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Acuity

Acuity is our regular newsletter covering a wide range of investing topics.
All issues can be downloaded here as pdf files.

INSIGHT: Make your investment bed and lie in it!INSIGHT: Make your investment bed and lie in it!The reality is that markets work pretty well at incorporating information into prices and trying to beat the market – through either market timing or stock picking - is a tough game, with very few winners. Simply making your investment bed out of a diversified market exposure and lying in it over
INSIGHT: Risk means different things to different peopleINSIGHT: Risk means different things to different peopleThis issue looks at the challenge of understanding what risk means to an investor. We contrast short-term volatility with longer-term goal risk and use the long run (1926 -2023) US data for cash and equities to make the point. It may surprise some to know that cash suffered a 50% fall in purchasing
INSIGHT: Looking for the NVIDIA needle in the S&P 500 haystackINSIGHT: Looking for the NVIDIA needle in the S&P 500 haystackThis issue looks at the astonishing rise of NVIDIA and points out that those invested in highly diversified systematic funds actually owned NVIDIA 10 years ago when it represented less than 0.1% of the S&P500 and its stock price was less than $5. Today it represents 4.6%, a 65-fold increase and its
INSIGHT: Cash and the non-existent market timing bellINSIGHT: Cash and the non-existent market timing bellThis issue demonstrates the potentially wealth-destroying consequences of avoiding investing in capital markets and instead holding one's assets in cash, as tempting as it may seem to do so on the back of the yield rises that were seen in 2022. Investors are also better off avoiding market timing, w
INSIGHT: Cryptocurrency - too big to ignore?INSIGHT: Cryptocurrency - too big to ignore?The recent approval by the US Securities and Exchange Commission (SEC) of bitcoin spot ETFs has reignited discussions around cryptocurrency. Although a significant development for bitcoin, it has, rather unsurprisingly, not changed our views on the subject. Cryptocurrency is still not a suitable on
INSIGHT: The FTSE 100 turns 40 - two cheers!INSIGHT: The FTSE 100 turns 40 - two cheers!Since its launch in 1984, the relative value and structure of the largest 100 firms in the UK has changed materially. UK investors have done slightly worse than broad developed equity investors over that time, although a lot of that has been driven by the recent returns of the Magnificent 7 US Tech
INSIGHT: 2024 - Looking backwards and forwardsINSIGHT: 2024 - Looking backwards and forwardsThis issue is our now regular piece 'Looking backwards and forwards' which provides an overview of how major asset classes have performed in 2023, and trying to place 2024 in perspective. We compare 2023 to 2022 as well as providing 3-year cumulative asset class returns which are strongly positive i
INSIGHT: Beware of the recent past!INSIGHT: Beware of the recent past!The last issue of the year is about recency bias and how it can tempt investors into bad choices.
INSIGHT: A tribute to the wisdom of Charlie MungerINSIGHT: A tribute to the wisdom of Charlie MungerThis issue pays tribute to Berkshire Hathaway's Charlie Munger who recently passed away.
INSIGHT: Rolling, rolling, rollingINSIGHT: Rolling, rolling, rollingIn this latest issue, we help provide some perspective around the journey different investors can experience whilst getting to the same result based on the rolling period of their portfolio review. Periodic - but not too frequent - check-ins and maintenance of an investment portfolio is good practic
INSIGHT: Structured products - what you don't seeINSIGHT: Structured products - what you don't seeStructured products, although superficially appealing, the lack of insight into the chances that different outcomes will occur, (and the complexity of modelling outcomes) combined with high, hidden embedded costs makes them unattractive for long-term portfolios. This issue shows that such systematic
INSIGHT: Emotions and market timing are likely to be costlyINSIGHT: Emotions and market timing are likely to be costlyThis latest issue looks at the challenges of emotion and market timing. Recent evidence shows that net new flows into bond funds in the US is driven largely by recent bond market performance e.g., exhibiting huge outflows in 2022 after poor performance. A couple of our favourite quotes on the subjec
INSIGHT:Investment impact of the unfolding tragedy in the Middle EastINSIGHT:Investment impact of the unfolding tragedy in the Middle EastIn light of the horrific events in Israel at the weekend and subsequent developments, we have put together a short issue highlighting the very limited direct impact the small portfolio exposure to the Israeli stock market will have. So far, other broader markets have been relatively stable. The risk
INSIGHT: Promises, promises...INSIGHT: Promises, promises...This issue looks at the promises that fund managers make to their clients. We look at three pieces of compelling evidence in relation to active (judgmental), passive/index and systematic (active) managers.
INSIGHT: Long-term goals, short-term emotionsINSIGHT: Long-term goals, short-term emotionsA tension often exists between long-term investor goals and the short-term emotions investors suffer. This issue provides key points to reflect on to help ease this tension, along with providing some data around the chances of real losses over the short term and how this improves materially as the
INSIGHT: Commercial property - Please don't pick on me!INSIGHT: Commercial property - Please don't pick on me!The world of commercial property REITs is far more than just offices, shopping malls and warehouses, providing broad diversification. Longer-term performance has been robust, although short-term returns have been poor relative to other asset classes, perhaps leading some to question an allocation to
INSIGHT: Don't chase dividendsINSIGHT: Don't chase dividendsSunday papers often contain articles suggesting that investors look for high dividend paying stocks or 'income' funds to provide an income. Chasing 'natural yield' is not a free lunch. Dividends paid out cannot be put to use to by the company to improve future earnings. Being driven by dividends ten
INSIGHT: Blurred linesINSIGHT: Blurred linesThis issue provides readers some perspective around the distribution of revenues of stocks listed in their respective markets, and highlights the importance of taking a sensible, logical and manageable approach to portfolio construction and being careful to avoid spurious accuracy.
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