Letter: In Brief

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The Independent Culture
Sir: Roberta Nichols bemoans the fact that fund managers don't invest in firms that spend heavily on research and development (letter, 30 June). She should start her own "High R&D" fund investing in companies that spend more than average on R&D. If high R&D spending is really the precursor of long-term growth then she and the fund will prosper, more fund managers will invest in high R&D spending firms - and a virtuous circle will start.

JOHN GRESHAM

Southport, Merseyside

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