Avsnitt
-
Simon introduces Cliff Asness, Co-Founder and CIO of AQR (Applied Quantitative Research), highlighting the firm's systematic approach to investing in a variety of assets.
Cliff Asness shared his background, mentioning that he was initially an underachiever in school but transitioned to a highly driven person during college at the University of Pennsylvania.
He explained that market efficiency is a spectrum, and even Fama admitted that markets are not perfectly efficient, despite what many might assume.
Discussing current markets, Asness emphasized the importance of global diversification and noted that the U.S.'s prolonged outperformance mostly stemmed from its increasing valuation premium over international markets.
He highlighted "volatility laundering" in private assets, where the infrequent marking of private investments creates an illusion of lower volatility, cautioning that this could lead to misinformed investment decisions.
Asness touched on philanthropy, saying he finds joy in charitable giving despite the difficulty in assessing the best use of funds and mentioned the importance of concentrating philanthropy for more impact.
The Money Maze Podcast is kindly sponsored by Schroders, IFM Investors and the World Gold Council.
Sign up to our Newsletter | Follow us on LinkedIn | Watch on YouTube -
In this episode we have the huge pleasure and privilege to talk to General Sir Patrick Sanders, who until June of this year served as Chief of the General Staff.
As the professional head of the British Army he had responsibility for over 100,000 troops (including reserves), steering this key component of the UK’s defence apparatus through an increasingly fractured world.
The mission in this interview is to orchestrate a rapid and highly effective tour of the key challenges on the minds of politicians, populations and the planet.
Patrick discusses Russia and assessing what next, China and how a peaceful co-existence can operate, as well as Iran, Israel & The Middle East; weighing up if a brighter future here is possible. He then covers North Korea and its unpredictability, as it moves from defense to offense.
The General goes on to enlighten us on cyber threats, AI’s role on the battlefield, leadership & motivation, before answering some challenging questions from his peers and (possible) friends!
General Sanders joins a wider squadron of Money Maze Podcast geopolitics speakers, such as General Petraeus, General Sir Nick Carter & Lieutenant General Sir Tom Beckett!
The Money Maze Podcast is kindly sponsored by Schroders,IFM Investors and the World Gold Council.
Sign up to our Newsletter | Follow us on LinkedIn | Watch on YouTube -
Saknas det avsnitt?
-
This episode comes from the SuperReturn conference in Berlin, with guest Victor Khosla, Founder of SVP. Set up in 2001, the firm manages $18 billion in credit, with an impressive long-term track record in identifying credit opportunities.
Victor describes himself as the ‘Accidental Investor’, initially hired as a strategic consultant for a Citibank project in the 1990s, only then to join them to help develop their credit business.
He recaps his journey from India through Citi, Cerberus, and Moore Capital, before founding his business with the assisted funding from Moore Capital, to identify and buy out-of-favour debt instruments whether distressed or mispriced.
Victor describes today’s markets, the differences between the US and Europe, opportunities that are emerging from private equity indigestion and reduced exits, allied to significant refinancing needs.
As the owner of Swissport, the world’s largest baggage handler, he recounts their post-COVID purchase and the debt/equity swap, and where ownership of the debt in this - and many other instances - means a further need for involvement on the business operations side.
The Money Maze Podcast is kindly sponsored by Schroders, IFM Investors and the World Gold Council.
Sign up to our Newsletter | Follow us on LinkedIn | Watch on YouTube -
If you write a widely followed weekly piece for nearly 30 years, assessing investment risks & rewards, geopolitical implications, and extracting signals from noise, you need experience, good instincts, market nous, and the ability to talk to the right people.
The weekly piece in question is GREED & FEAR, and its author, our guest Christopher Wood, Global Head of Equity Strategy for Jefferies, in Hong Kong.
He has been ranked No. 1 Equity Strategist in the Asia Money Polls 18 times since 1996, and prior to that worked for The Economist between 1984 to 1994, during which period he was both the New York and Tokyo Bureau Chief.
We begin with Chris’s interpretation of China’s ambitions and appetite, where he explains why he sees China as less set on making territorial gains. He discusses the tectonic shifts underway which he describes as “as great as the collapse of the Soviet Union in 1991… and which are driving global military spending to record highs.”
He also covers Japan, the Yen & bond yields, widening the discussion to explain why he wants to avoid all G7 Government bonds.
He goes on to explain why he thinks good quality US Corporates will trade with lower yields than US Government bonds as their risk is lower.
He assesses the opportunity in EM debt, and their greater adherence to orthodox monetary policy. He also explains how both gold and bitcoin feature in his long term endowment portfolio. Recorded in June 2024.
The Money Maze Podcast is kindly sponsored by Schroders, IFM Investors and the World Gold Council.
