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In for a Penny: A Business Adventure by Peter Hargreaves

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Chapter 6: Fighting the PEP Wars

The Investment Trust Bonanza

As business was slowly picking up, we started to take a keen interest in investment trusts. These were (and are) a fascinating product which enjoyed something of a bonanza in the early 1990s. This was in large part, I like to think, because of our involvement, as we took a prominent lead in helping to market what for many years had been a moribund and forgotten sector. Later on, some of the good work that we did in making investment trusts more popular with the general investing public was to be undone by a scandal. The split capital scandal that unfolded in the period 2001-2002 was as good an example as you can hope to find of Gresham’s Law, which says that bad money will always ...

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