Investing with Anthony Bolton : The Anatomy of a Stock Market Winner

Introduction ix Daring to be different: Three decades as a contrarian investor 1(38) Anthony Bolton How it all began 3(2) The Fidelity experience 5(2) The Special Situations fund 7(3) Ignoring the benchmark 10(2) Drama in the markets 12(3) The internet bubble 15(3) The changing investment scene 18(3) Broking and research 21(1) The secret of picking stocks 22(2) The size of the fund and its performance 24(1) The corporate governance front 25(2) Good and bad performance 27(2) Largest holdings 29(1) Something new: China 30(2) Splitting the Special Situations fund 32(2) Introducing Jorma Korhonen 34(3) The future 37(2) The professional's professional: The man and his funds 39(50) Jonathan Davis An orderly mind 41(2) Devoted to detail 43(4) A chance beginning 47(1) Developing a style 48(2) Starting out at Fidelity 50(5) One simple insight 55(3) The shares he likes 58(2) Casting the net wide 60(3) Prospering in Europe 63(4) Looking beyond the UK 67(3) Where the ideas come from 70(1) Using technical analysis 71(2) Coping with setbacks 73(4) The bull market and beyond 77(3) Into the limelight: the ITV saga 80(3) The battle intensifies 83(2) Entering the home straight 85(4) Assessing Anthony Bolton's performance: How good has it been: and why? 89(36) Jonathan Davis Performance analysis and context 91(3) Fidelity Special Situations 94(2) Performance over different periods 96(6) Risk analysis 102(4) Style analysis 106(2) Performance of the European fund 108(2) Summary and conclusions 110(1) Interpreting the performance 111(2) How others see it 113(3) The qualities great investors need 116(3) The scale of the achievement 119(2) The importance of being a contrarian 121(4) Implications for investors 125(16) The lessons I have learnt 127(6) Anthony Bolton Finding the next Bolton 133(8) Jonathan Davis APPENDICES 141(62) Appendix 1. Fidelity Special Situations: performance record 144(7) Appendix 2. How fund analysts see Anthony Bolton 151(19) Analysis by Alastair MacDougall, Head of Research, WM Company 151(10) Analysis by Lee Gardhouse, Fund of funds manager, Hargreaves Lansdown 161(5) Analyst report on Fidelity Special Values, Close Winterflood Securities (September 2004) 166(2) Standard & Poor's ratings report on Fidelity Special Situations (October 2004) 168(2) Appendix 3. Anthony Bolton's 10 largest holdings on an annual basis 170(4) Appendix 4. Fidelity's relationship with companies it invests in 174(7) Appendix 5. An example of Fidelity's in-house research: William Hill (spring 2003) 181(7) Appendix 6. Slides from Fidelity Special Values presentation: July 2006 188(4) Appendix 7. A lifetime of music: the eight records that Anthony Bolton would take to a desert island 192(8) Appendix 8. Pages from the first Fidelity Special Situations report to unitholders (October 1980) 200(3) Author's acknowledgements 203(2) Index 205