Jonathan Davis

Ideas and insights for investors

Welcome to the Independent Investor website. For more than 35 years my professional life has revolved around analysing the financial markets, initially as a journalist on national newspapers (The Times, Independent and Economist), latterly as a qualified investment professional. Aided and abetted by an extensive network of professional contacts, I offer independent insights and help to professional and private investors alike through books, columns and interviews for the Financial Times and Spectator, directorships and consultancy work, and speaking at public/private events. If you don’t know me already, you can find out more from the About link. I would be delighted to add you to my professional circle. Please feel free to join my mailing list (see below) and stay in touch.

 

Jonathan Davis MSCI, author, columnist and professional investor.

Latest news

A return to normality

So at last the extraordinary market conditions of the last two years – strong equity markets, dormant bond markets and record low volatility – have come to an end. The sharp sell-off in the stock market we have witnessed in the last few days is entirely healthy and long overdue. The immediate trigger was a combination of rapid price acceleration

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Newsletter

I write a regular private circulation subscription newsletter, with a regular diary of notes and quotes on investment topics, short Q and As, plus market reviews and the latest performance details of a trio of model investment portfolios I monitor on a regular basis. If you would be interested in joining the circulation list, please either contact me by email or simply go to the Investment Reader website and follow the instructions on the Subscribe Now page.

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Podcasts

I am now doing regular podcast interviews with leading professional investors – sign up to listen to them for free on the Money Makers website. Find out what the likes of Terry Smith, Peter Warburton, John Kay, Sebastian Lyon and other leading investors think about markets now – essential weekly listening for anyone with a portfolio. If you sign up to my mailing list, you will also be notified every time a new interview has gone live.

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New: my latest book

Handbook cover

This year sees the launch of a new annual publication, The Investment Trusts Handbook, of which I am the editor. The concept of the handbook is to provide in one handy format a directory of all the largest investment trusts listed in London, combined with commentary from expert outside contributors, interviews with leading fund managers and detailed guidance on how to analyse an investment trust (written by myself). The handbook is available both in hardback and as a free (at least for now) e-book. Contributors include Peter Spiller, Robin Angus, John Newlands, John Baron and Sandy Cross.

Portfolio watch

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Strategy and tactics

For my own money I run a core portfolio of around 10 long term favourite funds and investment trusts. I then monitor a short list of other securities to use as tactical or (occasionally) speculative overlays, adding or reducing exposure as circumstances require. New additions don’t come round very often: keeping portfolio turnover to a minimum – or “waiting for the fat pitch”, as Warren Buffett puts it – is well documented to be one of the keys to superior investment returns. The portfolio’s value has trebled since its initiation back in 2011, thanks largely to its conscious exposure to a handful of international funds.

Interviews

Terry Smith

Tracking your peers

As well as original research, I have always found it pays to stay in touch with what a handful of super-smart professional investors are thinking and (especially) doing. I look to maintain a regular dialogue with a number of fund managers, strategists and media commentators whose work I have come to respect over the years. These often result in good ideas, as well as Q and As that I publish in my newsletter or on the Money Makers website. Two of my recent interviews have been with  Terry Smith, the CEO of Fundsmith (pictured) and veteran investment trust investor Peter Spiller.

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