DP Value

UK-based private investor. Eclectic, albeit with small-cap value and income tilts, but willing to explore and learn. Occasional blog: 'The Uncertain Investor'.

[DP Value @dpvalue]

@Tangible_Bruce Buffett briefly pays tribute to Carret, c. 1995:
https://t.co/09z7kVEr1q

[DP Value @dpvalue]

@Tangible_Bruce Can't seem to post a comment on your Substack, so my suggested value-related classic investment text is:
Philip L. Carret's The Art of Speculation, first published in the late 1920s, reissued in about 2007. Carret was lauded by Buffett, lived until the age of 101, died in 1998.

[DP Value @dpvalue]

Excellent interview with @laurence_hulse on the Money Makers Podcast @MoneyMakersITs about the Onward Opportunities investment trust, and the wider context of UK smaller companies:
https://t.co/uePfXhD7AQ

[DP Value @dpvalue]

Notable that he rejects the current consensus position among would-be leaders of the Labour Party on equalising CGT and income tax rates:
"...equalising capital gains and income tax, something rejected by successive governments for good reason..."

[DP Value @dpvalue]

Surprisingly (?) insightful analysis of Britain's precarious position by Tony Blair:
"Our aim, for the long term, should be a Reimagined State in which taxes and spending can be lower, productivity higher and government seen as enabling not directing..."
https://t.co/nZ1RwBtZ6j

[DP Value @dpvalue]

Given the tax rises likely to result from the UK Labour government's forthcoming policies, it's worth recalling these comments from the Next plc January 2025 annual results:

[DP Value @dpvalue]

UK small/micro cap presentation:
Will Tamworth, Artemis UK Future Leaders Trust, quoting Deutsche Numis data, from 1955 to 2025 the smallest UK companies grew at 15% p.a.
£1 with dividends reinvested grew to over £29,000 by 2025 @greenbackd @iancassel
https://t.co/yARAmAbmjY

[DP Value @dpvalue]

Back to 1970s price controls?
I'm old enough to remember "Price Check" sticker triangles and Shirley Williams as Secretary of State for Prices and Consumer Protection. Interviewed on daytime TV in c.1974:
https://t.co/cyckPDekU2
@laurence_hulse @BrummieGerryM @MerrynSW

[DP Value @dpvalue]

Could a UK financial journalist explore the SIPP contribution allowance for 'non working people' before the next Budget?
The limit has not been raised for a quarter of a century.
@jeffprestridge @holly_mead_ @K_S_Caldwell @iancowie

[DP Value @dpvalue]

New post on The Uncertain Investor blog:
Why allow only an ever-smaller annual drip into my SIPP?
End the Twenty Five Year Freeze on Sipp contributions for 'non-working' people:
https://t.co/lZH19bsfXf @laurence_hulse @MerrynSW @MartinSLewis

[DP Value @dpvalue]

New post on The Uncertain Investor blog:
Why allow only an ever-smaller annual drip into my SIPP?
End the Twenty Five Year Freeze on Sipp contributions for 'non-working' people:
https://t.co/lZH19bsfXf @laurence_hulse @MerrynSW @MartinSLewis

[DP Value @dpvalue]

New post on 'The Uncertain Investor':
"Active fund management: an industry that turns customers away?"
https://t.co/7pWKKEmCKP @laurence_hulse @MerrynSW

[DP Value @dpvalue]

Fascinating article on AI by Tom Slater, manager of Scottish Mortgage investment trust:
"AI reliably improves immediate task performance while degrading the underlying human capabilities that produce that performance."
https://t.co/NB9Tm0p8eA

[DP Value @dpvalue]

Interesting post by Alex Imas on the implications of AI: 'What Will be Scarce?'
His answer: relational goods and services with the human factor, distinctiveness, exclusivity, status:
https://t.co/S08U4y2mmD

[DP Value @dpvalue]

Wise advice with wider applicability from an April 2026 article on Monevator about gilts:
"Remember all investment choices involve trade-offs. Nothing is 100% ‘safe’ and risk cannot be created or destroyed – only swapped for other kinds of risk."
https://t.co/i9uHeybtF1

[DP Value @dpvalue]

"A Century of Value Investing" - reflections on the centenary of the Temple Bar investment trust:
https://t.co/k9pR2IwZX3

[DP Value @dpvalue]

New blog post on 'The Uncertain Investor':
Taxing Times, April 6th 2026
https://t.co/fGoXQ8ftrA
Worth revisiting an April 2022 post about political risk:
"the possibilities of outcomes deemed unlikely but hugely consequential should be contemplated before not after they happen".

[DP Value @dpvalue]

New paper by Prof. Hendrik Bessembinder
'One Hundred Years in the U.S. Stock Markets'.
Update of his previous work on the concentration of long-term returns in a small number of companies, data from 1926-2025:
https://t.co/6OP4VGLgPo

[DP Value @dpvalue]

The UBS Global Investment Returns Yearbook for 2026 has been released.
Link to a summary here:
https://t.co/DJfSBg19yY

[DP Value @dpvalue]

This article arguing for bonds has wider lessons, e.g.
"A portfolio with multiple independent return streams (...) is mathematically more stable than one that relies on a single source of return";
"Yields act as gravity for long-term returns"
https://t.co/ym0AtJeKO0