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Bubble -  Are the Magnificent Seven Overpriced?

Bubble - Are the Magnificent Seven Overpriced?
04 Dec 2023

Equitile's CIO, George Cooper, looks at the year ahead and sees the risk of a bubble in mega-cap technology stocks bursting.

Are Central Banks Causing Stagflation?

Are Central Banks Causing Stagflation?
09 May 2023

George Cooper, our Chief Investment Officer, suggests central banks are causing rather than curing inflation.

Dollar Demise?

Dollar Demise?
05 Apr 2023

Equitile's CIO, George Cooper, questions the outlook for the US dollar in the light of recent geopolitical events and US bank failures.

Artificial Intelligence - Scary Good

Artificial Intelligence - Scary Good
09 Jan 2023

Andrew McNally, looks at the latest Silicon Valley phenomenon, ChatGPT. An AI driven chatbot which brings Artificial Intelligence into the mainstream and might well be one of the most distruptive developments of 2023. 

Inflation Really is Caused by Governments - Some thoughts from '74

Inflation Really is Caused by Governments - Some thoughts from '74
13 Jun 2022

We look back to a seminal political speech from 1974 to understand the role that governments themselves might play in the current inflation environment.

Jubilee - A time for borrowers to celebrate?

Jubilee - A time for borrowers to celebrate?
06 Jun 2022

In this Investment Letter, George Cooper reflects on how the biblical jubilee celebrations were associated with debt forgiveness. Although not as predictable in today's society, debt forgiveness is still very much at play, through inflation.

Barney's P Curve - Why we expect higher inflation

Barney's P Curve - Why we expect higher inflation
02 Aug 2021

In this Investment Letter, George Cooper pays tribute to his late dog, Barney, by using "Barney’s P curve" to describe a universal characteristic of all government macroeconomic policy intervention.

Going Rome - Both football and monetary policy are heading south

Going Rome - Both football and monetary policy are heading south
14 Jul 2021

In this letter, George Cooper argues monetary policy within the Eurozone is shifting from a hard-currency tradition, inherited from the German Bundesbank, towards a more "flexible policy" that has historically been more typical of Southern Europe. This shift in ECB policy has so far gone relatively unnoticed, but we suspect its long-term impact will be significant. 

Making Silicon Chips

Making Silicon Chips
19 Feb 2021

In this Investment Insights letter, George Cooper explains the process of how to make silicon chips while also drawing some parallels with how Equitile invests.

When Science Fails

When Science Fails
05 Jan 2021

In this insights letter George Cooper illustrates how Kuhn’s ideas are relevant today for assessing the quality of the scientific advice governments are following in responding to the COVID-19 pandemic.

Public Deficits, Private Profits

Public Deficits, Private Profits
03 Dec 2020

In this note we explain why fiscal deficits are good for equity investors by using the Kalecki profit equation.

State of the Markets Podcast

State of the Markets Podcast
16 Nov 2020

Equitile's Chief Investment Officer, George Cooper, joins Tim Price and Paul Rodriguez for their State of the Markets podcast.

When Prophecy Fails - How to ignore doomsday forecasts

When Prophecy Fails - How to ignore doomsday forecasts
27 Oct 2020

George Cooper provides some useful hints for how to spot and when to ignore false doomsday prophecies.

Lockdown: What did we get? Why did we do it?

Lockdown: What did we get? Why did we do it?
29 Sep 2020

Will the COVID-19 lockdowns prove deflationary or inflationary? 

No Hard Promises - thoughts on inflation after COVID-19

No Hard Promises - thoughts on inflation after COVID-19
05 Aug 2020

A detailed look at the outlook for inflation after the COVID-19 crisis.

Luddites and the New Social Revolution

Luddites and the New Social Revolution
21 Jul 2020

Equitile's Chief Investment Officer, George Cooper, looks at some of the investment implications arising from new habits having formed for both people and companies due to the lockdown.

