The Fund Manager
Is BAT’s 6.5% dividend yield sustainable long-term?
British American Tobacco (BAT) has been out of favour with investors since 2017 when its shares reached a record-high price of more than £56. Over the next five years, BAT’s shares fell by as...
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Investor's Notebook
Private payrolls show surprising strength in January, adding 444,000 jobs
US nonfarm payrolls added 467,000 jobs in January, easily beating expectations. The January data reflects annual benchmark revisions, as well as updates to seasonal adjustments....
Golden Oldie
Negative real interest rates can be bad news for equity valuations
Originally published January 2022. As investment managers, we’re used to being accused of seeing the glass as half-empty rather than half-full. It’s not that we’re inherently...
Golden Oldie
The distorted market for woke capitalism
Originally published October 2021. The founder of modern economics, Adam Smith, was no fan of the merchants of his time. He regarded them as among the most responsible for how...
The Professor
Offices 3.0
We are in the midst of the next evolutionary cycle. Enforced mass home-working caused by the pandemic has viscerally demonstrated that in today’s tech-infused world,...
The Professor
Greedy corporations and inflation
Inflation in the United States was over 7% in 2021. This is dramatically higher than just a couple of years ago when it was less than 2% per year. Why did it go up? The most...
Golden Oldie
Outlook for the size of the UK listed real estate sector
Originally published October 2021. A decade to be optimistic? Somewhere amid the carnage of the retail sector, the existential navel-gazing of the office sector and the...
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