"Ps may I add (publish if you want) our own appreciation for your support in giving our newsletter a wider audience and -more generally- for the outstanding contribution you have made to our own business, now for over 10 years. You provide perhaps the only investment internet platform -that I know of- that consistently combines both trading and long term fundamental insights. You seem to be influenced by a truly catholic investment theology. Perhaps oddly (as it contradicts what most people seem to feel), I am more wary of your investment ideas where you are personally involved (though I do like to know them, for this reason!). It is harder to be truly objective when you have personal "skin in the game". Whilst I agree with Tim Price on the advantages of "boutiques", true analytical objectivity can be compromised by too much "skin".....perhaps complete objectivity lies only on the other side of the grave!"

David Fuller's view Many thanks for this generous and thoughtful email.

Fullermoney does post a select few subscription newsletters, where we feel they add value and where we also have permission to do so. This becomes a virtuous circle if it also helps your business and I am delighted to hear that it has.

Regarding my "truly catholic investment theology", I think of it in less ecclesiastical terms. Fullermoney aims to view global investment from the perspective of a judge at an international beauty contest.

You make an interesting point on objectivity. Maintaining objectivity is one of the greatest challenges for any investor or trader. Suspecting that my investment objectivity challenges will be confined to this worldly life, I agree there is no "complete objectivity". However price charts provide a great reality check, provided our interpretation is objective. Someone who is, shall we say, objectivity challenged, can look at a price chart and see three things:

What they want to see,
what they think they will see, and if objective,
what is actually taking place.

The first two can too easily cost us money.

Regarding "skin in the game", I would feel a fraud if I provided research but did not actually invest and trade. There is also the practical consideration that trading is my main source of income. My own preference is that advisors should take positions, provided that they are completely open about their investments. At least they will understand the pressures experienced by other investors and traders.

Yes, one's objectivity can be compromised on establishing a position, particularly if it is too large or too leveraged. However, one can also lose objectivity without a position. Consider those poor souls who either sold out during the classic crash of 2008 or sold too early during the 2009 recovery, and have been calling for a major reversal ever since, in hope that that they can get back on board without having to chase the uptrend.