A Review of my 2020 Share Portfolio – Chris Spencer-Phillips
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Very interesting summary Chris and well done for an excellent year. I hope you continue to pick more of the winners than losers. As a matter of interest to what extent do you feel that your job working with small cap boards and recruiting NEDs gives you an advantage in helping you to identify the companies that have the best prospects? Its not something that most of us get the opportunity to assess in such great detail but you have a ringside seat.
The corollary to that is how often are you put off from investing in a company solely because of the board?
Thanks Mike – an interesting question. As you know my main business is running a Non Exec Search firm providing effective Non Execs including to a lot of AIM Companies so it is inevitable that I take a keen interest in Boards when I am thinking of investing. I sold my shares in Patsisserie Valerie a few months before they went bust as I didn’t feel their Board was fit for purpose and lacked key skills.. I have also sold my shares in Zytronic and NetCall because I didn’t think their Boards are dynamic and lacked Independent Non Execs. I have found many investors focus on the financials and business model rather than the Board but the “fish rots from the head”! A good Board will contain two Execs and at least two truly independent Non Execs. The board should have diversity not just gender but skills, age and ethnicity. Skills should include in addition to the usual financial expertise, proven entrepreneurs and specific skills such as ESG and Cyber.