Eighteen48’s views and insights into markets and investment strategy.

Our news, views and insights into markets and investment strategy.

Quarterly Perspectives

April 2022

One thing we often highlight is the superior long-term performance of the (mostly US) university endowments versus the private banks.

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Quarterly Perspective

January 2022

We are unashamed advocates for active fund management. This may seem quixotic given the underwhelming record of the active management industry as a whole.

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Quarterly Perspectives

October 2021

What we are focused on is the micro more than the macro, and what we therefore do know is that there are currently plenty of good public and private opportunities. ...

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Quarterly Perspectives

July 2021

At times like this, investors should guard against 'activity bias' which lures them to make changes to their portfolios purely for the sake of doing so.

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Quarterly Perspectives

April 2021

Without losing our healthy scepticism, we always keep in mind the fact that human ingenuity and survival instincts create a natural positive bias in society.

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Quarterly Perspectives

January 2021

Last year proved a powerful reminder of the value of looking past short-term ‘noise’ and focusing on long-term outcomes. Our objective and fundamentally-driven invest ...

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Quarterly Perspectives

October 2020

The Revolution of 1848 resulted in a 70% drop in the price of French stocks and bonds, the largest in French history. However, over the next 10 years the stock market ind ...

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Quarterly Perspectives

July 2020

Stock market valuations are quite high in absolute terms (especially on depressed next 12 months earnings) but cheap relative to government bonds. We see relatively limit ...

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Quarterly Perspectives

April 2020

We have high confidence in the equity exposure we own, and estimate that a portfolio of high quality large-cap growth stocks can generate some 10%+ per annum as a 5+ year base case ...

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Quarterly Perspectives

January 2020

For those still scratching their heads at the market’s recovery in 2019, the simple answer is interest rates, and the oft-cited ‘TINA’. The fact is that ever since the global ...

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Quarterly Perspectives

October 2019

Global equities have recovered strongly in 2019 following their 18% peak-to-trough decline in late 2018. Stocks are up some 16% since the start of the year, although the majority o ...

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