'I do regard this as such an irrelevant and dangerous question,' he said in our interview, recorded at the Frostrow investment companies conference in London earlier this summer.
'The fact is all capital markets fluctuate around interest rates but that is not what creates wealth and that is not what drives dividend growth from companies over time.'
In our 10-minute interview, Train also discusses:
- his belief the internet is enhancing the value of premium brands;
- why the real 'macro' story is not about interest rates or inflation but technological change;
- how in a period of disruptive change, owning 'beautiful and rare assets, brands and franchises' is the best way of protecting his investors;
- why he is now a 'happy holder' of Pearson (PSON), despite wishing he hadn't invested when he did.