Convertible bonds are less complex than you might think. We understand why some believe the asset class to be the domain of specialists.

I wrote on the subject of profit margins last year in Margin Call and how we try to normalise them as part of our company evaluation.

The ascendancy of the growth style of investing over the last decade has been unusual in its strength and duration. There are now signs that the winds of change are blowing through global equity markets.

Years of zero interest rates, central bank money printing and government bail outs appear to have created a stock market defined by speculative excesses.

Although it now seems to be an old-fashioned notion, buying a share in a company used to be considered as an act of buying ownership of a future stream of income from a business.

Do we need to get coal out of the energy system? Absolutely. When do we need to do it? As soon as possible. These two points are not in question. How we do it is more nuanced.

Value has faced several well-known challenges in the past decade. Low interest rates and weak economic growth have pushed valuation multiples higher for growth companies, due to both the duration effect and the growth scarcity effect.

In the investment world, nobody is right all the time. Investing is an inherently probabilistic pursuit. The RWC Global Equity Income strategy acknowledges the risk of being wrong and simply aims to lean the probability of investing success in your favour.

Anyone who was investing in the period 1997 to 2000 will have their own memories of the extremes of the dot.com madness.

Returns in the UK equity market for 2020 were split in two halves, with energy, materials, financials and cyclicals being amongst the worst performing sectors from 1 January to 8 November (the date the Pfizer vaccine was announced) but registering some of the biggest gains for the rest of the year.