As long-term readers of my columns will know, I am a big fan of the scuttlebutt approach to investing – put simply, paying attention to the world you experience on a day-to-day basis and using this to guide investment decisions. It is not a fool-proof method – the cognitive shortcomings to which we are all susceptible may mean you pin too much on a one-off experience. But, more often than not, when a company’s problems are observable to its customers or employees then it is worth further fundamental exploration. Tesco, Morrisons and, closer to home, our former owner Pearson are all cases in point.
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