LWM Consultants Blog

  • “Frankly, my dear, I don’t give a damn” November 14, 2019 - Frankly, I am bored! Referendums and elections, but nothing seems to have changed for the last three years. One certainty about this election is that that the outcome is uncertain; opinion polls will tell you one thing but as we have seen over the last couple of years, they have not been a good weather […]
  • Investing for the long term October 14, 2019 - In 2014 Warren Buffett wrote: My advice to the trustee could not be more simple: Put 10% of the cash in short-term government bonds and 90% in a very low-cost S&P 500 index fund. (I suggest Vanguard‘s.) I believe the trust’s long-term results from this policy will be superior to those attained by most investors—whether […]
  • A new norm, and what it means for cash September 27, 2019 - At the turn of the century (well nearly 20 years ago) cash was a usable asset class. For those wanting to “safeguard” capital and receive an income it seemed the perfect choice; £100,000 could provide an “income” of around £5,000 per annum. In 2008/2009 this all changed as globally, interest rates dropped to near zero; […]
  • Interest rates – this time really could be different September 27, 2019 - As fads and phases in markets and economies come and go, the smouldering wreckage of once hyped ‘must have’ investments often lie in a worthless crumpled heap next to people muttering. ‘But I really thought this time was different’ It rarely is! So, it pays to be highly sceptical when phrases like ‘new paradigm’ are […]
  • What’s Happening Next? September 11, 2019 - George and I spend many hours discussing the politics and economics of the world, with reference to where and how to most productively employ capital. We try, in doing this, to separate the personal from the strategic, so what I will write is not necessarily my own view on what would be best or honourable […]
  • What’s next…… August 21, 2019 - I have just returned from two weeks away on a Greek Island. Although we had Wi-Fi, I had decided before we left that I wouldn’t check emails nor would I engage with the news. The last time I did this was in 2011; I remember getting on the ferry back from France and reading that […]
  • Half Year Report: Networks and Systems – The Difference Between ‘What’ and ‘Why’ July 15, 2019 - George has written an excellent half year investment report and really, I have nothing useful to add to his piece. The performance so far this year is above decent, and we are excited that the changes made at the rebalance should meaningfully upgrade returns. So instead I’m going to write an impenetrable load of waffle […]
  • Let’s talk about Woodford June 10, 2019 - Neil Woodford is a star fund manager; at Invesco he ran several flagship funds and was the poster boy of the investment industry. As things appear to start to unravel it is worth perhaps just outlining the importance of research. DIY Investing The Woodford Fund has seen assets fall from over £10 billion to about […]
  • 2018….. May 27, 2019 - How many of us remember the events 2001 or 2008? Over the ten or so years since 2008, only in 2011 did we see a negative year through fears on the fragility of the global economy. In fact, over the last ten years it has been easy to forget that markets can go down, as […]
  • When is the best time to invest? May 22, 2019 - Two years ago, I was talking to a friend; the conversation went along the lines of, “2016 was good, but markets are going to fall so I am going to take my money out of the market and hold it in cash”. My friend then went on to explain that once the markets had reached […]