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Its Not Harry

Comment and opinion for retail investors in the UK

Education

A little foresight?

29th October 2026 by Mark Potter Leave a Comment

Back in March 2025, when I was experimenting with ChatGPT and other AI systems, I wrote a longish article (Deep Dive – March 2025) attempting to anticipate, or at least explore, some of the implications of AI for investors, at a very general level.

Today’s financial news prompted me to recall that I wrote the following:

“The point here is that I have bypassed all of Google’s advertising! This hints at a significant devaluation in the shares of companies like Google and Meta whose main revenues are from advertising. One begins to appreciate why Microsoft has put so much money into this new way of using the internet.”

At the time, this was an observation about a possible consequence of AI rather than a fully developed investment thesis. But the underlying idea was that AI could do more than introduce a new technology: it would change the way people access the internet, undermining some of the economics of the existing advertising model.

Feeling a bit cocky!

Now consider the financial news of this week.

Google’s parent, Alphabet, has seen its share price tank after it reported slower-than-expected growth in search revenue while spending enormous sums on AI infrastructure. Investors have become increasingly concerned about the cash required to fund that investment and the possibility that AI is taking business away from conventional search. Microsoft, by contrast, has demonstrated strong growth in its Azure cloud business and generated substantial free cash flow despite its own heavy investment. Meta, meanwhile, whose advertising is not so dirrectly related to Interenet searches reports that its advertising business remains robust, but the cost of its AI ambitions is becoming an increasingly important consideration for investors.

The market is now grappling with precisely the sort of questions I was raising eighteen months earlier.

To be clear, I did not predict the timing of a share-price fall, identify its eventual scale or establish that Google and Meta were certain to be long-term losers. Nor did I foresee all the complications of the AI investment boom and I was very clear in the text that I was attempting a technical analysis of a major and rapidly evolving step-change in technology. I did not, in any way, work out that there would be a bubble in chip maker share prices resulting from data centre build out.

But I think the original observation deserves some credit. I deduced that if AI could answer questions directly, bypassing the conventional search process, the consequences for then current advertising markets did not look positive for Google.

I suggested that this was an issue that could reach into the economics and valuations of some of the world’s largest businesses. Incidentally, again taking note of news about job losses announced at Microsoft this week, I had also commented with some accuracy on the prospects for employment in certain businesses.

Of course, fund investors do not pick stocks and we can only hope that our fund managers also stay ahead when technology is changing rapidly. The well known technology fund manager Ben Rogoff once said at a conference I was attending that a good technology fund manager is always aware not just of what IS happening in the world of technology but what is ABOUT to happen!

Filed Under: Markets, Opinion, Portfolios

Mid-Month Musings – Snippets

13th October 2026 by Mark Potter Leave a Comment

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Filed Under: Economics, Education, Markets, Members Only, Monthly commentary, News

Deep Dive – October 2026

1st October 2026 by Mark Potter Leave a Comment

Indian Summer?

Many commentators on global markets and many investors are anticipating a major correction in equity markets and the risk factors do indeed continue to pile up. I am sure readers will have taken actions to mitigate risks and can sit calmly through any market turbulence, but if your strategy has involved banking profits to cash, what will you do with the available liquidity when we can say with some confidence that valuations are again attractive?

Obviously, while we are still ahead of any market crash, we can only speculate about where the best bargain prices might eventually emerge. In the meantime, I have been thinking about asset allocations calls on a geographical or regional basis and over a period it has occured to me that the Indian economy currently exhibits some characteristics that are similar to those prevailing in the USA before WW2, after which that economy boomed.

In this article I will explore the merits and limitations of such a proposition and help you to conclude whether or not an investment in India should be part of your new asset allocation in the near future.

