The importance of long term perspective

While the global economic recovery is in the balance under the stewardship of politicians and central bankers, I have much more faith in the ability of Brendan Rodgers to bring back the good times at Liverpool FC. Football fans are like investors in financial…

Pricing an illiquidity premium in liquid assets

When considering the available investment opportunity set investors should theoretically be rewarded as they move out the risk curve. That is, as an investor moves from the safest asset class, being cash (obviously requires some assumptions), there should be an extra return or premium…

The ‘Bond King’ departs; no player is bigger than the Club?

In football you’ll often hear managers throw out the cliché ‘no player is bigger than the club’. In truth they will bend this rule for players blessed with exceptional talent; Eric Cantona and Luis Suarez would have been turfed out of Manchester United and…

Scottish Independence Vote – What have the British ever done for us?

As the Scottish vote on Independence fast approaches I can’t help but be reminded by the famous “what have the Romans ever done for us” scene in Monty Python’s Life of Brian when Reg (John Cleese), leader of the “People’s Front of Judea”, tries…

What have the British ever done for us?

As the Scottish vote on Independence fast approaches I can’t help but be reminded by the famous “what have the Romans ever done for us” scene in Monty Python’s Life of Brian when Reg (John Cleese), leader of the “People’s Front of Judea”, tries…

“Why the Ice Bucket Challenge Worked”

The Ice Bucket Challenge has taken the world by storm, blocking up social media news feeds everywhere. In fairness, nobody can argue with how successful and worthwhile it has been, reportedly raising $100 million for the ALS association who fight against Lou Gehrig’s disease….

“Investment Advice from a Mob Boss”

CNBC, the business news channel, can make for painful watching most of the time. I usually keep it on mute, particularly for the US Squawk box show. However, this interview with Michael Franzene, former mob boss for the Colombo crime family in New York,…

Would the real “Super Mario” please stand up?

In financial markets, it is Mario Draghi, the monotone Italian that heads the European Central Bank, who has earned the nickname “Super Mario”. However, another Italian, more befitting to the name “Super Mario”, has Liverpool fans including myself much more excited, the enigmatic Mario…

Is Herbalife (NYSE:HLF) a Pyramid Scheme?

“[T]he organization is deemed a pyramid scheme if the participants obtain their monetary benefits primarily from recruitment rather than the sale of goods and services to consumers”. Peter J Vander Nat; William W Keep The legendary hedge fund manager Bill Ackman, founder of Pershing…

Equity Markets: Valuation is in the Eye of the Beholder

With many of the major equity indices at or near record highs it is natural to ask whether equity markets are overvalued. First of all valuations differ dramatically by geographical region and second, one’s estimate of fair valuation is to a large degree subjective….

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