Like parliamentary majorities and Christmas Toblerones, the stock market is slowly shrinking.
As has been widely commented on, de-equitisation – the substitution of equity for debt – has been accelerating in recent years, largely through the growth in share buybacks. However, the shrinkage of the stock market seems to… Read the article
When I sat down to write my review of 2016 I had to admit that it had been a tough year for smaller company fund managers as the sector’s median fund had underperformed the Numis Smaller Companies Index (NSCI) by 2.7%.
With a month to go in 2017, the median… Read the article