On a quiet rainy day, it is always an interesting exercise to read through the statistics pages of Investment Week or the factsheet pages on FE or Morningstar to see the funny names people give funds.
Read a bit further and look at the fund mandates or objectives, and you find yourself immersed in an entirely new language. It is built on English, but somehow everyday words have been rearranged into a version of investment hieroglyphics. Let me give you a example. What is an ‘opportunities’ fund? Well, it is normally one run by an ‘opportunistic’ fund manager. It is the opposite of a ‘lack of opportunities’ fund, run by a manager who is happy to pay too much for a stock as long as it goes up. But I thought we called fund managers who are happy to pay too much for stocks ‘momentum in...
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