The Consequences of COVID-19

The Consequences of COVID-19
20 Apr 2020

Equitile's Chief Investment Officer, George Cooper, outlines some of Equitile's thinking on the longer-term implications of the economic shutdown associated with the COVID-19 pandemic.

COVID-19: Our initial response and thoughts

COVID-19: Our initial response and thoughts
23 Mar 2020

Equitile's Chief Investment Officer, George Cooper, provides a Fund update regarding the global COVID-19 pandemic.

Stock market superstars and the danger of a buy-and-hold investment strategy

Stock market superstars and the danger of a buy-and-hold investment strategy
20 Jan 2020

Equitile's Chief Investment Officer, George Cooper, looks at the history of companies with record breaking market capitalisations, with some useful lessons for investors.

Revolutionary Fervour

Revolutionary Fervour
20 Dec 2019

Equitile's Chief Executive Officer, Andrew McNally, looks back on the origins of our investment philosophy and how they have helped us navigate five years of political turmoil and technology driven economic growth.

While Stocks Last - Reflections on the share buyback debate

While Stocks Last - Reflections on the share buyback debate
09 Sep 2019

Are share buybacks necessarily a bad thing? We reflect on the debate, look at the evidence and ask what they mean for investors.

Norway Moves to America - Mean reversion and industrial revolutions

Norway Moves to America - Mean reversion and industrial revolutions
03 Sep 2019

The world’s biggest equity investor has indicated it now expects to reallocate up to $100 billion from European equities into U.S. equities. We think this is the right decision.

Monetary Policy on a War Footing

Monetary Policy on a War Footing
05 Jun 2019

After a rocky start, Chairman Powell and President Trump now appear to be on the same policy page.

Over Easy - Can Monetary Policy Become Self-Defeating?

Over Easy - Can Monetary Policy Become Self-Defeating?
25 Mar 2019

Low interest rates are supposed to stimulate economic activity. Very low interest rates are supposed to stimulate economic activity even more. This linear thinking, which dominates monetary policymaking, is now being questioned.

Modern Monetary Theory - The Magic Money Tree

Modern Monetary Theory - The Magic Money Tree
18 Feb 2019

Those arguing the case for Modern Monetary Theory are starting to be heard. Our Chief Investment Officer explains, however, why its advocates are presenting no more than the infamous Magic Money Tree.

In Search of Stability & Growth - If only Europe was more like the US

In Search of Stability & Growth - If only Europe was more like the US
04 Jan 2019

The strong performance of the US economy relative to Europe tells us much about asset allocation between the two regions and offers an interesting segue into to the UK’s political crossroads.

A New Maestro? Observations on an important speech by Fed Chairman Powell

A New Maestro? Observations on an important speech by Fed Chairman Powell
29 Nov 2018

Why we believe yesterday’s speech by Fed Chairman Powell is positive for the stock market and signals a new, more sophisticated, approach to central banking

Meerkats and Market Behaviour - Thoughts on October's stock market fall

Meerkats and Market Behaviour - Thoughts on October's stock market fall
29 Oct 2018

Why we believe October’s correction is more about crowd behaviour than economic fundamentals.

 Reckless Prudence - How to break a pension system

Reckless Prudence - How to break a pension system
22 Jun 2018

George Cooper explains how pension assets should be invested and why recent attempts to ‘de-risk’ pension schemes are causing systemic risks in the pension system as a whole.

The Anxiety Machine - The end of the world isn't nigh

The Anxiety Machine - The end of the world isn't nigh
30 Apr 2018

George Cooper looks at our cognitive bias towards overly dramatic, overly negative narratives and why the facts, most often, paint a different picture.

Depressed lobsters and the dividend yield trap

Depressed lobsters and the dividend yield trap
12 Mar 2018

Our Chief Investment Officer, George Cooper, explains why chasing dividend yield can lead to a portfolio of yesterday’s corporate losers and tomorrow's corporate failures.