Sign up to our Newsletter | Follow us on LinkedIn | Watch on YouTube -
In this shorter interview, recorded at Berlin SuperReturn, Rachel Arnold, Co-Head of Vista’s Endeavour strategy, a fund focused on small-cap private software companies, offers insights that echo Bill Gates comment that “software is the magic thing whose importance only goes up over time”
Amazingly, over 90% of software companies are private, and as a former tech operator and CEO, Rachel brings hard-earned expertise to explain their investing approach.
She discusses portfolio make up, the drivers behind software’s growth and how they assist their portfolio companies on operational transformation.
She discusses the urgency and applications resulting from AI’s adoption, the likely trajectory of this investing space, software’s economic resilience and the runway ahead.
The Money Maze Podcast is kindly sponsored by Schroders, IFM Investors and the World Gold Council.
Sign up to our Newsletter | Follow us on LinkedIn | Watch on YouTube -
If you wrote a business plan in the 1990s that was way ahead of its time - a 20th century idea that needed 21st century technology to work - then put it aside and instead built an enterprise software firm that achieved a Goldman Sachs backed blockbuster IPO in 1999, you might say “bravo”.
If then, several years later you return to this earlier idea, build it and today have over 100 million athletes in 195 countries using it, you’ll know why we’re exceptionally excited about this conversation!
Mike has helped grow Strava into one of the world’s leading activity tracking apps, employing about 400 people and achieving a valuation of approximately $1.5bn (as of its last funding round in 2020).
The seeds of Strava were planted during Mike’s time as captain of the Harvard rowing team, which helped him develop an appreciation of the benefits of sport, both personally & professionally.
Mike then earned a PhD at Harvard, before becoming an economics professor at Stanford and Dartmouth (and along the way he was also a CFO of a biotech firm).
In this longer-than-usual interview, Michael discusses what it takes to build a brand. He explains why they went “an inch wide and a mile deep” and why it’s best to “listen to your customers, not your investors”.
He also shares how he’s confronted setbacks, concentrating on excellence over growth, why they’ve stayed private, and why patience, persistence and perspective are central ingredients for success. One of my favourite interviews!
The Money Maze Podcast is kindly sponsored by Schroders, IFM Investors and the World Gold Council.
Sign up to our Newsletter | Follow us on LinkedIn | Watch on YouTube -
Rob Arnott has published over 100 academic papers, co-authored several books, and his firm Research Affiliates developed the strategies behind approximately $147bn in AUM (as of March 2024).
He has earned a reputation as a highly respected, value-orientated investor with clarity about unrealistic valuations, mean-reversion and where the investment opportunities may lie.
In this interview he shares a timely analysis of Nvidia, which achieved a valuation of over $3tn last week (surpassing Microsoft as the world’s most valuable business). We thought it was timely to listen to his perspectives given today’s highly skewed, AI obsessed, passive-besotted investing world!
Rob describes his approach to evaluating risks and returns, why he believes the US current fiscal path is unsustainable, and how his firm, Research Affiliates, have developed indices to allow investors to access more compelling opportunities.
He unpicks his view as to why narratives around much-loved tech companies may already be reflected in their share prices, why the value opportunities are profound, especially outside of the US and particularly in emerging markets. Furthermore, he points out the disconnect between unloved value stocks and their underlying businesses (which have often been performing just fine).
Rob also discusses portfolio allocations today, building resilience in your portfolio to allow for geopolitical turbulence, and the asymmetry of owning US inflation-linked Treasuries (TIPS) vs straight treasuries.
The Money Maze Podcast is kindly sponsored by Schroders, IFM Investors and the World Gold Council.
Sign up to our Newsletter | Follow us on LinkedIn | Watch on YouTube | *CNBC, June 2024 -
In a world where competitive survival has become rarer, one UK retail institution has survived for 175 years, remains a trusted brand, with over 50,000 employees, 2,000 stores and 4,000 pharmacists.
Today Boots is part of the US Walgreens Boots Alliance, an entity with sales of $140 billion (2023/24) and one of the world’s largest purchasers of prescription drugs.
In this episode we aim to explore the future of retail, the big drivers of change, the overload of the health systems, how pharmacies may play a vital role, technology, data, and what customers really want.
Seb James also discusses the demise of the department store, increasing specialisation, how data allows for tailoring of customer preferences and what AI might offer.
He goes on to cover the notable rise in theft since COVID-19, the decline of the UK High Street, and how they’re competing with both the US tech giants and China-affiliated e-commerce challengers.
The Money Maze Podcast is kindly sponsored by Schroders, IFM Investors and the World Gold Council.
Sign up to our Newsletter | Follow us on LinkedIn | Watch on YouTube -
Whether you’re a believer in the timelines, or sceptical about its urgency, the energy transition is underway, and its ramifications are immense. Both for the climate and for investors, the new order is challenging the old.
