Jim Slater
Encyclopedia
James Derrick Slater is an investor.
Trained as a chartered accountant, he worked for Leyland Motors
and became famous for writing an investment column in The Sunday Telegraph under the nom de plume of The Capitalist, where he described his own portfolio. In 1964 he started an investment company with Peter Walker
, a Tory MP, called Slater Walker
– in reality an authorized bank. He performed what became known as corporate raid
s on public companies. He was a friend and business associate of James Goldsmith
.
During the secondary banking crisis in 1975, Slater Walker received support from the Bank of England. Following the takeover of the company by the Bank of England, 15 charges were brought against Slater for offences against the Companies Act
by the Department of Trade, referring to the alleged misuse of more than £4 million of company funds in share deals. The case was thrown out in 1977.
In the period following his high-profile days as a high-flier in the City, Jim Slater produced an autobiography that sets out in considerable detail his early plans and visions regarding company acquisitions, and describes the processes he employed to bring them about. Once companies came under his control his strategy was to maximise the return on those of their assets that he judged disposable – be they property, plant or workforce. These tactics proved to be highly successful and profitable in the short-term, such that "Slater Walker" became a byword for a forceful and rewarding style of capitalism.
The acquisition and disposal of company assets in this manner became known as "asset stripping", a phrase term that carries with it connotations of hardship and distress associated with the human costs of unemployment. Some 30 years afterwards Slater acknowledged the drawbacks that were inherent in the practices he adopted, towards the end of a reported interview with Hunter Davies in The Independent of 15 December 1992.
Slater is the author of the well-known popular book of investment The Zulu Principle
, focusing on simple techniques for identifying small dynamic growth companies whose shares are at a low price compared to their future prospects. With Hemmington Scott, he devised a monthly company statistical guide, Company REFS, also available as an online service, to make the identification of such shares easier for the private investor.
With Ian Watson, he founded Galahad Gold in 2002, successfully timing the commodities boom to make annualised 66% profits from gold exploration before winding the company down in 2007 and starting a new venture, Agrifirma, again with Watson and again in commodities, this time Brazilian agricultural farmland.
Slater has authored several other investment books and children's stories, such as A. Mazing Monsters
.
Slater's hobby was chess
. Amongst other sponsorships he donated $125,000 to make possible the 1972 World Chess Championship between Bobby Fischer
and Boris Spassky
in Reykjavík
, Iceland
.
Although it is frequently stated that he declared personal bankruptcy, he did not do so. By 1975 he famously found himself a "minus millionaire", owing £1M more than he had. This was repaid within a few years with interest.
As of 2009 Slater is chairman of BioProjects International PLC, deputy chairman and finance director of Galahad Gold and investment director of Agrifirma.
Slater was featured in the second episode of The MayFair Set
documentaries by Adam Curtis
Trained as a chartered accountant, he worked for Leyland Motors
Leyland Motors Ltd
Leyland Motors Limited was a British vehicle manufacturer of lorries, buses and trolleybuses. It gave its name to the British Leyland Motor Corporation formed when it merged with British Motor Holdings, later to become British Leyland after being nationalised...
and became famous for writing an investment column in The Sunday Telegraph under the nom de plume of The Capitalist, where he described his own portfolio. In 1964 he started an investment company with Peter Walker
Peter Walker, Baron Walker of Worcester
Peter Edward Walker, Baron Walker of Worcester, MBE, PC , was British politician. A member of the Conservative Party, he served in the Cabinet as the Environment Secretary , Trade and Industry Secretary , Agriculture Minister , Energy Secretary and Welsh Secretary...
, a Tory MP, called Slater Walker
Slater Walker
Slater Walker was a British bank that were in financial difficulties in the 1970s and shook the British banking system at the time.-History:The Company was founded by Jim Slater and Peter Walker, a Tory MP, in 1964 as an authorized bank...
– in reality an authorized bank. He performed what became known as corporate raid
Corporate raid
A corporate raid is an American English business term for buying a large interest in a corporation and then using voting rights to enact measures directed at increasing the share value...
s on public companies. He was a friend and business associate of James Goldsmith
James Goldsmith
Sir James Michael "Jimmy" Goldsmith was an Anglo-French billionaire financier and tycoon. Towards the end of his life, he became a magazine publisher and a politician. In 1994, he was elected to represent France as a Member of the European Parliament and he subsequently founded the short-lived...
.
During the secondary banking crisis in 1975, Slater Walker received support from the Bank of England. Following the takeover of the company by the Bank of England, 15 charges were brought against Slater for offences against the Companies Act
Companies Act
Companies Act is a stock short title used for legislation in the United Kingdom and South Africa relating to company law....
by the Department of Trade, referring to the alleged misuse of more than £4 million of company funds in share deals. The case was thrown out in 1977.
