May turned out to be a strong month for stocks. I am not sure what to make of the swift recovery, but FT columnist Rob Armstrong coined the term ‘Taco trade’ (Trump Always Chickens Out) to explain recent investor conditioning. Amusingly, Trump was then asked about this by a journalist and he really did not […]
Month: May 2025
Geoff Oldfield (Ennismore)
Interesting conversation with Geoff Oldfield, the founder of Ennismore Fund Management. He set up the firm with Gerhard Schöningh in 1998 to invest primarily in smaller capitalisation European companies. The European fund has returned ~12.5% p.a. since inception, with no leverage and average net exposure below 50%. In 2016, the firm also launched a global […]
Readings For The Week (3/5)
This week’s links include Horizon Kinetics’ Q1 2025 market commentary, Jim Grant and Evan Lorenz in conversation with First Eagle’s Matthew McLennan, an interview with Ennismore’s Richard Stuckey, WNN on China’s approval of ten new nuclear reactors, Robert Skidelsky revisits Keynes’ bancor proposal and FT Alphaville on the asset-liability mismatch of Taiwanese life insurers. Horizon […]