Nick Train: Investing The Long Term Whiskey Cycle

Nick Train:  on the Whiskey Cycle 

Howard Marks once said, “ignoring cycles and extrapolating trends is one of the most dangerous things an investor can do, ” and this quote now forms the basis of Nick Train of Lindsell Train investment philosophy.

Even though Train would call himself a value investor, over the years his style has changed, and he’s now more open to investing in companies that might not conform to the strict investment criteria of Graham and Dodd. At last month’s London Value Investor Conference, which was attended by Value Walk, Train outlined a pitch for a company his fund currently owns as a play on a long term market trend.

[schloss]

Train likes to invert Marks’ quote above, believing that...