Michael Murray: Lessons from a life invested

A mix of experiences, patience, commercial common sense, failures and successes can form a solid foundation for investment

6th September, 2015
As to little trading “flutters”, I confine them to small companies and small money. I won’t starve if I lose, and I like to buy a piece of art from what I gain – an asset class with no dividend stream, but more pleasing to the eye than the share certificate that I forfeit to acquire it.

Luck plays a large part in life. But when it comes to investing, there is no substitute for experience, due diligence, and for learning lessons the hard way.

Much of the regulation of financial services is tailored to the interests of the industry – which, like all industries, is geared to delivering value for its own shareholders.

That doesn’t always sit easily with delivering long-term value for clients. The suitability and appropriateness rules embedded in...

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