PATRICK HOSKING | COMMENT
History shows that winners ‘often emerge from mundane and traditional industries’
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Narrated by Patrick Hosking
Here’s a game for anyone interested in the stock market. Have a guess at what have been the ten most lucrative investments on the London market over the past ten years. You may be surprised.
Before we get on to that, though, no column on stockpicking can go any further before paying tribute to the magisterial Charlie Munger, who died on Tuesday, aged 99.
Munger, Warren Buffett’s business partner, was not just a sagacious investor but also an engaging imparter of financial wisdom. And he wasn’t frightened of blasting Wall Street in defence of ordinary investors.
He was a champion critic of aggressive accounting. Who can forget his damning verdict on earnings before interest, tax, depreciation and amortisation as “bullshit earnings”, which is still
