To achieve above average performance will by definition be in the minority.

Successful long-term investing will therefore require positions to be taken which are at odds with the consensus.

The price of an asset is simply the aggregate of the whole market’s average belief in the future prospects of an asset itself, and of the economy affected by macro factors.

We do not believe that markets are efficient over the short term; we believe that considerable mispricing occurs due to excessive emotions (both positive and negative) and that this provides the thoughtful and emotionally intelligent investor with a significant advantage.

This section features articles which question the orthodox, test the consensus and highlight the anomalous.

“Howay the Ladds Monthly Spotlight” – March 2022

When I consider my relatively short time in managing money, one thing I have learnt is that every year there are challenges. 2022 is no different. Some of the concerns include inflation, central banks, a China slowdown, and Ukraine / Russia. In May we will be sending out our rebalance packs and in advance of […]


After months of heightening tensions Russia appears to be invading not just the separatist regions of Luhansk and Donetsk as many expected, but the whole of Ukraine. Source: CNBC What is puzzling to many is the very heavy price in terms of economic retaliation Russia will suffer and why this is deemed worth it. Putin’s […]

Buy-to-let – some thoughts

There is no doubt that over the last 20 years, buy-to-let property has been a good investment. Landlords have not only benefited from an increase in house prices but rising rents; the average house price in the 1990s was around £45,000, today that figure is close to £250,000. At the same time however, rental yields have moved from 12% of the property value to about 4.5%. It is clear to see how people investing 20 years ago did well.

Quarterly Market Update – July 2016

I have been thinking of how to describe the last few weeks and the quote from Vladimir Ulyanov to me best sums it up: “There are decades when nothing happens, and there are weeks when decades happen” The decision to leave the EU caught many by surprise, and we have seen events that would normally take months or years to play out occur in days!

Is a Portfolio better?

The standard advice is: 1. That a prudent investor should hold a diversified basket of assets which react differently in different economic environments (uncorrelated) 2. That this strategy provides for less volatility and smoother growth

What investors need to know? Berkshire Hathaway

As with most things the prerequisite to getting the right answers is to first ask the right questions. Before a portfolio can be constructed or a specific investment made, foundation questions must be addressed.

What has been will be forever….

History is littered with periods of exceptional performance. These often follow periods of market decline. The best time to invest is during the periods of decline because when the market corrects those investors will gain the greater benefit.

What is a PEG ratio?

Investors use ratios to identify potential investment opportunities. The most common is the P/E ratio, ‘price to earnings’. This is printed in the financial press daily as part of each individual shares information along with dividend yield and high/low prices in the last 12 months.

The case for BP

Malcolm Gladwell in his book "Blink" explains the role of intuition in human decision making. Humans have the ability to process information almost instantaneously and gain a read on a situation that’s often extremely accurate.

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