In July, I posted about a neat piece in The Spectator on famed British fund manager Anthony Bolton.
He's spent the past 27 years managing the UK Special Situations fund and will be retiring next year.
Bolton pens this column in London's Daily Telegraph reflecting on lessons learned over the past quarter century:
Like much in life, investment is a cyclical business. If I cast my mind back to the start of my career in the 1970s, I see many similarities with today's investment climate. Then, as now, the London stock market was playing host to a succession of overseas natural resources companies amid a boom in commodity prices. Whereas 30 years ago those companies hailed from South Africa, today they are more likely to come from parts of the former Soviet empire.
You and I can agree or disagree. But I think this is a terrific piece.
Even though Bolton writes from the perspective of someone living in the UK -- he's writing for a British audience in a British newspaper -- his words should strike a chord in investors everywhere.
So, yeah, I encourage you to read it all. And note his ending:
Yes, investment is a cyclical business – this latest commodities boom will, sooner or later, burst. But the globalisation trend is irreversible. Were I 30 years younger and asked to launch a new equity fund today, then I would not confine the portfolio exclusively to UK shares: a more international outlook is more sensible. We are all global now and should embrace the opportunities the new era brings.
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