To quote Ray Dalio, “Principles connect your values to your actions.”

With that in mind, welcome to this insightful Investing Matters interview with Richard Stone, hugely talented former Chartered Accountant, Equity Analyst, Financial Controller, Finance Director, CEO, leader and now Chief Executive of the Association of Investment Companies, which he joined in September 2021.

Prior to that, Richard was Chief Executive of Share plc (The Share Centre platform) from 2014 to 2020 and was Finance Director from 2006 to 2013. At Share plc he positioned the company to deliver exceptional customer service, including digital transformation, for both direct retail clients and other partner investment firms. Floating the business on London’ Alternative Investment Market (AIM) in May 2008. Richard led Share Plc for seven years as Group CEO prior to the business being purchased by Interactive Investor in 2020. Many of you will be aware that as a subsidiary of Interactive Investor, that Share plc was purchased in May 2022 by the behemoth investment company Abrdn Plc.

Having had an interest in stocks and shares since his teens. Richard’s passion for numbers led to him pursuing and attaining a Philosophy, Politics and Economics Degree at York University.

Following this he gained his “first proper job” with Ernst & Young (EY) as a Trainee Accountant. Richard excelled at EY and went on to win the coveted KPMG Peat Prize (The Peat Gold Medal & Prize) for the highest mark in his final Chartered Accountancy exams. Richard is qualified ICAEW Chartered Accountant.

After some year auditing for EY, Richard got the opportunity in 1999 to move to London to work as a software and information technology equity analyst for the US-based Investment Bank, Robertson Stephens. Where he worked on numerous IPOs in London. He then moved to ECsoft Group Plc the Information Technology Consulting Service co, a dual listed Nasdaq firm as their Financial Controller. Following which he moved to Huntsworth Plc, becoming their first Financial Director, where as part of the team backed by 3i, worked diligently and rapidly over three years grew the company from 100 members of staff to 600. He then joined Gavin Oldham at the Share Centre (Share Plc).

Richard has seen and worked across the US & UK Capital Markets from almost every angle during the past two decades, which makes for fantastic and insightful Investing Matters which will be informative for all.

In this Investing Matters interview, Richard gives a brief overview of his roles and responsibilities at the Association of Investment Companies, AIC’s fantastic team, Investment companies’ growth, capital raising, dividends, reasons to be optimistic and much more.

Topics and discussions also include:

-Equity participation

-Investment companies / Investment Trusts

“Never get into stockbroking”

-Studying economics / Big privatisations

-Investment companies discounts to Net Asset Value, tightening cycle

-Private Equity

-Renewables / Infrastructure

- Reasons to optimistic

-The UK market “is pregnant with value”

-Mergers, wind-ups, buybacks

-The British ISA

-Shareholder engagement

-Investment companies cost disclosures

-Stamp Duty

-AIC’s education & building awareness strategy

-Structural benefits of investing in investment trusts

-Dividend Heroes

-A long-term savings plan

-Long-term investment outperformance

-Investing & much more

We hope you enjoy this podcast, and we look forward to hearing your feedback.

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