Was reading the following interview, Simon Woodroffe the founder of Yo Sushi has most of his £1.6m pension in cash, posted on UK's Telegraph on Simon Woodroffe. Simon's the founder of Yo! Sushi.
The following passage of the interview was utmost interesting for me.
- Are you very active as a stock market investor?
When I sold a stake in Yo! Sushi in 2003 I wanted to invest around £1m and I looked around to find an adviser. I've got a good accountant but I didn't have anyone to invest wisely for me. Eventually I put it into mutual funds with Sterling Assurance but then, when everything started to dive this year, I realised that wasn't working. I now see my dream of an ideal adviser doesn't exist – you have to take responsibility for your own decisions.
In early September I decided to take my money out of funds and into a deposit account with Sterling. I was very late doing it and I lost about £200,000 on the value of my portfolio last year, but at least I got it out before the really big crash so I congratulated myself on not losing another 20pc. I think now the only way for me to make money in stocks is if I find out more about it. In the past I have always felt out of my depth.
Ideal adviser? LOL!
Good thing that Simon acknowledged that it was never gonna work and he cashed out.
Now?
According to the article, he lives with his 18-year-old daughter, Charlotte, on a £1m houseboat in Chelsea.
There's one saying I remember. The holy grail in making money in the stock market is yourself and the harder you work, the easier you will find success!
Cheers!
Happy 2009!
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