Blogs
Latest views from Dennehy Weller and Company.
UK outperforming India and China? Surely a mistake?
Over the last month the UK stock market has performed somewhat better than those of even the high growth areas of India and China. Why? Is it anomalous? Currency has been the big driver for UK-based investors, whether you have been invested in the UK stock market or in overseas markets. Here we explore what has happened, and also touch on Asia and emerging markets and corporate bonds. More >
Updated: 09.03.2010
Naughtiest funds? Or hidden gems?
Identifying the naughtiest (worst performing) funds of the noughties is not (just) about poking fun. I believe it can also help you identify areas of deep value, that is funds or sectors which might be the gems of the next decade, but which are being overlooked - as you will see one sector stands out in this regard.
There also important lessons to be learnt - don't buy faddish funds, don't buy funds with too narrow a focus.
Here it is, the definitive guide to the naughtiest funds. More >
Updated: 07.01.2010
Unemployment shock. It's not that bad
The unemployment numbers in the UK (and US) in recent days weren't as bad as predicted by the doomsayers. Reflecting on the words of Will Hutton, Eric Hobsbawm, and my Mum, the gloom of the last year was probably over the top, high unemployment does not prevent a recovery, and unemployed individuals don't enjoy the luxury of focussing on predictions of financial Armageddon because they're too busy trying to cope. The greater risk is that the authorities get distracted by this issue and give insufficient attention to the really big problem - how to turn off the stimulus tap without derailing the tentative stability. More >
Updated: 13.11.2009
No bad news? Make it up!
It has been difficult to uncover bad news for corporate bonds, so the Daily Telegraph appeared to make it up based on some Morgan Stanley research. The reality was that the research remained very bullish, as we consider here. More >
Updated: 11.09.2009
You don't have to be bullish or bearish - just be careful
Strange goings on in August and recent days; smaller companies shot upwards, the main indices didn't respond with much enthusiasm to a raft of good economic news; after months of poor performance there were early signs of life amongst the mega caps; and in recent days US government bond yields dropped through 3% hinting at a loss of confidence in the much trumpeted recovery. What does it all mean? More >
Updated: 04.09.2009
Absolute return funds, through good times and bad
Everyone wants maximum returns with minimum risks. In the real world it doesn’t work like that, as many learnt to their cost with with-profits funds. The advent of “absolute return” funds promised something new: low volatility, better-than-deposit returns, and day to day liquidity (unlike with-profits).
But they are not funds for all seasons. Put another way, some absolute return funds work well in certain kinds of markets, some in others – none perform well in all markets (though it does depend on how you define “perform well”). In this research we observe how four of the longer established funds coped with the last few, turbulent, years, and draw some valuable conclusions. More >
Updated: 14.08.2009
UK stock market losing momentum
After a very positive month or two the UK stock market (and global markets) are losing upward momentum. The recent good news (e.g. on house prices) has already largely been priced into markets. There is no need to panic, but don't be surprised if markets have a breather. More >
Updated: 05.08.2009
Madoff-style scheme reported in UK - how to avoid fraudulent investments
It was reported earlier this week that a £80m Madoff-style fraud, or Ponzi scheme, had been uncovered by police in the UK, involving more than 600 investors. Here we highlight how to protect yourself against similar frauds. More >
Updated: 22.07.2009
Are you an investor or a punter? Are you sure?
Are you an investor or a punter? The 40th anniversary of M&G Recovery provides a good opportunity for some soul searching. If you are an investor taking a long view the omens are positive according to analysis by Barclays. But if you are a punter you are destined to be perpetually thrown around in the cross currents of global markets. More >
Updated: 03.07.2009
Jap smaller co's - the cheapest assets in the world
Japan is a basket case to be avoided. Or so we have been told. Yet such pariah status often hides deep value. The signs are that more long term investors are reaching the same positive conclusion that we did some time ago. Over the last we month we were interested to note that Japanese funds, particularly those focussed on smaller companies, dominate the performance tables (see "Top performing funds" on the front page of this web site). More >
Updated: 01.07.2009
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