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With over 28 years of experience in the investment management industry, I am a seasoned…
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Sean Peche shared thisIf you listened to yesterday's shared Paul Tudor Jones podcast, you'd have heard his story about a "single act of kindness" and what a powerful impact it can have Lincoln Mali has been "practising kindness" in one of the poorest areas of South Africa for 12 years by creating opportunities for schoolboy rugby players from impoverished backgrounds. Once a year, these schools come together for a tournament. And for a few weeks, everything changes. This week, Mzwandile Mali XV beat Muir College, in their first-ever appearance at the Grey High School Rugby Tournament. For the rest of the year, there is no league. No fixtures. No consistent pathway. Just talent with nowhere to go. Lincoln dreamed of a league for 138 under-resourced schools across the Eastern Cape and shared this dream with Justinus Adriaanse 🇿🇦 🇨🇦, another kind South African who is driving this initiative £440 or $600 or R10,000 sponsors a school for an entire season - transport, meals, and equipment So, to all rugby fans who want to help realise this dream for thousands, the BackaBuddy link is in the comments. Any donation is welcome Let's make this happen - sport is such a nation builder Flip van der Merwe Orrin Klopper Guy Ellis Deon Gouws
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Sean Peche shared thisPaul Tudor Jones, one of the world's greatest-ever macro investors and founder of THE TUDOR GROUP has been one of my gurus since reading Market Wizards decades ago His views shaped my thoughts on risk management - who better to learn from than a billionaire with over 50 years of success in many market cycles? Years later, I learned that he also founded Robin Hood, NYC's largest poverty-fighting organisation - part inspiration for establishing Helpmore So when I saw this interview with Patrick O'Shaughnessy, I couldn't wait to listen, and it was fantastic! He talks about: - Markets - liquidity, the dangers of the pending listings, and why he thinks S&P500 investors should expect negative returns for 10 years. - His work routine, - His view of retirement And of kindness How it shaped his life and how "instructive it would be if we'd all start every day with a goal of one act of kindness" and how he, "can't recommend anything more highly than getting involved with some cause that you believe in" What a legend! #investing #valueinvesting https://lnkd.in/eb-aE-N9Legendary Trader Paul Tudor Jones on AI Risk, Bubbles and BuffettLegendary Trader Paul Tudor Jones on AI Risk, Bubbles and Buffett
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Sean Peche shared thisAn excellent article by a great value investor, Ian Lance on Value Investing outperforming in 9/10 decades. What happened in the other decade? Read to find out 😉 #valueinvesting #investingSean Peche shared thisThis year Temple Bar celebrates its centenary – and to mark the occasion, in our latest newsletter article, Ian Lance draws on a century of evidence to explore what the long-run record of value investing actually shows. Through crashes, crises and periods of market euphoria, the discipline of buying assets priced below their intrinsic worth has been rewarded with remarkable consistency – outperforming in nine out of ten decades since the 1920s.* Read on: https://lnkd.in/ez5FF2PD *Source: Kenneth R. French Library, Morgan Stanley Research, 27 May 2022. No investment strategy or risk management technique can guarantee returns or eliminate risks in any market environment. #valueinvesting #ukinvestment #opportunity
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Sean Peche shared thisI recently had the privilege of joining Springbok rugby legend, Nick Mallett, on the fantastic Winning the Away Game podcast hosted by Justinus Adriaanse 🇿🇦 🇨🇦 and Springbok legend, Flip van der Merwe - what a pleasure it was to spend time in their company The podcast pairs South African sport legends with South African business people abroad to, "uncover raw stories of identity, struggle and triumph. These are the voices of those who’ve worn the green and gold and those who carry South Africa in their hearts as they build new legacies." If you're a Springbok rugby fan or keen to hear how others survived the tough times abroad, hopefully there's something in it for you. Thanks to The Lekker Network and Douglas Mallett for making this happen https://lnkd.in/ehG5cM_H #rugby #helpmore #springbokNick Mallett & Sean Peche - The Decision That Costs EverythingNick Mallett & Sean Peche - The Decision That Costs Everything
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Sean Peche shared thisThe Knowledge Project by Shane Parrish is fast becoming one of my favourite podcasts In this excellent interview with Nicolai Tangen he makes many excellent points like: - Moving fast saves time - Overanalyzing doesn't improve the outcome, but it does make you more confident about the outcome ... - You can't forecast the future, so you need to be agile and adapt quickly - Re microlending - I don't think you should profit from people who are having a tough time (100% agree!) and that's just for starters... enjoy #valueinvesting #investing #numbersnotnarrative https://lnkd.in/eMAjYnuN
