Listen to a consistent outperformer

Only two out of several hundred mainstream UK equity funds have beaten the FTSE All-Share index in every rolling five-year period since 2000, according to research by FE Trustnet. In my latest Money Makers podcast, I talk to one of them, Richard Hallett, the little known but impressive manager of the Marlborough UK Multi-Cap Growth fund. To hear what he thinks now, you can listen here or (if you are a subscriber) read the full transcript in my subscription-only Investment Reader newsletter, together with my latest Notebook pieces.

Brexit – so much “adversarial claptrap”

Is there a genuinely independent go-to guide for anyone who cares about the future of the UK economy but isn’t sure how to cast their vote in the Brexit referendum? Two-thirds of voters are said by unreliable pollsters to have made up their minds already, which leaves at least a third undecided. As the strident rhetoric and tendentious factoids of the two campaigns intensify, the need for dispassionate analysis could not be greater.

“Don’t mistake predictability for safety”: Part 2

Sandy Nairn, the CEO of Edinburgh Partners, has been a regular contributor to Independent Investor over the years, making several highly prescient calls along the way. He was extremely cautious in November 2007, just as the markets were starting to anticipate the full extent of the banking crisis, and bullish once more in March 2009, when the equity markets finally bottomed out after the severe 2007-09 bear market. Two years ago he made the case for investing in Japan. In the second part of our latest interview he argues that investors are overpaying for perceived safety: government bonds and companies with stable earnings are much more vulnerable to disappointment and capital loss than investors appear to appreciate.