Working with 'fruitcakes': Buxton's seven lessons of fund management

Buxton (pictured) recently quit Schroders after 11 years for Old Mutual Global Investors to manage the £500m UK Alpha Plus fund. Although he said the fund management world has changed a lot throughout his career, he highlighted seven fundamental observations. 1. Investment is an art, not a science "The more you can understand human behaviour, the more you understand investors," the manager said. "It is important to realise investment is an art, not a science." 2. Models will not work "Value is only part of the game, and the game is irrational, so there is a fundamental proble...