'Just Williams' Articles



TOP TRUMPS
By John Newsome on 21st November 2016


So, Donald Trump will soon be sitting in the Oval Office. The BBC's period of official mourning still has a week to run but from Silicon Valley to Islington (via ...


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DEDICATED FOLLOWERS OF FASHION
By John Newsome on 3rd June 2016


The French fund manager, Jean Marie Eveillard, states "a good value (i.e. patient) investor aims to buy investments at prices that are less than they are truly worth ...


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TURNING JAPANESE
By John Newsome on 19th February 2016


The Bank of Japan has just cut its overnight interest rate from 0.1% to minus 0.1% while Sweden's Riksbank took its lower still from minus 0.35% ...


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GOLDEN YEARS
By John Newsome on 13th January 2016


Cast your mind back to those halcyon days when storms were nameless. Your dustbins were not only emptied regularly but actually returned to whence they came ...


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THE KLARMAN BEFORE THE STORM
By John Newsome on 23rd April 2014


For investors, risk and return are Siamese Twins; you can't obtain the latter without the assumption of the former. As a firm, we are occasionally ...


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TALK IS CHEAP
By John Newsome on 12th December 2013


Forget what they say, it's what they do that matters. A point reinforced by the tale of the Reverend Paul Flowers. A man whose ...


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MELLOW YELLEN
By John Newsome on 25th November 2013


There will soon be a changing of the guard at the U.S. Federal Reserve as Ben Bernanke hands the reins ...


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CARNEY'S ARMY
By John Newsome on 8th May 2013


It's interesting how the appointment of a new broom can lead individuals to, well ...


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THE ROAD TO PERDITION...
By John Newsome on 18th February 2013


Value can be a frustratingly transient concept. It is documented that at the ...


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EMPEROR ROTHKO...
By John Newsome on 23rd January 2013


As a child, my favourite fairytale was Hans Christian Andersen's 'The Emperor's ...


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BREAD AND CIRCUSES...
By John Newsome on 21st November 2012


We live in strange times. Never, in the further reaches of my imagination did I ever ...


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THINGS THAT MAKE YOU GO MMMM...
By John Newsome on 26th September 2012


There was an old Soviet joke. The telephone rings at Cosmonaut Yuri Gagarin's house and is answered by his daughter. She explains that her father ...


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DIAMOND'S NOT FOREVER
By John Newsome on 25th July 2012


The advert for Barclays' tracker rate mortgages urges borrowers to 'take one small step'. Although hardly on a par with Neil Armstrong's ...


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AUSTERITY BITES
By John Newsome on 24th May 2012


Warren Buffett observed that investors should look for companies that are so bulletproof, an idiot could run them because one day, that is probably what ...


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NUMBER CRUNCHING
By John Newsome on 15th March 2012


Sometimes it's difficult to put exact numbers to things you know are vital. Warren Buffett, the billionaire investor, tells us "valuing a ...


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NOTHING COMPARES TO EU
By John Newsome on 26th January 2012


Last December, the ratings agency, Standard & Poors (S & P), placed the debt of all 17 Eurozone nations on 'negative watch'. This may so ...


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IN SEARCH OF AN ECONOMIC MERKEL
By John Newsome on 24th November 2011


It was Robert Louis Stevenson (among others) who noted it was better to travel than arrive. Having flown with Ryanair, I would beg to differ. However, the disappointments of budget airline travel ...


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STICK OR TWIST?
By John Newsome on 29th September 2011


On numerous occasions we have referred to how the precarious state of the global economy is, in no small part, the result of 'experts' having a ...


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TO HELLAS IN A HANDCART
By John Newsome on 28th July 2011


It is comforting to know that high street financial institutions just want to hold our hands and guide us through life's trials and tribulations ...


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YOU'VE GOT TO BE KIDDING
By John Newsome on 26th May 2011


Well, there has been plenty going on. The country overwhelmingly rejected a change to the voting system, U.S. government debt was earmarked for a ...


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HALF BAKED BEAN
By John Newsome on 18th March 2011


It is all too easy to assume that individuals in positions of power know what they are doing. I recently saw an anonymous quote which opined that ...


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RUSSIA PUTS THE PUTIN
By John Newsome on 27th January 2011


It has been a miserable few weeks. Education riots, VAT at 20%, while to cap it all, Russia snaffled the World Cup. While we fielded Beckham ...


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BERNANKE'S FINANCIAL HANKY PANKY WON'T SAVE UNCLE SAM
By John Newsome on 2nd December 2010


When I was a boy, QE2 was the acronym used to describe a ship owned by Cunard. Now, it's the next chapter of U.S. monetary policy. The QE2 ...

 

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LESSONS LEARNED ?
By John Newsome on 28th October 2010


In Oscar Wilde's 'The importance of being earnest', Lady Bracknell tells us " to lose one parent may be regarded as a misfortune; ...

 

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DIAMONDS ARE FOR BREAKFAST
By John Newsome on 23rd September 2010


It is a persistent problem. In the middle of the night, you are rudely awakened by a knock at your hotel door. Is the building on fire? ...

