Text Credit(s):
16 Liberty Fund, Inc: Adam Smith, An Inquiry Into the Nature and Causes of the Wealth of Nations (Cannan ed.), vol. 1 [1776]; 17 The McGraw-Hill Companies, Inc: B. Graham and D. Dodd (1934) Security Analysis, McGraw-Hill, p. 54; 22–23 Credit Suisse: Data sourced from Credit Suisse Global Investment Returns Yearbook 2019; base data kindly supplied by Professor Paul Marsh; 26 Sainsbury’s: Data sourced from www.about.sainsburys.co.uk/investors/financial-calendar/ 2018; 28 Credit Suisse: Credit Suisse Global Investment Returns Yearbook 2019, Summary Edition. www.credit-suisse.com/corporate/en/research/research-institute; 37 The World Federation of Exchanges: World Federation of Exchanges (2019) WFE Annual Statistics Guide, 2018 (www. www.world-exchanges.org/our-work/articles/wfe-annual-statistics-guide-volume-4); 42 London Stock Exchange plc: Main Market Equity Factsheet, December 2018, Data sourced from London Stock Exchange (www.londonstockexchange.com); 45 The Financial Times Limited: Peter Campbell (2018) Aston Martin cuts maximum share price for IPO, 1 October © The Financial Times Limited 2019. All Rights Reserved; 46 The Financial Times Limited: Caroline Binham (2019) Wasps rugby club faces FCA probe over market statements, 12 April © The Financial Times Limited 2019. All Rights Reserved; 48–49 The Financial Times Limited: Davies, S. (2013) Servelec IPO lifts Sheffield tech profile, Financial Times, 1 December. © The Financial Times Limited 2019. All Rights Reserved; 49 The Financial Times Limited: Jonathan Eley (2018) Asos warns full year sales growth will be at ‘lower end of range’ JULY 12 © The Financial Times Limited 2019. All Rights Reserved; 51 Office for National Statistics: Data drawn from the Office for National Statistics EDITORS: I drew the figure using raw data; 60 The Financial Times Limited: Judith Evans (2015) Discretionary managers urged to reveal charges, Financial Times, 30 January © The Financial Times Limited 2019. All Rights Reserved; 91 The Financial Times Limited: John Hughman (2015) Put the equality back into equities, The UK’s undemocratic nominee system needs an overhaul, Financial Times, 28 August © The Financial Times Limited 2019. All Rights Reserved; 103 The Financial Times Limited: Attracta Mooney (2018) How a 1% hidden fee wipes £100,000 from a £100,000 invest-ment, Financial Times, 10 February. © The Financial Times Limited 2019. All Rights Reserved; 103 Morningstar: Morningstar, based on its European fund universe; 108–109 The Financial Times Limited: Authers, J. (2013) Beware the costs of actively managed funds, Financial Times, 5 April © The Financial Times Limited 2019. All Rights Reserved; 110 The Financial Times Limited: Chris Flood (2018) Few funds sold to retail investors beat benchmark after fees, Financial Times 13 May © The Financial Times Limited 2019. All Rights Reserved; 111–112 The Financial Times Limited: Authers, J. (2013) Pull closet indexing out of the closet, Financial Times, 4 October © The Financial Times Limited 2019. All Rights Reserved; 113–114 The Financial Times Limited: Jonathan Ford (2019) Conflicts of interest in fund manager market exposed by Wood-ford, Financial Times, June 9 © The Financial Times Limited 2019. All Rights Reserved; 115 The Financial Times Limited: Sullivan, R. (2011) Impetus for managers to invest in own funds, Financial Times, 9 January © The Financial Times Limited 2019. All Rights Reserved; 122–123 The Financial Times Limited: Ian Smith, (2017) How would ETFs fare in a market downturn? Financial Times, October 13 © The Financial Times Limited 2019. All Rights Reserved; 130–131 The Financial Times Limited: Merryn Somerset Webb (2018) What makes the investment trust model a winner? Financial Times, June 22 © The Financial Times Limited 2019. All Rights Reserved; 134–135 The Financial Times Limited: Merryn Somerset Webb (2018) Hit the switch for profiting investment platforms, Financial Times, 20 July © The Financial Times Limited 2019. All Rights Reserved; 143 The Financial Times Limited: Lindsay Fortado and Laurence Fletcher (2019) Hedge funds suffer worst year since 2011, Financial Times, January 9 © The Financial Times Limited 2019. All Rights Reserved; 146–148 Berkshire hathaway Inc: Warren Buffett, Chairman’s Letter to Shareholders accompanying the 2005 Annual Report of Berkshire Hathaway. Reproduced with kind permission of the author. Copyright remains with Warren Buffett; 148–149 The Financial Times Limited: Kay, J. (2009) The charges laid against us, Financial Times, 31 January/1 February © The Financial Times Limited 2019. All Rights Reserved; 154 The Financial Times Limited: FT500: The world’s largest companies, 12 June 2019 © The Financial Times Limited 2019. All Rights Reserved; 175 British Private Equity & Venture Capital Association: BVCA Private Equity and Venture Capital Performance Measurement Survey 2017, www.bvca.co.uk; 186 Unilever: Unilever shares, 1 August, 2017; 188 Unilever: Unilever March 2018; 189 Unilever: Unilever on 1 August 2017 at 2567p; 189 Unilever: Unilever is purchased 1 August 2017; 196 ROBERT SHILLER: Online Data of Robert Shiller. Used by permissions from Robert Shiller. Retrieved from: http://www.econ.yale.edu/~shiller/data.htm; 196 Kindleberger and Aliber: indleberger and Aliber (2015) Manias, Panics and Crashes; 197 Federal Reserve Bank of St. Louis,: Who’s buying Treasuries? Domestic vs. foreign ownernship of U.S. federal debt, The FRED® Blog, The Federal Reserve Bank of St Louis; 199 ADVFN: Dow Jones Industrial Average, ADVFN, www.advfn.com. 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All Rights Reserved; 383–384 The Financial Times Limited: Hugo Greenhalgh (2017) Should you invest in Britain’s ideas factory? Financial Times, 14 July © The Financial Times Limited 2019. All Rights Reserved; 388–390 Warren E. Buffett: Chairman’s letter accompanying the 1994 annual report of Berkshire Hathaway Inc. Reprinted by kind permission of Warren Buffett. © Warren Buffett; 389 John Kay: John Kay, ‘Poor odds on the takeover lottery’, Financial Times, 26 January 1996; 409 The Financial Times Limited: Kate Beiole (2019) London Capital & Finance collapse leaves customers counting the cost, Financial Times, 22 March © The Financial Times Limited 2019. All Rights Reserved; 411 The Financial Times Limited: Martin Arnold (2018) Financial world doomed to repeat bad behaviour, Financial Times July 28 © The Financial Times Limited 2019. 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Screenshot Credit:
pp. 65, 66, 67, 67, 68, 69, 70, 71, 72, 73, 73, 74, 75, 75, 76, 80 and 85 - All the screenshots used in this book are from ADVFN PLC.
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