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Dear Reader, These are tough times for investors. Because it's not the same world it was 5 years ago, one year ago, or even a few weeks ago. The reason [...]

Sean Peche, founder and portfolio manager at Ranmore Fund Management Ltd., has consistently outperformed benchmark indices by employing an unorthodox investment strategy. Peche's approach involves minimizing biases by avoiding meetings with management, ignoring narratives, and steering clear of highly rated businesses. Despite skepticism, Peche believes that there are valuable investment opportunities to be found in overlooked areas. In a recent interview, he discussed his successful navigation of tumultuous markets in Japan, the UK, and China, where he believes the risk of regulatory interference has been exaggerated. Peche also shared his insights on current market value opportunities. [Extracted from the article]

The UK's goal of achieving net-zero greenhouse gas emissions by 2050 is being questioned by climate experts who believe the country is not on track to reach this target. Conservative party leaders are also skeptical of the economic benefits of pursuing this goal. In a podcast panel discussion, experts explore the economic implications of the energy transition and debate whether 18th-century economist Adam Smith would have supported or opposed carbon taxes. The panelists also discuss potential tax increases and investment strategies. [Extracted from the article]

The article discusses the challenges faced by fund managers in the modern era of asset management. Unlike in the past, where managers aimed to outperform inflation, cash, or government bonds, today's managers are focused on benchmarked performance over a shorter time frame. The dominance of megacap stocks in global markets has made it difficult for managers to outperform indices, with only a small percentage of funds managing to do so. However, the author suggests that if the current trend changes and more sectors and companies join the bull market, there may be opportunities for active managers to demonstrate their value. [Extracted from the article]

The article discusses the issue of excessive debt in countries and explores different ways to address this problem. It mentions that countries can resort to financial repression, defaulting on citizens, or redirecting capital to their own needs. The article then focuses on the UK's debt situation, highlighting its high debt-to-GDP ratio and the burden of debt interest on taxpayers. It also mentions the need for increased spending on public services and infrastructure. The article suggests that the UK government is considering mobilizing private savings to meet political goals, potentially by encouraging investment in British-listed firms and increasing transparency in pension fund allocations. The author argues that this approach reflects a trend of using private savings for domestic purposes. [Extracted from the article]

The article discusses the possibility of the UK government implementing changes to the non-domiciled tax regime. Currently, individuals who live in the UK but are not domiciled there can choose to pay tax on foreign gains and income only when it is remitted to the UK. There have been complaints about this system, with some arguing that it allows rich foreigners to pay less tax than rich Brits. The article suggests that the government could adjust the system to make non-doms pay more and have fewer tax-free years, or cancel the remittance basis option completely. The article also raises the idea of taxing UK passport holders living abroad on their worldwide incomes, similar to the US system. The potential changes to the non-dom regime and the taxation of UK expats living abroad are seen as ways to raise revenue for the government. However, the article acknowledges that the impact of these changes is uncertain and could potentially lead to non-doms leaving the UK or becoming an expensive virtue signaling exercise. [Extracted from the article]

The article discusses the negative impact of energy infrastructure, such as electricity pylons and wind turbines, on property values. Living close to these structures can decrease house prices by up to 38% and affect resale value. To address this issue, the UK government is considering offering reductions in energy bills of up to £10,000 over a decade for those living near pylons and substations. However, this solution may open up a larger debate about compensating those affected by other energy infrastructure, such as wind turbines. The article suggests alternative solutions, such as offering council tax reductions to affected homes. [Extracted from the article]

The outcome of last week 's Monetary Policy Committee meeting came as no surprise, but if you're trying to live off income generated from capital, it was still bloody irritating. [...]

Morgan Stanley has just hosted its first 'early access' event for young women: 75 girls from 15 top schools were taken on a tour of the trading floor (I bet […]

The City summer party season has begun. I kicked it off with a fifthanniversary party for Neptune Investment Management last Thursday. I like Neptune: they've got good funds and a […]

For some years now it has been fashionable for fund managers investing in Europe to consider the entire Eurozone as one great big market divided up not by national boundaries […]

In Bond Street tube station an ad catches my eye every morning: '140 million people, 9th largest market in the world, 42 billion tonnes of bitumen, 3rd largest movie industry […]

With the endless talk about private equity these days you could be forgiven for thinking it must be the only sensible investment out there. Not so. In fact some of [...]