Ideas and insights for the discerning investor
Welcome to the Independent Investor website. I trust you will find something of interest here, whether that is an event, an article, a book, or information about my private circulation newsletter. For more than 35 years my professional life has revolved around analysing the financial markets, initially as a journalist on national newspapers, latterly as a qualified investment professional. Aided and abetted by an extensive network of professional contacts, I aspire to offer a guiding hand to professional and private investors alike through books, columns and interviews for the Financial Times and Spectator, the newsletter, consultancy work and speaking at public/private events. If you don’t know me already, you can find out more from the About link. I would be delighted to add you to my professional circle. Please feel free to join my mailing list and stay in touch.
Latest from my blog
- Big names and bragging rights
Those who happen to call the markets right and expose consensus thinking in one year are invariably accorded enhanced status and media bragging rights the next, although it rarely follows that they are right the next year as well. However, as things stand, it is hard to quibble with too much that Jeff Gundlach, the big name US investor who correctly warned that bond yields would fall not rise in 2014, thereby confounding the majority professional view, has to say about the outlook for 2015.
Here is an extract from Gundlach's remarks at an industry conference, as reported by ETF Report.
Books: analysing professional investors
A new and updated edition of my first book, Money Makers, a study of eight leading professional investors, was released in 2013. In 2012 John Wiley in the United States published Templeton’s Way With Money, a fresh in-depth study of the investment methods of Sir John Templeton, co-authored with Sandy Nairn and timed to coincide with the 100th anniversary of Templeton’s birth. I have also edited and introduced Professional Investor Rules, a compilation of tips from leading professional investors on how to make money in the stock market (Harriman House 2013). The next project in my pipeline is a second book (after a gap of more than 20 years) about the game of bridge, which remains an absorbing second passion of mine, and a guide to investing in funds online.
In the past few years Independent Investor has been responsible from time to time for publishing or helping to commission a handful of titles that I believe merit a wider circulation. These include the historian Edward Chancellor’s prescient study The Coming Credit Crunch? (2006), a stark warning of the looming financial crisis that broke in 2008 (now out of print), Fundology by John Chatfeild-Roberts (2007), a layman’s guide to investing in funds, and Beyond the Internet Bubble, a masterful historical analysis of technology booms and busts through the centuries by my friend and co-author Sandy Nairn. Subscribers to The Investment Reader can access a list of my recommended books, publications and websites.
I am a founding shareholder in a Brazilian farmland development company, Genagro Ltd, which directly and through its offshoot Agrifirma Brazil now has a substantial equity interest in 77,000 hectares of land in Brazil. The company transforms unproductive scrubland in central Brazil (nowhere near the rain forest, incidentally) into fertile arable land to provide food and feed to a hungry world. This article in The Spectator explains how I came to be involved in this new venture. Five years on from its formation, Agrifirma, the business which Genagro seeded, is setting new standards for sustainable farmland development in Brazil and is targeting a stock market listing. Although illiquid, farmland has more than proved its worth as an investment asset over the past decade, with prices in Brazil having more than doubled in that time.