The Adventurous Investor

Investment trusts, ETFs, alternatives and more.....

What happened to passive investing ? ETFs and the return of active investing

Many years ago, I had the enormous pleasure to spend an afternoon with Jack Bogle founder of Vanguard, at their Malvern office campus on the East coast in Pennsylvania. Bogle was one of a  dying breed even a few years… Continue reading →

Equities look to be in decent shape but beware the tail risk

Equity markets have had a decent start to the autumn. In September overall markets finished up for the month, with MSCI World up 1.9% (in US$) and just about in the black for Q3, with a 0.1% gain. The year-to-date… Continue reading →

Monday Macro – how badly are Europe’s banks screwed?

A few months ago I ran into a leading American investor who’d made a killing out of investing in (smaller) US banks. He’d made money – big profits – for at least the five years and was still enthusiastic about… Continue reading →

India Shouts, Istanbul Calls

Indian equities have had a torrid time in recent months. Investors have recently started to sour on Indian PM Modi, worried that he’s rather more interested in staying in power as a Hindu nationalist rather than rule as a wise,… Continue reading →

Dipping into Patient Capital and looking again at Ground Rents

We’re slowly getting a more realistic perspective on valuations at Patient Capital Trust. We’ve had a slew of writedowns and the board has indicated that they’ve run a full valuation review of the top 20 holdings. The shares are currently… Continue reading →

Monday Macro – Pimco Pronounces on global weakness

My suspicion is that if you were looking for a central consensus position on most things’ macro-based at the moment, you couldn’t get a more mainstream institution than Pimco. Its focus is on bonds, but its views are widely respected… Continue reading →

Private equity on a roll in Europe according to Morgan Stanley

Just finished reading a really very interesting report from early September by the equities team at Morgan Stanley in Europe. The report – “Macro Meets Micro: Private Equity Returns to Europe” – paints a very compelling picture of unprecedented levels… Continue reading →

Finally, a pure eSports play

Back in July in my Adventurous Investor column for the FT, I talked about the coming transformation in gaming – its move online being the biggest transformation. You can view the article HERE But I also talked a little about… Continue reading →

The world turned upside down; the coming decarb crunch and the rise of lifetime mortgages

The chairman of one of my funds kindly emailed this fascinating snippet last week. This first story I think sums up brilliantly why anyone interested in decarbonization and a strong ESG agenda needs to be investing in renewable energy funds…. Continue reading →

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