Why brands and ideas are the route to reliable profits

The collapse of Carillion showed the perils inherent in complicated businesses. Look for simple firms with powerful intellectual property instead, fund managers Nick Train and Tristan Chapple tell Sarah Moore.

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On the morning of 15 January this year, firefighters in Oxfordshire were put on standby. But rather than preparing to go out and tackle a fire, they were waiting to be called on to deliver school meals to children. The staff usually responsible for that job worked for the outsourcing provider Carillion, which had that morning announced that it was going into liquidation.

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Sarah is MoneyWeek's investment editor. She graduated from the University of Southampton with a BA in English and History, before going on to complete a graduate diploma in law at the College of Law in Guildford. She joined MoneyWeek in 2014 and writes on funds, personal finance, pensions and property.