James Anderson leaving Baillie Gifford

[Sid]

Leaving next year. Got a couple of other things on the go in finance but looks like possibly stepping back. 
Hope he cashes all his shares and gives us some more crumbs off the table!  

[OTT]

Hopefully freeing up his time to become Chairman of a certain club in Gorgie?  

[SwindonJambo]

15 minutes ago, OTT said:

Hopefully freeing up his time to become Chairman of a certain club in Gorgie?  

That would be brilliant. Please let this happen!

[John Findlay]

36 minutes ago, OTT said:

Hopefully freeing up his time to become Chairman of a certain club in Gorgie?  

At the behest of the FOH.

[Glamorgan Jambo]

Would be fantastic if we could get some

of his time involved in the running of the club. A no brainer for the board although I suspect he won’t be short of offers.

[graygo]

16 minutes ago, Glamorgan Jambo said:

Would be fantastic if we could get some

of his time involved in the running of the club. A no brainer for the board although I suspect he won’t be short of offers.

 

Seriously? Ann Budge gets a hard time for having knowledge of running a football club, what credentials does he have?

Edited March 19, 2021 by graygo

[chrystaf]

40 minutes ago, John Findlay said:

At the behest of the FOH.

Of course.

[trotter]

8 minutes ago, Jamboelite said:

Yes but doesnt he also have a % with Bitcoin amongst im sure plenty other things in the portfolio..

 

im sure he knows what he is doing 😁

Indeed. 

 

You make that much money by either 1) being clever, or 2) being an arsehole. 

 

He doesn't strike me as the latter...

[Francis Albert]

18 minutes ago, graygo said:

 

Seriously? Ann Budge gets a hard time for having knowledge of running a football club, what credentials does he have?

The main problem is that she left the running of what she still insists on calling "the football department" to a failing incompetent dinosaur. I doubt Anderson got where he is by tolerating indeed rewarding failure.

[JamboAl]

1 minute ago, Francis Albert said:

The main problem is that she left the running of what she still insists on calling "the football department" to a failing incompetent dinosaur. I doubt Anderson got where he is by tolerating indeed rewarding failure.

Are you saying AB did (before she got involved with HMFC)?

[Francis Albert]

11 minutes ago, JamboAl said:

Are you saying AB did (before she got involved with HMFC)?

No. I was judging her on her management of the "football department" at Hearts.

Anderson seems to have got rich enough not to need repayment let alone 6% interest on what  he donates to Hearts. 

He is clearly in a different league from Ann ... and not just Premiership vs Championship. I suspect he is also more aware than Ann of his limitations when it comes to running a football club.

 

Edited March 19, 2021 by Francis Albert

[martoon]

33 minutes ago, graygo said:

 

Seriously? Ann Budge gets a hard time for having knowledge of running a football club, what credentials does he have?

 

The only credentials you need:

 

 

[graygo]

15 minutes ago, Francis Albert said:

The main problem is that she left the running of what she still insists on calling "the football department" to a failing incompetent dinosaur. I doubt Anderson got where he is by tolerating indeed rewarding failure.

 

I'm pretty sure Ann Budge never got to where she did in the business world by "tolerating indeed rewarding failure" either. It's been mentioned often that running a football club is different from  running any other business.

[graygo]

15 minutes ago, JamboAl said:

Are you saying AB did (before she got involved with HMFC)?

 

I should have just quoted you and said "this".

[JamboAl]

2 minutes ago, Francis Albert said:

No. I was judging her on her management of the "football department" at Hearts.

Anderson seems to have got rich enough not to need repayment let alone 6% interest on what  he donates to Hearts. 

He is clearly in a different league from Ann ... and not just Premiership vs Championship. I suspect he is also more aware than Ann of his limitations when it comes to running a football club.

 

But you have not had the chance to see how JA would manage the football dept at Hearts.  You just post a load of biased guff.

Your last post you "doubted", now you "suspect".

As regards your last sentence AB was well aware of her limitations which was why she hired a football man.   If you want to criticise her for that with the huge adavantage of hindsight feel free to do so but I imagine you've already exhausted that subject.

[Guest ToqueJambo]

20 minutes ago, Francis Albert said:

No. I was judging her on her management of the "football department" at Hearts.

Anderson seems to have got rich enough not to need repayment let alone 6% interest on what  he donates to Hearts. 

