Double Takes

For four decades Professional Investor and its predecessor, Investment Analyst, the journal of The Institute of Investment Management and Research, has been publishing sound investment advice on topical issues from leading experts in the field.
The articles in this collection cover financial subjects ranging from the first introduction computers to mathematical techniques into finance, through the oil crisis years, to the valuation of brands, intellectual property and goodwill. Each article provides a fascinating insight both into the subject concerned and into contemporary thinking at the time of writing. All the articles have been selected for their significance to the financial world today. These fascinating articles are as relevant today as when first written.
The Institute of Investment management and Research (IIMR) is the professional Examining body for investment analysts and fund managers in the UK. It provides the 'Threshold Competence' examination for fund managers and analysts, in addition to a six paper Associate examination.
The Institute was founded in 1955 as the Society of Investment Analysts and changed its name in 1992. It was a founding member of EFFAS and has close links with AIMR in the US.
Professional Investor is the journal of the IIMR and is published ten times a year.

JOHN GOODCHILD is Joint Editor of Professional Investor and has contributed articles on investment theory and practice to numerous magazines. He co-edited, with Paul Hewitt, a collection of essays on the Unlisted Securities Market, which was published by the IIMR. Originally an analyst with Mullens Co., John Goodchild is now Associate with KBR, the London stockbrokers.

CLIVE CALLOW has had widespread experience in financial business news, starting as an editorial assistant in the newsroom of The Finanical Times in the 1960s. After working for a US based publication specializing in the petroleum industry, he joined The Times, where he covered the early days of the North Sea oil search. His book, Power from the Sea, remains one of the best early accounts of this major UK industrial enterprise. Subsequently he became an oil analyst, helping to form the London Oil Analysts Group. Clive is Joint Editor of Professional Investor and is also an Associate of KBR.

Introduction

The 1960s

Computers as an aid to investment. (J. G. Blease)

Economic forecasting and investmetn analysis. (J. G. Morrell)

Personal saving and business profit. (Roy Harrod)

Possible worlds. (Richard Stone)

The investment analyst's materials (R.E. Artus)

Taxation, investment, and equities under a labour Government. )A.J. Merrett & Allen Sykes)

Random walks in stock market prices. (Eugene F. Fama)

Security price behaviour. (A.G. Ellinger)

Investment analysis - the need for professionalism. (R.J.Briston)

The value of research into the behaviour of share prices. (R. A. Brealey)

The 1970s

Econometric models and the stockmarket. (R.D. Nightingale & Dr K. Vernon)

Monetary policy, gilts and equities. (A.A. Walters)

The trustees' meeting - a city daydream.( J.M. Brew)

The role of the institutions in the UK ordinary share market. (J.H.C. Leach)

What are earnings, anyway? (J.N. Littlewood)

Should investors be responsible? (Sandra Mason)

Investment pricing in the North Sea. (Paul H. Richards)

The UK stockmarket and the efficient market model - a review. (A. W. Henfrey, B. Albrech & P. Richards )

The 1980s

The wrongs of rights. (Barry Riley)

The wrongs of rights - a reply. (S. P. Keef)

The current and future role of stockbroker. (George J. J. Dennis)

The UK economy in the declining oil years. (Gavyn Davies)

The missing link. (J.A. Miller)

Macroeconomic forecasting models and investment analysis: a review. (Paul Stonham)

Investor protection and the advertising practices of share tipsters. (Simon M. Kean)

Group accounting, funds statements and cash flow analysis. (T.A. Lee)

Why most equities always appear cheap. (Peter Thompson)

The 1990s

Volatility and the big bang factor. (Peter Pope, David Peel and Pradeep Yadav)

Goodwill to all men? (Alan Sugden and Geoffrey Holmes)

Economic policy. (Wynne Godley)

The money-go-round. (Tim Congdon/
Alan Sugden)

The rewards of virtue? (Russell Sparkes)

Adjusting to uncertainty. (Daniel Broby)

Buying growth shares using value filters. (Jim Slater)

Asset allocation: too important to be left to money managers. (Stuart Fowler)

Intellectual property. (Shonaig Macpherson)

Underestimated and undervalued. (John Newlands)

Brands and the balance sheet. (Jonathan Knowles)