In my view, the most important empirical result in equity investing is just how unevenly long term returns are distributed across different businesses. This has important implications, yet is often overlooked. It provides the clearest rationale for why focusing on quality is the main, or perhaps even the only, thing that matters in the long run. Continue reading
After a roaring April with double digit gains, so far May has been rather more frustrating. I have three things to thank for this: one, the rekindling of the US China trade war; two, an analyst note questioning the accounting of what was my largest holding, Burford Capital; and three, a chest infection that’s taking its sweet time to get better. None of these issues seem worth getting too bothered about in the long term, but that doesn’t stop them being a source of frustration right now. Continue reading
Quality Share Surfer 