Thatâs not quite true. Plenty of schools offer life skills / citizenship classes, and some banks do it as well.
Not perfect but appreciated by the youngsters who get exposed to them.
Donât be daft, thatâs not possible.
This lot arenât Tories; theyâre asset strippers.
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Good morning 
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As usual, we selected the best articles published in the past few days 
:
Portfolio Construction:
New research into the stock-bond correlation
How to rebalance a portfolio
Bankerâs Paradise: Two Easy Ways To Fool Investors
Do Stock Outperform T-Bills?
The Worst Bond Bear Market Ever Marches On
Active Investing:
Listen all the way - Warren ends it epically.
SocGen Rogue Trading: âWonât Somebody Please Think of The Traders?â
Risk Parity Investing (BoW 100% Equity Article Mentioned)
ETFs / Brokers
BlackRock world ETF flash crash on Deutsche Boerse: A deep dive
Trading 212 Review: Pros & Cons
Wealth & Lifestyle:
Amundi Research on Decumulation Strategies
Great FT Article on âCan you afford to retire early?â
How a Pioneering Blackjack Master Beats the Odds of Aging
The Top 20 Countries in Debt to China
Have a great Saturday!
Francesca from BoW Team 
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Some AI news, ChatGPT 4o announced - OpenAI releases GPT-4o, a faster model thatâs free for all ChatGPT users - The Verge
Some demos of different features on the OpenAI YouTube channel (link below), think the highlight is the two AIs interacting and singing with each other - https://youtu.be/MirzFk_DSiI?si=q-1AIkGy8m3EP3L4
Pretty impressive stuff, maybe an improved Siri is on the cards (with the rumour Apple are in discussions with OpenAI)
Full playlist - https://youtube.com/playlist?list=PLOXw6I10VTv8VOvPNVQ8c4D4NyMRMotXh&si=_YT6nPgcQ28himKe
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Mysterious stock revealed
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An absolutely great interview. Terry Smith explains in detail the kinds of companies he aims to own and the kinds he doesnât. He explains why he doesnât invest in Tesla, Nvidia, and other companies. Itâs definitely worth reading.
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Good morning -
As usual, we selected the best articles published in the past few days :
Portfolio Construction:
Global ETFs: Amundi challenges Vanguard & iShares!
Translating Wall Street Jargon
Non-US Portfolios: Multi-asset investing (Amundi Research)
Asset class correlations & portfolio construction
Why Your Portfolio Should Include Scarce Assets
Active Investing:
Real and alternative assets in focus in the strategic asset allocation
The Case Against Private Markets
Countries With the Highest Rates of Crypto Ownership
Eric Crittenden & Jason Buck Explain Why Best Investors Follow the Trends
ETFs / Brokers
RUK granting US-listed ETF equivalence more political gesture than meaningful
Barclays & HSBC & IG Reviews
Wealth & Lifestyle:
Retirement age for those who donât read BoW
Safety First â Retirement Withdrawal Rates
How Singapore Got So Crazy Rich
The Modern Curse of Overoptimization
Have a great Saturday!
Francesca from BoW Team
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A summary from Terry Smith investment approach according to his interview (above)
â He doesnât invest in cyclical industries (companies with good or bad returns depending on the economy. E.g. airlines)
â He aims to invest in companies with a return on capital = 30% (so for every pound of capital owned in the company, 30% of it means profit)
â He seeks companies with a source of growth (high returns + growth = compound)
â He seeks companies that make money with products with a degree of predictability in consumption (repetitive use, routine consumption)
â Last but no least, management team skills (smart people who know how to allocate well the capital)
Terry Smith likes to use the Free Cash Flow Yield (free cash flow / market cap) on valuation, as he explains in this video down below. He seeks FCFY = or above 5%.
I was going to write this down for myself, but I wondered why not write it for everyone. So thatâs why I shared this summary. I hope you enjoy it as much as I do 
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Great post. Thanks for sharing 
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Thanks for sharing this. Worth bearing in mind Terry said the following in the interview:
If we get a really good company, we can get returns in excess of 10%. If we get a yield of 4% and a growth rate of 10%, weâll get 14%, which should beat the index. It does not really matter if the yield is 1% and the growth is 13%, or if we get a yield of 4% and growth of 10%.
Itâs a useful way to think about it. I think the 5% he mentioned is more of a goal than an cutoff, otherwise heâs ruling out potential âgrowthyâ winners from his already narrow universe.
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Very good observation. Thank you.
Some analysts have being predicting a market plunge later this year or by the end of 2025 (e.g. here).
Are you preparing for a crash at all?
e.g. S&P 5000 crashes all the way down to 3,600 in a matter of days or weeks.
At present, the only significant measure for me is more cash at hand. Looking into other options, including taking yoga classes 
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Didnât they say the same last year?
â(Gary) Shilling is known for correctly identifying the US housing bubble in the mid-2000âs, though most of his consistently bearish views over the past decade have yet to pan out.â
âHussman is famous for successfully warnings about the 2000 dot-com bubble and the 2008 housing market crash, though his consistently bearish predictions since then have yet to fully materialize.â
âRosenberg famously predicted the 2008 recession, but his consistently bearish economic outlooks since then have largely fallen flat.â
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July 5th will be a sad sad day when Labour are in power. RIP 
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Iâm not politically partisan and I can honestly say that July 5th will be a truly truly beautiful day when this chorus of cow pats are out of power.
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all cow pats smell the same tho 
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Will the âF**k Businessâ era come to an end? We do hope so.
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Things have just been great up until now 