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And being an optimist, I hope there are more good than bad times ahead. Eaglet has a relatively young fund manager, Peter Webb, who refuses to bow to fashion. He prefers to back his own expertise, ignoring hi-tech stocks when they were all the rage, and this shows in its consistently high performance record ­ it is always one of the top funds in its sector. And very importantly, he has backed his own judgement by investing a substantial amount of his own money in the fund.

It means that one day Kai could have a substantial capital sum he can use as he wants.. During the three years I have struggled with the no pain, no gain portfolio I have discarded nine shares, six under-achievers and three when it seemed advisable to lock in profits. MoneynetDuring the three years I have struggled with the no pain, no gain portfolio I have discarded nine shares, six under-achievers and three when it seemed advisable to lock in profits. Of the remaining 15 constituents, 12 are in the black with three showing losses. I intend to review the portfolio – and I am still seeking a replacement for Weeks, the last share to be dropped – in a few weeks.
In the meantime a look at those I have loved and lost. Last week I attended an investment briefing held by the Global Group at the charming but staid City of London Club.

I felt compelled to ditch the shares, suffering a nasty loss, when it became clear the foot-and-mouth epidemic would have a longstanding impact on the company.Global is a major beefburger producer, and the group was obviously destined for a rough time. In the event it suffered a £6.2m loss, including exceptional items, last year against a £5.8m profit in the previous year. Chairman Ken Manley believes it emerged from the year “bloodied but unbowed”. Yet Global’s attempted rehabilitation has suffered a severe setback.