75. Finding ‘safe yields’ and why haircuts and holidays might get more expensive

At one point in March, some companies’ shares were valued at less than the cash they held on the balance sheet. Dr Niall O’Connor, manager of the Brooks Macdonald Defensive Capital fund, tells us about these miss-pricings, explains why our haircuts and holidays may get more expensive and, with UK equity dividends forecast to remain low until 2025, highlights where he is finding ‘safe yield’ opportunities to replace this lost income.