The Government wants to encourage collaboration between pools, as there are some asset classes where it does not make sense for each pool to create its own product. However, there are also barriers, and we have not seen this happen in practice. This article looking at what is needed to encourage cross-pool collaboration was originally published in Room 151 under the title 'Now is the time for a re-set on cross-pool collaboration'. The Government’s Fit For The Future co

In January I wrote an article pointing out that long-term equity valuations were unparalleled, and that if history repeats itself, we can expect the next ten years to return approximately zero. My reasoning then was based on valuations. More recently, two other important reasons to expect a substantial fall in markets, and perhaps worse, have slotted into place. One is the long-term impact of America’s folly in instigating an unnecessary war in Iran. The second is a clea

There are gaps in the provision of advice The Local Government Pension Scheme (Pooling, Management and Investment of Funds) Regulations 2026 are due to come into force on 1 st April 2026, even though the Pension Schemes bill behind it has not yet started going through the report stage. These regulations introduce important changes to the LGPS Scheme, albeit in far too rushed a manner. One of them is the requirement for partner funds to take advice from their pool, and at t

I’ve just spent three weeks in Japan. It was principally for personal reasons, but Japan is changing rapidly right now and I find it useful professionally to take the temperature regularly. As last year, I share my thoughts in case readers do too. For investors it is perhaps even more important now. The chance of an abrupt change in political direction under Sanae Takaichi if she wins the general election on February 8 th is high. And the need to diversify away from U.S.

UPCOMING EVENTS Details coming soon. PAST EVENTS 5-6 May 2026 - William will be attending the LGPS Pooling Symposium. 19-20 March 2026 - William was a speaker at the LGC Investment Seminar at Carden Park. 25 February 2026 - William attended the Investment Discussion Dinner held by Crispin Derby Limited and supported by KKR. 10 February 2026 - William participated in the Aviva Investors "Critical Conversations" Roundtable in London. 2-3 February 2026 - William attended the LA

U.S. equity index valuations have reached an all-time high Any student of financial history with a long-term investment horizon would not hesitate to underweight, or even zero weight, the U.S. stock market index. History says that when valuations are as high as they are today, the equity risk premium disappears and returns over the medium term will be low or negative. The classic exposition uses the ultra-conservative Shiller CAPE ratios – the price today divided by ten-year