Profile: the very bearish Peter Spiller

The latest edition of the Investment Trusts Handbook, just out, includes an extensive profile of Peter Spiller, the former Cazenove partner and trust expert who has assembled a remarkable track record of delivering positive returns over a period of more than 35 years. In that time shares in Capital Gearing Trust, his investment trust, have compounded at an annualised rate of 15% per annum, but the way that Spiller now invests could not be more different than it was back when he started. In the profile, I explain why he has moved from being 100% in equities to just 25% today and why nothing that is happening in markets this autumn comes as any surprise to him. You can the whole profile here by joining the Investment Reader network.

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