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Ian Cowie: whoops, did I miss the rally in UK ‘small caps’?
Please don’t laugh but I am about to tell you how I fell for one of the most easy investment mistakes to make, despite warning against the risk of doing so many times over the years. Here goes, anyway, because I think it is important to report the things I get wrong as well as those that go well.
Despite spending many hours in recent months poring over comprehensive information provided free online by the Association of Investment Companies and other sources, I may have missed the boat in the UK smaller companies sector. As reported here and elsewhere, so much money has flooded out of British shares since the Brexit referendum on 23 June, 2016, that my contrarian instinct was – and is – to buy where the crowd sold.
Fortunately, I have had some success with individual shares – including, most recently, the brewer Fuller, Smith & Turner (FSTA)and plastic packaging maker RPC (RPC), both of which I bought last year and received agreed bids from foreign buyers last week.
Unfortunately, I dithered over my plans to extend this theme into a UK smaller companies investment trust; partly because there are so many excellent funds to choose from.
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