So what was it about shipping that first attracted you and having experienced so many cycles and changes, what has kept you engaged with the industry with undiminished enthusiasm for all these years?

Well, thank you very much.

Firstly, just to say, very kind of you to invite me into this series with a very distinguished peer group.

So thank you very much for that.

What first attracted me, I think there's basically two things.

Before I started with Bank of America in the 70s, in my school and college holidays, I I spent a lot of time working part time for a heavy transport and shipping group, which was called the Pexton Group at that time.

They operated out of Middlesbrough on the Tees and also had a base up in Newcastle on the Tyne.

So what was the original vision for Tufton and what were the key decisions or milestones that transformed it into the specialist investment manager it is today?