View From Level 39

When is a fad a trend?

And why you should beware of investing in them…

The Importance of Sleep

More than ever governments and companies should promote the value of a proper…

Value Investing’s letter to Santa

Record high dispersion across stocks offers opportunities

Early warning signs

The metric that red-flagged both NMC and Wirecard

Beware predictions and prophets of trends

The dangers of relying on human memory and trying to buy…

Putting your customers first matters

It creates lasting and dependable franchises

Travelling on Hope?

Don’t just look at share prices, enterprise value is more important…

The Hatfield Rail Crash, Wirecard and staying active

What happens when information bubbles become echo…

Embracing Bears

The value in avoiding homophily

“Alternative views are dismissed not…

Mifid II: research, reductions and revolution

The unintended consequences are often the least desired…

From Gladwell to Dalio, via the SAS

Why we start with talent first and look at a CV last in our hiring…

Micro vs Macro

Why we are intently focused on fundamentals and alive to the mispricings created by…

Being unconstrained, inventing ball-barrows and catching that 20lb salmon.

A journey from sausage casings to missile targeting, used car auctions to cinemas.