Creative destruction

Subsistence farming has transformed the lives of hundreds of millions of Chinese people. This process is getting stale in China but will be replicated in other populous nations.

read more


There has been continuing press coverage and heightened interest in the currency alternative known as “Bitcoins”. A Bitcoin is a virtual currency – there are no actual notes or coins.

read more

Mean reversion

“Contrariwise,” continued Tweedledee, “if it was so, it might be; and if it were so, it would be; but as it isn’t, it ain’t. That’s logic.”

Lewis Carroll

read more

Recent trading

We entered 2013 with an investment strategy that preferred developed equity markets (particularly UK and US and smaller companies) and an aversion to all sovereign debt and emerging market equity.

read more

The makings of a modern banker

It is with head-shaking astonishment that we read of the growing scandal surrounding the Co-operative Group, its management and its disastrous acquisition of the Britannia Building Society.

read more