In this episode we speak to Robbie Robertson. Robbie is on the Board of Personal Assets Trust and spent a nearly 40-year career in the investment trust industry. We discuss the evolution of the investment trust industry, the advantages of a closed-end structure and the role Personal Assets Trust can play in a portfolio.

Show notes:
[01:28] A different world
[03:17] Observations from a career in the investment trust industry
[06:42] Characteristics of successful investors
[08:03] How Robbie got involved with Personal Assets Trust
[09:03] Advantages of the investment trust structure
[11:39] Evolution of the investment trust industry
[15:05] Impact of higher interest rates and a changing cycle
[16:48] Are they investment trusts or operating companies?
[20:54] Valuing assets in newer parts of the market
[22:24] Appropriateness of the investment structure for alternative assets
[23:57] Is there demand for general equity investment trusts?
[25:51] Why some investment trusts scale and others fail
[27:25] Common pitfalls to avoid
[28:57] Trading discounts
[30:50] What makes a great investment trust Board?
[32:58] The role Personal Assets Trust plays in a portfolio
[37:56] Advantages of a discount control mechanism
[39:36] Why most Boards do not commit to a discount control mechanism
[40:47] Enjoy yourself