In this conversation, Per Lekander, a veteran of the energy and utility space, discusses the failings of the wind and solar industries but also the opportunities which exist for investment.
He evaluates competing energy sources, the rising temperature challenge, the runway ahead for electrification and the changes ahead for autos.
He expands on his negative view on Tesla, why Mercedes has such a technological edge, changes in battery technology and how he navigates the long and short worlds in his funds.
Clean Energy Transition LLP is a thematic alternative investment management firm focused on fundamental equity investing across global long/short and long only investment strategies.
Its funds were first launched by Partner, Portfolio Manager and CEO, Per Lekander, at Lansdowne Partners (UK) LLP in 2015.
Today, the Firm manages c. US$2.7bn in assets for a diversified institutional client base, seeking to capitalise on the transformational changes occurring in the global energy sector, with a primary goal of delivering superior risk-adjusted returns.
The Money Maze Podcast is kindly sponsored by Schroders, IFM Investors and the World Gold Council.
Sign up to our Newsletter | Follow us on LinkedIn | Watch on YouTube | *McKinsey Report, 2022 -
In this interview, we welcome the CEO of Novo Holdings, which manages the assets and wealth of the Novo Nordisk Foundation, one of the world’s largest enterprise foundations.
Novo Holdings is part of the Novo Group, which also incorporates Novo Nordisk and Novonesis (who combined are responsible for much of Novo Holdings’ inflows).
Novo Nordisk is a leading global healthcare company, founded in 1923 and headquartered in Denmark. Their purpose is to drive change to defeat serious chronic diseases, built upon their heritage in diabetes.
Novonesis, also part of Novo Group, serves 130 markets with enzymatic, microbial and advanced protein solutions.
As of year-end 2023, Novo Holdings had total assets under management of €149bn (DKK 1,114 bn). In addition to managing a broad portfolio of equities, bonds & other assets, it also has a substantial allocation into life sciences.
In this illuminating discussion, Kasim shares Novo Holding’s asset allocation, their corporate structure, the European regulatory context, their long term mission and the importance of the foundation’s life-saving work.
Kasim also covers balancing disbursements to the Novo Nordisk Foundation & re-investment in the fund, some criteria for working with external managers, their engaged ownership approach (especially in life sciences) and why they’re comfortable as a public firm.
He also discusses the challenge of increasing antibiotic resistance, how biology is assisting in the green transition and the breathtaking development of medical research (including the revolutionary role of AI in diagnostics).
The Money Maze Podcast is kindly sponsored by Schroders, IFM Investors and the World Gold Council.
Sign up to our Newsletter | Follow us on LinkedIn | Watch on YouTube -
Research demonstrates that diverse companies outperform their less diverse peers. The 30% Club’s mission, led by Chairs and CEOs, is to increase gender diversity at board and executive committee levels.
In this episode, current 30% Club Global Chair Hanneke Smits, assesses the shifts underway to increase female representation across the corporate landscape, why PE lags public investing in this regard and what still needs to be done.
She also reflects on working in both PE and public markets, the future trajectory of passive & active, and the challenges each presents to investors. She then discusses the qualities needed as a leader and mentor, including the difference between “being liked and being respected”.
The Money Maze Podcast is kindly sponsored by Schroders, IFM Investors and the World Gold Council.
Sign up to our Newsletter | Follow us on LinkedIn | Watch on YouTube -
If you were asked ‘What is the London Stock Exchange Group, (LSEG)?’, most investors would answer, ‘the London Stock Exchange, of course.’ Yet, the correct answer would be, “well that’s only 5% of revenues today”, and then you might pause and wonder what the rest is…
In this conversation with David Schwimmer, a veteran of Goldman Sachs, and CEO of the LSEG since 2018, we examine an organisation that today has revenues of £8bn, an operating income of £2.8bn and a market capitalisation of approximately £50bn. LSEG is the 14th largest company in the UK, employing 25,000 people in 70 countries, and is now 4% owned by Microsoft (as of May 2024).
David explains the LSEG business today, how they are the no.1 globally in real time financial data, how they serve customers in areas from risk-analytics, FX, bond trading, KYC, ALM verification. He discusses the partnership with Microsoft, and the rapid shifts in technology, as well as their impact on business execution and enhancing productivity.
Finally we have an earnest conversation about the UK, which has the second largest pension market in the world, London’s enviable position, and why persistent negative press around delisting may have created a stronger narrative than the facts would suggest.
The Money Maze Podcast is kindly sponsored by Schroders, IFM Investors and the World Gold Council.
Sign up to our Newsletter | Follow us on LinkedIn | Watch on YouTube -
Armed with a degree, MBA, MPA, and a PhD, the author of 5 bestselling books, a trained economist, a previous employee of Goldmans Sachs, a life peerage in the House of Lords, sought after board member, one of Time Magazine’s 100 Most Influential People in the World, and on Oprah Winfrey’s “O” Power List, our guest today seems to have it all!
