Strategy

For the investor, a too-high purchase price for the stock of an excellent company can undo the effects of a subsequent decade of favorable business developments. -Warren E. Buffett, Berkshire Hathaway Shareholder Letter, 1989 1. Time for Celebration or Caution? 2. What Do “High Valuations” Mean Anyway? 3. Elevated Valuations

Conservatively, I estimate that around GBP £4 Trillion of UK investors money is under-performing a simple risk-return benchmark. Two very important principles are (i) we generally prefer a passive strategy over an active one, and (ii) we prefer simple over complex. Here's a presentation I gave in January