Working with 'fruitcakes': Buxton's seven lessons of fund management

Star manager Richard Buxton has listed seven key things he has learnt since starting his career in fund management.

Buxton (pictured) recently quit Schroders after 11 years for Old Mutual Global Investors to manage the £500m UK Alpha Plus fund. Although he said the fund management world has changed a lot throughout his career, he highlighted seven fundamental observations. 1. Investment is an art, not a science "The more you can understand human behaviour, the more you understand investors," the manager said. "It is important to realise investment is an art, not a science." 2. Models will not work "Value is only part of the game, and the game is irrational, so there is a fundamental proble...