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This is the home of Hawksmoor's Research Department. Here you will find our latest articles, blogs, and presentations.

INNOVATION

Innovation is a weekly financial markets blog written by Jim Wood-Smith, CIO Private Clients.
18
JUN
MONEY MONEY MONEY
Money talks. Actually, money shouts. Money bellows. Money yells and hollers and screams. I am on my very high horse here; little annoys me as much as injustice, unfairness and cheating. Anyone who has played golf will know that Mickelson cheated and the failure of the USGA to acknowledge that is a stain on the game I love. The official condoning of a cheat is as deep a low point for the sport as I can imagine. And why? Is there any answer other than money?

11
JUN
LIVERPOOL OR ROME
Time was when I would have been jolly excited by the World Cup. No longer. I was never a wall chart sort of chap, but I would have at least known about qualifying matches and times of games on television. I may even have bought some extra lagers. This time I genuinely have no interest whatsoever. And I think that is rather sad. As Neil Sedaka said, I miss the hungry years.

04
JUN
THE JAPANESE PERSPECTIVE
Yet again it seems a very long time since our last edition of Innovation. Dont these Bank Holidays just get in the way of everything? A lot of water has passed under a lot of bridges in the past couple of weeks and we have much to catch up on.

21
MAY
DULL WOULD HE BE OF SOUL
The romantic poets have never really done it for me. That is almost certainly my fault as I have never had the stomach to spend too long swimming in their saccharine self-indulgence. Not that that has stopped me from half-inching this week's title from Wordsworth. Fresh from proclaiming the wonders of walking whilst watching the sky and the spring flowers, he famously penned the wonders of Westminster Bridge. Each to their own.

14
MAY
THE STATE OF WALL STREET
We start off today with acknowledgement to the Wall Street Journal. The occasionally rather worthy news source ran a first class article at the end of last week on share buybacks in the US. The dire warnings that the end of quantitative easing would cut off the funding for buybacks and therefore choke the bull market have been paper tigers. The death of the buyback, as they say, has been greatly exaggerated. Indeed, they have never been in ruder health: the current quarterly run rate being the highest ever.

30
APR
A SPRING CLEAN FOR THE MAY QUEEN
I am not quite sure what happened to April. It seems like only a couple of minutes ago that we were all getting slightly agitated by the looming end of the tax year; then, as if by magic, tomorrow is May. How did that happen?

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THEMATIC RESEARCH

A collection of "bite-sized" research articles exploring a variety of investment themes and opportunities.

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JARGON BUSTING

The investment world loves a flutter of jargon. It makes commentators sound ever so clever.
Yet behind this flamboyant lexicon are often some fairly simple, easy-to-grasp concepts.
Here is a collection of articles seeking to extract the crux from the complex, the idea from the over-engineered.
Alpha & Beta Behavioural Finance Bull & Bear Markets
Contango & Backwardation Contingent Convertible Bonds Correlation
Cyclically Adjusted P/E Ratio Diversification Duration
Enterprise Value Gearing Hedging
High Frequency Trading P/E vs. P/B Put & Call Options
Risk Share Buybacks Sharpe Ratios
Short Selling / Stock Lending Smart Beta Structured Products
Tracking Error Value at Risk

UNDERNEATH THE ARCHES

Underneath the Arches is our quarterly newsletter for private clients, in which we attempt to explain what has happened in investment markets in recent months and to lay out our expectations for the future.




"The stones they are turning over hide only little bugs and not irate rattlesnakes"

-- JIM WOOD-SMITH

ABOUT US

Hawksmoor Research

Hawksmoor specializes in providing high quality discretionary portfolio management. The Research Department, supported by Hawksmoor's Fund Management Team, oversees our investment process and the stocks, bonds and funds that we include in our portfolios.

It is a virtue of our size that we do not have to have an off-the-shelf view on every investment in the universe. Our process is highly targeted: we are snipers rather than having analytical armies. Instead we concentrate our efforts on identifying the very best stocks, bonds and funds for our portfolios.

Nor do we worry about the composition of stock market indices, believing that size is no guarantee of quality, and we like to think thematically rather than over-analysing shorter-term market noise. Our focus is on blending quality, value and momentum, to identify attractive investments for our clients.

To find out more about Hawksmoor, please click here.


JIM WOOD-SMITH
CIO Private Clients


IAN WOOLLEY, CFA
Senior Investment Analyst


JAMES CLARK
Fund Analyst


Health Warning / Disclaimer

This document should not be interpreted as investment advice for which you should consult your independent financial adviser. The information and opinions it contains have been compiled or arrived at from sources believed to be reliable at the time and are given in good faith, but no representation is made as to their accuracy, completeness or correctness. Any opinion expressed, whether in general or both on the performance of individual securities and in a wider economic context, represents the views of Hawksmoor at the time of preparation. They are subject to change. Past performance is not a guide to future performance.

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