Why you will not make money playing market cycles - Train

Lindsell Train co-founder Nick Train has argued investors should not try to make money in equities by playing market cycles.

Train (pictured), manager of the £470m Lindsell Train UK Equity fund and £340m Finsbury Growth & Income investment trust, said the idea that out of favour stocks will rebound in market cycles does not always hold true. "The more time I spend in the world of investing, the less convinced I am that there is actually any such underlying cyclicality," he said. "I acknowledge that such an apprehension of the world - that it ebbs and flows in an organic, natural fashion - is a common enough mental model, but I also think some trees do grow to the sky. "For instance, the FTSE All Share in...