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Far From The Finishing Post
Far From The Finishing Post explores the ideas and practices of leading investors in an effort to continuously grow our collective knowledge. This podcast is intended for UK listeners only. The views and information contained within this podcast do not constitute investment advice and should not be used as the basis for investment decisions. Any reference to securities should not be construed as a recommendation to buy or sell these securities. Any opinions expressed are those of the relevant individuals and do not necessarily reflect the views of Troy Asset Management and may be subject to change without notice. Past performance is not a guide to future performance and the value of an investment may fall as well as rise.
Far From The Finishing Post
Robbie Robertson (Personal Assets Trust) - Trust Matters
In this episode we speak to Robbie Robertson. Robbie is on the Board of Personal Assets Trust and spent a nearly 40-year career in the investment trust industry. We discuss the evolution of the investment trust industry, the advantages of a closed-end structure and the role Personal Assets Trust can play in a portfolio.
Show notes:
[01:28] A different world
[03:17] Observations from a career in the investment trust industry
[06:42] Characteristics of successful investors
[08:03] How Robbie got involved with Personal Assets Trust
[09:03] Advantages of the investment trust structure
[11:39] Evolution of the investment trust industry
[15:05] Impact of higher interest rates and a changing cycle
[16:48] Are they investment trusts or operating companies?
[20:54] Valuing assets in newer parts of the market
[22:24] Appropriateness of the investment structure for alternative assets
[23:57] Is there demand for general equity investment trusts?
[25:51] Why some investment trusts scale and others fail
[27:25] Common pitfalls to avoid
[28:57] Trading discounts
[30:50] What makes a great investment trust Board?
[32:58] The role Personal Assets Trust plays in a portfolio
[37:56] Advantages of a discount control mechanism
[39:36] Why most Boards do not commit to a discount control mechanism
[40:47] Enjoy yourself