There is no longer room for sentiment among investors

If the secret of a good investor is to buy when sentiment is poor and sell when it is good, then the...

If the secret of a good investor is to buy when sentiment is poor and sell when it is good, then the future must be looking pretty good for international generalists. These flagships for the industry have had a tough few years with their generally poor portfolio performance, broad discounts, buyback policies that have failed to stem the tide and what many see as half-hearted moves to multi-manager by Witan and Foreign & Colonial. Sentiment continues to dip as these large companies lumber on, gradually reducing themselves in size through share buybacks, with boards seemingly incapable of r...