📊📉Friday Chart Quiz: what do these coloured dots represent? The image reminds me of the Mastermind game I had as a child (that's not a clue)!

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I might have found the perfect pub, in an unexpected City-adjacent location It’s also got cricket on other screens yet somehow retains the feeling of a nice traditional pub, not a horrible sports bar And it has an actual beer garden How have I worked in the City for 20yrs yet never been here?

Here. We. Go.

📊📉Friday Chart Quiz: what does this Australian data represent? Wrong answers encouraged, as always!

Had to look this up this morn after hearing it on 6music a few times. Worth checking out Playing classics by Water from your eyes It’s got a good rhythm and energy. Gets me bobbing my head (don’t expect more at breakfast time) open.spotify.com/track/231Mlr...

People think they have more in UK equities than they do, believe they should have more in UK equities, are happy to invest more even if it means earning a lower return, and are ok with being forced to do so

🔥 Default options in DC pensions should have a minimum 20-25% of their equities in UK equities www.linkedin.com/posts/duncan...

Banger of an intro paragraph When I see people write like this about finance, it spurs me to be braver in my own writing. Very very well done @dsquareddigest.bsky.social on.ft.com/47ZzGzI The grimdark future of credit risk models

Check out this chart of share buyback activity at UK plc. What a trend Doesn't matter if talking FTSE 100, FTSE 250, or if exclude inv trusts. The pattern is the same. (although FTSE 250 vs FTSE 250 ex-investment trusts does highlight quite how active ITs have been)

Something I think the finance industry fails to do well enough is help people understand the real life value it adds. I'm generalising here but many people think it benefits participants at the expense of the person on the street (post-GFC vibes) Here’s my attempt lnkd.in/p/erDpcMfK

🏏For the cricket fans among you this is utterly fascinating on the backstory, people, and business behind the Indian Premier League (IPL) I’m not a big cricket fan but it’s enthralling. The scandal! The subterfuge! The podcast equivalent a 4hr30 page turner www.acquired.fm/episodes/ind...

ANSWER: it’s the average first day pop in share prices for IPOs Money to be made by investors in Japan / founders are leaving a lot of money on the table in pricing their IPO cheaply in Japan

Zoolander 3, right down to the people in the background

I’ve made this too hard haven’t I? Clue: it’s something to do with returns But whether it’s a good thing for Japan to be beating the US depends on your perspective

📉Friday Chart Quiz: what characteristic of Japanese and US stocks is this showing? Tricky one this week. The recent rise then fall in the US, which also happened in the Dotcom bubble, might give a clue

Never been a watch guy but listening to the Acquired pod about Rolex is making me want one www.acquired.fm/episodes/rolex

🫸 one way that credit spreads are not as eye-wateringly expensive 1. Bad news: spreads near 20yr lows (orange diamonds) 2. But duration also near 20yr lows in many areas 3. Can absorb bigger rise in spread before spread wiped out/before underperf gov bonds (blue diamonds) = margin of safety

🩻 Everyone hates biotech. 2025 currently has the lowest amount of VC investment in the sector for 8 years I get that AI is the hot sector but...surely biotech will be a beneficiary? e.g. more efficient drug discovery *not investment advice: DYOR *

What equity styles have been performing well? The answer may surprise you This is a more detailed write up of the analysis I shared last week - highlighting differences in style perf, sectors, valuations outside the US compared with within it www.schroders.com/en-gb/uk/int...

Newcastle is an excellent city for pre-match wandering (And come on the toon!)

📉Friday Chart Quiz: what is on track to fall in value by more this year than any other since at least 2000? Wrong answers encouraged, as always!

Inflation? What inflation?

Remove your US-tinted glasses: it’s been a Value and high dividend market outside the US Growth and quality have languished

Maximum bullishness on local EMD www.schroders.com/en-gb/uk/int...