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Sean Peche shared thisIn recent years, it's been commonplace for fund managers to say they buy: Big positions, in the Best businesses, run by the Best management teams, with the Widest moats, and then Hold them forever And it all sounds so compelling Until you realise that most managers under-perform over the long term ... So something in that formula doesn't work Perhaps it's because buying the "best businesses" at any price makes them a bad investment especially when even the best management teams make bad decisions from time to time or because most moats eventually get breached - look at any old castle or ask the software firms... And when that happens to your big positions performance gets battered Except you told clients you, "hold forever", so now what do you do? That's why Ranmore Fund Management Ltd takes a different approach In this excellent article, Merryn Somerset Webb also challenges this notion of buying the best businesses and offers a potential solution It's behind a paywall, but I think it's great value And buying value makes sense, right? #valueinvesting #investing #numbersnotnarrative #marketingcommunication Disclosure Ranmore Global Equity Fund has no position in any of the securities mentioned This is not advice, do your own work The content of this marketing material is provided for information purposes only. It does not constitute or form part of any offer to issue or sell, or any solicitation of any offer to subscribe or purchase, shares, units of other interests in investments referred to herein. Past performance does not predict future returns. Capital is at risk. Ranmore Global Equity Fund plc has not been registered under any United States securities laws and may not be directly or indirectly offered or sold in the USA or any of its territories or possessions or areas subject to its jurisdiction or to or for the benefit of a US Person. https://lnkd.in/esDMgWbu
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Sean Peche shared thisWhen faced with a problem, we should try and find a creative solution that offers asymmetry, and win-win For example - A few years back when struggling to raise assets, we devised a fee structure that lowered our management fee as we grew assets If we didn’t raise assets, it cost us nothing - no $ downside, If we did raise assets, we’d earn more $ fees, at a lower % - so $ upside asymmetry We’d earn more and clients would pay a lower % fee win win Now let’s apply that process to some of today’s challenges Graduates are struggling to find jobs and Charities are struggling because: - demand for their services is rising as Governments cut spending - inflation is pressuring donors One potential solution is for grads to think about what they’re passionate about - sport, education, homelessness, conservation etc then find a small charity involved in that space - ask AI for a list of 10 small charities involved in xxx based in yyy Research them and find one that looks most in need of your help Then help them in the area of your study If you studied marketing, - build them a LinkedIn profile - many charities don’t don’t have one and yet it could transform them like it transformed our business - use their past newsletter content to write some posts and tag better known charities in the space to raise awareness - help install a simple CRM system - design a “sponsor a xxx ” campaign - remind donors of the tax deductibility of donations ahead of tax year ends If you studied finance, - help improve their accounting system or budget process - try and find ways to reduce their procurement costs - get them loaded on all payroll giving platforms If you studied business, - help them prepare a standard due diligence questionnaire - small charities often don’t have these resources to spend time on this - study the strategy of successful charities in their space to see if you can offer them any ideas If you studied technology, - offer to update their website - help optimise their SEO - create a google maps location and source them some reviews If you studied law, - review all their policies - check they’re complying with all the privacy laws Now let’s consider the asymmetry Upside? - you’ll make a few new potentially very useful contacts (trustees and donors) who may advance your career, - you’ll learn valuable experience, - you’ll add substance to your cv and have another talking point in future interviews - you’ll improve your mental health by feeling good about making a difference Downside? Blank Meaning asymmetry - tick Win Win? Yes, because both you and the charity benefit Who knows, maybe you do such a great job, the charity employs you - no competing against 1000 other cv’s …. And when you have first-hand experience of a charity that is making a real difference, please propose it for inclusion in our Helpmore Trust Index - we’re always looking for small charities doing big things Jamie Nye https://lnkd.in/e2ycUHHr
