If my experience is anything to go by, few recent events in fund management have aroused as much interest as Anthony Bolton’s decision to return to full-time investment management with a new China fund for Fidelity.
By doing so he seems to be breaking Jeremy Grantham’s golden, and all too well evidenced, rule that the biggest dynamic shaping the fund management business is career risk (avoidance thereof).
Why on earth is such a celebrated stockpicker taking a chance with a new venture that could so readily backfire and jeopardise the remarkable reputation that he has spent 30 years acquiring?
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