• Reward for being Smart


    Being an investment analyst is a slightly sad existence. Locked away in a dark room, reading company accounts is not everyone's idea of fun. But it's a necessary part of the job, and occasionally, one can have some fun. The photo is a gift from the Investor Relations department of a major US company which was involved in a major transaction. They were quite embarrassed that in spite of all the careful scrutiny of the prospectus, with scores of paralegals and investment banking associates...

    Read more
  • Hedge Funds Commentary

    Dominic O'Connell kindly invited me on the Today programme this morning to give my perspective on what is happening in the world of hedge funds. We talked about why some big and long established hedge funds have seen declining AUM, have been losing money and have even been closing. I explained why some of the big macro funds might be finding it difficult to make money in a world of very low interest rates (although actually I think there have been plenty of opportunities to make money, and...

    Read more