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Sean Peche posted thisIn 1989, Peter Lynch coined the phrase, "diworsification" to describe the perils of being too diversified And in 1996 Warren Buffett said, "Diversification is protection against ignorance. " So you might think a very concentrated portfolio is the answer to wealth creation? It is, if you can accurately predict the future But you can't So I asked Perpexity, how many companies Peter Lynch held on average "the average number of holdings was around 200 stocks in the portfolio, and at its peak in 1989 it reportedly reached about 1,400 holdings" I bet you weren't expecting 200 So then I asked "How has the total number of investments Berkshire Hathaway owned, changed over the years?" "In the late 1970s and 1980s, Berkshire’s investments were essentially a few dozen material positions overall By the early 2020s, Berkshire had grown into a conglomerate with of the order of 60–70 majority‑owned subsidiaries spanning insurance, railroads, energy, manufacturing, and retailing to well over 100 distinct business and stock investments today." so a few dozen to 100 across many industries And how about UK investing legend, Anthony Bolton? "Bolton’s style across his major funds was to hold roughly 40–100 stocks at a time" My conclusion is that we know about these investing legends because of their great returns and because they survived in the markets over long periods of time, giving compounding time to work. Part of that "survival" is being diversified I'm in good company because In a 2019 a Morningstar paper studying the impact of portfolio concentration on returns, the author, Alex Bryan, CFA, concluded, “The idea that investing with conviction improves returns is a myth. Increasing portfolio concentration is just as likely to hurt returns as it is to help.” Over the past 12 months, some big holdings in some big funds have taken big hits: - Novo Nordisk is down 54%, - RELX is down 47%, - LSEG is down 26%, So maybe it's time to reconsider the common notion that "high conviction investing" is the answer In our January factsheet (comments), we make our case for a more diversified portfolio Especially in a fast-changing world #valueinvesting #investing #numbersnotnarrative #marketingcommunication Disclosure Ranmore Global Equity Fund has no position in the securities mentioned This is not advice, do your own work The content of this marketing material is provided for information purposes only. It does not constitute or form part of any offer to issue or sell, or any solicitation of any offer to subscribe or purchase, shares, units of other interests in investments referred to herein. Past performance does not predict future returns. Capital is at risk. Ranmore Global Equity Fund plc has not been registered under any United States securities laws and may not be directly or indirectly offered or sold in the USA or any of its territories or possessions or areas subject to its jurisdiction or to or for the benefit of a US Person.
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Sean Peche shared thisIn January 2017, the 10yr and 5yr historic returns for properties in Kensington & Chelsea ("K & C") looked "fantastic" Not so for the growth in Liverpool house prices Their growth was 0% over 10 years (before taking inflation into account) Except "Structural changes" were underway and these affected the supply and demand dynamics of K & C properties - Brexit - Additional property taxes on 2nd homes and foreigners - Non-dom regime changes Roll forward to October 2025 where the price of an average home in K & C is DOWN 21% ( £320,000 ) Whereas in Liverpool, they're UP 65% What's the conclusion? When "Structural Changes" are underway, maybe it's best to ignore historic returns Which is surely an obvious point - if the environment is no longer the same, why should we expect returns to be the same? So how is that relevant to equities today? In my presentation below, I outline some of the "Structural Changes" that we think are underway in the USA today And maybe like those historic K & C property returns, We should ignore the "fantastic" historic S&P500 index returns when allocating capital today and invest elsewhere That's the theme of my talk in today's Boutique Collective Investments (BCIS)FundRock webinar - start at 1:22:42 https://lnkd.in/eXBDPHNt #valueinvesting #investing #numbersnotnarrative #marketingcommunication Disclosure This is not advice, do your own work The content of this marketing material is provided for information purposes only. It does not constitute or form part of any offer to issue or sell, or any solicitation of any offer to subscribe or purchase, shares, units of other interests in investments referred to herein. Past performance does not predict future returns. Capital is at risk. Ranmore Global Equity Fund plc has not been registered under any United States securities laws and may not be directly or indirectly offered or sold in the USA or any of its territories or possessions or areas subject to its jurisdiction or to or for the benefit of a US Person.