Small/mid buyouts have outperformed large buyouts recently + over long run but can still buy these companies at 40-50% discount to large buyouts/public peers This feels a compelling case. What are the arguments against? Maybe that this isn’t showing risk-adj perf? But worth unpacking that… 1/6

There won’t be many more gorgeous evenings like this in Edinburgh before the dark nights set in. Absolutely quality social run tonight

You can get 42 chicken drumsticks in Waitrose for £12 Feels like 2005 pricing, not 2025

Richest countries in the world, defined three ways Source: the economist

I’m old enough to remember when $1 trillion in market cap would have made you the biggest company in the world* Now it’s a single individual’s comp package. Things move fast * Apple did it first, as recently as 2018

🤑Friday Chart Quiz: what are best-off countries in the world after adjust for inflation (PPP) and hours worked? And who falls from 1st to 8th because they work such long hours? Switzerland, where I’ve been this week, is top for GDP/capita but hurt by high cost of living source: The Economist

We came, we saw, we presented, we swam 🇨🇭 Zürich is an awesome city. I can imagine it’s a great place to live. Love the “just go for a swim anywhere in the river you want” attitude. And that the river is clean enough to drink as well (maybe a bit less so after I’d been for a run and a dip)

🤯 UK and European value stocks have beaten S&P 500 over the past 5yrs I'm willing to bet good money that many of you would not have guessed this? Not just about recent $ weakness. They're also ahead in local currency terms Still think the only interesting stocks worth investing in are in the US?

Slightly ashamed that I didn’t know much about Lugano before today but it is nice! Had worse work trips

Switzerland we need a word. Macaroni bolognese with apple sauce

Striking numbers, given all the doom and gloom: over the past year UK equities have significantly outperformed US equities in both £ and $. In £ FTSE All share total return 15% vs 8% for S&P 500 In $ FTSE All share 24% vs 16% for S&P 500 It's only a year but when was the last time this happened?

Not sure why they bother. Surely the answer is just: Scottish tap water?

In other inflation related thoughts, has anyone noticed a 50% decline in olive oil prices recently? No, me neither

🛒 Friday Chart Quiz: what popular UK supermarket purchase has shot up in price by >20% this year? The equivalent of asking a politician if they know the price of milk. Are you a man or woman of the people, or not? Wrong answers encouraged. RPI/CPI bantz acceptable

Liz Truss is on Odd Lots?!?!?!

👀 PE continuation funds (PE "selling to itself") are provocative. But a lot is because of misunderstanding or "fake news". Here are 4: 1️⃣ Fund managers typically retain (and often enhance) their interest in the underlying cos – 𝐚𝐧𝐝 𝐭𝐲𝐩𝐢𝐜𝐚𝐥𝐥𝐲 𝐝𝐨 𝐧𝐨𝐭 𝐫𝐞𝐚𝐥𝐢𝐬𝐞 𝐩𝐞𝐫𝐟𝐨𝐫𝐦𝐚𝐧𝐜𝐞 𝐟𝐞𝐞𝐬 𝐨𝐧 𝐬𝐮𝐜𝐡 𝐭𝐫𝐚𝐧𝐬𝐚𝐜𝐭𝐢𝐨𝐧𝐬 1/5

Great charts from the Atlanta Fed showing small businesses are getting hit hardest by the trade war (largely because they are more exposed to Chinese imports and have less ability to borrow money while they shift supply chains) www.atlantafed.org/blogs/macrob...

How can this be possible? No matter your views on Stansted or Ryanair, it’s too cheap to ignore (especially after my recent shambolic train journeys)

🚗"Pay your child support or we take away your car" This is how it works in the US, to encourage people to look after their kids. If don't pay, your driving license is revoked 90% pay up What a powerful incentive! Social aim achieved without costing $$$ glennmercer.substack.com/p/social-eng...

It’s hard not to find this funny 🤣

Running tip: not cheap but ASICS superblast II are ridiculous trainers I’m on over 600 miles and still so comfy and robust They’re my go-tos for long/moderate runs, make it so easy for the legs to just keep turning over I don’t use them on fast sessions as not v. responsive but so comfy on longs

Never seen this before. Love it

🎵 #FridayChartQuiz x The Economist: what characteristic of hit songs has shot up to a new record high? Wrong answers encouraged! Thanks to @alexselbyb.bsky.social at The Economist for the chart You should follow Alex for cool charts - no cheating by looking at his posts for the answer tho!

namecheck for Schroders from the competition, @duncanlamont2.bsky.social www.reuters.com/markets/euro...

It couldn’t happen again could it? Oh yes it could Supposed to be in Edinburgh in 25 mins. Instead I’m at Preston, just been booted off a broken train, put on one going to Glasgow So I’ll arrive Glasgow about 0030 and then have to somehow get home to Edinburgh. With faffing it’s going to be 2am