Good breeding: Paul Nicholls (right) with Peter Keech, Arbuthnot Latham’s Exeter regional director

Paul Nicholls does not own any equities; in fact, he has never bought or sold a single share. But this lack of investment is not down to a shortage of funds, it is a reflection of his aversion to the risks associated with the stock market.

“I’ve just never wanted to buy shares or funds; it’s not something I know anything about,” says Nicholls, a four-times champion National Hunt horse trainer. “I’ve always thought it was more important to find something I’m interested in and get involved in that, rather than risk my money on something I don’t have any experience in.”