Sean Peche commented on a post
3h
Amazing time and amazing cause, well done Morgan Dupont
Sean Peche replied to a comment
17h
Here you go Simon Evan-Cook He also tells a beautiful story early on
Sean Peche replied to a comment
17h
Simon Evan-Cook https://youtu.be/S31J5ACsOqU?si=xPf36yjuCn2ZHs5Q
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Sean Peche liked thisSean Peche liked thisLondon Marathon 2026 complete! I spent 26.2 miles questioning every decision that led me to that point - then immediately signed up for next year 🏃♂️ I crossed the finish line in 3 hours and 22 minutes, but the real achievement was so much bigger than that. My housemates and I ran the London Marathon for Chance for Childhood, a charity that supports children across East and West Africa to ensure every child has access to a safe and happy childhood. I’m incredibly proud to announce that together, we raised £11,500 🎉 I’m so grateful to every single person who donated, cheered us on from the sidelines, and believed in what we were running for. You made those tough miles matter. If you haven’t already heard of Chance for Childhood, please do look them up - the work they do is remarkable, and every penny goes a long way. Now, if someone could let my legs know it’s over, that would be great.
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Sean Peche liked thisSean Peche liked thisMorning all! ‼️ A potentially controversial Crescendo blog from us this week. We have often made the case for higher non-executive director remuneration in the investment trust sector. ✔️ We now believe the case is stronger than ever and would like to see if other shareholders and stakeholders agree, devoting an entre blog to the subject. 🧐 Please have a read and let us know your feedback! https://lnkd.in/eqCWuagJ ☀️ Meanwhile, continuing in my unofficial role as ambassador for the Devon and Exeter tourist board, today's pic comes from a walk last weekend around the lovely Exeter "suburb" of Topsham. The Bowling Green marshes are a haven for huge numbers of birds, with some grazing ground for cattle mixed in. All within a 10 minute saunter of Topsham and its very decent ale houses. Wishing everyone a great weekend. Ben David Chapman Ben Mackie Daniel Lockyer Dan Cartridge
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Sean Peche reacted on thisSean Peche reacted on thisPassive funds make up 54% of the market, and they’re rising about 4-5% a year. What happens if that carries on? Nothing good. I’ve written down 22 thoughts on this - some pretty big questions in there. Ljnk in the c0mments 👇
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Sean Peche reacted on thisSean Peche reacted on thisIt’s about time we showed up on here properly. We’re Surbiton Hockey Club, a club that brings together elite performance, a huge junior section, and a community that genuinely cares about the place. With both our Men’s and Women’s 1s competing at the top level of the game, there’s a lot happening on the pitch. But what really makes the club is everything around it the people, the environment, and the time invested week in, week out. Most evenings you’ll find a bit of everything going on… junior training, senior matches, parents on the sidelines and plenty of life in the clubhouse. We’ve never really told that story on LinkedIn before so we’re going to start. We’ll share more of what goes on behind the scenes, what we’re building as a club and where we want to go next. If you’re already part of it, thanks for everything you put in. If you’re new to us, welcome! It is a great time to get involved with SHC. Follow us now to be on our journey!
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