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... Read More
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... Read More
18
Jul
2017
Tales of the Marvellous and news of the Strange
There are some tasks which computers are good at. But not everything. For instance: tasks which require imagination. Or rare events. Artificial Intelligence doesn’t seem to be good at dealing with the new or strange. Whereas we have been telling ourselves “Tales of the Marvellous and News of the Strange” for a thousand years or... Read More
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... Read More