by Stuart Fowler | Mar 2, 2018 | Miscellaneous
An equity index for a single market is ‘passive’ in name only, having Darwinian adaptive dynamics It doesn’t represent all of a country’s company sector or economy But it is apparently itself a ‘system’: mean reverting slowly around...
by Stuart Fowler | Feb 25, 2018 | Miscellaneous
The FT’s John Authers is a long-standing sceptic about market timing. But in his Long View column on 22nd February he sings the praises of an approach that sounded very much like ours, making adjustments to weights in different markets as a function of new...
by Stuart Fowler | Feb 9, 2018 | Miscellaneous
At the heart of the principle of ‘balanced’ management is the presumption of a negative – or at worst low – correlation between equities and bonds, particularly at times of large falls in equity prices. Though we have now experienced a reversal...
by Stuart Fowler | Jan 30, 2018 | Miscellaneous
Investors could be forgiven for thinking that the pace of technology disruption is increasing and that it threatens both the current constituents of equity market indices and the core trend of equity real returns. We disagree. The lesson we chose to draw from long...
by Stuart Fowler | Jan 30, 2018 | Miscellaneous
2017 was uneventful. Really? What else could we deduce, though, from a year (the tenth since the global banking crisis first started to unfold) in which exceptionally low bond yields stayed low and equities continued to rise, by slightly more than their long-term...
by Stuart Fowler | Jan 19, 2018 | Miscellaneous
Prompted by talk of a feeding frenzy at Port Talbot, I’ve written a lot about what could explain the media and regulatory bias against transfers from DB to DC pensions. There are two linked strands I have pointed to: a culture of paternalism (Nanny knows best)...
