The Adventurous Investor

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David Stevenson

Friday Smorgasbord: Jefferies UK signals, online music, plunging power prices and viral musings

I tend to refrain from joining many of the increasingly vitriolic viral debates online, largely because I cannot claim any expertise. That said I think Tyler Cowan at the Marginal Revolution blog and Johnathan Kay at Quillette are both doing… Continue reading →

Watchlist update: Adding Stenprop plus Peel Hunts UK equities watchlist

I’ve added another fund to my watchlist today, Stenprop. This is a UK listed operator of multi let industrial (MLI) properties in the UK. Crucially this is a fund in transition, having sold down most of its international (mostly European)… Continue reading →

Updated watchlists – contrarian cyclical stocks and funds

After my FT column at the weekend, some readers asked me to share my current short list of very cyclical, contrarian stocks, which I think might rebound. Happy to publish to a wider audience, with all the usual very obvious… Continue reading →

Monday Macro – More on emerging markets, plus not enough physical gold and the earnings trap

I think Charles Robertson, Global Chief Economist, at EM bank  Renaissance Capital is spot on when he says this week “emerging markets are going to get more attention” as the Covid crisis moves into its next phase – infecting the… Continue reading →

Bargain hunting in the retail bond space

During the peak panic a few weeks back, real time pricing on many retail bonds traded on the ORB moved into absurd territory with many trading at below 70 and even 50% of their nominal value. This extra ordinary price… Continue reading →

Monday Macro (on Tuesday) – end of the bear market (?), QEInfinity and why the US peak is not even close

As I wade through the much diminished (compared to recent weeks) flow of stories and research notes after the Easter weekend break one observation stands out for me. It’s from Rachel Winter, an associate investment director at UK firm Killik… Continue reading →

Weekend thoughts – the return of inflation?

I’ve long clung to the paradigm of low rates for longer. An associated tenet of this paradigm is that inflation was under control, nobbled by Globalisation Excess global savings and chronic capital imbalances Rapid technological change As long as these… Continue reading →

Where’s the margin of safety in these funds? Plus which EM states to buy into

A few weeks ago I was casting around the fund’s market looking for bargains, especially in the uncorrelated end of the spectrum. Top of the list mid-March was music royalties fund Hipgnosis Songs Fund. I have a soft spot for… Continue reading →

Fund Dislocations – Tufton

I think it might be worth keeping a close eye on a relatively new specialist asset leasing fund listed on the London market called Tufton Oceanic Assets which is trading up a bit today at 80c a share with a… Continue reading →

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