Dobell: Investors need to stop 'grazing'

M&G's Tom Dobell has warned against what he sees as the "tiresome" rise in short-term trading, suggesting investors need to move away from "grazing" and hold stocks for longer.

Dobell, manager of the £7.1bn M&G Recovery fund, has had a tough spell over the last three years, his fund lagging the wider index after returning 19.1% versus the average gain of 32.9%. Dobell said he had faced a "challenging couple of years", as the market has been skewed towards macroeconomic issues and less on company fundamentals. In his latest update, the manager said investors had become more and more driven by sentiment since the financial crisis, but warned this meant people were no longer investing, but simply trading or "grazing", with the average holding period falling fro...