Investments
Barry Fromson, business relationship manager at the Ascot Lloyd Private Office in Harrogate.
What was your best investment?
Providing seed capital in a start-up financial services company that was looking to offer alternative investment opportunities.
Are wise investors born or made?
I have met many people who have a natural talent and people who have worked hard and studied the art of investing.
Do you believe it’s become harder for entrepreneurs to make prudent investments since the crash of 2008?
Exactly the opposite. The statement ‘from adversity comes opportunity’ has never rang more true.
What advice would you give to entrepreneurs who are looking to make a major investment?
Study the opportunity hard and take counsel from professional advisers.
What’s the worst investment you’ve ever made?
Buying a brand new BMW motor car in August 1987.
What lessons did you learn from your worst investment?
Never buy a brand new car, let someone else pick up the deprecation and then look to purchase an 18 month model.
Which sectors are most likely to offer handsome returns for business investors?
Short term, build up cash holdings to take advantage of discounted opportunities that no doubt will emerge following the fallout from the Brexit result.
Are there any sectors you feel should be avoided?
I would personally be nervous of peripheral Europe and the potential fixed income bubble.
What was the best piece of investment advice you’ve received?
Always ensure that you have an emergency fund sitting in cash equivalent to six months living expenses.