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Filed Under: Economics, Markets, Members Only, Monthly commentary, Portfolios

Mid-month Musings – September 2026

14th September 2026 by Mark Potter Leave a Comment

Trumping around

Someone suggested recently that I had not yet commented on the latest spoutings of the orange half-wit whom the Americans have installed as their President. It is true that although I share the view of most serious commentators that his actions, as opposed to what he posts in the small hours on Truth Social or improvises on Fox News, are a potential threat to our well being, not just as investors, I do limit my comments in blogs to what are realistically likely economic impacts that are furthermore going to change the future direction of stock market valuations.

To be honest, those who choose to react to Trump’s latest, usually overnight, ramblings have to post blogs or videos daily or even more often. Investment planning cannot be undertaken on the basis of daily reviews, so apart from the exceptionally hazardous decisions, (see later about wars) my comments are always going to be based on observations about how markets have repositioned or are likely to over the medium to long term.

For example, his offer to give all American citizens a relatively insulting sum (one ninth of his Christmas present to his personal staff) to vote Republican (I have cut out the flim flam waffle that tries to explain it is not a bribe) has not been taken seriously by markets. Serious commentators are much more interested in Scott Bessent’s chest puffing and the implied suggestion that markets are welcome to take him on. If they do, he will go the way of Kwasi Kwarteng.

As Mark Malek of Wall Street Truthbombs (see reference below) promptly explained, if the US State was indebted by a further trillion dollars or so to fund Trump’s votes for cash offer, the negative impact on the prospects for interest rates, inflation and so on would likely result in costs that exceed the value of the handout for the average citizen with a mortgage, car finance and a wallet of credit cards.

Don’t get me started on Trump!

As a general rule, political shenanigans even on a global scale, are not a factor that will influence stock market direction. Politicians are in the main transitory and in the West, we can assume markets will run on indefinitely.

Of course, the impact of applied political decisions (many political spoutings never actually turn into reality, as we know) can have dramatic effects, like the Bolshevic Revolution at the extreme, or the ending of concensus politics in favour of neo-liberalism (particularly in the USA) which I would place as happening in the early 1980s. Even the latter only had impact that emerged over the longer term, but, for example, there can be no doubt that the ‘Big Bang’ kicked off an era where investors like you and me could more easily participate in markets.

The by-products of political decisons are sometimes dramatic nonetheless, most notably when the decision is to go to war. When Netanyahu persuaded Trump to attack Iran, the former likely knew the economic impacts that would follow as did Trump’s more intelligent advisers.

Unfortunately, the President and his cabal of no-hopers that make up the cabinet in the USA either did not see the impact, or minimised it because they wanted the invasion for political reasons. Bond markets have now priced in the consequences and it is more than likely that equity markets will follow soon – as outlined in more detail in my longer piece at the start of this month.

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Filed Under: Education, Members Only, Monthly commentary, Research tools

Deep Dive – September 2026

1st September 2026 by Mark Potter Leave a Comment

(about 2500 words, 13 minutes or less estimated read time)

I have commented before that September and October are statistically volatile months for equity market investors, so I thought you might want to have some prompts looking at the risks and opportunities that are present or on the horizon as we head into Autumn. The next few headings cover a few of topics that have been worrying me, so to be honest I am not going to be dwelling much on opportunities!

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Filed Under: Economics, Markets, Members Only, Monthly commentary, Politics, Portfolios

Mid Month Musings with Mark (not me!)

13th August 2026 by Mark Potter Leave a Comment

I know from recent conversations that not all readers find the time to plough through my longer articles and at this time of year, when traditionally not much significant happens in markets – crises are much more common in September and October – some will not look at the NotHarry site at all. Other subscribers enjoy reading all my posts, even when they are not offering especially new content.

Allowing for this mix of preferences, this post offers a commentary from someone other me, easily consumed over a cup of coffee as a YouTube video that runs for less than 11 minutes.

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Filed Under: Markets

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Recent Posts

  • Deep Dive – November 2026 (Part 2)
  • Deep Dive – November 2026 (Part 1)
  • A little foresight?
  • Mid-Month Musings – Snippets
  • Deep Dive – October 2026

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