Bolton, Shah, and Wright: 20 years in the markets

Bolton (pictured), who managed the trust from 1994 to 2007, said he recognised the bull market became overblown in 2006-2007, and introduced hedging into the portfolio, before handing it over to Sanjeev Shah at the end of 2007. However, he insisted the timing was coincidental: "A lot of people thought I saw what was coming, but I had no idea the global financial crisis was around the corner. I just felt the risk-reward [ratio] in markets had got too extended." Reflecting on an earlier crash, the dotcom boom and bust, Bolton added: "Every cycle you say to yourself, ‘have things changed...