The main point I was making was not a company-specific one, but a more general idea that asking questions that spark debate is good, especially where complicated stories are involved. Debate is what makes a market, with the results of that tug of war between bull and bear arguments reflected in ever-shifting share prices. Whichever camp you're in it's always worth understanding the opposing case – as we do when we debate our tips for inclusion each week – because just believing something does not mean you will end up on the winning side.
This week we are reintroducing another forum for such debate into the Investors Chronicle, with the topic in question being the prospects for housebuilding shares, a subject upon which our former property correspondent Stephen Wilmot and his successor Jonas Crosland don't currently share a consensus. Both present compelling cases, but you'll have to decide for yourselves whether Stephen's worries over valuations and the imminent trajectory of interest rates outweigh the strong industry fundamentals Jonas believes will win the day. My own views on housebuilders, meanwhile, are shaped by recent house-hunting experience – small newbuilds with tiny gardens and large price tags may be a great recipe for boosting margins in good times, but might not sell so easily in a more difficult market.
Other great debates rage on, too – and one very much related to the direction of interest rates is the likely direction of inflation. That is one the doves have been winning over the past few years – inflation has been persistently low, and despite massive QE deflation is what most policymakers remain fearful of, especially in Europe where the Espirito Santo crisis suggests the periphery's problems are far from resolved. Yet the UK's broad inflation measure rose unexpectedly last month – no one is yet sure whether this will mark the start of a sustained upswing, but I'd suggest complacency is ill-advised.
The one thing that is hard to disagree with is that mainstream deposit rates remain pitiful, and in most cases below inflation. And even if a rate rise comes later this year, if inflation rises, too, it will offer little respite to hard pressed savers. It is still, however, a matter of debate whether initiatives such as peer-finance, the focus of this week's lead feature, are a genuine alternative, but if you are fed up with seeing your savings whittled away by inflation they're surely worth a look.
