Bolton, Shah, and Wright: 20 years in the markets

Veteran manager Anthony Bolton said he had "no idea what was coming" when he handed over management of the Fidelity Special Values investment trust in 2007.

Bolton (pictured), who managed the trust from 1994 to 2007, said he recognised the bull market became overblown in 2006-2007, and introduced hedging into the portfolio, before handing it over to Sanjeev Shah at the end of 2007. However, he insisted the timing was coincidental: "A lot of people thought I saw what was coming, but I had no idea the global financial crisis was around the corner. I just felt the risk-reward [ratio] in markets had got too extended." Reflecting on an earlier crash, the dotcom boom and bust, Bolton added: "Every cycle you say to yourself, ‘have things changed...