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This week, I’m introducing a new value screen based on a book that was recently recommended to me by reader Jeff Davies. The book in question (and which I highly recommend to any budding screeners) is The Acquirer’s Multiple by Tobias Carlisle. As its title implies, the book’s “screening” element boils the entire investing process into one simple metric. That, in turn, echoes its author’s philosophy.Carlisle points out that modern markets are very good at sniffing out economic profitability. Unfortunately, the ability to spot companies capable of consistently sustaining high...

Platforms' in-house portfolios can overcomplicate things for new investorsAdventurous funds have bet big on the USIncome portfolios tend to be at the low end of the risk scale ‘Best-buy’ fund lists have long been a prominent part of investment platforms’ offer to their customers. In recent years, these have been joined in the shop window by portfolios run by platforms’ own investment managers, aimed at less experienced or uncertain users. But the performance and structure of these funds can vary widely, and it is worth paying attention to their foibles.While...

A country’s stock market is not a perfect mirror of its economy. In fact, depending on times and circumstances, the fortunes of the two can diverge significantly. As we head into another complicated year for the old continent, Fidelity European Trust (FEV) hopes to exploit the gap between Europe’s stumbling economy and the high-quality businesses listed on its markets. Their impressive track record suggests the managers might just pull it off. Bull points Clear quality strategyExcellent track record Some downside protectionDiscount to net asset value Bear points Uncertain outlook for EuropeGearing...