What London can learn from Asia’s stock market boom Stock markets in Japan, South Korea and Singapore were once in the same slow lane as the UK, but reforms and tax breaks have unleashed animal spirits

Wrote in Sunday Tiimes on what the U.K. can learn from Singapore, South Korea and Japan’s stock market boom.

East Asian countries have used tax incentives and corporate governance changes to help stimulate their markets.

www.thetimes.com/business/com...

Yeah it takes some skills. Amazing blowup

The Rise and Fall of Fundsmith UK's largest retail fund underperforms for 5 years

Have been mulling this piece for ages as my earlier posts show but you look at Fundsmith buying Wolters Kluwer and Sage, riding Novo Nordisk all the way down (was a top 10 holding at end of Jan) I wonder if these guys really understand moats or "quality".

rupakghose.substack.com/p/the-rise-a...

Baroness of Bracken House?

Is that you @katie0martin.ft.com in the House of Lords now?

Why is US right wing re-inventing Bessant’s career like he was a hedge fund legend.

His only hedge fund launch was a complete flop and he was Druckenmiller’s sidekick for a few years.

Druckenmiller is a legend! Soros. Jim Simons as well.

Just wow. I don’t agree with all his politics but I thought the UK was a democracy…

Lol

Friends of the German regulator?

The hunt for hedge fund alpha The search for trading alpha, investing alpha and the next frontier

Is TCI from Mars and Citadel from Venus? Two very different business models, that have little in common. How can both be considered hedge funds?
What trading and investing alpha have hedge funds chased in recent years…

open.substack.com/pub/rupakgho...

TACO or not feels like Europe’s chance to grow a spine. This sort of stuff would never happen to China. Even a small economy like India does what it wants

Can Bond be bald I hear my wife ask…lol

Interesting. Thanks.

Tell me more? Thanks

lol yeah great investor and I get why they call themselves hedge funds but why does the financial data/media call them that? I mean if I asked to be called James Bond

Stupid question but appreciate anyone in markets with an answer…
A “hedge fund” hedges. Not always market neutral but generally hedged always or directionally on one side of something like Soros vs GBP.

How are hedge funds that only invest long in stocks - TCI, Pershing Sq - called hedge funds?

He lives rent free in my head

But make sure you have paid for your ticket!
“Children under 3 years of age will be admitted free of charge if they are seated on a caregiver’s knee. A lap ticket must be obtained from the Box Office before entry. If over 3-years-old, a child ticket must be purchased.”

Is it just me who preferred Bezos as a nerd. He was an interesting nerd.

He is less interesting jock

Maybe

But you could have achieved that with a Chris Hohn TCI portfolio as opposed to some of the dogs these guys have invested in. Of course hindsight is easy

Why UK’s star “quality” managers make a comeback?

Nick Train’s recent numbers are even worse especially given his U.K. focus and 2025 was the year for the U.K. market.

The other main area of miss is that Terry - the former banks analyst - doesn’t invest in banks. It worked amazingly well for a decade until it didn’t.

Contrast this with Chris Hohn at TCI who doesn’t have more exposure to tech but has made massive returns owning industrials like GE Aerospace. Hohn also runs a more concentrated book than Fundsmith.

Index concentration and not chasing frothy tech is one thing but Novo, Unilever, L’Oreal and other major investments by Fundsmith is just bad stock picking.

The smaller number of investors that got in early have outperformed indexes.

Investors who got in after 2015 have underperformed.

Fundsmith launched in 2010.

It hit £5bn of AUM in 2015.

It hit £29bn of AUM by 2021

Fundsmith - the darling of U.K. retail investors- has underperformed the MSCI World index over the last decade.

Is one year of underperforming a blip. Likely.
Is three years of underperforming a blip. Perhaps.
Is five years of underperforming a blip. No. 🧵

lol…haha…is this a safe space?!