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John Kay - A lifetime in investment trusts

Closed-end funds and OEICs
LooseCannon101
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John Kay - A lifetime in investment trusts

#337734

Postby LooseCannon101 » September 2nd, 2020, 7:01 pm

https://www.johnkay.com/2020/08/28/a-li ... nt-trusts/

The above article, written by a top economist and former director of Scottish Mortgage Investment Trust, is one of the best articles I have read concerning investment trusts. He highlights the increasing pace of technological change and the need for fund managers and retail investors to stay ahead of the curve.

OhNoNotimAgain
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Re: John Kay - A lifetime in investment trusts

#339991

Postby OhNoNotimAgain » September 13th, 2020, 10:03 am

Do I smell hubris?

Is this the man who was a NED of Halifax BoS before it blew up and who admitted to being mystified by what its traders did?

Is this the man that wrote a book advocating passive funds?

Does he not believe the FCA when it says past performance is no guide to future returns?

Does he not think free money has contributed to the tech bubble, which has been so beneficial to SMIT, in a similar manner to ultra loose and expansionary Fed policy at the turn of millennium when it was defending the economy from another bug, although that one was a piece of code and never materialised?

Does he not remember what happened after that?

dealtn
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Re: John Kay - A lifetime in investment trusts

#340007

Postby dealtn » September 13th, 2020, 11:42 am

OhNoNotimAgain wrote:
Is this the man who was a NED of Halifax BoS before it blew up and who admitted to being mystified by what its traders did?



Interesting. Any source for this. He would be describing me, and my team, if that were so.

GSVsowhat
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Re: John Kay - A lifetime in investment trusts

#342251

Postby GSVsowhat » September 23rd, 2020, 2:35 pm

I believe the first reference is to the Article by John Kay in the FT "We let down diligent folk at the Halifax" 23-9-08, should be able to access via search engine.

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Re: John Kay - A lifetime in investment trusts

#342254

Postby Dod101 » September 23rd, 2020, 2:47 pm

I feel sure that this has been covered elsewhere and I think I commented then that John Kay is not my favourite writer. This particular article is pretty basic stuff.

Dod

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Re: John Kay - A lifetime in investment trusts

#342262

Postby dealtn » September 23rd, 2020, 3:08 pm

GSVsowhat wrote:I believe the first reference is to the Article by John Kay in the FT "We let down diligent folk at the Halifax" 23-9-08, should be able to access via search engine.


Thank you.

The first thing to note is John Kay stepped down from the Halifax board in 2000. Well before the financial crash.

It doesn't at all surprise me then if he didn't understand what its traders did. Suffice to say it was a different beast by the time of the crash too, and the "trading" side of the treasury operation was profitable up to the end. Kind of ruins the "story" a bit though.


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