Terry Smith's Fundsmith beat the market for a decade, then trailed four straight years. £3.31bn fled in 2024. Most investors lost money vs a tracker. Why? Timing. They bought high after stellar returns, sold low during underperformance. Jack Bogle's iron law: money arrives after gains, leaves during losses. Even star managers can't beat that.
UK councils are under severe financial strain, with services like libraries and social care facing cutbacks. At the same time, hidden costs such as council pension fund fees are draining millions from local budgets. This article explores how austerity, rising demand, and opaque investment charges are combining to push local authorities to the brink, leaving residents to bear the impact of shrinking public services.
Robin Powell
Sep 29 min read
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