Ian Lance

You're not locked into sort of one set of companies.

And that's exactly what we've done.

So despite the fact that the trust has gone up, we have basically been able to continually rotate around the market.

And thus, you've still got a low valuation today, which hopefully...

I would completely agree.

The thing that always puzzled me about it was that when I look at a company, the quality of it and the growth rate of it are both things that I consider when I'm calculating the value of the business.

And who wouldn't?

Why wouldn't you?

Why would you suddenly say, you know, all I'm going to look at is the quality and the growth, and I'm not really going to consider the valuation.

That never really made sense to me.

What is interesting, actually, is that you're absolutely right.

For about 10 years, actually, that style of investing worked quite well.

2010 to 2020.

Low interest rates and quantitative easing.

And I'm sure that had a big part of it.

It's come badly unstuck since then.

And I think there are two reasons for that.

One is that it turns out that a lot of these companies were not as high quality or not as fantastic growth as maybe people thought.

I scribble down a couple of examples later on.

Nike, the share price has gone from $180 to $40.