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The Stock Picker

A financial history from the sharp end

By Paul Mumford
Cover of The Stock Picker (Hardback) by Paul Mumford Cover of The Stock Picker (Mobile Phone) Cover of The Stock Picker (Tablet)

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About the Author

Paul Mumford

Paul Mumford is one of the longest-serving fund managers in the UK, with 50 years’ experience in the markets as a stockbroker and fund manager. He runs the Cavendish Opportunities Fund, AIM Fund and Select Fund, having launched the first in 1988 as the Glenfriars Opportunities Fund. He is a stock picker who aims to find shares in undervalued companies and often ends up swimming against the tide ... Read more on Paul Mumford

Contents Listing

About the Author
Acknowledgements
Introduction

Part I - School and the Stockbroker Years
1. Bleak Prospects
2. Animals in the Zoo
3. Under Starter's Orders
4. Gigs, Gee-Gees and Trees
5. Boom Boom
6. What on Earth is Going on?
7. The Final Throw 73

Part II - The Fund Management Years
8. The Start of the Journey
9. Cavendish Opportunities Fund - The Early Years
10. Dotcom and Millennium Bug
11. Lose Some, Win Some
12. "Whoops"
13. 'Baggers'

Part III - Putting it Together
14. Processes
15. Horses for Courses
16. Big is Beautiful?
17. Ten Years of Train Crashes
18. Hitting the Buffers
19. AIM Moves into the Picture
20. More Down the Plug 'Ole
21. The Zookeeper and the Penguins
22. Footie not FTSE
23. Other Distractions

Index
About the Author
Acknowledgements
Introduction

Part I - School and the Stockbroker Years
1. Bleak Prospects
2. Animals in the Zoo
3. Under Starter's Orders
4. Gigs, Gee-Gees and Trees
5. Boom Boom
6. What on Earth is Going on?
7. The Final Throw 73

Part II - The Fund Management Years
8. The Start of the Journey
9. Cavendish Opportunities Fund - The Early Years
10. Dotcom and Mill ...

Jacket Text

Paul Mumford is a noted stock-picker with over 50 years’ experience in the markets - first as a stock broker and then as a star fund manager. In The Stock Picker, Mumford takes a deeply personal look back at his time investing: exploring not only the secrets of his successful approach to the markets and how to find great shares but reminiscing about the changes that have taken place in the investing world since the early 1960s.

This book is not an investing how-to: instead it is a financial history straight from the horse’s mouth. While there is much for investors to learn from, it is an also evocative window into a vanished City of stock jobbers, messenger boys, luncheon vouchers and ledger-keepers - not to mention financial crises, booms and busts, and the life and death of companies great and small.

Mumford also covers how his own personal life has influenced his stock-picking approach: from running his own bookmaking business as a schoolboy to an ill-fated attempt at oil painting at night school (not to mention the vibrant music scene of the late 1950s).

The Stock Picker is a charming and readable autobiography that pulls no punches - ideal for any investor interested in what has made a leading fund manager tick, or who simply wants to spend some time nostalgically looking back at how the investing and wider world has changed over the years.

Professional Reviews

"A fascinating life of kaleidoscopic colour and a wonderful anthropological study that confirms how those formative years shape the way we are as adults." Colin Morrison, Investment Performance Consultant

"As his clients will attest, Paul Mumford is no ordinary investor and, as I know from trying to maintain a semblance of control chairing conferences, he is no ordinary speaker. So it should come as no surprise that, with this entertaining and insightful blend of personal and professional experience, he has produced no ordinary investment book." Julian Marr, editor, Professional Adviser

"Paul Mumford is a wise and engaging guide taking you through his five decades in the City: booms, bear markets, rogues, successes and fads are all here. So too is a rich store of ideas for those who are serious about successful long-term investing." Mark Colegate, Asset TV

"Paul Mumford's wealth of experience and accumulated knowledge as a stock picker over many years of turmoil is worth its weight in gold!" David Buik MBE, Panmure Gordon & Co

"A wonderfully eccentric and engaging insight into the mind of an extremely accomplished investor." MoneyWeek

"It’s an honest and enjoyable read." Jeremy Prescott, freelance journalist

My current favourite out of the books we received in the office is Paul Mumford's The Stock Picker, a history of the last 30 years from the perspective of the fund he has run and the companies he has invested in. Mumford, who is reckoned to be the longest serving fund manager on the same fund, is a classic stockpicker and if you spend more than half an hour with him you will see why. He constantly gets calls from brokers and has an incredible knowledge of the companies he has or hasn't invested in. His ‘process' doesn't neatly fit into the ‘tick-box' analysis system many work under now but this book gives you a brilliant insight into the way a real, old school, but still very active, active investor works. Lawrence Gosling, founding edtor Investweek Week and editorial director Professional Adviser

The Stock Picker is an engaging read for those interested in the investment industry and wider world nostalgia. Richard Penny, manager of the L&G UK Special Situations Trust and L&G UK Alpha Trust


Media Coverage

What Investment

Paul Mumford, the veteran manager of the Cavendish UK Opportunities fund, has been buying shares in retailer Next, despite the shares falling almost 40 per cent in a year.

Next delivered a much ...

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MoneyWeek

A wonderfully eccentric guide to successful investing

The Stock Picker: A Financial History from the Sharp End
by Paul Mumford

Published by Harriman House (£24.99)

Paul Mumford is not as ...

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Bloomberg Radio

Audio file of interview with Paul Mumford

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TipTv

Audio file.

Paul Mumford, Author and Fund Manager at Cavendish Asset Management, joins the Tip TV Studio to discuss his new book ‘The Stock Picker’ and his fascination with the world of ...

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ValueWalk

Paul Mumford is a noted stock-picker with over 50 years’ experience in the markets – first as a stockbroker and then as a star fund manager for Cavendish. In this new book, The Stock Picker, Paul ...

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Interactive Investor

Video clip of ex-stockbroker and now star fund manager at Cavendish, Paul Mumford tells us where he's investing his cash and the trades he thinks will make money in 2017.

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UK Share Society

Paul Mumford has over 50 years’ investment experience, running funds since 1988 (he manages the UK-focused Cavendish AIM, Opportunities and Select Funds). It’s an unexpected book, effectively a ...

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Investment Week

Book list compiled by Lawrence Gosling

Stuck on what to buy the financial services professional in your life for Christmas? How about an investment book? Lawrence Gosling runs through some of the ...

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FT Adviser

In The Stock Picker, veteran investor Paul Mumford recounts five decades of experience hunting for value in the UK stock market. Looking back at a career that began in the 1960s, Mr Mumford ...

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Bloomberg Radio

It is possible to find returns of 7 or 8% on UK stocks, according to Paul Mumford fund manager at Cavendish Asset Management. Speaking to Daybreak Europe’s Caroline Hepker and Manus Cranny, he ...

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Share Radio

Audio file - please follow link to listen

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