Losing it all nothing new in watching investors fall to the sirens ’ call of a quick buck , adding it reminds him of a situation from the start of his career . Back then , in October 1979 , exchange controls were in place to prevent money leaving the UK for the US . “ I was with an experienced group of investors when we saw the dollar premium decline to just 7 %,” says de Lisle . “ Having never seen it so low , these sophisticated investors bought some premium dollars . An hour later , the chancellor Geoffrey Howe abolished the dollar premium , bringing an end to UK exchange controls which had been in place since 1939 . I was thrilled , having actually watched a market go to zero . My colleagues , not so much , because after 40 years they had been beguiled into thinking the market couldn ’ t just disappear . But it could .” With investments , he says , nothing is certain , pointing to numerous examples of companies regarded as safe havens whose share prices subsequently collapsed . For example , he says that in the same year the dollar premium was abolished , American utilities were regarded as the ultimate sure thing – yet the Three
Performance of trust vs index in 2022
MSCI Russia ( -100.0 %) JPMorgan Russian Securities ( -80.36 %)
20 % |
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0 % |
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-20 % |
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-40 % |
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-60 % |
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-80 % |
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-100 %
31 Dec
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10 Jan |
18 |
26 |
03 Feb |
11 |
21 |
01 Mar |
09 |
17 |
25 |
Source : FE Analytics
Issue 83 - April 2022 / 9 /