Shane Oliver’s recent article (9 keys to successful investing - and why they are more important than ever amid COVID, 15 October) summarises “nine key things for investors to bear in mind in order to be successful.” It contains plenty of common sense (which isn’t very common … [Read more...] about Two key amendments to Shane Oliver’s “9 keys to successful investing”
The pioneering investor you’ve never heard of
Henrietta Howland (“Hetty”) Green (1834-1916) exemplifies the practice of investment that Benjamin Graham pioneered in the 1930s, Warren Buffett has advocated since the 1950s and Leithner & Company has practised since 1999. She bought quality assets that others shunned – … [Read more...] about The pioneering investor you’ve never heard of
Why we need a “good” depression
Have you ever heard of the Depression of 1920-1921? In the U.S., where historical data are extensive, reliable and widely available, it was painfully sharp but mercifully short. According to the National Bureau of Economic Research, that country’s unofficial arbiter of the … [Read more...] about Why we need a “good” depression
Central banks don’t dispense “Stimulus” – they peddle poison
Do Low Rates of Interest Really Support Markets? On 10 September, I concluded that they don’t. This article explores one of this result’s major implications: investors can’t depend upon central banks. This is because their “stimulus” has produced artificially-low rates that are … [Read more...] about Central banks don’t dispense “Stimulus” – they peddle poison
Do low rates of interest really support markets?
Do today’s minuscule rates of interest justify stock markets’ sky-high valuations? Bulls often imply – and sometimes boldly assert – that they do, and mainstream theory is on their side. The problem is that theory is elegant and tidy, whereas reality is clumsy and messy: many … [Read more...] about Do low rates of interest really support markets?