Jurassic farce
Blockbusters and buyouts As career moves go, it’s certainly an unusual one. In 1969, a newly-minted Harvard Medical School graduate abandoned his promising career as a doctor to pursue his true passion: writing novels. As it turned out, this was a wise choice. That graduate – Michael Crichton – would go on to forge a […]
Finding value amid a new generation of price-agnostic investors: Part 1
Part 1: Passive investing The very essence of value investing is the search for securities which are incorrectly priced, i.e. where the market price is trading at a substantial discount to the intrinsic value of the underlying business. This will sometimes happen because the average investor is prone to behavioural biases such as extrapolation, herding […]
Improving patient outcomes in cancer detection
Are patients about to benefit from a revolution in cancer detection?
Renewable energy valuations: Is anyone paying attention?
Listed renewable energy companies remain materially undervalued In early 2024 and again in 2025, we published notes drawing attention to the spate of extraordinary M&A activity in the renewable power sector driven by extremely compressed multiples. With valuations on listed companies often below the value of operating assets, private equity firms have seized the opportunity […]
Men and their marvellous money machines
Window shopping I’d like you to picture the scene: you are walking through a quaint village somewhere on a crisp spring day, enjoying some leisurely window shopping along the local high street. Out of the corner of your eye, you spot a shop that you’ve never seen before; in the window is a small machine […]
Inflation is every government’s dream
Inflation as a policy choice Governments are traditionally expected to control inflation. But in today’s economic environment—with record debt levels, fiscal stimulus, and expectations for rate cuts—an alternative view is emerging: inflation may not just be tolerated but actively encouraged. A return to sustained inflation could be the path of least resistance for indebted governments […]
China rises as US exceptionalism fades
Investors disappointed by returns from Chinese equities might have missed the surge in the MSCI China Index since the beginning of 2024, which has done much to close the performance gap with the rest of the MSCI Emerging Markets Index in recent years. Source: Bloomberg, 28 February 2025. Normalized to 100. Past performance is not […]
Value opportunities are emerging in Europe
Europe faces a challenging macroeconomic backdrop. A complex geopolitical environment, risks of an energy crisis and the threat of being squeezed between the tensions of China and the US are all valid reasons to be cautious on the outlook for Europe today. We do, however, see pockets of real value within European equities that, in […]
The infrastructure investment boom
Today, investor interest in infrastructure is expected to grow as global electrification, digital innovations, increasing demand for energy and energy security, and the need for efficient transportation drive new development opportunities.
Hiding in plain sight: Finding value in unexpected places
One of the calmer moments of putting my kids to bed comes when the children settle down to listen to a bedtime story. Recently, in my household, we have been thumbing through the Enid Blyton canon, joining the various alliterative groups of young crime-solvers as they track down smugglers, foil kidnappings, and apprehend roguish gangs […]