Max King is a seasoned observer of the investment trust scene, having managed a number of trusts and later multi-manager funds during his career at Investec. More recently, having retired from full-time work in the City, he has turned to writing, as a columnist for Money Week and as a valued contributor to the annual Investment Trusts Handbook. He is also a non-executive director of a number of investment trusts, so has an all-round perspective on the market.

Tell me where you think we are in the market cycle at the moment? I find it very hard to say that the market is cheap, or even particul...