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