Insights
How 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.
Read MoreHome bias plus passive investment equals distorted markets
NBR Articles, Published 20th February 2024
Advocates of passive investing will generally claim that the combined impact of passive investors on the relative market pricing of different equities is minimal.
Read MoreParadoxes & pitfalls of measuring average returns
NBR Articles, Published 16th January 2024
Over the past 6 calendar years, the arithmetic average annual return from bitcoin has been 78. 9% when measured in US dollars.
Read MoreNoise or trend? Or seasonal effect?
NBR Articles, Published 21st November 2023
At a certain level, a lot of equity analysis is about predicting whether a squiggly line on a graph will move up or down in the future.
Read MoreHigher bond yields are a challenge for US equity valuations: Identifying the biggest losers
NBR Articles, Published 10th October 2023
US long-term bond yields have risen about 1.4 percentage points in the last 6 months.
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