Robbie Robertson (Personal Assets Trust) - Trust Matters
Description
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
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