He is clearly in a different league from Ann ... and not just Premiership vs Championship. I suspect he is also more aware than Ann of his limitations when it comes to running a football club.

 

 

 

Isn't the main criticism of Budge that she relied on Levein on the football side too much? In other words, she was VERY aware of her limitations in that department.

 

The other end of the scale is someone like Romanov who seemed to believe he was some sort of football management genius.

Edited March 19, 2021 by ToqueJambo

[JamboAl]

If JA had any designs on getting involved with us. it would presumably eed to be with the approval of FoH.

I for one would vote to bring him in with the takeover being deferred for say 5 years.

[davemclaren]

18 minutes ago, martoon said:

 

The only credentials you need:

 

 

Correct answer. 😎

[Francis Albert]

18 minutes ago, graygo said:

 

I'm pretty sure Ann Budge never got to where she did in the business world by "tolerating indeed rewarding failure" either. It's been mentioned often that running a football club is different from  running any other business.

Your last sentence is my point. Maybe Anderson would work out that out more quickly than Ann has. She still seems to think a football club has something called a football department.

Edited March 19, 2021 by Francis Albert

[Fort Vallance]

If he's as clever as he appears he'll buy an island somewhere as far away from the Tynecastle boardroom as possible. He's done more than his share. 

[Francis Albert]

2 minutes ago, Fort Vallance said:

If he's as clever as he appears he'll buy an island somewhere as far away from the Tynecastle boardroom as possible. He's done more than his share. 

I think that is probably the right answer!

[Fort Vallance]

2 hours ago, chrystaf said:

The concern is that Tesla shares are very volatile at the moment, going up and down more often than a tart's knickers.

Isn't that how the clever one's make their money and the others get stung.

[westbow]

28 minutes ago, trotter said:

Indeed. 

 

You make that much money by either 1) being clever, or 2) being an arsehole. 

 

He doesn't strike me as the latter...

Is that a definitive list of characteristics? 😂

[Glamorgan Jambo]

1 hour ago, graygo said:

 

Seriously? Ann Budge gets a hard time for having knowledge of running a football club, what credentials does he have?

 

Yes seriously. A board director is a non executive position (ie you're responsible for strategy and direction but not for implementation). Most likely it's an unpaid role currently.

 

His success has come from being able to clearly see the future without being distracted by the day to day noise. For a few years he got pressurised on a weekly basis about his holding in Tesla and especially the sometimes erratic behaviour of Elon Musk. He ignored it, got his reward and then sold most of his stake while others were scrambling to pile in.

 

My impression is that Ann is a one woman show. Having someone like Anderson in the board room would lead to the right and difficult questions being asked.

[OTT]

I know folk are joking about the Anderson trillions, but I honestly think just having his input on the board would be so valuable. Obviously if he wants to chuck us a couple mill here and there, not going to argue  

 

I'd like some vision from the club on growing supporter base and aiming for stadium expansion over the next decade specifically. Edinburgh is a city of 500k and between Lothians, Borders & Fife you must be talking over a million people locally who could be convinced to become more engaged in following Hearts. Although JA doesn't necessarily have experience within football I suspect he's sat in on meetings to do with brand & organisational growth so would be able to offer suggestions and thoughts on how we can engage better with the community. I think Ann has actually been doing this to some extent anyway but always room to build on ideas. 

[Francis Albert]

11 minutes ago, westbow said:

Is that a definitive list of characteristics? 😂

In my experience pretty much! The either/or maybe not. Both is the real winning combination!

[westbow]

42 minutes ago, Francis Albert said:

In my experience pretty much! The either/or maybe not. Both is the real winning combination!

Don’t forget fortunate. Plays the major role. Known hard nosed, intelligent business people that went bankrupt with bad luck. Also known thickos in the right place at the right time.

Edited March 19, 2021 by westbow

[Francis Albert]

2 minutes ago, westbow said:

Don’t forget fortunate. Plays the major role. Known hard nosed, intelligent business people that went bankrupt with bad luck. Known thick is in the right place at the right time.

Fair point. Add luck to being clever and/or an arsehole.

[Jamhammer]

2 hours ago, graygo said:

 

Seriously? Ann Budge gets a hard time for having knowledge of running a football club, what credentials does he have?

He’s a man. 
That’s enough for a few on here

[frankblack]

Folk looking for a white knight to come in and plough millions into the club are going to be disappointed.

