May 2026

You’ve spent almost two decades writing for private investors through your Midas column. How do you think the retail investor audience has changed over that time, and have you seen attitudes towards investing evolve as well?

Investing in equities has become far easier since I started writing the column. Now, you can open an investment account online in minutes and start trading pretty much straightaway. That should encourage more people than ever to invest in shares and the numbers have gone up in recent years, with around 25% of adults now investing in the stock market on a DIY basis, compared to 18% just a couple of years ago. But plenty of people are still very frightened by the market and prefer to steer clear of it. I think that has deep cultural roots. If you look at the US, for instance, two-thirds of adults invest and there is an open interest in wealth. Here by contrast, people often seem almost proudly anti-business and they have no idea how stock markets work. That leaves them susceptible to get-rich-quick influencers, who promote ‘meme’ stocks, cryptocurrencies or hyper-trading. Clearly, that kind of Tik Tok approach to investing is on the rise and I find it extremely worrying.

So what can we do?

I disagree with Rachel Reeves on almost everything but I do think she is right to advocate for greater share ownership. I also really feel that there should be more financial education in schools and I think that companies and platforms themselves can do more to demystify investing. The fact that the vast majority of adults still shy away from the market could be seen as a huge opportunity. And it is there for the taking….

The Mail has long been a champion of retail investors. Do you think listed companies put enough importance on engaging with their retail shareholder base?

I don’t think there is a simple ‘yes’ or ‘no’ answer here. Some companies regard retail shareholders as a bit of a nuisance but others really value them. Perhaps not surprisingly, I believe that companies should engage with retail shareholders as much as possible. It is easier than ever to do so online and via social media, it helps to broaden their investor base and it can also force management to view their business through a different, non-specialist lens. Of course, there are downsides – retail investors tend to be less sticky than institutions and chat rooms can be cess pits of rumour and gossip. But if companies get it right, retail shareholders can make a really valuable contribution to a company, financially and reputationally. I’m no IR specialist but it seems to me that getting it right centres on three key areas: communicating in a jargon-free way, being clear about your goals and how you intend to achieve them and striving always to under-promise and over-deliver.

What have you enjoyed most about writing your column over the years, and what do you think has helped it continue to resonate so strongly with readers? I am in an incredibly privileged position in that I am given access to the CEO or FD of almost every company I look at. That allows me to find out about companies across the spectrum, from small businesses in highly specialised fields to large corporates selling everyday goods, such as cakes or cough mixture. I love learning about all these different businesses and winkling out the stories and anecdotes that bring these firms to life. I hope that the column does resonate with readers. If it does, I think that’s because I really try to explain what companies do – and their growth potential – in a down-to-earth way.

When you sit down with a CEO or CFO, what are you actually listening for in the first ten minutes, and what tells you the conversation is going to be worth your readers' time?

It’ s not easy talking to a journalist. I get that. Lots of people think journalists are out to trick them and that can make them very stiff or very voluble – talking and talking without pausing for breath. I like to try and make CEOs or CFOs feel comfortable and then I look for enthusiasm, knowledge, plain-speaking and honesty. I’m listening out for someone who is genuinely excited by their business and, ideally, knows how to explain it in words that anyone could understand. Interesting anecdotes make it even better. And, of course, they need to have a clear strategy to grow and deliver shareholder value.

How do you tell the difference between a management team that's genuinely candid and one that's just well-media-trained? Are there tells?

I’m not sure there are ‘tells’ and I don’t know if it really matters whether someone has been media trained or not. What matters to me is whether the people I speak to can explain what their company does and where it is heading in words that a non-specialist can understand. If I feel that someone is just playing a role, that is a real turn-off. If I feel that someone is genuine, that is all to the good. And, to be honest, if media training helps a CEO to keep to the point or talk in everyday language, that can be all to the good.

You have recently taken some time off to write a book, can you tell us a little bit about it and what inspired you to write it?

The book was commissioned by a wealthy entrepreneur as a private memoir for his family, close friends and colleagues. It was an incredibly rewarding project but I’m afraid I had to sign two NDAs so I can’t say anything more about it!

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Please note: The views and opinions expressed in this interview are those of the individual financial professional(s) and do not necessarily reflect the views or opinions of Alma Strategic. These insights are provided for informational purposes only and may not be relevant at the time of reading, as market conditions can change rapidly. The information provided should not be construed as investment advice or a recommendation to buy, sell, or hold any financial product or security. Individuals should conduct their own research and consult with a qualified financial advisor before making any investment decisions. Alma Strategic disclaims any responsibility for the accuracy or completeness of the information provided in this interview.