Earlier this year, data from the UK’s Continuous Mortality Investigation Mortality Projections Committee showed that life expectancy improvements have slowed dramatically. Initially thought to be a blip in the data, there is increasing evidence, both in the UK and in other developed countries, that this is a structural change in… Read the article
The thought of a ‘Brexit’ conjures up images of a drawn out, messy divorce for most – a painful process, with a net negative result. However, I believe that there are reasons to be hopeful. I think a positive analogy can be drawn between the spin-off of a company from… Read the article
There’s an interesting passage in the book “Other People’s Money” by John Kay. In it, Professor Kay discusses the intermediation of the market and the nonsensical notion that there is anything particularly insightful to be gained from “what the market thinks” when it comes to investing in companies. In our… Read the article
There are many different ways to form an investment view on a company. As my colleagues Dan White and Matt Cable discussed in a recent blog meeting company management can be both interesting and informative and for many investors pivotal to the investment decision making process. In my experience… Read the article
Company meetings present something of a conundrum. The law rightly says that no investor should be in possession of ‘material non-public information’ when trading in shares, so both fund managers… Read the article
To adjust or not to adjust? That’s the key question for companies when presenting their accounts. There’s been an increasing tendency for companies to focus on adjusted ‘non-GAAP’ (Generally Accepted Accounting Principles basis) numbers instead of the more regulated GAAP numbers. My colleague Simon Bailey highlighted this in his blog… Read the article
The first valuation method most investors learn is the humble Price/Earnings (P/E), as in theory it’s both easy to calculate and easy to compare across companies. Unfortunately in my experience, this is a long way from the truth due to the lack of consistency in the earnings number used.
The… Read the article
Company boardrooms have undoubtedly evolved over the past twenty-odd years, but the human characteristics and traits needed to be an effective board member remain largely unchanged. A lot can be achieved with trustworthy, capable individuals, something which, in my humble opinion, is truer today than it has ever been.
Boards… Read the article
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Welcome to the M&G Multi Asset Team’s Allocation blog, previously known as the Episode blog. We have changed the name of our blog to resonate better with our readers in Europe, however, the content and purpose of the blog has not changed. The Allocation blog continues to aim to provide unique market perspectives from our dedicated team of experienced asset allocators.OK