Nick Train losing patience may be one of the ultimate bear signals. The star fund manager and co-founder of Lindsell Train, a famously low churner of stocks and formerly Pearson’s largest shareholder, has cut his holding in the world’s largest education specialist in half. Retail investors take note.
Pearson has been a slow learner in its attempts to reposition away from the structurally declining market for new print textbooks. Under John Fallon, its former boss, it issued seven profit warnings in as many years, a bruising from which the shares have yet to recover. The appointment in 2020 of Andy Bird, the former chairman of Disney’s international division, ushered in an organisational restructure and a focus on distributing educational materials directly to