 

I really don't see him wanting any kind of major role in the running of the club.

[Bazzas right boot]

12 minutes ago, frankblack said:

Folk looking for a white knight to come in and plough millions into the club are going to be disappointed.

 

I really don't see him wanting any kind of major role in the running of the club.

 

He doesn't need to run anything, just transfer £50m each season. 

👍

[DETTY29]

So he's only retiring from Baillie Gifford and taking up a position as chair of Kinnevik.

 

I'd say he's as likely to start up new fund management investments, perhaps with a less hands on approach than pitch up in an executive capacity at Tynecastle.

[Wilson]

Guardian article-

 

 

Star stock-picker James Anderson retires from Baillie Gifford

Anderson was early to spot potential in technology firms such as Tesla, Amazon and Alibaba

 

 

Fri 19 Mar 2021 16.07 GMT

 

James Anderson, the star stock-picker of the FTSE-100-listed Scottish Mortgage Investment Trust, is to step down as manager of the Baillie Gifford fund after more than two decades in which the fund has delivered investors 1,700% in returns.

Anderson, who has made huge returns for investors by staking early bets on emerging technology companies such Tesla, Amazon and China’s Alibaba, announced on Friday that he would retire in April 2022.

The investment manager, who has made millions from performance management fees, has given a lot of money away to Edinburgh’s Heart of Midlothian football club. The club received more than £11m from benefactors over the past four years. Anderson is understood to have been the biggest contributor.

 

Anderson, who joined Baillie Gifford in 1983, has been manager of the flagship £18.5bn SMT fund since 2000. He will be replaced by the Baillie Gifford partner Tom Slater, who has been co-manager since 2015. Lawrence Burns, also a partner at Baillie Gifford, will become deputy portfolio manager of the 112-year-old company.

“They are both thoughtful, dedicated and ambitious investors with a willingness to learn and an outstanding ability to partner with great companies,” Anderson said. “I couldn’t be happier than to have them as my successors.”

Anderson, 61, is best known for spotting the potential of the electric car company Tesla, which he started buying heavily for the fund in 2013 when the shares were changing hands at about $6 each. The shares are now changing hands at about $650.

Earlier this year, the Guardian revealed that Baillie Gifford’s investments in Tesla had made $29bn (£21bn) for investors including pension funds, foundations and charities. Anderson also appears to have picked a good time to sell down the Tesla stake. In January SMT nearly halved its weighting in Tesla from 8.9% of the fund to 5.1%. Tesla hit a high of $800 in January, before falling back to $650 following fears that the shares may have been overvalued.

Scottish Mortgage delivered shareholders returns of 110% in 2020, as heavy exposure to US and Chinese tech companies paid off as the coronavirus pandemic benefited tech firms.

Ryan Hughes, the head of active portfolios at the stockbroker AJ Bell, said the news of Anderson’s retirement could cause “some worry” for “thousands of investors who have made fantastic returns over many years”.

“Anderson has helped build Scottish Mortgage into a phenomenal investment trust over many years with his clear, high conviction approach being a driving force behind its willingness to invest in early stage companies and hold them while they become global winners with Amazon, Tesla and Alibaba all being great examples.”

“Since being appointed manager on the trust on 1 April 2000 he has delivered a staggering 1,700% returning, equivalent to turning a £1,000 investment into £18,000 compared to just £4,440 if invested in the FTSE All World benchmark. These returns have propelled the trust into the FTSE 100, remarkably making it the 31st biggest company in the market.”

 

Matthew Hose, an analyst at Jefferies, said: “It is hard to overstate James’s contribution, having taken SMT from around £1bn of assets in 2000 to its current £17bn, sitting in the FTSE 100.”

 

Shares in SMT dropped about 2% to £11.25 on the news of Anderson’s retirement. The share price is up 137% over the past 12 months, despite a 20% drop from a peak of £14 in February.

Fiona McBain, the chair of SMT, said Anderson’s approach of spotting and holding on to “transformational growth companies” had “delivered exceptional returns for shareholders”. “He has also pioneered our investments in private companies, one of the trust’s most important strategic initiatives to date,” she said.

Anderson is to become chairman of the Swedish investment firm Kinnevik, which manages the fortune of Sweden’s wealthy Stenbeck family and other shareholders.

