Angela Ashton

With the housing market continuing to make news, we examine nationwide house prices relative to changes in income, lending rates and a measure called ‘hypothetical borrowing power’, to assess how they compare to 'fair value'. Show More

Marcus Tuck

As Warren Buffet put it best: “Price is what you pay. Value is what you get”. And just as an individual share price can be disaggregated into earnings per share (EPS) times its PE ratio, the same thing can be done at a market index level - as we discuss... Show More

Callum Thomas

This week it's Commodities, specifically an aggregate view of commodities and a look at valuations. Commodities as an asset class rose from relative obscurity to become a popular addition to portfolios by the more innovative asset allocators in the last 10-15 years. Although the "commodities supercycle" perhaps overstated some of... Show More

Sam Ferraro

Following its 5% to 10% miss on consensus earnings for 1H, Domino’s fell by around 15% from peak to trough last week. The market has little tolerance for earnings misses from growth stocks. Even after the price decline, the stock is still trading on well above 20 times 12 month... Show More

When we go into periods of big volatility like this, it is the amount of liquidity in the US wholesale system that decides how long that period of volatility will last. I think this period will last weeks rather than days. I think by the time we get to the... Show More


We asked a panel of portfolio managers how they are thinking about investing in today's richly valued market. Specifically: what attributes they are seeking, and how they are avoiding biases. Steve Johnson offers some essential reading, Tim Kelley focuses on capital preservation, and Alex Pollak cites four key characteristics. ... Show More