FT: pension transfer ‘stampede’

The FT’s parting gift to readers in 2016 is a strong hint in two articles in today’s paper to take advantage of high cash transfer values from UK DB schemes – following the example of its own Martin Wolff and even former pension minister Baroness...

Why is the FCA demonising active managers?

Active management at the security level is a waste of money and detracts from the decisions that aren’t. That’s the damning message in the FCA’s interim report on asset managers that the media seized on. But who really should be demonised in that...

An existential view of equities

Two recent letters in the FT demonstrate how irreconcilable are the two views of the equity return process, as between a random walk with some drift that happens in the past to have been upwards and mean reversion with a meaningful trend that is the product of an...