A few Comments on October New Home Sales

New home sales for October were reported at 733,000 on a seasonally adjusted annual rate basis (SAAR). Sales for the previous three months were revised up, combined. And sales for September were revised up to a new cycle high of 738,000 SAAR. Sales were above 700 thousand SAAR in four of the last five months […]


Secrets from the vault: How we invest in EM banks

As long-term growth investors, we shy away from most cyclical stories while gravitating toward structural ones. Inherently, banks are prone to credit cycles. However, with a solid foundation in bottom-up analyses, the right banks can potentially provide superlative and sustained performance over the long term. Our investment in emerging market (EM) banks, through the Invesco […]


Case-Shiller: National House Price Index increased 3.2% year-over-year in September

S&P/Case-Shiller released the monthly Home Price Indices for September (“September” is a 3 month average of July, August and September prices). This release includes prices for 20 individual cities, two composite indices (for 10 cities and 20 cities) and the monthly National index. Note: Case-Shiller reports Not Seasonally Adjusted (NSA), I use the SA data […]

Real Estate

The True Cost of Not Owning Your Home

There are great advantages to owning a home, yet many people continue to rent. The financial benefits are just some of the reasons why homeownership has been a part of the long-standing American dream. reported that: “Buying remains the more attractive option in the long term – that remains the American dream, and it’s […]


Only Labour’s tax promise makes sense

We now have the manifestos for the election. We know what the parties now say about tax, even if we cannot know what they will actually do. The differences in opinion are stark. Addressing, due to space, those parties standing in most seats, it is clear that none of the parties come close to understanding […]


Labour deserves to form the next government

I am one of 163 signatories to this letter in the FT this morning: The UK economy needs reform. For too long it has prioritised consumption over investment, short-term financial returns over long-term innovation, rising asset values over rising wages, and deficit reduction over the quality of public services. The results are now plain. We […]


What matters more – making money or not losing it?

What does the word “risk” mean to you? In asset management, risk is commonly defined as standard deviation, or how much an investment’s returns vary from its mean return. However, I often find clients don’t think of risk in those terms, making some conversations difficult. Instead, many investors equate risk simply with losing money.  The […]


My Year of Being a Tafe Student

It all began on a Date Night last year, when Liz said to me: “You’ve sold over a million copies of your book … what’s next?” “Well, I’ve been thinking a lot about that”, I said. “And I think I’d like to go to … TAFE.” Liz stared at me blankly. “I’d like to study […]