The Editor 

Growing pains

The Editor

By the time you read this we will have hosted the first of this autumn’s three private investor seminars here at the FT building. Unsurprisingly, given the elevated nature of markets, the subject up for discussion – growth investing – has meant a sell-out event. But what is ‘growth’ exactly? It is self-evident that a near-universal aim of investors is, at some point at least, capital appreciation. Nevertheless, I’m not sure chasing what you would technically call growth stocks is the right way to achieve this. The growth you should be interested in is the growth of your overall portfolio – and it doesn’t matter what mix of assets you use to achieve it, especially as there’s lots of evidence to suggest that chasing ‘castles in the sky’ – as Burton Malkiel dubbed speculative growth investing – is very likely to lose you money.

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