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issue 23 – FEBRUARY 2017 www.masterinvestor.co.uk The UK's no.1 free investment publication SyndicateRoom INVEST WITH THE PROS plus... The Twilight of the Bankers AND THE RISE OF THE FINTECH USURPERS Time to Short Google? JIM MELLON THINKS SO... Tom Stevenson's Big Four FOUR FUNDS TO EXPLOIT GLOBAL TRENDS IN 2017 AIM IPO Superstars THE NEW ISSUES MAKING WAVES FOR INVESTORS MASTER INVESTOR SHOW 2017 | 15 th anniversary event THE UK's largest event for private investors Get inspiration Claim UP TO FOR YOUR INVESTMENT PORTFOLIO AT 4 free tickets MASTER INVESTOR SHOW 2017 for a limited time only SATURDAY, 25 MARCH 2017, 9AM-5PM (reg. price £20) HOSTED • Meet the CEOs of 100 global companies you can invest into IN CENTRAL Enter discount LONDON • Top industry keynote speakers confirmed so far: Jim Mellon, Tom Stevenson, Alex Wright and Justin Urquhart Stewart code "SHOW" EUROPE'S Masterinvestor.co.uk/ • Multiple sectors covered from fintech, mining and life sciences LEADING show/tickets FINANCIAL to renewable energy, film funding and retirement products CENTRE • Learn about trends and technologies shaping the financial markets Interested in Exhibiting? EMAIL SWEN LORENZ at [email protected] WELCOME Dear Reader, I recently had the opportunity to attend two events for private investors in London. Both were distinctively dif- ferent from each other and offered an interesting per- spective on the changing landscape of the investment industry. One of the events was purely about AIM-listed shares, and at peak time attracted about 70 investors to the event's presentation stage. The other one was about crowdfunding early-stage companies, and left the 400 seat venue packed to the last seat. My comparison is unfair, to some extent. Any event's size is also a function of CONTACTS its marketing budget. Still, there was a lesson to be learned. Once derided as a Advertising gimmicky trend for funding micro-ventures, crowdfunding has grown to quite a [email protected] different stature. Editorial Enquries Fundraising rounds of several million pounds can nowadays easily be done via [email protected] crowdfunding websites. A small number of companies have even used the Inter- net to raise funds in the tens of millions. Many of the common conceptions about Subscriptions this industry are by now actually misconceptions, as my report on page xx spells [email protected] out. To introduce our readership to the exciting changes taking place in crowdfunding FOLLOW US - and the equally exciting opportunities available on these platforms - we have dedicated this issue's cover theme to a crowdfunding company that our team holds in high esteem. Syndicate Room operates a unique model. Companies with fundraising plans need to demonstrate that they already have one lead investor with a proven track record. Only then is that company allowed to raise funds via the crowdfunding platform. What's more, the shares offered to the public need to be available on exclusive book offer the same terms as those attained by the lead investor, meaning private investors To get 20% off on can invest alongside the big boys, and do so at a very early stage of a company's Investing Through lifecycle. the Looking Glass If you missed the aforementioned event organised by Syndicate Room, then join CLICK HERE us at the Master Investor Show (use discount code "SHOW" to get up to 4 free and use the tickets). You'll be able to meet their CEO, Gonçalo de Vasconcelos, and listen to promo code: his main stage presentation. His entire team will be there, and most likely they'll also bring along a few exciting, investible ventures to our event. MASTERBOOK17 Best regards, Code can only be used on the Harriman House Swen Lorenz website. Minimum order of £5 required. P&P will Editor, Master Investor be added at the checkout.. If you think you have what takes to be a CLICK HERE TO WANT TO Master Investor contributor then email us at SUBSCRIBE CONTRiBUTE? [email protected] Master Investor Ltd. Editorial Contributors Disclaimer Material contained within the Master Investor Magazine and its website is for general information pur- Suite 88 Filipe R. Costa Tom Stevenson 22 Notting Hill Gate poses only and is not intended to be relied upon by individual readers in making (or refraining from James Faulkner Nick Sudbury making) any specific investment decision. Master Investor Magazine Ltd. does not accept any liability London W11 3JE Richard Gill, CFA for any loss suffered by any user as a result of any such decision. Please note that the prices of shares, United Kingdom Scott Grant spreadbets and CFDs can rise and fall sharply and you may not get back the money you originally invested, particularly where these investments are leveraged. Smaller companies with a short track Victor Hill record tend to be more risky than larger, well established companies. The investments and services Editorial David Jones mentioned in this publication