I hope you’re keeping well. Lockdown is easing, which is pleasant although slightly unnerving too. You can meet up with a few friends for a barbecue – and to...
Kit Winder
Pizza Express, Byron, Carluccio’s, Jamie’s Italian… It seems that many household-name chains in the UK have been struggling financially in the last few years. Bookings for many of these...
You know how I went fairly big in predicting a surprising return to a rising inflation environment in the coming years and decades, in this newsletter a couple of...
This is a review of Capital Returns, a book by Marathon Asset Management, a long-term investment manager, founded in 1986. It believes in investing based on an understanding of...
You need to start thinking about alternatives to the FAANG+ stocks. The current narrative of eternal growth in cloud computing and digital advertising is blindly accepted by nearly everyone....
It’s been a few months now, and in my mind I’ve been roughly building out an approach to investing both in and out of a crisis. Today I’m going...
What is the “fifth fuel”? In the energy market there are four prime energy sources – hydrocarbons (oil and gas), coal, nuclear, and renewables. However, there is also something,...
An apology. If you found Monday’s piece a little hard to understand in places – that’s probably because I made quite an annoying and fundamental error of definition. I...
I like challenging widely held assumptions. That’s how you can outperform anyway, or at least, differentiate. It’s also much nicer to try and think differently. Today I want to...
The best way to solve the climate crisis would be to make all cars incredibly inefficient. If they were heavy, difficult to build, and needed regular, expensive re-fuelling, and...