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would say in investment, valuation is always important.

Stories don't pay your pension.

There can be an over self-fulfilling prophecy, a virtuous cycle that's spun too fast.

What we tried to do is just stand back from that and say, look, if everyone's going over there, there may be other areas that are being left behind.

hello and welcome to a value view from the merchants trust i'm john cronin and in this episode i'm joined by simon gergel lead manager of the merchants trust together with fellow portfolio managers richard knight and andrew kosh now every generation seems convinced it's living through completely unprecedented times whether that's the rapid expansion of the railways in the 19th century the dot-com boom or today's excitement around artificial intelligence ai history shows that markets can become captivated by a single big idea but what can investors learn from those moments and how do you avoid getting swept up when everyone else seems convinced they found the next big thing simon andrew richard great to have you on the show It's

great to be here, John.

right stuff and what have you been there looking at

Well, funnily enough, Steve, another dividend hero, not 60 years, but 44 years of consistent dividend raising from Merchants Trust.

Simon Gergel, we know very well, great stock picker, very disciplined approach.

Very interesting, actually.