In this episode we speak to Robbie Robertson.  Robbie is on the Board of Personal Assets Trust and spent a nearly 40-year career in the investment trust industry.  We discuss the evolution of the investment trust industry, the advantages of a closed-end structure and the role Personal Assets Trust can play in a portfolio.    Show notes:  [01:28] A different world  [03:17] Observations from a career in the investment trust industry  [06:42] Characteristics of successful investors  [08:03] How Robbie got involved with Personal Assets Trust  [09:03] Advantages of the investment trust structure  [11:39] Evolution of the investment trust industry  [15:05] Impact of higher interest rates and a changing cycle  [16:48] Are they investment trusts or operating companies?  [20:54] Valuing assets in newer parts of the market  [22:24] Appropriateness of the investment structure for alternative assets  [23:57] Is there demand for general equity investment trusts?  [25:51]  Why some investment trusts scale and others fail  [27:25] Common pitfalls to avoid  [28:57] Trading discounts  [30:50] What makes a great investment trust Board?  [32:58] The role Personal Assets Trust plays in a portfolio  [37:56] Advantages of a discount control mechanism  [39:36] Why most Boards do not commit to a discount control mechanism  [40:47] Enjoy yourself