 

Edited March 19, 2021 by Wilson

[CJGJ]

Scottish Mortgage manager James Anderson to retire from the investment trust next year after racking up a 1,530% return in 20 years (msn.com)

 

 

James Anderson, joint manager of Scottish Mortgage, has announced he will retire from Baillie Gifford in April next year. 

The stalwart of the the £16billion investment trust will pass full reins to current co-manager Tom Slater, who will also be joined by Lawrence Burns, as a new deputy manager. 

Anderson has managed Scottish Mortgage since 2000, helping it become the UK's biggest and most popular investment trust, with a return of 1,530 per cent - way ahead of the 269 per cent total return on the MSCI World Index over the same period.  

 

Since the news was announced this morning, the trust's share price has fallen by 1.82 per cent, though commentators insist investors have nothing to worry about, as Slater and Anderson have worked together with a shared philosophy.

Anderson has worked at the Edinburgh-based investment management firm for almost four decades, and has been a parter since 1987.  

Scottish Mortgage's returns have propelled the trust into the FTSE 100, remarkably making it the 31st biggest company in the market. It's big global growth investments have included Tesla, Amazon, Facebook, Alibaba and Tencent.

Andrew Telfer, joint senior partner at Baillie Gifford, said: 'James has been central to the strategic leadership and growth of Baillie Gifford. 

'He has encouraged us to be ambitious as a firm and has instilled a long term, global and index-agnostic approach to our investing. And, most importantly, James has achieved remarkable investment returns for our clients. We are giving our clients a year’s notice that he is leaving the firm. 

'Our transition process is tried and tested over generations, and we have developed talented successors in each of James’s teams in recent years.'

Anderson has achieved plenty during his time at Baillie Gifford, from leading its European equity team to co-founding the Long Term Global Growth Strategy in 2003. 

He also chaired the International Growth Portfolio Construction Group from its inception in 2003, until two years ago. 

He said: 'I have huge admiration for Tom and Lawrence. They are both thoughtful, dedicated and ambitious investors with a willingness to learn and an outstanding ability to partner with great companies. I couldn’t be happier than to have them as my successors.'

%7B© Provided by This Is Money Over the past twenty years, Scottish Mortgage is up more than 1,500%, way ahead of its AIC Global sector average and FTSE World benchmark returns

Scottish Mortgage's philosophy will continue 

 

Video: Wells Fargo CEO Not Interested in Rushing Staff Back to Office (Bloomberg)

 

 

 

Play Video

Wells Fargo CEO Not Interested in Rushing Staff Back to Office

Click to expand

 

 

• %7B%7B
• %7B%7B
• %7B%7B

John Moore, senior investment manager at Brewin Dolphin, said today's news shouldn't change investor views on either Baillie Gifford or Scottish Mortgage.

He said: 'James Anderson has been among the best fund managers of his generation and has returned Scottish fund management and the investment trust industry to the spotlight for all the right reasons.  

'His retirement has been planned for some time and Baillie Gifford is well prepared – co-manager Tom Slater has been a leading contributor to management and presentations over the last few years. 

'On a wider angle, Baillie Gifford has also invested heavily in people and process, with the company’s Shanghai office a tangible example of this. 

'In that respect, whilst the announcement does come when the "growth" approach to investing is experiencing a sell-off amid worries over the prospects for inflation and rising interest rates, investors shouldn’t read too much into its timing – particularly as he will be around for at least the next year. 

'Losing such a recognisable name could unnerve some investors, but Baillie Gifford’s, and Scottish Mortgage’s, long-term track record is excellent and some immediate uncertainty should not change views on either.'

Ryan Hughes, head of active portfolios at AJ Bell, agreed the news is likely to cause some worry to the thousands of investors but that they should remember how Baillie Gifford work with the investment process being firmly embedded in the team-based approach. 

He added: 'With Anderson not stepping back for over a year, this has been well planned with a clear handover process for Lawrence Burns to become deputy manager on the trust to support Slater.

'Anderson has helped build Scottish Mortgage into a phenomenal investment trust over many years with his clear, high conviction approach being a driving force behind its willingness to invest in early stage companies and hold them while they become global winners with Amazon, Tesla and Alibaba all being great examples.  

'For investors, while this announcement may be unsettling, the strength of the team-based approach, long handover period and continuity through Tom Slater shouldn’t result in major concerns. 

