Jim Slater

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This article is about the accountant. For the hockey player, see Jim Slater (ice hockey).

James Derrick Slater (born March 13, 1929) 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 actuality an authorized bank. He performed what became known as corporate raids 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—the misuse of more than £4,000,000 of company funds in share deals. The case was thrown out in 1977.[1]

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 tactics were 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', but unfortunately the phrase carries with it connotations of hardship and distress associated with the human costs of unemployment. Some thirty 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.[2]

With Hemmington Scott, he devised a monthly company statistical guide, REFS.[3]

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.[4]

Slater has authored several investment books and children's stories (see 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 never did anything of the sort. By 1975 he famously found himself a 'minus millionaire' or 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 chaiman and finance director of Galahad Gold and investment director of Agrifirma.

[edit] Bibliography

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 It has been suggested that A. Mazing Monsters be merged into this article or section. (Discuss)

[edit] References

  1. ^ HM Treasury
  2. ^ http://www.independent.co.uk/life-style/interview-millions-of-shares-but-not-many-laughs-jim-slater-is-proud-of-six-things-that-might-get-him-into-heaven-being-chairman-of-slater-walker-is-not-among-them-1563671.html
  3. ^ Agrifirma Brazil - Advisors
  4. ^ The Financial Times - Agrifirma scraps hedge fund-style fees, 9 March 2009

[edit] External links

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