Yesterday I made a short-term investment with Paddy Power. Why is a turf accountant called after two popular brands of Irish whiskey, doh!
The Rev Sydney Smith knew his Sounds of Heaven: “My idea of heaven is eating pâté de foie gras to the sound of trumpets”. But I digress, I hoped a little bet on a runner trained by Jessica Harrington, to whose extended family I belong, would give my portfolio the Alpha so sought after by active fund managers. In the event it romped home 3rd at 16/1 but I was robbed as PP only paid out on the first and second. What horse ever romps home? They usually totter in looking sweaty and shagged out.
Yes, I get the message. A £100 here and a £100 there soon adds up, so it was fortuitous this morning to read about sticking to the plan. The FTWeekend Money supplement has articles and statistics about “Private Client Wealth Management”. Twenty-seven managers provide returns for clients over one, three and five years. They have all lost money over one year, ranging from – 3.4% to – 17.5%. I don’t know how much foie gras the managers at McInroy & Wood gorge on but I do know it’s a firm that doesn’t blow its own trumpet so I will have to do it.
M&W have lost 4.2% over one year – second best out of the 27 runners. They are also second over three and five years: +19.3 % and + 31.1% respectively. My other favourite manager is Personal Assets. As it happens PA hasn’t done as well but nevertheless a respectable return in the middle of the field: one year – 2.7%, three years + 4.3%, five years + 17.6%.
I’m going to stick to the plan or it will be There Goes My Everything.
Why is a “turf accountant” called a turf accountant?
The name apparently came into use before the First World War. It’s surprising it is still regularly used or is it just me – I probably picked it up from my Bellew grandfather. My maternal grandfather – a man of the cloth (another obscure job title) – was not a betting parson.
I think I remember Sebastian Dangerfield in The Ginger Man referring to his “broker” and “accountant”
MC, perhaps you’d like this 2018 post?
https://christopherbellew.com/the-ginger-man/
I do have quite a funny story about JPD playing tennis – but that’s for another time.
Christopher
Christopher – I followed your tip and bet a five each way yesterday at the racecourse on Sounds of Heaven and so collected my money back and a small dividend. Thank your for your guidance. My fellow traveller from Oregon was more daring and adventurous in his wagering and his winnings were a great deal more than mine.
Thanks Christopher