Merryn Somerset Webb

How much is the top 10 now?

Yeah, so this is very focused.

So when you find a bargain, you really go for it.

OK, so what makes a stock a good value stock as opposed to a value trap?

I mean, it's a standard question, right?

There's a lot of stuff that looks very cheap, but in fact, maybe it's got an awful lot of debt or it is obvious to you that its profits may remain low indefinitely, etc.

How are we distinguishing between a great value buy and a value trap?

Okay, so very much an art form

Talk us through the top 10 at the moment.

What's in that high convection part of the portfolio?

Yes, you've got both BP and Shell at the top, right?

Okay.

And then after that, you still got a lot of financials.

Yeah, I saw that.

10th biggest holding now.

That's definitely contrarian, but that's what you're supposed to do.

Well, that's absurd.

But that rather reflects lack of confidence in the management team being able to amalgamate things in the way you've just been talking about.

You don't want the market to agree with you for a while, right?

Yeah.