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In a lively discussion, Head of Liquid Alternatives at Schroders, Robert Donald, sits down with John Armitage, the co-founder and CIO of Egerton Capital. Drawing on his four-decades plus of experience John offers a unique insight into what makes a successful investor. Click here to view the full interview and see below six key takeaways and links to associated short clips.
What is Egerton Capital?
“We’re a two-strategy firm (long/short equities and long-only equities). We are collegiate, but in investment terms you can think of us as a benevolent autocracy rather than a co-operative in the sense that the bottom line stops with me.”
Click here to watch this clip
John’s views on liquidity
“One way in which we’re different from our peers is that we have monthly liquidity in our long-short funds with 30 days written notice, and we have weekly liquidity in our long-only funds. Although at times that can mean you’re an ATM, I favour that approach because I feel that’s what I would want as an investor. I firmly believe it’s possible to run money well while maintaining a portfolio from which people can exit at shorter notice.”
Click here to watch this clip
What is behind Egerton’s long-term success?
“You have to have a lot of fortitude, a lot of stamina, you have to constantly try and reinvent yourself. You have to have motivation, keep your curiosity, fight against the natural tendency to get more conservative as you get older. You have to have enthusiasm – every year is a clean start and you have to have the appetite for it, and the emotional resilience to pick yourself up again without being discouraged.”
Click here to watch this clip
What keeps John going?
“Firstly, investing is endlessly fascinating and there are always new things to learn, and secondly if you’re doing badly you feel you can’t go out on a low while if you’re doing well it’s too much fun to stop.”
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Who is making money out of AI?
“Businesses will only really be able to use AI and generative AI truly effectively when the data they have has been cleansed and de-duped, not lifted and shifted, but put in a modern architecture on the cloud. The hyperscalers are the key beneficiary of this.”
Click here to watch this clip
John’s views on US exceptionalism
“Does the US still have incredibly dynamic companies and a tremendous culture of innovation, well yes. It has a vast internal market so companies can get very big without having to go abroad. But people now say that the Chinese are two years behind the US in semiconductor manufacturing, so it’s not impossible that it can be caught.”
Click here to watch this clip
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