The Problem of Knowledge in Financial Markets
By Paul Jourdan
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This eBook exclusively reproduces the chapter as a standalone piece. It remains a striking and provocative piece of essential reading for every investor.
Paul Jourdan
Paul Jourdan is an award-winning fund manager, AAA-rated by Citywire, with a strong track record in small cap investment. He is CEO of Amati Global Investors which he co-founded with Douglas Lawson in January 2010. He moved to Edinburgh in 1998, joining Stewart Ivory to work on UK, emerging market, and global equities. In 2000 Stewart Ivory was taken over by Colonial First State (subsequently First State Investments). From September 2000 Paul became manager of what is now TB Amati UK Smaller Companies Fund, winning several awards, most recently the Growth Company Investors Small Cap Fund of the Year Award 2011, and the Lipper Best UK Small and Mid-Cap Fund 2012. In November 2004 he was appointed Head of UK Equities at First State. In early 2005 he launched what is now Amati VCT plc. In 2007 he moved to Noble Fund Managers as Head of Equities. At Amati he works in a team specialising in UK small cap equities. Prior to 1998 Paul worked as a professional violinist, including a four-year period with the City of Birmingham Symphony Orchestra. He currently serves as a Director of Hebrides Ensemble and of Sistema Scotland, and also as a Governor of the Royal Conservatoire of Scotland.
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The Problem of Knowledge in Financial Markets - Paul Jourdan
Publishing details
Copyright © 2012 Amati Global Investors and Paul Jourdan
No responsibility for loss occasioned to any person or corporate body acting or refraining to act as a result of reading material in this book can be accepted by Amati Global Investors, Harriman House or the Author.
ISBN: 978-0-85719-268-4
British Library Cataloguing in Publication Data
A CIP catalogue record for this book can be obtained from the British Library.
All rights reserved; no part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without the prior written permission of the Publisher. This book may not be lent, resold, hired out or otherwise disposed of by way of trade in any form of binding or cover other than that in which it is published, without the prior written consent of the Publisher.
Preface
THEY ARE THE world’s best – the professional investors at the head of global investment funds and the mavericks operating from behind nothing more than a laptop and a point of view; some with millions of pounds at their disposal and the fate of companies and customers’ savings hanging on their decisions, others with nothing more (or less) than their reputation and their own fortune on the line.
What sets them apart from the thousands of investors out there is their track record. The professional investors who contributed to our recent book, Professional Investor Rules, included multiple award winners, fund managers who have managed to double or triple investment returns every two years, as well as the heads and founders of firms with billions – occasionally trillions – under management and half a century of profits to which they can point.
We believe there are no better investors to learn from when making your own way in the