UK economy could not recover for more than five years What are the UK's most resilient industries? We look for businesses with strong growth prospects and resilience which are available at attractive prices. Resilience is good news, but not at any price. Although the growth companies we own operate in a range of areas, they tend not to be exposed to government or consumer spending, for obvious reasons. Do you think the worst of the euro crisis is over? It is far from resolved as the eurozone's competitive imbalances have not been addressed, and the steps to refinance the weaker nations are probably not sufficient. But after the 2011 panic investors will be difficult to shock, so it's possible the impact on investor sentiment will be less dramatic. Are all UK equity funds the same? That's absurd. Of course many funds engage in closet index tracking but plenty do not. Our fund portfolios bear almost no relation to any index or other funds. Our returns since we started the business in 1994 are also very different - we have outperformed massively. What is the secret of your success? We had a very strong 2010, but last year's result was particularly pleasing [the fund returned 0.3pc, compared with sector average losses of 7pc] because it was such a tough environment. We have been pursuing a very pure growth methodology since the latter part of 2009. We screen for companies with above average earnings growth rates and strong cash flows, which we can buy cheaply. The other thing we look for - which is very difficult to find - are businesses that operate in a fast-growing global niche market with an identifiable tail wind driving growth. Where do you see opportunities now? We like Hutchison China Meditech, our largest holding for a long time. Its key activity is health care in China. Oxford Instruments is typical of the type of company we like - nichey but global. It is heavily exposed to the nanotechnology space, where spending is being prioritised all over the world. Similarly, Andor Technology makes cameras with very high specifications, primarily for research laboratories. These companies are not directly exposed to economic problems at large. They are either in demand or they're not - at the moment, they are. Do you invest in your own funds? I am the largest investor in MFM Slater Growth, MFM Slater Income, MFM Slater Recovery and our hedge fund, Northglen Aggressive. What have you learnt from 20 years in the City? Run profits and cut losses. It sounds obvious, but it is supremely important. Ignore the noise and focus on the fundamentals. Back your own judgment with conviction. When in doubt, sell. And it is a cardinal sin to treat those rare, truly exceptional, growth businesses like other investments you might own. Professionally, I have several very big wins. Buying 3pc of Cape, the oil and gas service provider, between 17p and 20p in 2009 and selling for between 400p and nearly 600p two years later. Investing in Galahad Capital, where I became chairman, delivered massive returns between 2002 and 2007. I have also invested in several long-term positions which became "tenbaggers" - stocks rose to 10 times their purchase price. And your worst? I've had a few horror stories. The worst was an investment in Bullers in 1994. It proved a very expensive lesson in trusting people and not putting enough emphasis on my research. The company failed within a year or two. Is there a third generation of Slater in the City? My children are young, but, should they want to go into fund management, I would offer what I advice I could. The five year-old has already proved himself to be astute - in the middle of the crisis he said: "Daddy, I want cash." I thought, that's probably the best option right now.