Studio pic July 2017

Investing - a ringside view

The world regards that rare creature, the genuinely long term investor, as “eccentric, unconventional and rash”. So said the great economist and stock market investor, John Maynard Keynes. Well, I can live with that description. You can read my running commentary on how the financial markets and my model portfolios are performing by following the investment notebook I keep here. It is free to read and draws on my 35 years experience of analysing and writing about the investment world, initially as a financial journalist, more recently as an author, columnist, podcaster and qualified investment professional. Please feel free to join my mailing list and stay in touch with all the latest news and updates.

Jonathan Davis MSCI.


Trust portfolio update

Publication of the latest edition of the Investment Trusts Handbook has given me an excuse to update the model investment trust portfolio I started when the first edition was being planned three years ago. The seed capital of £100,000 has grown since January 2017 to £152,500 on 25 November this year, including retained dividend income. The portfolio now consists of 12 investment trusts, up from 10 at the outset, mainly run by longstanding fund managers and widely considered to be among the best in their class. In keeping with the philosophy of my favourite investment mentors, the portfolio is designed to be managed with minimal turnover and this year, apart from recycling the dividend income, I have made only a couple of changes. That follows a move to de-risk the portfolio somewhat in the middle of 2018, which proved to be timely when the stock market fell sharply in the final quarter of 2018. I will be giving regular updates on this and two other portfolios I monitor in 2020. More details shortly on the Money Makers website.

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My latest book

NEW COVER InvestmenTrustsHandbook20-front (1)

The third annual edition of The Investment Trusts Handbook, which I edit, was published in early December 2019. Link here. The handbook is an independent educational guide, with 25 contributions from expert commentators, analysts and trust specialists and a 50-page section on how to analyse an investment trust. The handbook is available both in hardback and as a free e-book from the Money Makers website. Investment trusts are the medium of choice for many sophisticated and professional fund investors.


Listen to the pros

Terry Smith

My podcast interviews with leading professional investors are available on a number of podcast channels (Soundcast, iTunes etc) and can be accessed directly from the Money Makers website. Find out what the likes of Terry Smith (pictured), Peter Spiller, Ken Fisher, Hugh Sloane, Sebastian Lyon and other leading investors think about markets now – essential listening for anyone with a portfolio to manage. January 2020 will see the start of a new series of podcasts as financial markets seek to come to terms with the outcome of the UK general election and the forthcoming US Presidential election.


Another passion....


For many years I have sharpened my wits and indulged a longstanding passion by playing bridge for high stakes (and occasionally in big tournaments). Having recently returned to live in Oxford, I resolved to give something back to this most profound and satisfying of card games by giving lessons to aspiring players in the Oxford area. I am doing this in partnership with Andrew Robson, well known to afficionados as the bridge correspondent of The Times and England’s leading player and teacher. Teaching groups of intelligent and committed students has also given me an opportunity to revise and update an illustrated guide to bridge (pictured above) which I wrote 20 plus years ago. More about this at the bridge venture’s website (link here).

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Independent Investor is not authorised to give financial advice. On no account take any action on what you read in my commentary without first taking appropriate professional advice. Not all of what I write is about the financial markets; they are not the be all and end all of life!

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