Are We Heading For a New Tech Bubble?

Nick Train

LinkedIn’s May 2011 public offer displayed the unmistakable symptoms of financial exuberance and has prompted a flurry of concerned articles debating the above question. Our considered response is: yes, we are most likely headed toward another such bubble.

Events, Dear Boy, Events

Nick Train

The brutality of recent events makes it hard to know what is “really” going on in markets– i.e. what level securities would be without Japan and the Arab Uprising. But we have to assume conditions in the investment markets will eventually return to normal.

Observations From Japan

Michael Lindsell

Following a recent visit to Japan, I provide below some observations that may hold lessons, or indeed implications, for the economies and markets in the West, particularly in respect of the banking sector.

Just Another Merger Monday

Nick Train

I am coming to the conclusion that the FT’s Lex Column is written for, or perhaps even by, hedge fund managers and investment bankers alone. Possibly this is the FT’s chosen or actual constituency – in which case, fair enough. But for this reader the result is sometimes the column misses the point and by a country mile.

An Oblique Approach

Michael Lindsell

On my recent trip to Japan I finished reading John Kay’s newly published book ‘Obliquity’, which has some useful insights into how we achieve our objectives in all aspects of life but with particular relevance to business. In it he contends that most of what we do, whether personal, professional or corporate, is often best pursued indirectly or obliquely.

I Wished a Client…

Nick Train

I wished a client in the wealth management industry happy holidays and a happy New Year last week. “Yes”, he replied sardonically, “I can’t tell you how much I’m looking forward to January 1st…2011”.

Do Dividends Really Matter?

Nick Train

“As we have gone through the very, very good times a few people have said – ‘5%, that feels a bit stingy’. In the times we’re in now, people say ‘Wow, that’s great, we really appreciate you being very consistent about this’ ”. So said Nick Rose, Diageo FD, a day or so after the company’s recent final results and remarking on another year of 5% dividend increases.

Reflections on Markets in 2009

Nick Train

Although 2009 has seen investor sentiment swing from the depths of despair to the euphoria of the recent rally. Nothing much has changed in our portfolios but we reflect below on a number of aspects of what has occurred.

You Will Come

Nick Train

“Eventually You Will Agree With Me Because You Are Smart And I Am Right….” This, according to Warren Buffett, is how longstanding business partner Charlie Munger concludes any debate the pair has about Berkshire Hathaway’s strategy.