Still Flashing Green: Equities in a world of higher growth and financial repression

Still Flashing Green: Equities in a world of higher growth and financial repression
23 Jan 2018

George Cooper looks at why equity markets are performing so well, despite rising interest rates, and explains why the inflation protection offered by equities may become more valuable.

Tales of an Astronaut - Lessons from the Unknown

Tales of an Astronaut - Lessons from the Unknown
06 Sep 2017

We are hard-wired to prefer predictable environments but our craving for certainty often gets the better of us. One unusual profession, however, might offer some valuable lessons for all investors.

Regulating Psychopaths

Regulating Psychopaths
14 Jul 2017

In light of the Financial Conduct Authority’s recently published Asset Management Market Study, Equitile’s CIO George Cooper discusses how the asset management industry could be encouraged to police itself better.

Facts not Opinions

Facts not Opinions
13 Mar 2017

In an evolving, innovative economy it is important to have an adaptive investment strategy. Our CIO, George Cooper, discusses some of the qualities we look for in the companies we invest in and some of the qualities we seek to avoid. 

Why ownership matters more than ever

Why ownership matters more than ever
02 Mar 2017

With UK home ownership in decline and the dream of widespread share ownership now just that, Equitile's CEO writes for CapX on the implications for the public policy debate.

Crisis Economics

Crisis Economics
02 Feb 2017

Why do we have a crisis in economic theory? Equitile's Chief Investment Officer to share his perspectives at the Cambridge University Marshall Society.

 

The Lost Shield? - The small print in Trump's tax plan

The Lost Shield? - The small print in Trump's tax plan
11 Jan 2017

In the heat of the presidential debate, few would have noticed one proposal on the Trump campaign trail that, if put into practice, would be a game-changer. Equitile explores the potential impact of an important footnote to the President-Elect's tax plans. 

2016: A Tale of Two Walls

2016: A Tale of Two Walls
03 Jan 2017

George Cooper reflects on the lessons of the year passed and muses on what may lie ahead. With Donald Trump just days away from the US Presidency, this year the exercise feels more worthwhile than ever before.

Revival of the Fittest

Revival of the Fittest
05 Dec 2016

Corporate longevity is in secular decline while we, on average, are living longer. As new firms uproot the old at an increasing rate, Equitile asks what this means for a traditional buy-and-hold investment approach. 

An Impossible Trinity?

An Impossible Trinity?
28 Nov 2016

Financial markets are pricing higher profits and a higher cost of borrowing while voters expect higher wages. Is this Trump’s impossible trinity?

Hedonism and the value of money - Part II

Hedonism and the value of money - Part II
24 Oct 2016

In this second part George argues the investment climate is getting tougher with bonds priced to deliver especially disappointing returns. However, equities should still comfortably outperform income growth over coming decades.

Hedonism and the value of money - Part I

Hedonism and the value of money - Part I
21 Oct 2016

In the first part of his latest two-part investment letter George Cooper goes back to the Swinging Sixties to offer a few thoughts on hedonism and the value of money in order to explain why inflation is a poor measure of investment success. 

'Fixing Economics' by George Cooper: Book Review

'Fixing Economics' by George Cooper: Book Review
31 Aug 2016

Modern economics needs to embrace a new way of looking at and understanding the world if financial crises are to be prevented in the future. George Cooper talks to Juliette Foster at Share Radio about his new book 'Fixing Economics'. 

Bloomberg Radio - Equitile’s Cooper: How to Fix Economics

Bloomberg Radio - Equitile’s Cooper: How to Fix Economics
30 Aug 2016

Quantitative easing is only stimulating asset markets, not the real economy, says George Cooper, CIO at Equitile Investments in Bloomberg Interview.

George Cooper Talks to Bloomberg Radio - Time to Brexit-proof Investment Funds

George Cooper Talks to Bloomberg Radio - Time to Brexit-proof Investment Funds
20 Jul 2016

Equitile's Chief Investment Officer, George Cooper, talks to Bloomberg Radio on the underlying causes of the "electoral revolt" seen in the EU referendum. 

