Wednesday, May 21, 2008

Interview with best performing fund manager…

How Invesco Perpetual's top manager keeps ahead of the market - and his rivals

Key quotes:- ''...I am convinced that the UK economy is going into recession ...we have had huge growth in [consumer] consumption, funded by rising levels of debt, but the party is over for this type of debt-fuelled consumption...''

Posted by hpwatcher @ 12:24 PM (654 views)
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7 thoughts on “Interview with best performing fund manager…

  • Seems very competent but luck usually plays a part – e.g. he avoided tech stocks because they didn’t pay dividends, not because this was another bubble.

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  • > Tobacco shares, such as Imperial Tobacco and British American Tobacco, have strong overseas businesses

    but the chinese have just banned smoking in fitness clubs (as well as some other places) so I’m not sure Tobacco is the growth sector it once was

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  • I have every respect for Neil Woodford. The fact that Imperial Tobacco has just announced a large rights issue proves that he is human though. It is interesting that his large research team didnt pick that one up,

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  • shipbuilder says:

    When reading this blog, because there are so many articles from so many viewpoints, it’s difficult to tell what is what sometimes.
    It’s still surprising, though, when an article or viewpoint stands out a mile becuase of its obvious wisdom and sense. From my limited knowledge, this fella’s investment strategy is the same as Buffet’s – based on simple common sense and it certainly appears to have done well for him. As wilth his view on the British economy – short, to the point and with none of the technical nonsense and obviously made-up ‘fundamentals’ that others try to blind us with.

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  • @1. Icarus – technology stocks were avoided primarily because they did not fit with the overall risk profile of the fund and he anticipated the dot com collapse. Neil Woodford held his nerve and stuck to his strategy even when his job was on the line. Interestingly he has also in recent years avoided holding Bank shares in his funds unlike other fund managers including the excellent Tony Nutt of Jupiter.

    There is a multitude of articles in the press on investing, the economy etc… but when this man speaks its always worth listening.

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  • This reminds me a little of Tony Dye. He basically thought that the market was ripe for a correction and so went into cash and defensive stocks. If you put yourself out from the herd and you are right (a la Mr. Woodford) then alls well. BUT although Tony was eventually right he missed out on some big bull moves (before the market “crashed”). When the others were wrong – and the market moved against them – they still held their jobs because you are judged against your peers.(so if everyone makes a mistake – and assuming yours isnt the biggest thats ok – but if you make the mistake by not making so much – i.e. only losing opportunity cost – then your due the black bin liner at the desk. Strange world innit.

    BTW jack have i missed any classic BTL discussions with some of our friends? Its getting a bit boring on here now….

    http://www.samizdata.net/blog/archives/2008/03/the_death_of_to.html

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  • @6. techieman – good to see you back on board – hope the holiday went well.

    “BTW jack have i missed any classic BTL discussions with some of our friends? Its getting a bit boring on here now….” – nope not from memory – the odd comment pops up from BTL rules but it never extends into any serious debate, greenbay noticably absent

    The big discovery whilst you have have been circling Lake Garda is that Gordon Brown was rumbled as a regular visitor to this site – AKA young_mark !

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