Dominos Peter - The Business Model

James Harries has a wealth of experience as a global income investor and manages the Trojan Global Income Fund and Securities Trust of Scotland.  James talks about his journey from Royal Military Academy Sandhurst to a career in investing, how he has evolved as an investor and why income investing remains highly relevant in today's world.

Show notes:

[1:05] James talks about the start of his career and the lessons learnt at Sandhurst
[5:23] Being disciplined and allowing good habits to compound
[6:41] The importance of income investing
[9:47] Focusing on generating good returns whilst limiting drawdowns and volatility
[11:08] The income discipline 
[13:08] Balancing quality, income and growth
[15:16] The progression to a more concentrated, lower turnover and higher quality-focused portfolio
[16:14] Emphasising quality above dividend yield
[18:11] Insulating the portfolio and benefiting from technological change
[21:37] How the deployment of technology is benefiting a broad range of companies in the portfolio.
[24:14] The tobacco industry's evolution
[27:58] Incorporating ESG considerations
[29:04] Focusing on deeper and longer-term issues to gain an edge
[31:53] Domino's Pizza
[34:49] Structuring the portfolio for resilience
[38:29] The macro backdrop
[42:28] Do something you enjoy, concentrate on what matters and be happy