'Slater has worked at Baillie Gifford for over 20 years and been a manager on the trust for the last 10 years, ensuring that he knows the portfolio inside out. As a result, I expect no change to the approach which should hopefully give investors reassurance that the investment process will remain intact..

But one analyst says: 'Take some profits' 

However, given the very strong performance delivered by the trust in recent years and recent wobble in growth stocks, there will be some commentary that perhaps Anderson's retirement announcement is at the 'top' of the market. 

Investment trust analysts at Stifel has been suggesting that investors take some profits whilst the price has been rising strongly in recent months. 

Analyst, Iain Scouller, said: 'This has been primarily to ensure that investors manage "stock specific risk" and portfolios do not become too heavily weighted in the shares. 

'When the shares fell below 1,000p a couple of weeks ago we suggested holding off taking-profits given the shares had suddenly widened to a mid-teen discount. 

'Since then the price has recovered, with the discount narrowing significantly, with some bounce in tech stocks and the trust resuming share buybacks. 

'We view Scottish Mortgage as a core holding that offers something different to many other trusts. However, with the shares again trading close to NAV, we suggest managing portfolio risk in cases where investors have significant percentages of their portfolio in the trust by taking some profits.' 

Leaving an 'outstanding' legacy 

Anderson's retirement comes at a time when Scottish Mortgage is one of the country's best performing and best-loved investment trusts.

%7B© Provided by This Is Money Jason Hollands of Tilney says there may be better alternatives to Income Focus

Despite its recent slump, investment experts and commentators and investors alike continue to have faith in its approach, which will continue even after the industry stalwart's departure.

Jason Hollands, of Tilney, said: 'During James Anderson’s long tenure at Scottish Mortgage, it really has been come the poster-boy for the investment trust sector and in many ways has been instrumental in reinventing perceptions of investment trusts altogether. 

'For despite its venerable sounding name and history, Scottish Mortgage has been the vanguard for investing in cutting edge industries of the future.'

"It really has been come the poster-boy for the investment trust sector "

Jason Hollands, of Tilney

Commenting on Anderson's outstanding contribution to the trust, Fiona McBain, chair of Scottish Mortgage, added: 'His approach of identifying and holding transformational growth companies has helped drive economic progress and delivered exceptional returns for shareholders. 

'James has also pioneered our investments in private companies, one of the trust’s most important strategic initiatives to date. He and Tom constantly seek to observe, learn and improve. 

'This has resulted in an investment philosophy that will continue to evolve. I and my fellow directors look forward to working with James, Tom and Lawrence over the coming year, and with Tom and Lawrence after that.'

 

[Greedy Jambo]

We'd only piss his crumbs away anyway. 

[Pilmuir]

He is leaving an phenomenal legacy at Baillie Gifford. How lucky are Hearts to have this guy supporting us....and how disturbing that his money has not been better spent by the club so far.

[Paolo]

I have a small sum invested in Scottish Mortgage Trust. Since the. Pandemic, it had done brilliantly, but the last month or two, it has taken a hammering.   It is a high risk investment though. 

[graygo]

2 hours ago, Jamhammer said:

He’s a man. 
That’s enough for a few on here

 

1 hour ago, BarneyBattles said:

A pair of nads😀

 

[August Landmesser]

2 hours ago, Jamhammer said:

He’s a man. 
That’s enough for a few on here

Yup. There's a definitely few on here (and elsewhere) think that having a cock is essential for understanding football.

[Bull's-eye]

4 hours ago, graygo said:

 

Seriously? Ann Budge gets a hard time for having knowledge of running a football club, what credentials does he have?

 

He's male.

 

There's no other reason. 

[davemclaren]

1 hour ago, Pilmuir said:

He is leaving an phenomenal legacy at Baillie Gifford. How lucky are Hearts to have this guy supporting us....and how disturbing that his money has not been better spent by the club so far.

Is it disturbing for him though?

[Lone Striker]

4 hours ago, Francis Albert said:

Your last sentence is my point. Maybe Anderson would work out that out more quickly than Ann has. She still seems to think a football club has something called a football department.

Thats a bit harsh, FA.      HMFC plc has several departments (commercial, catering, ticketing etc) ....... so what's wrong with calling the main thing the "football department" ?      Pretty sure JA would see it that way too.     

[Lone Striker]

3 hours ago, Jamhammer said:

He’s a man. 
That’s enough for a few on here

Indeed so.      Bizarre how Romanov (firing about 8 managers at will) doesn't get even half the criticism Budge (hanging on to CL  for too long) gets from some on here.  

