Spring Logo
Home Icon Our Funds Events News & Views About Us
United Kingdom
Evenlode Logo

Evenlode

  • IFSL Evenlode Income Fund
  • IFSL Evenlode Global Income Fund
  • IFSL Evenlode Global Equity Fund
Chelverton Logo

Chelverton

  • MI Chelverton UK Equity Growth Fund
  • MI Chelverton UK Equity Income Fund
  • MI Chelverton European Select Fund
  • Chelverton Select Consumer Staples Fund
  • MI Chelverton UK Opportunities Fund
Zennor Logo

Zennor

  • IUP Zennor Japan Fund
  • WS Zennor Japan Equity Income Fund
Fulcrum Logo

Fulcrum

    Tata Logo

    Tata

    • Tata India Equity Fund
    cusana Logo

    Cusana

    • Cusana Emerging Markets Equities Fund
    Spring Logo
    • Our Funds
    • Events
    • News & Views
    • About Us
    United Kingdom
    Legal InformationContact Us

    Call us on

    +44 (0)20 3307 8086
    emailLinkedIntwitter
    Spring Capital Partners Limited is an appointed representative of the principal firm, Robert Quinn Advisory LLP (FRN: 548030). Spring Capital Partners GmbH and Spring Capital Partners AB are tied agents of ACOLIN Europe AG which is regulated by Bafin in Germany (BaFin-ID: 10135649). Read full disclaimer

    Site by HSL

    back arrow
    Related funds
      MI Chelverton European Select Fundright arrow
    Investment ViewsApril 2020

    Survival advice from some famous investors

    Chelverton European Select Fund TeamRead more from this author

    Every bear market has its own distinguishing features – this time the cause and speed of the falls are, so far, the unique features. Many readers and investors will be in the midst of their first proper bear market and may be shocked and unsettled by the speed and severity of market falls. 

    In 2002 when I was on gardening leave, I outsourced the garden to someone better qualified and went to the library where I read the best part of 50 or so investment books, many of them the classics. I took liberal notes and quotes and refer to these often. At times of market stress, it is great comfort to know that it is perfectly common to question everything you hold dear!  As I was flicking through my notes, here are some quotes which hold particular value at the moment.  They illustrate that following time-honoured principles and practices can reap long-term rewards through even the most challenging of times.

    The investor should wait for periods of depressed business and market levels to buy representative common stocks, since he is unlikely to be able to acquire them at other times except at prices which the future may cause him regret

    Benjamin Graham (1934) – Legendary investor and author of “The Intelligent Investor”

    It takes a great deal of discipline to stick to value convictions, especially when the share price declines after you buy them. If you focus only on share price, price declines can be devastating emotionally. For long-term investors who evaluate price relative to business value, price declines can represent tremendous opportunities

    Charles Brandes – Founder of Brandes Investment Partners

    Only own a stock you’d be comfortable owning if they closed the stock exchange for three years tomorrow

    Warren Buffett – The world’s most famous investor and founder of Berkshire Hathaway

    Maintain the emotional stability to act diametrically opposite to the masses. It is difficult to part company with the crowd to buy when everyone is bearish but that is precisely what must be done to produce superior returns

    Ned Davis – Founder of Ned Davis Research

    The best investors are those that can keep their emotional reactions to loss in check

    James Montier – Strategist at GMO and author of “Value Investing”

    The most extreme and enduring crisis that capitalism had ever experienced…..and the eventual discovery of the severe mental and moral deficiencies for those once thought endowed with genius

    JK Galbraith - talking about 1929 in his book “A short history of financial Euphoria”

    Interesting to reflect that whereas 3.9m shares were sold yesterday, there were 3.9m shares bought yesterday; and possibly the purchasers may be more intelligent than the sellers

    Sir John Templeton – Founder of Templeton, Galbraith & Hansberger

    Right now there is a consensus that the strong will get stronger through this recession. This will likely prove accurate. However, one should be wary of paying any price for this strength. When life returns to normal, as it will, valuation normality will also return. This is a time to stick to a strong philosophy which balances a valuation discipline alongside cash flow and balance sheet focus.

    Coronavirus may have slammed the brakes on, but we should not see this as a reason to abandon the car! 

    Related funds
      MI Chelverton European Select Fundright arrow

    This document has been prepared by Chelverton Asset Management Limited (“Chelverton”), which is authorised and regulated in the United Kingdom by the Financial Conduct Authority. The information contained herein is confidential and is for information purposes only and is not investment advice. It may not be reproduced, redistributed or passed on directly or indirectly, or published in whole or in part, to any other person for any purpose. No reliance may be placed on the information, representations or opinions contained in this presentation as they may change in the future.

    This is directed at persons who have been classified as Professional Clients or Eligible Counterparties only. It does not constitute or form any part of any offer, solicitation, recommendation or invitation to issue, acquire, sell or arrange any transaction in any securities to be issued by the companies mentioned herein nor shall it or any part of it form the basis of or act as an inducement to enter into any contract for any securities in the companies.

    swoosh

    Call us on

    +44 (0)20 3307 8086
    emailLinkedIn
    Legal InformationContact Us

    Spring Capital Partners Limited is an appointed representative of the principal firm, Robert Quinn Advisory LLP (FRN: 548030). Spring Capital Partners GmbH and Spring Capital Partners AB are tied agents of Allington Investment Advisors GmbH which is regulated by Bafin in Germany (Bafin-ID: 10158575). Read full disclaimer

    Site by HSL

    Spring Logo
    Our Use of Cookies

    We use cookies - the analytical kind, sadly not edible - to help personalise content, track visits to our website, and optimise your experience.
    By continuing to browse the site you are agreeing to our cookie policy.