Insights

 

Bitcoin, The Ultimate Unethical Investment

NBR Articles, Published 3rd February 2021

Bitcoin does a poor job as a dependable store of value, as a diversifier in an investment portfolio, or as a medium of exchange. People should also consider bitcoin’s role financing unethical activities...

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How Fiscal Largesse Boosts Demand For Equities

NBR Articles, Published 16th December 2020

In recent years governments have been spending more than they’ve collected from taxes. This causes a bidding war for equities as investors rebalance the additional liquid wealth that they accumulate as a result of the fiscal deficits...

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The Forgotten Financials

NBR Articles, Published 10th November 2020

Many investors and fund managers avoid financial companies such as banks and insurers. This may not be a good move – the market pricing of these companies means that investors could do well even if the banks and insurers continue to earn poor returns on capital...

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How Passive Decisions Affect Investment Markets

NBR Articles, Published 6th October 2020

If ETFs and other passive funds spread their funds evenly across markets, they wouldn't affect market pricing. However, these funds are not spread evenly, which means that passive funds are distorting market prices...

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Premium On Growth Stocks Echoes Dotcom Boom

NBR Articles, Published 1st September 2020

The premium that investors have to pay to invest in growth companies is the highest its been since the dotcom boom. To achieve good returns over the next several decades, a number of today’s darlings (e.g., Nvidia, salesforce.com, Tesla) would need to grow to the point that they become even more dominant than Microsoft and Apple are today. While some companies may achieve this, many will disappoint...

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