This seems a good moment to provide my annual list of the most interesting and instructive books about investment, for those who fancy some rewarding (though not so light) reading over Christmas. There, too, an early investment in a JPMF fund, New Europe, has been paying off (although quite a bit of that fund is in old Europe).While I’m in the mood, I might as well point out that, for all its faults, the European Union is the best vehicle we have for making nations such as Romania and Bulgaria part of the great European family again – and fixing their economies.The EU is also a superb means of getting nations to get their human rights in order Again, prosperity and liberal values go hand in hand Lecture over Happy Christmas Here’s to an England win in 2006. No matter how many cheap toys they knock out, the Chinese are not going to be joining the big league without the full benefit that the continuing revolutions in information technology and telecommunications are bringing.Much the same goes for Russia, although not the other emerging economies of eastern Europe. The regime that runs the country is so brutal and crude in its methods that you wonder whether it has much idea about how its nation is going to be able to capitalise on the internet, which is fundamentally alien to its way of thinking. I also happen to think that it cares a little more about its environment, although it may simply be that the Chinese are so bad that the Indians look green by comparison.There’s been so much talk about China over the years that we’re in danger of forgetting what a forbidding and disappointing place it has been for investors.

There have been some ups and downs along the way, and it’s been a volatile ride since I started investing about five years ago, when you could pick up the shares for 50p each; but so far, I have had little cause to regret my decision to put a little by each month in such an exciting growth story.I’ve always favoured India rather than China because it seems to me to have three vital assets: democracy, the English language and a relatively well-educated workforce. The shares stood at 135p in January and they’ve run up to about 230p now. My marginal outperformance this year has been greatly aided by some tidy gains from corporate takeovers, such as Manchester United, Belhaven Brewery and, just coming through now, O2. I also did quite nicely when I sold out of Sportingbet, one of the increasing number of on-line gaming and poker companies at what looks like an overcrowded table.Cheating a little, although it’s obviously quoted in London, it’s also been another spectacular year for the JP Morgan Fleming Indian Investment Trust.

Apache Tomcat/5.5.25 – Error report HTTP Status 503 – Too many incoming HTTP requeststype Status reportmessage Too many incoming HTTP requestsdescription The requested service (Too many incoming HTTP requests) is not currently available.Apache Tomcat/5.5.25. Are you looking forward to the World Cup? I certainly am, and not just for the wonderful display of football we’ll be enjoying next year. There’s also the possibility, in case you hadn’t noticed, of an England v Germany final, and, still more fancifully, an England victory in Berlin. I’m not a huge football fan but, goodness me, I feel almost giddy just thinking about such an amazing turn of events. It’s not just the World Cup; there’s also the Winter Olympics and the Commonwealth Games.

All excellent news for advertising folk and the prospect of such a bumper year has led the brokers to boost their ratings on WPP. This was a stock I bought into a little after the great TMT bust, at under 500p, and , just recently, it has shown some fine progress. However, because my holding is so tiny and the possibilities are suddenly looking so rosy, I’ve added some more, this time at 616p. I shall be drinking a toast to Martin Sorrell’s health over Christmas, although he hardly needs help from me.
Overall, the UK market’s been up about 15 per cent in 2005, and I figure I’ve probably done just a little better than that. Apache Tomcat/5.5.25 – Error report HTTP Status 503 – Too many incoming HTTP requeststype Status reportmessage Too many incoming HTTP requestsdescription The requested service (Too many incoming HTTP requests) is not currently available.Apache Tomcat/5.5.25. Rates here start at £13.50 per person and include access to a large art collection, Italian marble statues and, potentially, a ghost (0870 004 1109; www.syha .uk).. Drinks are also provided on request.THE BOTTOM LINEAll-inclusive rates start at £695 per couple per night for non-members and £295 for members.I’m not paying that: around 15 miles further north is the most striking youth hostel in Scotland, Carbisdale Castle.

Not that there’s anything particularly scruffy about the rooms as they stand. Refurbishments won’t alter the Edwardian panelling, ancient fireplaces or huge claw-foot baths, but they will freshen up some dated upholstery and offer more modern amenities.Keeping in touch: a guest study has computers with a high speed internet connection and wireless internet access.Freebies: the all-inclusive rates encompass having your car washed before it’s returned to you. More conventional freebies cover gorgeous-smelling Cath Collins toiletries, jars of Scottish tablet, homemade biscuits, a decanter of whisky and newspapers. Prices are the same whether you take one of the 21 rooms in the castle or one of several lodges scattered through the grounds (guests with young children are encouraged to take a lodge, but are welcome to visit the castle and make use of the extensive children’s facilities).The castle is two-thirds of the way through a grand renovation, with only the glass-roofed marble swimming pool, the castle bedrooms and a couple of lodges to go.