How good are the special situation opportunities at this stage in the economic and business cycles?
Opportunities between November to the end of February or so were ‘awesome’ in the historical context. But markets have rallied 40 per cent or so since then. As a result the opportunities at the margin would be less than they were before, and somewhat different. A lot of the cyclical things have worked, and, if anything I’ll be starting to reduce my exposure there. However, quality growth has probably been left behind hence there is more of an opportunity in my mind there. Q: What is your overall picture of UK plc? I think people are now starting to drift into “actually, we are going to have recovery”. I think at the point in time when people start betting this is going to be some sort of normalised recovery, will be the time when I say “actually, the recovery is going to be fairly slow, long and modest in nature.” You’ve got to ask yourself what is going to be the driver, the engine for UK plc. That is a valid question to ask given our historic focus on financial services. I think ther