Is corporate debt addictive?

Is corporate debt addictive?
18 Jul 2016

As corporate debt levels around the world continue to rise Andrew McNally explores some new work in theoretical finance that suggests companies might not be as in control as we thought. 

Investment Letter - Constant Reformation

Investment Letter - Constant Reformation
09 Jul 2016

In his second investment letter Equitile's Chief Investment Officer, George Cooper, looks at the deep-rooted causes of Brexit and asks what the implications are for investors navigating a new socio-economic order.

Can fair fees make active managers more sustainable?

Can fair fees make active managers more sustainable?
05 Jul 2016

Andrew McNally explores whether a fairer fee model, one that rewards managers for investment success, might lead to a more sustainable active investment management industry and mitigate some of the external costs associated with passive investing.

Is it time to rethink monetary policy?

Is it time to rethink monetary policy?
30 Jun 2016

George Cooper writes for International Banker magazine on why monetary policy needs a serious rethink.

George Cooper Talks to Bloomberg Radio - Central Bankers Are Irresponsible

George Cooper Talks to Bloomberg Radio - Central Bankers Are Irresponsible
10 Jun 2016

Central bankers are bordering on irresponsible behaviour, by forcing debt into economies, that will ultimately cause deflation says Equitile's Chief Investment Officer, George Cooper.

Panama Papers create a golden opportunity for UK fund houses

Panama Papers create a golden opportunity for UK fund houses
01 May 2016

Equitile's Chief Executive Officer, Andrew McNally, writes in the Financial Times on why the Panama Affair creates a golden opportunity for the UK funds industry.

Investment Letter - Eternal Adaptation

Investment Letter - Eternal Adaptation
31 Mar 2016

In their inaugural Investment Letter, George Cooper and Andrew McNally show how Equitile's unique investment approach works in practice and explain why they launched the Equitile Resilience Fund.

Lumbering corporate dinosaurs face mass extinction

Lumbering corporate dinosaurs face mass extinction
13 Oct 2015

In an article for MoneyWeek, Andrew McNally examines what makes a company resilient and allows it to survive and thrive in a fast changing and uncertain world.

Undoing the Mistakes of QE

Undoing the Mistakes of QE
15 Sep 2015

In both Westminster and the City PQE has been greeted with a combination of astonishment and derision. George Cooper writes for The Independent on why it might not be as crazy as some commentators suggest.

Build a company on prudence and trust, not debt

Build a company on prudence and trust, not debt
10 Jul 2015

Andrew McNally, in an article for Moneyweek, looks at the value of financial prudence in corporations and how trusting relationships with customers might depend upon it.

The unspoken political truth about debt

The unspoken political truth about debt
30 Mar 2015

No politician talks about why companies create so much debt. Andrew McNally, writes for Prospect Magazine on why a change to the tax treatment of interest expenses in corporations should be on the political agenda.

Hanging the Wrong Contract?

Hanging the Wrong Contract?
26 Mar 2015

Many of the principle-agents problems in corporations, although often seen as an equity problem, might in fact be down to excessive reliance on debt finance.

Captain Kirk and the science of economics

Captain Kirk and the science of economics
08 Mar 2015

In a light-hearted view look at the crisis in economic thinking, George Cooper presents at Nudgestock: The world’s only cool behavioural finance conference.

An interview with World Finance

An interview with World Finance
08 Mar 2015

George Cooper talks to World Finance on the crisis in economic thinking as explored in his second book, Money, Blood and Revolution.

Tim Haig interviews George Cooper

Tim Haig interviews George Cooper
07 Mar 2015

Tim Haig explores George’s vision of a simplified model of economic systems and the engine of prosperity.

