The death of value investing and the road to an era of inflation

John Stepek talks to Dylan Grice, co-founder of Calderwood Capital, about inflation, duration and the “death” of value.

Warren Buffett © SAUL LOEB/AFP via Getty Images)

Warren Buffett: in his day, value investing was still hard work
(Image credit: Warren Buffett © SAUL LOEB/AFP via Getty Images))

In the wake of the 2008 financial crisis, Dylan Grice gained a reputation as one of the investment industry's most consistently interesting and provocative analysts, working alongside Albert Edwards as a strategist at Societe Generale. In 2013 he moved to Switzerland and spent several years working with Calibrium, a family office. He is now coming back to the UK to launch Calderwood Capital, a new hedge fund and research service (including the return of his "Popular Delusions" newsletter). He's also coming to the MoneyWeek Wealth Summit next month, so I had a quick catch up with him over the phone last week.

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John Stepek

John Stepek is a senior reporter at Bloomberg News and a former editor of MoneyWeek magazine. He graduated from Strathclyde University with a degree in psychology in 1996 and has always been fascinated by the gap between the way the market works in theory and the way it works in practice, and by how our deep-rooted instincts work against our best interests as investors.

He started out in journalism by writing articles about the specific business challenges facing family firms. In 2003, he took a job on the finance desk of Teletext, where he spent two years covering the markets and breaking financial news.

His work has been published in Families in Business, Shares magazine, Spear's Magazine, The Sunday Times, and The Spectator among others. He has also appeared as an expert commentator on BBC Radio 4's Today programme, BBC Radio Scotland, Newsnight, Daily Politics and Bloomberg. His first book, on contrarian investing, The Sceptical Investor, was released in March 2019. You can follow John on Twitter at @john_stepek.