Insights
Quality – one man’s trash, another man’s treasure
NBR Articles, Published 25th February 2025
It is important to distinguish between high-quality and low-quality companies.
Read MoreTesla is Extremely Over-Valued
NBR Articles, Published 21st January 2025
Tesla has a market capitalisation of US$1. 37 trillion, making it the eighth most highly-valued company in the world (behind Apple, Nvidia, Microsoft, Alphabet, Amazon, Saudi Aramco, and Meta).
Read MoreUS Equities are unusually expensive
NBR Articles, Published 26th November 2024
US Equities climbed to new highs earlier this month, seemingly buoyed by expectations that Trump’s tax cuts and tariffs will boost the profitability of US corporates.
Read MoreUnderstanding Equity Market “Style Factors”
NBR Articles, Published 22nd October 2024
The maxim that “birds of a feather flock together” often seems to apply as strongly to the share market as it does to ornithology.
Read MoreHow the flow of funds in the economy effects corporate profits
NBR Articles, Published 17th September 2024
Throughout the global economy, every time someone (or some entity) receives a cash inflow, someone else (or some other entity) is paying a cash outflow.
Read MoreAre the Cashflow Kings becoming Capex Kings?
NBR Articles, Published 13th August 2024
When the online & software companies that dominate the market today were overtaking the largest industrial & financial companies in terms of market capitalisation, one clear point of contrast had…
Read MoreRisk matters
NBR Articles, Published 2nd July 2024
Conventional finance theory typically describes investor preferences in the two dimensions of expected return and risk, where risk is measured in terms of the standard deviation of returns.
Read MoreWhat will be the Next Big Thing?
NBR Articles, Published 4th June 2024
Right now, generative AI is the “Big Thing” in global equity markets. Equity markets also remain excited about GLP-1 weight-loss drugs.
Read MoreMaking sense of volatility
NBR Articles, Published 30th April 2024
Sensible investors will appreciate that a realistic expectation for global equity markets (in aggregate) is for long-term returns to exceed inflation by about 5% or 6% per annum.
Read MoreWill the market share your bullish views when the tide goes out?
NBR Articles, Published 26th March 2024
In my 31 years of equity analysis and portfolio management, the language used by equity analysts and other market participants to communicate their ideas has become more short-term in nature than ever before.
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