Chapter 1

Yearly performance round-up

Capital performance

Capital performance

2001 +5%

‘2001 was a most difficult year but there were opportunities amid the gloom.’

A year of foot and mouth disease, the September 11th terrorist attacks, and the profits warnings of a deteriorating economy. Highlight was the takeover of electrical appliances company Pifco, a major holding, followed by a nice Christmas present with the takeover of electronics TGI by a private Danish company; otherwise nothing of note – a year of swings and roundabouts.

2002 +5%

‘Given the brutal market of 2002 and a dearth of corporate activity I am well satisfied with 5% capital growth.’ ...

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