Debtonator - How Equity Can Work for All of US

Debtonator - How Equity Can Work for All of US
07 Mar 2015

In his book, Debtonator, Equitile's Chief Executive Officer, Andrew McNally, looks at the risks posed by excessive corporate debt and how greater use of equity might be better for everyone.

John Authers of the Financial Times in conversation with George

John Authers of the Financial Times in conversation with George
07 Mar 2015

A two part interview with John Authers of The Financial Times about Money, Blood and Revolution.

Debt & the magical mathematics of Brahmagupta

Debt & the magical mathematics of Brahmagupta
07 Mar 2015

At Equitile we believe it is impossible to understand either macroeconomics or financial markets without first understanding the role of money and debt in the economic system. 

Interview with our Chief Investment Officer, George Cooper

Interview with our Chief Investment Officer, George Cooper
05 Mar 2015

George Coopers speaks to Ross Ashcroft of The Renegede Economist on the scientific revolution in which economics and finance now finds itself.

Seductive Charm

Seductive Charm
29 Jun 2014

Andrew McNally writes for the Daily Telegraph on the declining use of equity finance and how our reliance on debt to fund future growth is a source of extreme wealth inequality.

A creditable recovery

A creditable recovery

Politicians of all shades seem united on one thing at least: the need for banks to keep lending. Since the financial crisis, getting credit flowing has been the main goal of financial policy. Equitile's Chief Executive Officer, Andrew McNally, writes for the Financial Times on why they might be missing a more creditable solution.

Money, Blood and Revolution

Money, Blood and Revolution

Economics is a broken science, living in a kind of Alice in Wonderland state believing in multiple, inconsistent, things at the same time. In his second book George Cooper examines the scientific revolution in which economics now finds itself.

The Origin of Financial Crises

The Origin of Financial Crises

In a series of disarmingly simple arguments George Cooper challenges the core principles of today's economic orthodoxy and explains how we have created an economy that is inherently unstable and crisis prone.

