Gosling's Grouse - Industry deserves praise, not criticism

The fund manager Crispin Odey describes fund management as a ‘social service'. Or more accurately, he believes wealth preservation for clients is a ‘social service'.

Of course, in the era we live in such an expression is almost ‘cheeky’, or at least designed to raise a wry smile or perhaps even a heckle. But when you think about it, he is right. If you are an investor with Odey, or in fact any fund manager who has made you a good amount of money that is being invested for your retirement, then it might be a fair comment to describe them as ‘social workers’. Put simply, the more saved with Odey and everyone else, the less reliant individuals will be on the state. Consider Neil Woodford. How many individual investors is he looking after? Or Marti...