“ It is almost legalised ransomware . What would your options be if you decided not to pay whatever Microsoft charges for its licence fees ? Lose all your files ? Try and transfer all your files to Google ?” He believes Microsoft ’ s falling share price may have more to do with its position as one of the largest holdings in US and global index trackers , meaning it is being disproportionately hit as investors reduce their exposure to equities . “ As we seem to conclude each week at the moment , markets are jumpy , skittish and random ,” he adds . “ There are very few signs that this is about to change . But for those with patience , there are undoubtedly opportunities emerging .” Matthew Tillett , manager of the
Brunner Investment Trust , cites Adobe as another example . “ Adobe is the world ’ s leading creative media software company ,” he explains . “ Having followed the company for a long time , we were able to take advantage of the significant decline in the stock price in January to take an initial position .”
Against the crowd However , Richard de Lisle , manager of
VT De Lisle America , claims even the highest-quality growth stocks won ’ t be safe from inflation . De Lisle became interested in investing in the early 1970s after his father “ lost his fortune ” in the inflation-inspired bear market of the time . He says this kicked off a quest “ to find out what was bringing this calamity to my family ”. Last year he warned of parallels with the late 1960s , when investors in quality companies had to wait 15 years to break even . This is why he is sceptical about a company such as Adobe , even though he describes its fundamentals as “ fantastic ”.
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