Author: Tim Price

Tim Price is a London-based wealth manager. While most of the investing herd crowds into dangerous, overpriced stocks, Tim Price lives and breathes value investing 24/7 as he searches for great investments all over the world for his clients.

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Into the Unknown

November 3, 2014 London, England [Editor’s note: This essay was penned by Tim Price, a London-based wealth manager and editor of Price Value International.] Strange things are happening in the bond market. Few of them are stranger than the reports Jeremie Banet, a French fund management colleague of former Pimco executive Bill Gross,

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Quantitative Easing is like “treating cancer with Aspirin”

October 27, 2014 London, England [Editor’s note: Tim Price, London-based wealth manager, is filling in for Simon today.] Shortly before leaving the Fed this year, Ben Bernanke rather pompously declared that Quantitative Easing “works in practice, but it doesn’t work in theory.” There is, of course, no counter-factual. We’ll never know what might

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Bending Time, Lost in Time

One simple chart to explain the defining problem of our times

October 13, 2014 London, England [Editor’s note: Tim Price, London-based wealth manager, is filling in for Simon today.] “When sorrows come,” wrote Shakespeare, “they come not single spies, but in battalions.” True. And Jeremy Warner for the Daily Telegraph identifies ten such sorrows in his ‘ten biggest threats to the global economy’: 1) 

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This one chart shows exactly how undervalued gold is right now…

October 6, 2014 London, England [Editor’s Note: Tim Price, Director of Investment at PFP Wealth Management in the UK and frequent Sovereign Man contributor, is filling in for Simon today.] For the benefit of anyone living under a rock these past weeks, Bill Gross, the so-called “Bond King” and manager of the world’s

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Investing

Retail investors are pouring into stocks at their all-time high

September 29, 2014 London, England [Editor’s note: This letter was written by Tim Price, frequent Sovereign Man contributor and Director of Investment at PFP Wealth Management in the UK.] “Politicians and diapers have one thing in common. They should both be changed regularly, and for the same reason.” – Anonymous. The French statesman

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Breakup of USA?

On the Breakdown of Nations

September 22, 2014 London, England [This letter was written by Tim Price, frequent Sovereign Man contributor and Director of Investment at PFP Wealth Management in the UK.] Several years ago we highlighted the work of Leopold Kohr. Kohr was an Austrian Jew who only narrowly escaped the Holocaust. The village in which he

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Bending Time, Lost in Time

The West has lost what made it culturally exceptional.

September 1, 2014 London, England [Editor’s note: This missive was penned by Tim Price of PFP Wealth Management in the UK, a frequent contributor to Sovereign Man] “Sir, Arnaud Montebourg, the former French economy minister and the sourest note in the Hollande repertoire, dares to complain of “absurd” austerity policies ? (“Hollande purges

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The Emperor's New Clothes

Who will end up wearing the Emperor’s new clothes?

August 26, 2014 London, England [Editor’s note: This missive was penned by Tim Price of PFP Wealth Management in the UK, a frequent contributor to Sovereign Man] Few films have managed to convey the feeling of approaching menace more effectively than Jeff Nichols’ 2011 drama, ‘Take Shelter’. Its blue collar protagonist, Curtis LaForche,

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US Dollar

It’s time to confront brutal facts

August 11, 2014 London, England [Editor’s note: Tim Price, frequent Sovereign Man contributor and Director of Investment at PFP Wealth Management, is filling in while Simon is teaching at his entrepreneurship camp.] On September 9th, 1965, US Navy pilot James Stockdale was shot down over North Vietnam and seized by a mob. He

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Winston Churchill

Lessons in investment warfare

“Let us learn our lessons. Never, never, never believe any war will be smooth and easy, or that anyone who embarks on that strange voyage can measure the tides and hurricanes he will encounter. The statesman who yields to war fever must realise that once the signal is given, he is no longer the master of

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Stocks

They call them ‘junk bonds’ for a reason…

July 21, 2014 London, England [Editor’s note: This missive was penned by Tim Price, Director of Investment at PFP Wealth Management in the UK and frequent Sovereign Man contributor.] They call them ‘junk bonds’ for a reason. They now constitute an offence against linguistic decency: ‘high yield’ no longer even is. Consider the

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Gold

A time of universal deceit

June 30, 2014 London, England [Editor’s Note: This column was written by Tim Price, frequent Sovereign Man contributor and Director of Investment at PFP Wealth Management in the UK] “We are currently on a journey to the outer reaches of the monetary universe,” write Ronni Stoeferle and Mark Valek in their latest, magisterial

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Little by little, we went insane

June 9, 2014 London, England [Editor’s Note: This column was written by Tim Price, Director of Investment at PFP Wealth Management and frequent Sovereign Man contributor.] “Are we finished ? The answer is no.” – Mario Draghi, President of the European Central Bank, 5th June 2014, having just cut ECB deposit rates to

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We all lost

[Editor’s note: This missive was penned by Tim Price, frequent Sovereign Man contributor and Director of Investment at PFP Wealth Management in the UK.] “I say to all those who bet against Greece and against Europe: you lost and Greece won. You lost and Europe won.” – Jean-Claude Juncker, former prime minister of

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Investor

The modern investor’s manifesto

May 20, 2014 London, England [Editor’s note: This letter was written by Simon’s colleague Tim Price in the UK, who is currently Director of Investment at PFP Wealth Management] “The stock market is filled with people who know the price of everything, but the value of nothing.” – Philip Fisher. A personal perspective

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Einstein

Albert Einstein’s timeless advice for investors

May 6, 2014 London, England [Editor’s note: Tim Price, frequent Sovereign Man contributor and Director of Investment at PFP Wealth Management is filling in for Simon today.]   “If I had an hour to solve a problem and my life depended on it, I would use the first 55 minutes determining the proper

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Stocks

Here’s why we’re investing in Japanese stocks

April 28, 2014 London, England [Editor’s note: This letter was written by Simon’s colleague Tim Price in the UK, who is currently Director of Investment at PFP Wealth Management] As contrarian investments go, we’re probably in three of the biggest. As regular readers will be aware, gold is one – subject to the

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Former central banker: “[Bankers] are making it up as they go along.”