[Doctor FinnBarr]

4 hours ago, OTT said:

I know folk are joking about the Anderson trillions, but I honestly think just having his input on the board would be so valuable. Obviously if he wants to chuck us a couple mill here and there, not going to argue  

 

I'd like some vision from the club on growing supporter base and aiming for stadium expansion over the next decade specifically. Edinburgh is a city of 500k and between Lothians, Borders & Fife you must be talking over a million people locally who could be convinced to become more engaged in following Hearts. Although JA doesn't necessarily have experience within football I suspect he's sat in on meetings to do with brand & organisational growth so would be able to offer suggestions and thoughts on how we can engage better with the community. I think Ann has actually been doing this to some extent anyway but always room to build on ideas. 

 

We no doubt have but many will follow the arse cheeks, the same as the rest of Scotland and NI (I'm not going to include RoI as most support English fitba no matter what Celtic think).

 

[Doctor FinnBarr]

16 minutes ago, Lone Striker said:

Indeed so.      Bizarre how Romanov (firing about 8 managers at will) doesn't get even half the criticism Budge (hanging on to CL  for too long) gets from some on here.  

 

CL wouldn't have lasted 5 minutes with Mr Romanov.

[Jambo-Fox]

I’d certainly vote to sell the entire FOH Hearts share holding to him.

 

This could be significant - Anderson is a person that could deliver serious funding for Hearts that the FOH could never do.

 

♥️♥️♥️♥️

[Doctor FinnBarr]

4 minutes ago, Jambo-Fox said:

I’d certainly vote to sell the entire FOH Hearts share holding to him.

 

This could be significant - Anderson is a person that could deliver serious funding for Hearts that the FOH could never do.

 

♥️♥️♥️♥️

 

But would he though and thats the key question.

[Lone Striker]

3 minutes ago, Jambo-Fox said:

I’d certainly vote to sell the entire FOH Hearts share holding to him.

 

This could be significant - Anderson is a person that could deliver serious funding for Hearts that the FOH could never do.

 

♥️♥️♥️♥️

   Why would he ?    Why should he ?    Are you really suggesting that we should go down the sugar daddy route again ?   Rely on 1 person just because he's wealthy ??        Maybe I'm a minority of 1, but I want us to live within our means and just spend/recruit  more sensibly than we have over the last 3 years.

 

 

[chrystaf]

2 hours ago, Paolo said:

I have a small sum invested in Scottish Mortgage Trust. Since the. Pandemic, it had done brilliantly, but the last month or two, it has taken a hammering.   It is a high risk investment though. 

As all investments of this nature are.  

[OTT]

8 minutes ago, Lone Striker said:

   Why would he ?    Why should he ?    Are you really suggesting that we should go down the sugar daddy route again ?   Rely on 1 person just because he's wealthy ??        Maybe I'm a minority of 1, but I want us to live within our means and just spend/recruit  more sensibly than we have over the last 3 years.

 

 

 

Its an unfair thing to expect, the sugar daddy route isn't sustainable either. I would like to see Hearts grow over the next 10 years to be an obviously larger club than Hibs or Aberdeen. I think by doing that it would increase our revenues allowing us to recruit better and have a higher chance of keeping promising youngsters for 1 more contract cycle which is the route to seven figure transfer fees from our academy. 

 

The experience someone like JA could bring to the board would be invaluable. He may not be a 'football guy' but he'll have experience in organisational growth and brand building as well as identifying the strengths and opportunities of organisations through his investments. He may even just be able to ask questions of the board which makes us think differently. I think Hearts being able to identify future growth opportunities is essential. It feels like we as a club have been run horrendously at board level for 20/30 years prior to Budge - Maybe even longer, then since Budge the football side has seriously underperformed. We need to be looking at how we can grow as a club and how to capitalise on that to put us in the best possible situation for long term success. I firmly believe we have huge untapped potential. 

 

We've had benefactors (probably JA himself) put money into the first team and we've nothing to show for it, we've quite literally been relegated despite that crutch so its very apparent its failing to bring in even short term results. If he's going to put money into the club, I'd much rather it was invested into areas where we might see income generated from as a result. I don't think that is the first team. E.g. Stadium improvements/expansion, training facilities, securing land around Tynecastle to protect our future.