So far this year, the performance of my self-invested personal pension (Sipp) has been disappointing – but I am reminded of my mother’s comment when I was a small boy: “Stop moaning – there’s always someone worse off than you!”

I therefore took some comfort from the recent announcement of poor performance by the Fidelity China Special Situations investment trust, run by legendary fund manager Anthony Bolton. In the six months to September 30, net assets fell by 28.4 per cent.

When the trust was launched last year, I sent off for a copy of the prospectus. After looking at it, I decided not to invest. Having worked in Hong Kong many years ago, and as a former non-executive director of a UK company with Chinese interests, I thought the fund was too risky. My Chinese friends confirmed this view.