21. The luxury of Louis Vuitton to the discomfort of Ryanair

From the luxury of Louis Vuitton to the discomfort of Ryanair – voted the UK’s worst brand for customer service – Niall Gallagher, manager of GAM Star Continental European Equity, talks us through his investments. Niall also tells us why he wouldn’t want to be governor of the Bank of England, why talking to former employees gives to extra insight into the workings of a company, and why Asia matters more to European companies than Europe itself.

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Niall invests in three types of European companies: those disrupting industries; those dominating industries; and those with deluxe goods and services – but he tries to buy their shares at a point when the company is either out-of-favour or where growth prospects are not fully reflected in the share price. The result is a portfolio of 30-50, mainly large, companies.

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