Archive for: 2007

10 Dec 2007

Absolute-return investing: time for clarity

Fans of absolute-return investing claim it represents ‘the future of asset management’, its attackers that it is just a fad. Most investment fads are intellectually lazy: they describe concepts but appeal to emotions. The most appealing of investment concepts are versions of the free lunch: the ‘something for nothing’ culture. For absolute-return products, the claimed USP is that you can generate much more upside return than you risk in absolute loss and that this is more efficient and rational than harvesting long-term risk premiums from volatile assets by accepting large interim losses.

read more Commentary by Stuart Fowler
05 Dec 2007

Absolute return investing: time for clarity

Fans of absolute-return investing claim it represents ‘the future of asset management’, its attackers that it is just a fad. Most investment fads are intellectually lazy: they describe concepts but appeal to emotions. The most appealing of investment concepts are versions of the free lunch: the ‘something for nothing’ culture.

read more Research by Stuart Fowler
04 Nov 2007

A lot of nonsense about CGT

Britain’s small business champions (and tax advisers) are indignant at the Chancellor’s failure to consult (a novel concept, that one) on changes to the taxation of gains on business assets. They are predicting that entrepreneurs will not back or start new businesses, or go and do it somewhere else, and that investors will keep their hands in their pockets. If a Government offers to share an investor’s risks, some will take risks they would not otherwise.

read more Commentary by Stuart Fowler
14 Oct 2007

Flatter to deceive: the Chancellor flattens taxes but fails to say why

Last week’s pre-budget report introduced one of the most radical reforms to capital taxes for 20 years. It showed courage in dealing with what may have become excessively generous tax concessions to wealthy foreigners with UK businesses and employment. But what did the public see? A tail-end Charlie of a government, bereft of its own ideas and rushing out initiatives stolen just days earlier from the Conservative Party conference. Labourites, old or new, must be wondering whether substance without spin is really such a good thing.

read more Commentary by Stuart Fowler
01 Oct 2007

Distilling the liquidity crisis

Published in ICAEW “FS Focus”, October 2007 (Article by Stuart Fowler)

read more News by Stuart Fowler
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