Investing is an extremely complex business and the investment world abounds with a multitude of varying philosophies, concepts and structures. However, myths abound, at Collins Ward we ask you to take a look from a fresh perspective. The following is a quote from John F Kennedy's 1962 Yale address:

"For the great enemy of truth is very often not the lie - deliberate, contrived and dishonest - but the myth - persistent, persuasive, and unrealistic. Too often we hold fast to the clichés of our forebears. We subject all facts to a prefabricated set of interpretations. We enjoy the comfort of opinion without the discomfort of thought."

One of the "persistent, persuasive, and unrealistic" myths that should be addressed is that professional investment managers, as a group, can somehow "beat" the market. Today's capital markets are far removed from the cosy world of stockbroking and investment management of yesteryear, and are dominated by institutions staffed by intelligent, highly motivated and highly rewarded professionals all striving to identify mispriced securities, and thus beat the market. But amazingly, approximately two-thirds of investment managers have under-performed the market over the long-term. In his seminal 1975 paper entitled "The Loser's Game"*, Charles Ellis described how investing had moved from being a winner's game to a loser's game, where rather than the outcome being determined by the correct actions of the winner, it is determined by the mistakes made by the loser. In trying to do better than the market, investors lay themselves open to making many mistakes including: holding the wrong stocks, being in the wrong asset class at the wrong time, excessive portfolio turnover and chasing "flavour of the month" investment themes.

At Collins Ward we help you to understand the nature and realities of today's institutionally dominated investment markets, and in JFK's words, move you to a "....new, difficult, but essential confrontation with reality."

• We put the achievement of your goals and objectives at the very heart of our investment planning, optimally structuring your portfolio for your time horizon and the amount of risk that you are willing to accept in the achievement of your objectives.

• Our clearly defined investment philosophy and robust investment proposition are built using Nobel Prize winning economic theories, thorough empirical research, asset allocation modelling and trading efficiency all tailored with common sense to modern capital markets.

• We help you to maintain a rational long-term focus through market highs and lows when emotions are strongest, and when remaining true to a sound investment policy is hardest.

*Download a copy of this paper from our resources pages.