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Jack Lowenstein’s 5 rules of investing

Livewire Exclusive

Jack Lowenstein, co Chief Investment Officer at Morphic Asset Management has not taken the conventional path into professional investing. Having started his career as a journalist, Lowenstein has spent the last two decades investing in global equities. He describes himself as a ‘frontier investor’ willing to go where many are... Show More

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Buy, Sell and now Short: Why Wells Fargo is "too big to succeed"

Chad Slater

The Theory of Reflexivity was postulated by guru hedge fund manager George Soros to describe investments whose success breeds even more success, and conversely whose troubles breed even more troubles. Such self-perpetuating success stories are rare, but one industry abounds with them: banks. We used to own shares in Wells... Show More

Flying Low: Overcapacity in the Asian airline sector

Chad Slater

Want to make a small fortune? Start with a large one and invest in an airline. There are no shortages of jokes about the remarkable ability of the sector to destroy shareholder value. Even the great man himself (Warren Buffet), managed to lose money in airlines with his investment into... Show More

Standing on the outside looking in: "Angry Avocados" & Australian housing

Chad Slater

Brunch and the hashtag "#angryavos" has swept through the Australian press this week after Bernard Salt suggested forgoing $22 brunches was the solution to the millennials housing woes. The response article on the Guardian, pointing out that it would take 175 years of forgone brunch to save a deposit, has... Show More

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Platinum: The End (from us)

Chad Slater

Well that escalated quickly. Whilst we always knew that publishing the names of our short positions would likely attract more attention (for better or worse), the narrative on the Platinum (PTM) leg of the MFG/PTM pair moved quicker than we expected. The last 3 weeks provide evidence to our assertion... Show More

Adapt or Perish Part II: Eight active management strategies that benefit from the shift to passive

Chad Slater

Part one of our Perspective series examined the dire situation facing active managers as their legacy business is under threat from the rise of passive investment strategies. This concluding piece examines why active will continue to exist and actually how passive strategies need active strategies for passive to function properly.... Show More

Adapt or Perish Part I: How active management has to change to survive the rise of passive

Chad Slater

The Morphic Perspectives Series is designed to highlight topics and subject matter that we think is particularly relevant to investors and then provide a more in-depth analysis on those topics that goes further than our regular blog posts. This quarters piece looks at the rise of passive investment strategies and... Show More

Making concrete sexy: why GCP Applied Technologies is part of our portfolio

Chad Slater

A lot of the blogs and links we post focus on the macroeconomic angle as, we're told, readers have the most interest in those stories. Yet the reality of our weekly life is that looking at stock stories and understanding why we should want to own those businesses account for... Show More

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Morphic Half Yearly Review: Forecasts, reflections and quotable quotes

Chad Slater

Hot on the heels of us provocatively prodding the bears yesterday, today we release our half yearly review. We have chosen not to do the traditional quarterly letters to investors, deciding that 6 months gives more depth of view and timeline to reflect on. Want to know what we think... Show More

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Off the beaten track in Pakistan: Morphic March quarterly update

Chad Slater

Jack Lowenstein, Joint-CIO at Morphic provides a review of the quarter just finished and Morphics outlook for global equities and why Emerging markets may be at a turning point. Morphic provides investors exposure to a differentiated portfolio of small and mid sized stocks globally that are often not found in... Show More