“Ask a man what he owns, not what he thinks” is one of my favourite sayings in the investment space. It cuts through all the noise, and in my mind is a shortcut to pure signal. With that in mind, let me walk you through some of the key decisions I’ve made on my investment journey thus far:
Dad’s Death
Age 20
A bitter sweet story if ever there was one, in that all my investing experience is largely due to the sudden death of my father David, who had a heart attack aged just 48. This resulted in an inheritance in my early 20’s.
Sold Home
Age 21
My father gifted me his house, which had been in the family for over 80 years, however after a long process of deliberation I made the tough call to sell the property. In hindsight, this was my first major ”re-allocation” decision.
First Investment
Age 22
My first investments were via Ruffer, a London based wealth management business, who as discretionary advisers deployed my capital across a diversified set of assets. I gained exposure to bonds, commodities, currencies, and equities.
UK Property
Age 25
On turning 25 I took control of the majority of my inheritance. I opted for a 50/50 real estate and public markets approach, making a leveraged investment in London property, and adding to my existing discretionary portfolio with Ruffer.
Bitcoin Speculation
Age 26
I began looking very closely at the technology market, thinking about how I could get my capital to work harder in area’s I cared about, whilst leveraging the latest innovation trends. This was the year I first bought Bitcoin.
Impact Investment
Age 28
After 6 years with Ruffer, I had become fascinated by the potential of “impact investing”, so made a significant re-allocation to an impact investor called Tribe. I also held positions in the wider crypto market, trading multiple altcoins, and participating in a failed ICO.
Angel Investment
Age 29
This was the year I allocated into startups for the first time. I joined the Green Angel Syndicate, investing alongside ex-entrepreneurs and venture capitalists, focused on early-stage cleantech companies in the UK.
Australian Property
Age 30
On getting married my investment lens shifted radically. I decided to re-allocate from public market positions with Ruffer and Tribe into Australian real estate.
Bitcoin Allocation
Age 32
Having seen my Bitcoin holding perform extremely well, and publicly listed companies start announcing it as part of their treasury reserves, I added to my Bitcoin position for the first time in over 5 years.
Cutting Losses
Age 33
I exited all real estate positions, in spite of the fact this meant realising my biggest loss ever, hammering home the fact that your largest loss can be your biggest lesson. Added to my Bitcoin allocation.
Family Business
Age 35
Made initial divestment from family company Hall and Woodhouse, a UK based beer and pub business, again in favour of a Bitcoin allocation. I also participated in my first pre-IPO equity investment.
Conclusion
There have been up’s, there have been down’s, gains, losses, and all of it combined brings me to today. Note, I didn’t touch on any of the startups I tried to found myself, all of which failed, or elaborate on the alternative investments I’ve made in humanistic and intellectual capital, such as getting married and having kids, but rather chose to focus on the major financial capital allocation decisions. I have been investing my own money. Win, great. Lose, you learn. This is capitalism. The journey is far from conclusion…
