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Its Not Harry

Comment and opinion for retail investors in the UK

Markets

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

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

Mid-month Musings – June 2026

15th June 2026 by Mark Potter Leave a Comment

I had decided a while back to use this publication slot to offer some illustrative numbers to support my often stated opinion that for most investors ‘buy and hold’ is not, on its own, the most advanatageous of options, even though I have no doubt at all that attempting to ‘time the market’ is a very unwise strategy. My proposition has been for a long time that staying in the market with the right assets, well diversified, is always going to make you richer in the long run, but you can enhance your returns and reduce your risk by taking profits when valuations look stretched, and then topping up your investments after a correction is obviously set in and the bad news is well and truly ‘in the price’.

Here we are considering the systemic risks and the trend in whole equity market valautions (although I use a focused equity market to make the point), not the relative value of different assets in the portfolio mix, although the principles adapt well to trading in and out of asset classes of all sorts, not just equities and cash.

Some numbers
for you

Is this a relevant issue worth your time?

This is one approach of contrarian investing and I have seen the merits of it for decades, although that is not to say that I am evangelical about the style – it is just a technique worth knowing about and using if you want to be just a little more advanced as an investor. Not adopting the methodology I propose will not damage portfolios that are well desingned to start with over the longer term, any more than driving a gas guzzler car will stop you reaching your destination in comfort: it is just that my suggested trading style improves efficiency and gives you more miles per gallon, or maybe Pounds per month.

I should mention that data which follows will not be easy to read on a phone and I recommend viewing on a large tablet or screen.

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Filed Under: Markets, Portfolios, Trading, Uncategorised

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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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