Endurance is the ability to psychologically endure the ups and downs of the market. It is in our view highly correlated to the quality of the research undertaken and to the inherent quality of the assets and businesses held.

At Eighteen48, we have seen public investment manager churn below 10% per annum in portfolios since inception and below 15% in direct public equities (i.e. our Sixteen02 strategy).

Most investors were pleasantly surprised at the strength in equity markets over the past twelve months. This phenomenon confirms our view that it is more prudent to focus on the ‘micro’ than the ‘macro'.

The fact remains that market volatility is still driven by the perceived risk of interest rates remaining higher for longer

Looking back at the first quarter of 2023, an interesting exercise is to look at the news that hit the front pages and ask the questions...

The past twelve months may be unwelcome and painful for companies and investors alike but they are a stark and healthy return to reality.

Market volatility has continued to dominate this last quarter and is likely to remain for as long as the path of interest rate rises remains uncertain...

Short-term volatility is the – often uncomfortable – price we pay for long-term compounding. We believe that the results should be well worth the price of admission from her ...

One thing we often highlight is the superior long-term performance of the (mostly US) university endowments versus the private banks.

We are unashamed advocates for active fund management. This may seem quixotic given the underwhelming record of the active management industry as a whole.