Baillie Gifford’s Anderson blasts 'self-indulgent' investors

This was because the companies that value investors buy because they look cheap, are not cheap simply because of the economic cycle, but because their business models are being rendered redundant by technological change.

Francis Klonowski, an adviser at Klonowksi and Co, an advice firm in Leeds, said he uses the Scottish Mortgage trust for his clients and for his personal portfolio.

He added: "It has performed very well. There is a lot of technology in it, so it wouldn’t be one to own if you could only own one global investment trust, you would want to have at least one more with it, run by someone who thinks more broadly about the world.

"The mistake a lot of investors make is they see that something has done very well and end up owning lots of it, and get massive exposure to just one sector, which maybe they don’t want."