"Everyone is moulded by their experiences". And so, largely because his career has been centred around the smaller quoted  company arena, Luke Heron is a junior market enthusiast. "I typically get involved with businesses where the possibility for flotation in the short to medium term is more than a distinct possibility; it is a likelihood. All businesses are for sale and a quote on the stock market recognises that fact. It is not a pre-condition of my involvement however, and for many businesses, it is not appropriate. Indeed, the vast majority of my investments are (regretably) in unquoted companies."

Luke's portfolio spreads across many industries and sub-sectors. "I loathe the idea of being sector focussed. Whilst everyone has their own unique set of skills and investment preference (I am no exception), I prefer to back and buy into the people behind a business, rather than just the business itself. I have learnt from bitter experience that there is a big price to pay for backing attractive businesses run by idiots - idiots will always eventually come unstuck."

Heron's first investment was in the ill-feted Eurodisney theme parks when he was just 9 years old, where he quickly learnt the dangers of falling in love with a company - the error of judgement cost him his then life savings of £130! "My investments may have grown a little in size since the Eurodisney incident, but there are one or two that have gone the same way. I don't get them all right and so, whilst it may sound obvious... it has become a numbers game for me - the winners have to leave me with enough to pay  for the losers, with a little extra on top to keep the family in the lifestyle to which they have become accumstomed! I don't care what sector a prospective investment operates in, but I must understand it. If someone gets too technical, I'll kick them out. This may sound cliched, but it is true nonetheless - keep it simple, stupid. And as my wife frequently reminds me, I am not the sharpest tool in the box."

Luke adopts the Benjamin Graham way of thinking when it comes to his venture capital investments. "Just as the market swings wildy from a drug fuelled high with investors convinced there is no limit to their profits, it can also slump to an exaggerated depression where any hope for recovery seems an impossibility. And so, when doom and gloom is rife, I tend to find some astonishing bargains. The private equity market sees valuations tumble when the wider economy faces uncertainty and investor sentiment runs low - this is when my selective investment approach can bring home some real bargains. The right opportunities run by the right people in businesses that I understand, will nearly always make me money in the long term, irrespective of market conditions. I just need to remember to stick to these simple criteria - not something I have yet mastered!"
Luke has investments in around 20 companies, both privately held and publicly quoted enterprises, at various stages in their corporate journeys - ranging from start-ups with minimal revenues to established businesses generating significant profits.

"I find the lure of startups, particularly revolutionary ideas and concepts incrediably difficult to resist - my passion is perhaps a little wasted and most definetely nieve, as I am still to see a return from any of the "Sinclair C-5" type deals. Still, learning the art of successful investment is a lifelong course and no-one scores 100%, there is no such a thing as the finished article in this space."

Click on the logos to the left to read about some of the ventures I am currently involved in.