As a life-long income investor, why do you think you can spot early-stage companies?
[Looks momentarily flabbergasted]
'As an investor, this sort of goes to the heart of what I have been paid to do. Clearly it is my responsibility to deliver to investors income in both the Income and the Income Focus fund, but equally as I have said all along in the Income fund, what we are trying to do is to deliver an attractive total return to our investors, an appropriate risk adjusted return. I have over my entire career looked across my investment universe, to deliver the best return for our investors.
[slight rising irritation]
'It is absolutely the case that early stage businesses, both quoted and unquoted, are part of my investment universe, and the reason that I am invested in them is that I believe they will do a fantastic job.
'They are in my view the most undervalued stocks in my entire investment universe so I would respond to this question by asking why wouldn't you want to own the most attractive, the most undervalued assets in your investment universe.
'When you put the question like that I think the answer is that of course you should and would want to invest in them. Now most of my peer group don't, because they don't bother looking at this part of the stock market, and a part that I absolutely have to look at, just like any other.'