Meet the manager: Julian Bishop

If you weren’t a fund manager, what job would you do?

I really don’t know. Global equity investment is the perfect career for those who are curious about the way the world works and the analytical. I can’t imagine doing anything else. 

What was the proudest moment of your career?

We’re acutely aware managing other people’s money is an enormous responsibility. Our shareholders range from large institutions to individuals who entrust us with relatively modest savings. It was terrific to see so many private shareholders at our recent AGM, the vast majority of whom were really pleased with what we’ve achieved.

What was the most difficult moment of your career and why?

Culture is enormously important in fund management. We’re very lucky that the Brunner team gets on so well. We have robust debates about investment but always with huge mutual respect. 

There was a period in my career where I worked at a firm with a particularly toxic culture. I would always encourage others to heed Warren Buffet’s business partner Charlie Munger’s sage advice; don’t work with or for those you don’t respect or admire ─ life’s too short. I should’ve got out sooner. 

What advice would you give to your 20-year-old self?

Don’t worry. No one else your age knows what they’re doing, either. And read Charlie Munger. 

Away from the workplace, how do you spend your time? 

At the weekend, I’m a glorified taxi driver for my children. When it comes to culture I have a barbell approach; like the Italians, I love football (Liverpool, where I grew up) and I love opera (Strauss, Britten, Janacek, Handel; I had musical parents). I’m also a keen reader. When the weather’s good I enjoy tinkering in the garden. Travel and good food is always a pleasure, too.

Tell us about the last book you read or the last podcast you listened to? 

I’m reading Mark Twain’s classic ‘The Adventures of Tom Sawyer’ at the moment; an evocative portrait of life in the American Deep South during the 19th century. On the one hand, it’s a joyous celebration of boyhood adventure. On the other, it’s a horrific depiction of slavery, racism and poverty. I travel widely across America for work and try to ensure I see beyond the bubbles of New York and Silicon Valley. 
 

Mark Twain famously said that history doesn’t repeat, but it rhymes. I’ve been reading a lot of history recently, which always throws up examples that are relevant to the present, even in investment. One of Brunner’s investments is LVMH, the French luxury goods conglomerate that owns Louis Vuitton, Dior and Tiffany amongst other brands. A biography of Napoleon described how vital the luxury goods industry was to the French economy even then. A history of the Black Death described how Milan saw an extravagant consumer boom after a severe outbreak in the 14th century. We saw similar behaviour after Covid which is only fading now; brushes with death and quarantine remind us to enjoy life whilst we can. 

Where was the last place you went on holiday and why?

We went to Lisbon at Easter for a short break. Each Easter we explore a different European city, Amsterdam, Stockholm, Copenhagen and San Sebastian, in prior years. Lisbon is beautiful and vibrant. There’s an aura of faded grandeur but our teenage children loved the old yellow trams that wind their way through narrow streets up impossible gradients, the pastel de natas (custard tarts), the amazing aquarium and the views from the castle. The Gulbenkian is also one of Europe’s better small galleries and museums.

In your personal life, what would you like to achieve in the next 12 months?

I’ve been meaning to tidy the cellar for some time now….