March 3, 2014 London, England [Editors note: Tim Price, Director of Investment at PFP Wealth Management and frequent Sovereign Man contributor is filling in for Simon today.] A few weeks ago, William White (former economist at the Bank of England, the Bank of Canada, and Bank of International Settlements) made a frank admission.

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Why do we have faith in gold? (one simple statistic)

January 6, 2014 London, England [Editor’s Note: Tim Price, Director of Investment at PFP Wealth Management and frequent Sovereign Man contributor is filling in for Simon today.] On December 31st, 1964, the Dow Jones Industrial Average stood at 874. On December 31st, 1981, it stood at 875. In Buffett’s words, “I’m known as

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How Isaac Newton went flat broke chasing a stock bubble

December 10, 2013 London, England [Editor’s Note: Tim Price, Director of Investment at PFP Wealth Management and frequent Sovereign Man contributor is filling in for Simon today.] For practitioners of Schadenfreude, seeing high-profile investors losing their shirts is always amusing. But for the true connoisseur, the finest expression of the art comes when

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Turtles

“Let’s just say Richie ran that $400 up pretty good…”

December 2, 2013  London, England  [Editor’s Note: Tim Price, Director of Investment at PFP Wealth Management and frequent Sovereign Man contributor is filling in for Simon today.]  In 1983, commodities trader Richard Dennis set out to show that anybody could trade profitably provided they were taught some simple rules.  His partner, William Eckhardt,

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Financial Data

Madness, and sanity

November 25, 2013 London, England [Editor’s Note: Tim Price, Director of Investment at PFP Wealth Management and frequent Sovereign Man contributor is filling in for Simon today.] “In investing, what is comfortable is rarely profitable.” — Robert Arnott Valuations still matter. Assuming that one is -investing- as opposed to -speculating-, initial valuation (i.e.

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FedPolicy

They blew it…

September 23, 2013 London, England [Editor’s Note: Tim Price, Director of Investment at PFP Wealth Management and frequent Sovereign Man contributor is filling in for Simon today.] “This took guts.” – Comment by Steven Ricchiuto of Mizuho Securities in response to the Federal Reserve’s surprise decision to refrain from “tapering” its $85 billion

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Money Printing

Why the fundamental rationale for holding gold is as robust as ever

June 13, 2013 London, England [Editor’s note: Tim Price, Director of Investment at PFP Wealth Management in the UK and frequent Sovereign Man contributor, is filling in for Simon this morning.] As Ben Graham, the father of value investing, observed, an investment operation “is one which, upon thorough analysis, promises safety of principal

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Monkey on the phone

Try this experiment yourself…

May 22, 2013 London, England [Tim Price, frequent Sovereign Man contributor and Director of Investment at PFP Wealth Management, is filling in for Simon today.] James Montier’s bible on behavioural finance, ‘Behavioural investing’, points out two recent discoveries by neuroscientists that have relevance to all investors: 1) We are hard-wired to think short-term,

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Banks are not vaults

A deposit in a bank is not a riskless form of saving

[Editor’s note: Tim Price, frequent Sovereign Man contributor and Director of Investment at PFP Wealth Management in the UK, is filling in for Simon today from London, England.] Like Lehman Brothers before it, Cyprus may well come to be seen not so much as the cause of further crisis but as yet another

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A central banker’s checklist for prosperity

[Editor’s note: Tim Price, Director of Investment at PFP Wealth Management and frequent Sovereign Man contributor is filling in from London, England while Simon is touring agricultural property today.] If there was ever a policy manual on how to deal with recession, the Fed and ECB’s copies have fallen out of the ugly

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How the End of Empire comes, not with a bang, but with a whimper

[Editor’s note: Tim Price, Director of Investment at PFP Wealth Management and frequent Sovereign Man contributor is filling in from London, England while Simon is touring agricultural property today.] When Moody’s downgraded the UK’s sovereign credit rating last week it was something of an anti-climax. The ratings agencies long ago lost what little

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Warren Buffet's Mistake

What Warren Buffet doesn’t understand about investing

“Price is what you pay; value is what you get.”– Warren Buffett Warren Buffett’s aphorism has been rightly celebrated. But to be a true value investor, it helps to have values. Courtesy of near-zero interest rates and global competitive currency debauchery, it is increasingly difficult to assess the value of anything, as denominated

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Goons versus Gold

Credit expansion, wrote the great Austrian economist Ludwig von Mises, is not a nostrum to make people happy. “The boom it engenders must inevitably lead to a debacle and unhappiness.” That seems a pretty accurate summary of the current situation for the western economies: a debacle, and unhappiness. Von Mises also wrote that

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Sobering Stuff

If you want to send a roomful of 100 wealth managers into an icy chill, have Russell Napier address them. This is exactly what happened at Citywire’s Smart Beta retreat at the Four Seasons Hotel in Hampshire recently. Napier’s presentation, “Deflation in an Age of Fiat Currency,” is thought-provoking, and the precise polar

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