A new book of mine on the way
Look out any day now for the publication of the Investment Trusts Handbook, a new 350-page annual compilation of data and insights about the investment trust sector. Investment trusts are often described as the City's best kept secret - and certainly in my experience they are the favoured choice of those who know most about investing in funds. As the editor of this brand new publication, I have been fortunate to be able to recruit some of the best known names in the business to contribute features about their experience and insights. They include Peter Spiller, Mark Dampier, John Baron, John Newlands, Robin Angus, Max King, Sandy Cross and many more. There are in-depth interviews with a trio of top-performing investment trust managers, a calendar of results and AGM announcements coming up over the next 12 months and a detailed directory of all the most important trusts, together with a section on how to analyse closed end funds - all in all, an ideal gift for any DIY investor. Find out more here or to purchase from Amazon click on the cover image.
History is a better guide to market cycles than economics – ignore the longer term trends that drive markets at your peril. So says Peter Spiller, a former Cazenove partner who has the distinction of being the UK’s longest serving investment trust manager, in my latest Money Makers podcast. Although largely unknown to the wider public, Capital Gearing Trust, the trust he has run since 1982, has delivered a compound annual return of 15%, 4% per annum more than the UK stock market, over 34 years. So why is he now more defensively positioned than he has ever been? Why does he think that inflation, not deflation, is now the greater risk?