Articles
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The ‘new normal’ is a lot like the ‘old normal’
In this month's investment view, we take the view that the 'new normal' is just like the ‘old normal’ – muddling through, coping with uncertainty, and facing down more frequent recessions, a familiar pattern over the last two centuries.
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Global consumer brands revisited
In this months investment view, with the continuing conflicting market reactions to global issues and ongoing QE, we discuss our long-term views on global consumer brands.
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The commercial cows keep on giving
In this month's investment view, with inflationary pressure looming, we remind readers of our main investment principle to own stakes in high-quality businesses that possess durable intangible assets to which customers habitually return.
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Prepare for the worst, hope for the best
In this month's investment view, we share our thoughts on 2012 and beyond without providing a forecast - our powers as investment managers are limited! As John Kenneth Galbraith put it, ‘the only function of economic forecasting is to make astrology look respectable’.
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The anatomy of value creation
In this month's investment view we look at how three stock examples in our investable universe have beaten the market by a substantial margin over a 10-year period.
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Inflation - The path of least resistance
In this month's investment view, we discuss how inflation is deemed to be a more socially palatable way of reducing unsustainably high debt levels.
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A lesson from Henry Singleton
In this month's investment view, with volatility still rumbling, it’s worth remembering the old city saying that ‘you make your money in a bear market, you just don’t realise it at the time'.
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Evenlode Income Interim Report - September 2011
In this month's investment view, we provide the detailed Evenlode Income Interim Report.
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Hidden champions of the 21st century
In this month's investment view, we discuss some companies that possess the fundamental economics required to compound returns for their investors over the years.
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In search of the great royalty streams
In this month's investment view, we discuss the concept that royalties are generally fun things to own, they don’t require a lot from you, and they give you a lot back in return.
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2011 Annual Report commentary
In this month's investment view, we provide a summary of the fund's performance and a reminder of our long-term investment philosophy.
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The paradox of debt
In this month's investment view, we discuss in detail the effects of the current low interest rates and quantitative easing (QE) programmes employed by western central banks.