Originally published in 1955, The Great Crash 1929, provides a timeless reminder of the economic consequences of financial speculation, excess leverage, and herding. Many parallels can be drawn between The Great Crash of 1929 and the Global Financial Crisis of 2008. There are moments in this book where you may... Show More
For professional investors, mistakes are not a rare occurrence. Common wisdom holds that if you get six out of 10 correct, you’re doing pretty well. The key is learning from your mistakes, so you can avoid repeating them. Edward Rosenfeld, Portfolio Manager at the Lazard Global Small Caps Fund, says... Show More
In his excellent new quarterly letter, ‘Oh, the good old days’, Legendary value investor, Jeremy Grantham, rips into the reasons and ramifications of the richly valued S+P500 that has had an average PE 65% higher in the twenty years since 1997 than the period before. He blames abnormally high US... Show More
Commodities, precious metals and natural resources have soared in the last few weeks. Oil’s resilience, a lower $USD and supportive economic data out of China are making headlines as the key catalysts for the moves, but what investors really need to take note of is a wave of trading on... Show More
Prices of companies with iron ore exposure were especially strong last week. BHP Billiton rose 6.9%, Rio Tinto added 4.9% and Fortescue Metals Group gained 18.2%. Overseas, the share price of the other iron ore market leader, Vale, increased 34.9% over the week. The equity price action has once again... Show More
Following Ray Dalio's video on his understanding of the economy, Business Insider has compared the deleveraging of Europe and the US which has occurred since the GFC. The chart shows that deleveraging in the US has brought the Debt/GDP ratio down below 350%, whilst Europe's ratio remains stubbornly high. The... Show More