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Bonham Carter: come out of the closet and be active
by Danielle Levy on Feb 14, 2013 at 10:07
'I think that is partly the world we are in today. It is very hard to work out objective benchmarks and values if the bond market and the price of assets has been altered and manipulated. And that makes it more challenging. It means you retreat and stick to what you are good at in the first place, which is fundamental analysis.'
He added: 'The challenge of course for an equity house is the sustainable level of profits in companies and ventures, what is it going to be in 10 years time and what are the competitive barriers to entry that you can believe in and therefore price on behalf of your investors. That is the challenge my colleagues face, I just need to make sure they behave.'
Coming back to his initial question, he concluded: 'I realise the FSA has looked at the issue of where the beef is in the bull market. I will let you work out which FSA it is. We have worked out actually it is a horse disguised as a bull at the moment that is causing all the trouble.'
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