 

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YOU CAN FOOL SOME OF THE PEOPLE,
SOME OF THE TIME
By John Newsome on 22nd September 2010


There are well over half a million words in the English language. You might have thought that with all that choice, it wouldn't be too ...

 

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THE ANSWER IS BLOWIN' IN THE WIND
By John Newsome on 6th September 2010


Wise words from Bob Dylan. While I'm hardly an expert on 1960s counterculture, he meant (I think) that the answers are often there but ...

 

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THE PAINS OF KEYNES
By John Newsome on 17th June 2010


It has often been said of economics that while the questions remain the same, it is only the answers that change. The obscure Victorian economist, ...

 

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TO HELLAS AND BACK
By John Newsome on 27th May 2010


It is comforting to know that high street financial institutions just want to hold our hands and guide us through life's trials and tribulations ...

 

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DEJA VU - ALL OVER AGAIN
By John Newsome on 29th April 2010


Things aren't always what they seem. A thought no doubt not lost on Accenture and Gillette. Both firms had promoted themselves on the back of ...

 

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GOLDEN BROWN
By John Newsome on 8th April 2010


Throughout history, gold has held an unshakable hold over the human psyche. From Midas to the Spanish Main, from Cecil Rhodes to... er, Spandau ...

 

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GREECE IS THE WORD
By John Newsome on 26th February 2010


It's our view that the world economy is still concealing plenty of unexploded ordnance. Whether it detonates is another matter but every now ...

 

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THE LLOYD IS MY SHEPHERD
By John Newsome on 17th February 2010


Mark Twain said "Whenever you find yourself on the side of the majority, it is time to pause and reflect." Clearly, it's not a problem we ...

 

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GROSS DOMESTIC POPPYCOCK
By John Newsome on 29th January 2010


Britain has, at least in a technical sense, finally emerged from recession. Most industrialised nations have been posting anaemic growth in Gross ...

 

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BONFIRE OF THE BANALITIES
By John Newsome on 13th November 2009


Markets keep rising but so does unemployment. Governments print money although the vast majority of it leaches into speculative capital market ...

 

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MORE QUESTIONS THAN ANSWERS
By John Newsome on 29th October 2009


An acquaintance of ours asked us recently why, unlike the majority of investment managers, we weren't talking the stockmarket up. We explained ...

 

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QUE SERA SERA
By John Newsome on 5th October 2009


We have always invested a good deal of time ensuring that our clients understand our investment thinking, both in the short and longer terms ...

 

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BREAKING UP IS HARD TO DO?
By John Newsome on 27th August 2009


This year, the Euro celebrated its tenth birthday. It was launched with great fanfare on the 1st January 1999; Rudolf Erlinger, then Chairman of ...

 

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TRUST ME; I'M AN EXPERT
By John Newsome on 6th August 2009


Experts; where would we be without them? A lot better off is our guess. We're not talking here about real experts like doctors, dentists, pilots or ...

 

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SCAMELOT
By John Newsome on 9th July 2009


Once upon a time, economic prosperity was the result of a high savings ratio combined with sweat and risk taking. Victorian Britain pioneered it ...

 

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TRAINSPOTTING
By John Newsome on 25th June 2009


It is a great comfort to know that those who were playing blind man's buff while the economic crisis was fermenting now see a swift recovery on ...

 

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ALISTAIR IN WONDERLAND
By John Newsome on 28th May 2009


In recent years, Budgets have been rather boring, a mirage of prosperity rendering them a sideshow. However, last month's crossed the ...

 

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SPEND, SPEND, SPEND
By John Newsome on 23rd April 2009


In order to fund its massive borrowing requirements, the government has been selling bonds (gilts) to investors. However, last month, for the first ...

 

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DEAR PRUDENCE
By John Newsome on 26th March 2009


Remember Prudence? Go on, think back, you know her. She was that fresh faced, well mannered girl. There was a time when you couldn't miss her but ...

 

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DEFLATION TODAY, INFLATION TOMORROW
By John Newsome on 12th March 2009


The UK is now facing a severe economic contraction. While we chose to ignore the comments of politicians and bankers on both sides of the ...

 

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STERLING POUNDED
By John Newsome on 5th February 2009


The American writer Gore Vidal, once remarked that "it was not enough to succeed, others must fail". I suspect recent comments by ...

 

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GIVE 'EM ENOUGH ROPE
By John Newsome on 15th January 2009


Those old wives knew a thing or two. A stitch in time does save nine. The road to hell is paved with good intentions and if you give ...

 

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FROM A ROCK TO A PEBBLE
By John Newsome on 9th September 2008


It has taken six months but the final chapters of the Northern Rock saga are about to be written. The first run on a bank since the ...

 

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john


" We live in strange times. Bailed out banks, entire countries on the verge of bankruptcy and politicians usually part of the problem rather than offering realistic solutions. Successful investment has always required an ability to go against the grain but it will be an absolute must in the years to come."

 

JOHN NEWSOME