Bearbull’s next incarnation is limbering up in their Tardis, but the earthly concern of running their income portfolio is now the domain of yours truly. Rules were never my strong suit, even going back to the days of Peter Davison’s stint as the Doctor, but this child of the 1980s must begin by assessing our goals and mandate – and then the investment strategy.

To state the obvious, we’re after a portfolio that can generate reliable income, minimise the risk of savage peak-to-trough falls in its value, and do so with a blend of holdings. Think of it as a Venn diagram where picks offer jam today and/or have potential to grow their payout in future. Most investments must fall within the intersection between the two.

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