"Whenever someone says something is ‘univestable,’ what it really means is that there is no price that they would be willing to invest at."
"The networking assumption of the equity markets is that these tariffs are threats, not actions. Until you actually have an action, we’re going to trade on that premise."
"It seems obvious to be overweight US equities. US exceptionalism is very real when it comes to productivity growth, but in the markets, we have to say a lot of that is already in the price."
"Investing it isn’t about picking the best performers, it’s about finding managers with 3 things: an edge; repeatability; temperament. But there’s a catch. Your success in allocating to funds isn’t just about the manager. It’s about you too. Even the best fund in the world won’t work if you can’t handle its behaviour. So before you start screening on performance, ask yourself, does the manager - and do I - have a repeatable edge, with the temperament to stick with it?"