Summary
WATCH out, Slater's about. News that the great investor Jim Slater is launching a unit trust to invest in small oil companies, to be called Junior Oils Trust, should come as no surprise to his followers. The man who has had more reinventions than Sir Clive Sinclair has made jumping on bandwagons his new speciality. First off the line was Internet Indirect, an "incubator fund" he launched with son Mark, with perfect timing in 1999, ahead of the bursting of the technology bubble.
That sold out in 10 months, leaving some investors nursing losses. The Slaters' next target was Galahad Capital, which they turned into a gold mining company in the midst of the boom in the gold price. Then came BioProjects International, another incubator, this time aimed at fledgling biotechs. It was, therefore, only going to be a matter of time before Jim latched on to the latest stock market fad. Pity he didn't let the rest of us into the secret of small oil companies when he started investing in Cairn Energy and others in the sector "early last year". Since then, Cairn has rocketed into the FTSE 100, no doubt allowing Slater to pocket a bob or two even before he kicked off Junior Oils Trust. The moral is: when Slater launches, it is often time for the rest of us to get out of the water.See the full content of this document
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City Spy
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