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A lesson in Sirp

Simon Thompson

Simon Thompson
A lesson in Sirp

When I started studying investment theory 25 years ago, the best lesson I ever received was how to apply 'Sirp' - safety and income at a reasonable price - to screen out shares in companies likely to generate above-average long-term returns. By focusing primarily on yield and value investing, there is no doubt this strategy has served me well over the years. However, I have had to adapt my investment approach and my asset allocations to take into account the reflationary policies, or 'Zirp' - zero interest-rate policy - that have been employed by the major global central banks for the past four years.

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