Investment Thoughts and Perspectives

Insights

Global Diversification: Highly Desirable for Long Horizon Portfolios

An investment operation is a business of dealing with uncertainty. What makes it much more turbulent is that financial markets cycle through periods of...

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Employee stock options – Misalignment of interests?

“An investment operation is one which, upon thorough analysis, promises safety of principal and an adequate return. Operations not meeting these requirements are speculative.” –...

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Why Trees Don’t Grow to the Sky

“An explanation is a statement of what is there in reality and how it works and why. But the important distinction is between a...

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Any Fool Can Know. The Point is to Understand!

In our previous article, we discussed the tendency of equity market returns[1] to mean-revert with periods of high returns followed by lower returns and...

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U.S. Markets – A 12 Year Hypothesis

In our previous article, we highlighted the mean-reverting nature of investment returns from equities. The data showed that periods of high realised 12-year returns...

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Short Term Investing is A Performance Derby

“Investors should always keep in mind that the most important metric is not the returns achieved but the returns weighed against the risks incurred....

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An Alternative Approach to Fixed Income

In an environment of financial repression, where fixed income investors are not being compensated from real risks and could face a material erosion of...

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A Worldwide Leader – Alfa Laval

Alfa Laval, one of the businesses we own at the Global Moats Fund, is an interesting business. The company operates within three business areas,...

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A Leader in Factory Automation – Keyence Corporation

The last few decades saw significant shifts in the global production supply chain with production incrementally shifting from developed countries to emerging countries. The...

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