“And what do you do?”
“I’m an investment manager.”
“How nice.” Pause. Slight embarrassment. “I’m afraid I don’t know anything about investment. ”
The subject is a sure social conversation-stopper. The business of investment, said John Maynard Keynes, is intolerably boring for anyone exempt from an instinct for gambling. For many it is a no-go area.
A friend who looks after the money of one of the wealthiest British families told me that when members of that family come of age, and so into some money of their own, he has a chat with them. He tells them that they can either become actively involved in how their money is managed; or they can leave it to him and his colleagues in the family investment office. If they choose the ...