Investing with Anthony Bolton
Autor Anthony Bolton, Johnathan Davisen Limba Engleză Paperback – 31 oct 2006
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Specificații
ISBN-13: 9781905641116
ISBN-10: 1905641117
Pagini: 216
Ilustrații: illustrations (black and white)
Dimensiuni: 160 x 232 x 13 mm
Greutate: 0.35 kg
Ediția:Revised, Update
Editura: HARRIMAN HOUSE LTD
Locul publicării:United Kingdom
ISBN-10: 1905641117
Pagini: 216
Ilustrații: illustrations (black and white)
Dimensiuni: 160 x 232 x 13 mm
Greutate: 0.35 kg
Ediția:Revised, Update
Editura: HARRIMAN HOUSE LTD
Locul publicării:United Kingdom
Cuprins
CHAPTER ONE Daring to be different: Three decades as a contrarian investor By Anthony Bolton How it all began The Fidelity experience The Special Situations fund Ignoring the benchmark Drama in the markets The internet bubble The changing investment scene Broking and research The secret of picking stocks The size of the fund and its performance The corporate governance front Good and bad performance Largest holdings Something new: China Splitting the Special Situations fund Introducing Jorma Korhonen The future CHAPTER TWO The professional's professional: The man and his funds By Jonathan Davis An orderly mind Devoted to detail A chance beginning Developing a style Starting out at Fidelity One simple insight The shares he likes Casting the net wide Prospering in Europe Looking beyond the UK Where the ideas come from Using technical analysis Coping with setbacks The bull market and beyond Into the limelight: the ITV saga The battle intensifies Entering the home straight CHAPTER THREE Assessing Anthony Bolton?s performance: How good has it been: and why? By Jonathan Davis Performance analysis and context Fidelity Special Situations Performance over different periods Risk analysis Style analysis Performance of the European fund Summary and conclusions Interpreting the performance How others see it The qualities great investors need The scale of the achievement The importance of being a contrarian CHAPTER FOUR Implications for investors (1) The lessons I have learnt By Anthony Bolton (2) Finding the next Bolton By Jonathan Davis APPENDICES APPENDIX 1. Fidelity Special Situations: performance record APPENDIX 2. How fund analysts see Anthony Bolton (a) analysis by Alastair MacDougall, Head of Research, WM Company (b) Analysis by Lee Gardhouse, Fund of funds manager, Hargreaves Lansdown (c) Analyst report on Fidelity Special Values, Close Winterflood Securities (September 2004) (d) Standard & Poor's ratings report on Fidelity Special Situations (October 2004) APPENDIX 3. Anthony Bolton's 10 largest holdings on an annual basis APPENDIX 4. Fidelity's relationship with companies it invests in APPENDIX 5. An example of Fidelity's in-house research: William Hill (spring 2003) APPENDIX 6. Slides from Fidelity Special Values presentation: July 2006 APPENDIX 7. A lifetime of music: the eight records that Anthony Bolton would take to a desert island APPENDIX 8. Pages from the first Fidelity Special Situations report to unitholders (October 1980) Author's acknowledgements Index
Notă biografică
Jonathan Davis and Anthony Bolton
Descriere
Who is the most successful investment manager in Britain? Arguments could rage forever, but no professional would dispute that Anthony Bolton of Fidelity is among the very best. #1,000 invested in his Special Situations fund at its launch in 1979 would today be worth more than #80,000. No other mainstream UK fund manager has put together such a consistently impressive performance over such a long period. The 80-fold increase represents an average compound growth rate of 19.9% per annum, or 6% per annum more than the FTSE All-Share Index over the same period. This track record is every bit as good as that recorded by American investment superstars such as Warren Buffett and Peter Lynch. Fidelity Special Situations fund is now the largest and most popular fund in the UK, with more than #3.6 billion of assets.What are the secrets of Bolton's success? In this important new book, published to coincide with the 25th anniversary of its launch, Jonathan Davis, investment columnist of The Independent, takes an in-depth look at the way that Bolton goes about his business and analyses in detail the performance of the fund over the past 25 years.In a separate 12,000 word section Anthony Bolton gives his own personal account of the history of the fund, explains why he believes his contrarian stockpicking methods have worked so well for so long and discloses how he handles the pressures of being the best-known fund manager in London. This book will be required reading for anyone with a personal or professional interest in investment.