The man who never sells

Nick Train runs Lindsell Train Limited in the UK and has one of the best track records. Even though, legally, our readers in India could invest in his funds, realistically, few of you are likely to do so. And yet I think this is one of the most significant interviews we have done. It's also a rare interview - Train hardly ever gives any interviews and has never done so for an Indian publication. Unlike a majority of fund managers, Train is a true buy-and-hold investor. As the title on our cover hints, he hardly ever sells. Even more remarkably, he hardly ever buys anything new! In fact, he specifically tells us that he has just been through a four-year period when he did not buy anything new. All his fresh investments went into stocks that he already had. That's a degree of conviction that is absolutely amazing. Suggested read: Conviction for sale Train says some truly contrarian thing