Investor's Notebook
STEPHEN CRANSTON: Reinventing Liberty
There was a style of shirt much favoured in the 1970s. As a teenager in the UK I used to see it frequently on television crime shows like The New Avengers and The Sweeney (both of which were shown in SA, despite the boycotts.) I didn’t expect to see that style again, until I met my compatriot, David Lloyd. Perhaps it was his Heritage Day outfit. Intriguingly, with his retro vibe, Lloyd runs a business called Liberty Innovate. And I think he is proving to be a good choice at bringing Liberty out of, well, the 1970s.For many years the group was paralysed by the cult of its founder, Donald Gordon, and the success of the products offered in his heyday. What worked 40 years ago is hardly relevant today. Lloyd has also been fighting the perception that insurance-based investments are demons while unit trusts are angels. I must plead guilty to spreading that view right from the early days of the linked-product companies 20 years ago. Not that life assurers made themselves easy to like, wit...
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