so and the recent increase... Show More

It’s quiet out there. Since the so-called return of volatility at the beginning of the year, financial markets are seemingly benign once again. Perhaps it’s the warm summer in the northern hemisphere, but many investors now feel that investing in equities is less risky than it was just six months... Show More

Facebook’s high-profile woes over its collection, storage and use of personal data are a vivid illustration of the extra risk investors take on with any stock that is ‘priced for perfection’. Show More

A very ‘Xīnnián hǎo’ to you, as this month’s Chinese new year zodiac moves from the Rooster to the Year of the Dog. The 12-year repeating nature of Chinese astrology interests us here on The Value Perspective, as this is just the sort of time horizon that should be in... Show More

It is a continuing curiosity of investing that people can be so obsessed with trying to predict the future yet at the same time find it so difficult to think beyond the present. Show More

Investing in safe companies like consumer staples or healthcare might feel good and help you sleep better, but you’re unlikely to earn outsized returns, says Nick Kirrage from Schroder Global Recovery Fund. He says these ‘stable’ sectors are the most expensive right now, and therefore likely to deliver the poorest... Show More

Currently, the market’s ‘story’ for the global banks is not a positive one. Increasing regulation, the threat of fines and lawsuits, and a general investor-apathy have conspired to make banks an unpopular investment. Nick Kirrage, Portfolio Manager at the Schroder Global Recovery Fund, says it’s this negative story that’s created... Show More

At face value, the positions in the Schroder Global Recovery Fund may look very different, but they all have a similar thread, and that’s that people are scared. Nick Kirrage, Portfolio Manager, says they exploit human psychology in order to have a process that works, regardless of the macro environment. “Value... Show More

For decades, the prevailing view of financial markets was one of rational actors creating efficient prices. In recent years, particularly in the wake of the GFC, investors have increasingly adopted a very different view of how markets operate. Loss aversion bias, anchoring, and herding (among others) have all become popular... Show More