Blog - Investment
Aramco IPO MirageWednesday 07 June 2017
An IPO of Saudi Aramco in late 2018 at a valuation of $2 trillion (tn) has been widely trailed in the Press. We believe the Aramco IPO is unlikely to happen in 2018, if at all, for three main reasons: timing, the oil price, and valuation.
An IPO in the second half of 2018 is a challenging deadline. It leaves scant time to restructure the conglomerate’s myriad public interest and commercial holdings and to produce financial accounts to international standards. As a commercial...
7 Signals to Spot a ScamThursday 28 May 2015
The chart shows the share price trend of the South Sea Company, with the famous South Sea Bubble popping in 1720, and being the first of countless such scams in global stock markets. As Edwin Lefèvre points out in the wonderful book Reminiscences of a Stock Operator, “Nowhere does history indulge in repetitions so often or so uniformly as in Wall Street. When you read contemporary accounts of booms or panics the one thing that strikes you most forcibly is how little either stock...
QE or not QESunday 26 April 2015
Gregor Logan has kindly allowed me to reproduce an article of his about QE. When I started out in the City, he was a star fund manager at Fidelity and I never had the privilege of having him as a client. But we met about a year ago, and I have really enjoyed (and benefited from) chatting with him about markets. Today he is an adviser to and non executive director of various investment firms and writes the occasional blog. The article on QE is reproduced below.
Why should we be worried...
Eurohedge 2013Friday 24 May 2013
I attended the EurohedgeSummit in Paris for the second time and it was again an interesting and thoroughly enjoyable event. Speakers on the equity side with some interesting ideas included Chris Hohn of TCI, David Herzberg of BTG Pactual and Vernon West of Skyline Capital. I also enjoyed Anatole Kaletsky's global perspective and some useful debt insights from people like Loic Fery of Chenavari and Geraud Charpin of Bluebay.
Eurohedge will do a far better job of summarising the content...
Ocado LogisticsTuesday 30 April 2013
Two vans in same street delivering to next door neighbours, pulling up at exactly the same time......
BT: Changing?Thursday 25 April 2013
I emailed BT CEO Ian Livingston. I didn't really expect a reply, and was surprised and impressed when I not only got a personal reply from him an hour later, but he referred me to a colleague who in turn referred me to the right person. I am not sure about the pension deficit, and am puzzled by BT Vision, but these are signs of a responsive consumer company and perhaps it's worth exploring.........