27
Aug
2017

Sectoral heterochromia

“Aviation in the evening, I can feel it coming on” – Aviation: The Last Shadow Puppets Professional fund managers tend to make their name by taking big sector positions. Famously Neil Woodford did very well avoiding banks, and owning tobacco companies. When I started everyone loved technology and hated mining companies. Then 10 years later...
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2
Aug
2017

The wisdom of clouds

Small details can lead to big differences.  Often it’s not even the details, just things you can’t quite put your finger on.  I’ve been looking at a couple of companies that do the same thing, are the same size, operate in same industry but one is 6 times more valuable than the other.  I’ve been...
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18
Jun
2017

The Red-Headed League

“For strange effects and extraordinary combinations we must go to life itself, which is always far more daring than any effort of the imagination.” Sherlock Holmes I’ve been re-reading Sherlock Holmes stories, like The Red Headed League. One reason the stories are so effective is that the reader understands the genre, but it’s still hard to...
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