Yesterday in Pietermaritzburg we were able to listen to the clever people who manage and trade and look after Marriott’s offshore / international funds and share portfolios. They sit on the Isle of Man and come travelling around South Africa to see us once a year.
They spoke of the various companies they buy and own in the portfolios and around a few of the ‘noises’ in the market place that affect stock markets, like Trump, international monetary policies and population changes. We also had the man speaking to us who looks after the physical property holdings that are owned around the UK by the portfolios. There are 17 such real estate holdings. Mainly warehouses. He talks about leases, yields and tenants.
They chatted through the obvious of market values being up and down over the last while – and the relevance or lack thereof in some instances – with a good quote being left with us: “The stock market is the only market in the world where customers run away during a sale”.