What I’ve Learned in Four Decades of Investing

In this episode of "Short Briefings on Long Term Thinking," Malcolm Borthwick interviews Charles Plowden, a veteran investor at Baillie Gifford, who is retiring after 38 years with the firm. Plowden reflects on his early days, the evolution of investment management from a niche activity to a mainstream industry, and the importance of long-term thinking. He discusses the shift in Baillie Gifford's approach to be more ambitious and less constrained by benchmarks, as well as the firm's increasing focus on purposeful investing, particularly in addressing the climate crisis. Plowden also touches on the changes he's overseen at Monks Investment Trust, including halting its shrinkage and fostering growth. He emphasizes the need for investors to be curious, patient, and bold, and shares his plans for retirement, which include assisting smaller companies and contributing to environmental solutions within the financial sector.