In the period following his high-profile days as a high-flier in the City, Jim Slater produced an autobiography that sets out in considerable detail his early plans and visions regarding company acquisitions, and describes the processes he employed to bring them about. Once companies came under his control his strategy was to maximise the return on those of their assets that he judged disposable – be they property, plant or workforce. These tactics proved to be highly successful and profitable in the short-term, such that "Slater Walker" became a byword for a forceful and rewarding style of capitalism.
The acquisition and disposal of company assets in this manner became known as "asset stripping", a phrase term that carries with it connotations of hardship and distress associated with the human costs of unemployment. Some 30 years afterwards Slater acknowledged the drawbacks that were inherent in the practices he adopted, towards the end of a reported interview with Hunter Davies in The Independent of 15 December 1992.
Slater is the author of the well-known popular book of investment The Zulu Principle
The Zulu Principle
The Zulu Principle, subtitled Making Extraordinary Profits from Ordinary Shares, is an investment guide written by English accountant and investor Jim Slater, first published by Orion in 1992...
, focusing on simple techniques for identifying small dynamic growth companies whose shares are at a low price compared to their future prospects. With Hemmington Scott, he devised a monthly company statistical guide, Company REFS, also available as an online service, to make the identification of such shares easier for the private investor.
With Ian Watson, he founded Galahad Gold in 2002, successfully timing the commodities boom to make annualised 66% profits from gold exploration before winding the company down in 2007 and starting a new venture, Agrifirma, again with Watson and again in commodities, this time Brazilian agricultural farmland.
Slater has authored several other investment books and children's stories, such as A. Mazing Monsters
A. Mazing Monsters
A. Mazing Monsters is a series of 16 children's books by Jim Slater first published in 1979.-Books:* The Tricky Troggle* Wormball* Webfoot* The Great Gulper* Greeneye* The Winkybird* Dimmo* Bignose* Swiggo* Snuggly* Big Snowy* Kleenum...
.
Slater's hobby was chess
Chess
Chess is a two-player board game played on a chessboard, a square-checkered board with 64 squares arranged in an eight-by-eight grid. It is one of the world's most popular games, played by millions of people worldwide at home, in clubs, online, by correspondence, and in tournaments.Each player...
. Amongst other sponsorships he donated $125,000 to make possible the 1972 World Chess Championship between Bobby Fischer
Bobby Fischer
Robert James "Bobby" Fischer was an American chess Grandmaster and the 11th World Chess Champion. He is widely considered one of the greatest chess players of all time. Fischer was also a best-selling chess author...
and Boris Spassky
Boris Spassky
Boris Vasilievich Spassky is a Soviet-French chess grandmaster. He was the tenth World Chess Champion, holding the title from late 1969 to 1972...
in Reykjavík
Reykjavík
Reykjavík is the capital and largest city in Iceland.Its latitude at 64°08' N makes it the world's northernmost capital of a sovereign state. It is located in southwestern Iceland, on the southern shore of Faxaflói Bay...
, Iceland
Iceland
Iceland , described as the Republic of Iceland, is a Nordic and European island country in the North Atlantic Ocean, on the Mid-Atlantic Ridge. Iceland also refers to the main island of the country, which contains almost all the population and almost all the land area. The country has a population...
.
Although it is frequently stated that he declared personal bankruptcy, he did not do so. By 1975 he famously found himself a "minus millionaire", owing £1M more than he had. This was repaid within a few years with interest.
As of 2009 Slater is chairman of BioProjects International PLC, deputy chairman and finance director of Galahad Gold and investment director of Agrifirma.
Slater was featured in the second episode of The MayFair Set
The Mayfair Set
The Mayfair Set is a series of programmes produced by Adam Curtis for the BBC, first broadcast in the summer of 1999.The programme looked at how buccaneer capitalists of hot money were allowed to shape the climate of the Thatcher years, focusing on the rise of Colonel David Stirling, Jim Slater,...
documentaries by Adam Curtis
Adam Curtis
Adam Curtis is a British BAFTA winning documentarian and a writer, television producer, director and narrator. He works for BBC Current Affairs.-Early life and education:Curtis was born in 1955...
External links
- UK Fast Buck Fraternity: article from 1996 edition of Management Today
- End game for Slater? Time Magazine article from 1975 following his resignation from Slater Walker
- Biography from Bioprojects International plc, of which he is Executive Chairman
- Global Investor investment advice site
- A.mazing Monsters children's books written by Slater
- Times article on Slater Walker
- Documents relating to HM Treasury's intervention in Slater Walker
- Jim Slater: what I would buy now from Investors Chronicle, March 2009