Who is the most successful investment manager in Britain? Arguments could rage forever, but no professional would dispute that Anthony Bolton of Fidelity is among the very best. 1,000 invested in his Special Situations fund at its launch in 1979 was worth more than 125,000 twenty seven years later. No other mainstream UK fund manager has put together such a consistently impressive performance over such a long period. The 125-fold increase represents an average compound growth rate of more than 20% per annum, or 7% per annum greater than the FTSE All-Share Index over the same period. This track record of sustained outperformance stands comparison with that of the greatest American investment superstars such as Warren Buffett and Peter Lynch. For many years, until the fund was voluntarily split in 2006, Fidelity Special Situations was easily the largest and most popular fund in the UK. What are the secrets of Anthony Bolton's success? This important book, now fully revised and updated, takes an in-depth look at the way that Bolton goes about his business and analyses in detail the fund's outstanding performance. Anthony Bolton gives his own personal account of the history of the fund, explains why he believes his contrarian stockpicking methods have worked so well for so long and summarises the lessons he has learnt from his long and succesful career. This book is required reading for anyone with a personal or professional interest in investment. - Fully revised and updated second edition with 25 pages of new material and graphics. - The only full-length book to analyse in detail the strategies and techniques used by the UK's number one professional investor. - Detailed analysis of the performance of his funds and the lessons that investors can draw from its exceptional track record. - Written jointly by Anthony Bolton and one of the UK's best known financial authors, a leading authority on the fund management business."

CHAPTER ONEDaring to be different: Three decades as a contrarian investorBy Anthony BoltonHow it all beganThe Fidelity experienceThe Special Situations fundIgnoring the benchmarkDrama in the marketsThe internet bubbleThe changing investment sceneBroking and researchThe secret of picking stocksThe size of the fund and its performanceThe corporate governance frontGood and bad performanceLargest holdingsSomething new: ChinaSplitting the Special Situations fundIntroducing Jorma KorhonenThe futureCHAPTER TWOThe professional's professional: The man and his fundsBy Jonathan DavisAn orderly mindDevoted to detailA chance beginningDeveloping a styleStarting out at FidelityOne simple insightThe shares he likesCasting the net wideProspering in EuropeLooking beyond the UKWhere the ideas come fromUsing technical analysisCoping with setbacksThe bull market and beyondInto the limelight: the ITV sagaThe battle intensifiesEntering the home straightCHAPTER THREEAssessing Anthony Bolton?s performance: How good has it been: and why?By Jonathan DavisPerformance analysis and contextFidelity Special SituationsPerformance over different periodsRisk analysisStyle analysisPerformance of the European fundSummary and conclusionsInterpreting the performanceHow others see itThe qualities great investors needThe scale of the achievementThe importance of being a contrarianCHAPTER FOURImplications for investors(1) The lessons I have learntBy Anthony Bolton(2) Finding the next BoltonBy Jonathan DavisAPPENDICESAPPENDIX 1. Fidelity Special Situations: performance recordAPPENDIX 2. How fund analysts see Anthony Bolton(a) analysis by Alastair MacDougall, Head of Research,WM Company(b) Analysis by Lee Gardhouse, Fund of funds manager, Hargreaves Lansdown(c) Analyst report on Fidelity Special Values, Close Winterflood Securities (September 2004)(d) Standard & Poor's ratings report on Fidelity Special Situations (October 2004)APPENDIX 3. Anthony Bolton's 10 largest holdings on an annual basisAPPENDIX 4. Fidelity's relationship with companies it invests inAPPENDIX 5. An example of Fidelity's in-house research: William Hill (spring 2003)APPENDIX 6. Slides from Fidelity Special Values presentation: July 2006APPENDIX 7. A lifetime of music: the eight records that Anthony Bolton would take to a desert islandAPPENDIX 8. Pages from the first Fidelity Special Situations report to unitholders (October 1980)Author's acknowledgementsIndex