Our Commentaries

One of our favourite quotes by Charlie Munger is “Micro is what we do, macro is what we put up with”.  It has never felt

Investing is a lot like Winnie the Pooh’s pursuit of honey: slow, steady, and guided by a simple but unshakeable focus on the prize. In

Global conflicts, elections, inflation and interest rates – it is a troubling time for investors.  Earlier this month, we were asked by Jeff Prestridge, personal

This month marked a historic Berkshire Hathaway annual meeting.  It was a celebration of Charlie Munger’s legacy, Berkshire’s record of creating a company with US$897bn

Over the past several years, US stock market performance has been led by a number of great technology companies.  We have always been selective, applying

Our World Stars Global Equity strategy performed strongly last year despite the geo-political and macro-economic issues, up 30.7% in US dollar terms.  As we summarize

At a time of great political and economic uncertainty and conflict, our responsibility as investors and as fiduciaries of the capital we manage is to

This time last year we were in the midst of the storm caused by US Feds raising interest rates from close to nothing to normal

“The basis of successful investing is the thoughtful analysis of the fundamentals “ Philip Fisher Our World Stars Global Equity strategy has done well this

“If you can keep your head when all about you Are losing theirs…”                        

“Does volatility in market prices equal risk?” “Volatility in market prices can be an indicator of risk, but it is not necessarily equal to risk.

2022 has provided numerous challenges, as global markets have faced rising inflation and interest rates, supply chain bottlenecks and Russia’s invasion of Ukraine. The result

Jeff Prestridge, the long-time personal finance editor of the Mail on Sunday, has featured our analysis of the long-term returns offered by equities in this

Over the past two months, the mood has lifted across markets.  As we expected, our companies rebounded strongly in July with a broadening out of macro-economic concerns

Last week we had a chance to speak at the first London Quality Growth conference, a timely gathering of investors given the sell-off in markets

March has been something of a curate’s egg for investors with an increasing list of worries to focus on – whether it be Ukraine and

This week’s invasion of Ukraine by Russia has thrown major new complexities and uncertainties into the geo-political and macro-economic outlook.  Markets had already been pricing

The classic sketch “Dinner for One” is a New Year’s tradition in Germany and much of Northern Europe.  Miss Sophie’s 90th birthday party and her

At J.P. Morgan’s recent third quarter results call, Jamie Dimon, Chairman and CEO, was asked about comments he had made about the supply chain problems

“I think about all the young kids who will be watching this summer.  No matter what happens, I just hope that their parents, teachers and

We like market routs because we can buy more for less.  This week our friend Rob Armstrong, former editor of Lex, launched a new investment

One of our long-standing convictions is that volatility is an opportunity not a risk for long-term investors. Stock prices follow fundamentals and pull-backs like the

In our New Year’s greeting we wrote that farmer’s almanacs used to say that April is the cruellest month, and so it could be this

“Elections belong to the people.  It’s their decision.  If they decide to turn their back on the fire and burn their behinds, then they will

“There’s a lot of baggage that comes with us.  But it’s like Louis Vuitton baggage.  You always want it.”                                                                                                                               Kim Kardashian It certainly looks

Investing is all about the fundamentals.  Markets and our portfolios have been resilient in the face of the economic dislocation we have seen due to

The Covid-19 is the first pandemic of our globalized age.  It is also the first serious crisis we have faced with our investment approach since

It is a time of great uncertainty and concern for investors in global markets because of the COVID-19 outbreak and the possibility that governments in

One of our themes this year has been the progress achieved across so many measures of human life, health and prosperity, and that offers a

Earlier this year, a classic Matt cartoon from the Daily Telegraph had an English couple walk by a deranged-looking man holding up a sign saying

What is progress?  You might think that the question is so subjective and culturally relative as to be forever unanswerable.  In fact it’s one of

“We tend to overestimate the effect of a technology in the short run and underestimate the effect in the long run.”  This ‘law of technology’ keeps getting validated not because we do

It is always dangerous to interpolate from personal experience to wider political, economic or social impacts, much less to investment views. Sometimes we must make

The US Securities and Exchange Commission Rule 156 requires mutual funds to tell investors not to base their expectations of future results on past performance