will not be suitable for all readers. You should assess the suitability of Editor Swen Lorenz John Kingham the recommendations (implicit or otherwise), investments and services mentioned in this magazine, and the related website, to your own circumstances. If you have any doubts about the suitability of Editorial Director James Faulkner Swen Lorenz any investment or service, you should take appropriate professional advice. The views and recom- Creative Director Andreas Ettl Jim Mellon mendations in this publication are based on information from a variety of sources. Although these are Sub Editor Simon Carter Tim Price believed to be reliable, we cannot guarantee the accuracy or completeness of the information herein. As a matter of policy, Master Investor Magazine openly discloses that our contributors may have Samuel Rae interests in investments and/or providers of services referred to in this publication. www.masterinvestor.co.uk | Master Investor is a registered trademark of Master Investor Limited ISSUE 23 – FEBRUARY 2017 | 3 issue 23 – FEBRUARY 2017 www.masterinvestor.co.uk The UK's no.1 free investment publication CONTENTS ISSUE 23 – FEBRUARY 2017 SyndicateRoom INVEST WITH THE PROS SYNDICATEROOM plus... SyndicateRoom – Blazing a trail for private investors The Twilight of the Bankers 010 AND THE RISE OF THE FINTECH USURPERS Swen Lorenz interviews Gonçalo de Vasconcelos, CEO and co-founder of Time to Short Google? JIM MELLON THINKS SO... SyndicateRoom, a company aiming to level the playing field for private investors Tom Stevenson's Big Four FOUR FUNDS TO EXPLOIT GLOBAL TRENDS IN 2017 when it comes to early-stage investing. AIM IPO Superstars THE NEW ISSUES MAKING WAVES FOR INVESTORS on the cover 006 Mellon on the Markets – It's time to short Google Inside the mind of a Master Investor: Jim Mellon talks about his latest book and explains why it could be time to Fund Twenty8 – The only passive EIS fund – SPONSORED short Google. 016 CONTENT 028 Tom Stevenson's Big Fund Twenty8 is the only passive EIS fund that automatically invests alongside Busi- Four – SPONSORED ness Angels and VCs, who according to NESTA can generate average returns in excess of 20% IRR. CONTENT Tom Stevenson, Investment Director EIS tax reliefs and the great knowledge gap – SPONSORED at Fidelity International, reveals Four 018 CONTENT funds to exploit global trends in 2017. Although it's been around for more than two decades, a persisting knowledge gap 030 Opportunities in Focus means many investors are unaware of how to access EIS tax relief. – The twilight of the bankers Having brought the financial world ALL OTHER TOPICS to the brink of collapse, the banking sector seems to have learnt little from its mistakes and looks ripe for a healthy Dividend Hunter – Is M&S's bumper yield big enough? dose of creative destruction. Victor Hill 022 looks at some of the companies about Marks & Spencer is one of the most obvious dividend-paying stocks in the UK market. to shake things up. But is the dividend yield high enough for UK Value Investor John Kingham? 060 From Acorns to Oak Trees – Searching for growth amongst AIM's New Issues With New Issues having outperformed the wider AIM market by a considerable margin over the past year, Richard Gill, CFA, takes a look at some of the tastier 042 Hopes and Fears for 2017 – An interview with Chris pickings from AIM's latest IPOs. Darbyshire of Seven Investment Management James Faulkner picks the brains of 7IM's Chief Investment Officer on global markets, valuations, Trump, populism and reflation. 4 | ISSUE 23 – FEBRUARY 2017 Master Investor is a registered trademark of Master Investor Limited | www.masterinvestor.co.uk All other topics 046 Funds in Focus – The resurgence of value 084 Read to Succeed – Investing Through the Value stocks outperformed growth stocks by a massive 10% in 2016. This represented a remarkable turnaround, and the reversal of fortune could have a lot further to go, Looking Glass writes Nick Sudbury. Just like Alice experienced in her journeys into Wonderland, the world 050 The Macro Investor – Crunch time for the Bank of England doesn't appear to be how it should it be, argues Tim Price in this fascinating Filipe R. Costa argues that the Bank of England's monetary policy stance is now new book. Richard Gill, CFA reviews. utterly at odds with the underlying state of the UK economy. Rate rises, anyone? 056 So you wanna be a trader? – SPONSORED CONTENT Scott Grant, Business Director at London South East, talks trading, chat rooms and The Final Word – Level 2, and explains how using lse.co.uk can give you an edge over the herd. 086 Reasons to be cheerful? Forensic Forex – What protectionism means for the dollar 066 As the perma-bears throw in the towel, Author and trader Samuel Rae tries to discern what Trumpian protectionism has and as optimism regarding President in store for the value of the world's reserve currency.
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