Mundy: Why I added to BP last week

Investec's Alastair Mundy topped up his high-conviction position in BP last week, saying the oil giant remains a "very interesting investment opportunity".

Despite BP suffering sharp share price slide on the back of the Gulf of Mexico disaster, Mundy says the fallout from the spill may not be as dire as many speculate. "While everyone believes BP is going to get fined and the politicians are making a lot of how they are going penalise BP, history tells it is very hard to penalise companies," Mundy says. "Companies do not go bust or get closed down, because typically it ends up in the courts and fines take a long time to get paid and end up being much smaller than was originally thought." BP is one of the top holdings in Mundy's £1.6bn...