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Research articles

23rd March 2021

US Factor Performance over Pandemic Char

From the above chart, we can see how pure factors have performed throughout the pandemic period. Large profitable companies significantly outperformed during the initial outbreak and volatility spike in March 2020. Highly leveraged, volatile and value factors underperformed. However as the pandemic evolved...

8th December 2020


The above left chart is often used to argue that growth is excessively stretched vs value. Some argue this is more extreme than during the dot-com bubble of 2000. We believe this view is misguided for several reasons. Firstly, value stocks have significantly higher dividend pay-out ratios, so at the very least...

9th October 2020

Nearly 100 years of S&P500 returns graphs

The above chart shows the compelling evidence for equity investment. $10 invested in the S&P500 in the 1930’s would have grown to around $80,000 today. The period covers the depression, WW2, 87 crash, the dotcom bubble, and the financial crises to name a few...

28th September 2020

Stock Exchange Market

2020 will be set in peoples’ minds for a variety of reasons. For those in employment, the impact on their working lives and ability to perform their jobs will be at the centre of those thoughts. For me, the years spent on equity research and building a robust stock selection process...

9th April 2020

Image by AbsolutVision

As you may know, apart from only investing in rare exceptional companies which satisfy our strict investment criteria we also advocate a 3-pillar approach to capital preservation...

30th March 2020

Graphs - Dow30 2008/2020

Looking at the intraday price action last week I noticed it was very similar to what I remember of 2008. When we look at the year to date 20 min bars on the Dow30 and compare to the 2008/2009 daily price action the similarities are quite striking...

13th March 2020

Screen Shot 2021-03-29 at 17.37.55.png

Given the current level of stress, we thought it would be a good time to share some research. Hopefully we will show, i) this price action is very rare ii) things will eventually normalise iii) there is a positive correlation between volatility and future returns and iv) investors should see the benefits of a long term buy and hold strategy...

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