The Lost Shield? - The small print in Trump's tax plan The Lost Shield? - The small print in Trump's tax plan 2 The Lost Shield? - The small print in Trump's tax plan Read article Resilience Fund Resilience Fund 1 Resilience Fund Hedonism and the value of money - Part II Hedonism and the value of money - Part II 2 Hedonism and the value of money - Part II Read article An interview with World Finance An interview with World Finance 2 An interview with World Finance Watch video Seductive Charm Seductive Charm 2 Seductive Charm View article Investment Letter - Constant Reformation Investment Letter - Constant Reformation 2 Investment Letter - Constant Reformation Read article Revival of the Fittest Revival of the Fittest 2 Revival of the Fittest Read article The Anxiety Machine - The end of the world isn't nigh The Anxiety Machine - The end of the world isn't nigh 2 The Anxiety Machine - The end of the world isn't nigh Read article The unspoken political truth about debt The unspoken political truth about debt 2 The unspoken political truth about debt Read article 2016: A Tale of Two Walls 2016: A Tale of Two Walls 2 2016: A Tale of Two Walls Read article Debt & the magical mathematics of Brahmagupta Debt & the magical mathematics of Brahmagupta 2 Debt & the magical mathematics of Brahmagupta View article Contact Contact 1 Contact Over Easy - Can Monetary Policy Become Self-Defeating? Over Easy - Can Monetary Policy Become Self-Defeating? 2 Over Easy - Can Monetary Policy Become Self-Defeating? Read article A creditable recovery A creditable recovery 2 A creditable recovery View article 'Fixing Economics' by George Cooper: Book Review 'Fixing Economics' by George Cooper: Book Review 2 'Fixing Economics' by George Cooper: Book Review Read article Facts not Opinions Facts not Opinions 2 Facts not Opinions Read article The Origin of Financial Crises The Origin of Financial Crises 2 The Origin of Financial Crises View more Depressed lobsters and the dividend yield trap Depressed lobsters and the dividend yield trap 2 Depressed lobsters and the dividend yield trap Read article Regulating Psychopaths Regulating Psychopaths 2 Regulating Psychopaths Read article Meerkats and Market Behaviour - Thoughts on October's stock market fall Meerkats and Market Behaviour - Thoughts on October's stock market fall 2 Meerkats and Market Behaviour - Thoughts on October's stock market fall Read article A New Maestro? Observations on an important speech by Fed Chairman Powell A New Maestro? Observations on an important speech by Fed Chairman Powell 2 A New Maestro? Observations on an important speech by Fed Chairman Powell Read article Monetary Policy on a War Footing Monetary Policy on a War Footing 2 Monetary Policy on a War Footing Read article Lumbering corporate dinosaurs face mass extinction Lumbering corporate dinosaurs face mass extinction 2 Lumbering corporate dinosaurs face mass extinction View article Build a company on prudence and trust, not debt Build a company on prudence and trust, not debt 2 Build a company on prudence and trust, not debt View article Panama Papers create a golden opportunity for UK fund houses Panama Papers create a golden opportunity for UK fund houses 2 Panama Papers create a golden opportunity for UK fund houses 05 May 2016 While Stocks Last - Reflections on the share buyback debate While Stocks Last - Reflections on the share buyback debate 2 While Stocks Last - Reflections on the share buyback debate Read article In Search of Stability & Growth - If only Europe was more like the US In Search of Stability & Growth - If only Europe was more like the US 2 In Search of Stability & Growth - If only Europe was more like the US Read article Still Flashing Green: Equities in a world of higher growth and financial repression Still Flashing Green: Equities in a world of higher growth and financial repression 2 Still Flashing Green: Equities in a world of higher growth and financial repression Read article Modern Monetary Theory - The Magic Money Tree Modern Monetary Theory - The Magic Money Tree 2 Modern Monetary Theory - The Magic Money Tree Read article Undoing the Mistakes of QE Undoing the Mistakes of QE 2 Undoing the Mistakes of QE View article Is it time to rethink monetary policy? Is it time to rethink monetary policy? 2 Is it time to rethink monetary policy? Read article Crisis Economics Crisis Economics 2 Crisis Economics Read article Hanging the Wrong Contract? Hanging the Wrong Contract? 2 Hanging the Wrong Contract? View article Can fair fees make active managers more sustainable? Can fair fees make active managers more sustainable? 2 Can fair fees make active managers more sustainable? Read article Investment Letter - Eternal Adaptation Investment Letter - Eternal Adaptation 2 Investment Letter - Eternal Adaptation Read article Captain Kirk and the science of economics Captain Kirk and the science of economics 2 Captain Kirk and the science of economics View video Hedonism and the value of money - Part I Hedonism and the value of money - Part I 2 Hedonism and the value of money - Part I Read article  Reckless Prudence - How to break a pension system Reckless Prudence - How to break a pension system 2 Reckless Prudence - How to break a pension system Read article Tales of an Astronaut - Lessons from the Unknown Tales of an Astronaut - Lessons from the Unknown 2 Tales of an Astronaut - Lessons from the Unknown Read article Money, Blood and Revolution Money, Blood and Revolution 2 Money, Blood and Revolution View more Debtonator - How Equity Can Work for All of US Debtonator - How Equity Can Work for All of US 2 Debtonator - How Equity Can Work for All of US View more Is corporate debt addictive? Is corporate debt addictive? 2 Is corporate debt addictive? Read article An Impossible Trinity? An Impossible Trinity? 2 An Impossible Trinity? Read article Norway Moves to America - Mean reversion and industrial revolutions Norway Moves to America - Mean reversion and industrial revolutions 2 Norway Moves to America - Mean reversion and industrial revolutions Read article John Authers of the Financial Times in conversation with George John Authers of the Financial Times in conversation with George 2 John Authers of the Financial Times in conversation with George View more Why ownership matters more than ever Why ownership matters more than ever 2 Why ownership matters more than ever Read article

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