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Episode 4:
Lessons learned from crises with Stuart McKinnon

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In this episode Mary Spencer and Dan Mikulskis sit down with investment partner Stuart McKinnon and discuss the thirty years he has spent in the investment business since starting his career at Eagle Star insurance in the late 1980’s. Amazingly, that was a time when gilt yields were over 10%, there was not a computer on each desk and people still smoked in the office.

Stuart draws out five key lessons that he’s learnt over that time:

  • There are only really two ways to make money in investing (own something or lend to it)
  • There are not really any “new” investment ideas, just better access to things that have always existed
  • The market is just a collection of individuals, all biased by their own experienced and with short memories
  • Jargon has got much worse since the 1990s, and you need to work really hard to overcome it
  • Actual lived experience, (for example owning AIG bonds in the midst of the 2008 crisis) really counts for something

Stuart talks a bit about how pension schemes used to invest in the 1990's, the perils of benchmarks and how they affect behaviour. Also, Dan and Mary ask Stuart his opinions on 80's fashion vs 90's fashion, advice for those starting a career in investments today, and what he consider the most underrated thing in investing.

Useful links referred to in our podcast this week

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Each LCP investment uncut podcast is for information and marketing purposes only and does not constitute any form of investment or financial advice or a financial promotion (under the Financial Services and Markets Act 2000). All views expressed by the podcast hosts and guests are purely their own opinions and do not represent those of LCP, its clients or affiliates. Our podcast listeners should always seek independent financial or legal advice before making any financial or investment decisions. Please refer to the Legal Notices section on the LCP website for further information.​

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