What was your best investment?
Besides marriage, being in partnership with Denis, John and Robert (at Williams Investment Management).
Are wise investors born or made?
I believe they are born because successful investors (and I mean investors rather than speculators) require certain character traits and these tend to be innate. That is not to say it isn’t possible to acquire some of them either through experience or self education but if you are battling fundamentally what nature conferred upon you, it is doubtful you’ll progress.
Successful investors understand billionaire investor Warren Buffett’s maxim that price is what you pay but value is what you get.
What advice would you give to entrepreneurs who are looking to make a major investment?
Stick to what you know. Alternatively, back people who are knowledgeable about their sectors and crucially, are worthy of your trust.
What’s the worst investment you’ve ever made?
Buying a classic TVR.
What lessons did you learn from your worst investment?
Do not invest with your heart.
Which sectors are most likely to offer handsome returns for business investors?
There are opportunities everywhere. Back to Buffett again; “invest within your circle of competence; it’s not how big the circle is that is important but how well you’ve defined it.”
What was the best piece of investment advice you’ve received?
Philip Carret was asked about the most important attribute for an investor to possess. After witnessing 31 bull markets and 30 bear markets he thought for a few seconds and then said...patience.