Investing against the tide
You know you’re on to a good thing when your book is available at Tesco. Anthony Bolton, one of the world’s leading fund managers, has a new book out called “Investing Against The Tide”, a complimentary copy of which landed on my desk last week courtesy of Fidelity’s local office.
I am looking forward to reading it. So much so that I am already blogging about it. I’ve only just finished reading Geraldine Brooks’ heart-wrenching novel “March” (I say heart-wrenching because in my eyes, Jo’s absent dad, Mr. March, was supposed to be perfect!) and was hoping to write a review on it but I am distracted by the prospect of sitting on the couch and reading Bolton’s book.
Like most impatient people who suffer from OCD (Okay, I don’t, except when it comes to books. Maybe.), I went straight to page 195. It’s the good stuff titled “How the industry has changed” (could have worked more on the chapter title but, it is what it is). And then, even better, the next chapter titled “Some thoughts on the future of investment management” (hmmm, I guess the book editor thought there’s no point being creative on the chapter headings here).
Skimming through it, there are goodies like “forget the price you paid for shares” (uhm, why?) and the dead obvious like “buy companies that have a M&A angle” (ya think?).
I guess sometimes the industry needs a reminder. The more things change, the more things stay the same. The basic tenets of investing, as in “buy quality, undervalued stocks”, will always ring true while a highly geared, dodgy company by any another name is guaranteed to lose you money.
Now to read the book – proper, like – enough with the blogging already.