Dambisa Moyo has written about why development aid to Africa isn’t working, the economic vulnerability of the West, China’s single minded-focus, why democracies are under threat, and how company boards can work more effectively.
In this conversation we laser in on her assessment of developed markets’ economic growth, or lack thereof, and where she sees the investment opportunities.
She discusses where the UK and Germany are failing, why excessive regulation is a problem, how she weighs up bonds versus stocks, EM versus DM equities.
She also covers why Warren Buffett may be spot on with his energy investments, and how the US economic boom masks a more stagnant picture in emerging markets (home to 90% of the world population).
She finishes with some fabulous advice for young people: “No doesn’t mean never!”
The Money Maze Podcast is kindly sponsored by Schroders, IFM Investors and the World Gold Council.
Sign up to our Newsletter | Follow us on LinkedIn | Watch on YouTube -
Through direct, entertaining & insightful interviews with masters of the real life money maze, we hope to learn about different approaches to allocating capital, making business decisions and navigating the pitfalls that line the paths to prosperity.
Each episode, with invite leading figures from the investment management and finance sector onto the show, who share their investment insights and career tips with our community. We're driven by a commitment to opening up the industry, which can often be shrouded in the fog of jargon and apparent complexity.
To provide listeners with a wider perspective, we also occasionally feature guests from the arts or wider business world.
The interviews is available completely free on all major podcast apps, on YouTube and via www.moneymazepodcast.com
If you have any questions or guest ideas, feel free to email us at [email protected].
Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn
The Money Maze Podcast is kindly sponsored by Schroders, IFM Investors and the World Gold Council. -
Back in September 2021, we met with Nic Cary of Blockchain.com, which was already well on its way to becoming one of the world’s leading digital asset platforms.
Since then cryptocurrency volatility has been extraordinary, and witness to wild gyrations, the imprisonment Sam Bankman-Fried, SEC action, regulatory hand wringing and then this year, BlackRock’s launch of one of several crypto ETFs (approved by the SEC), and Bitcoin's halving last weekend.
In this conversation Nic makes the case for crypto to a sceptical Simon, discussing the importance of blockchain technology, the growth of the crypto markets, scarcity, risk, speculation, institutional versus retail participation, and of course, the merits of gold vs crypto.
Blockchain has now grown to be one of the world’s largest crypto infrastructure providers, enabling both institutions and individuals to buy, sell, utilise, understand and exchange crypto products. Since being co-founded by Nic in 2011, they’ve facilitated about a third of all bitcoin network transactions, processing over $1tn in transaction volume for 37m users.
Also joining this conversation was Will Campion of Campion Capital (who set up the podcast with Simon), making his debut appearance on the show!
The Money Maze Podcast is kindly sponsored by Schroders, and IFM Investors.
Sign up to our Newsletter | Follow us on LinkedIn | Watch on YouTube -
In this interview, we return to Canada. Having interviewed Jo Taylor of OTPP last year, this time we sought out one of the most well-known and successful women in private equity, someone who is also proving to be a huge role model for young women pursuing careers in the investment industry.
Suyi Kim, educated at the University of Seoul and then Stanford, explains the attraction PE had for her as she pivoted from consultancy.
She discusses sourcing the deals, when they entered and exited Alibaba, the differences in the opportunities in PE investing across continents, and importantly, how they approach China.
She discusses how PE has changed, why it remains a bottom-up process, the potential for high returns, and why it is an attractive business for young people to consider. Finally; she shares her two most important words: “Be Curious”!
The Money Maze Podcast is kindly sponsored by Schroders and IFM Investors
Sign up to our Newsletter | Follow us on LinkedIn | Watch on YouTube -
It’s not every day that one of our guests from the world of finance has successfully scaled Everest 5 times, been awarded an MBE by the Queen, raised millions for charity, and is a vocal ambassador for the NSPCC.
For his day job, he led trading desks at Goldmans, CS, UBS and Bluecrest. If that wasn’t enough for most people, he then became sufficiently intrigued by the changing world of gold to become CEO of the World Gold Council (WGC).
In this fascinating conversation, David explains how the WGC is bringing gold bullion into the digital age from regulatory, provenance, ESG, and tokenisation angles.
He assesses growing institutional demand (gold prices have hit record highs in recent weeks), describes the supply side dynamics, examines why gold improves the risk/return characteristics in a portfolio, why gold mining companies may be too cheap, and how the future may look for gold.
Finally, David reflects on his childhood as a victim of child sexual abuse, the agony and therapy of the film about him, Sulphur & White, and the priorities which need addressing (in the UK alone, 1 in 20 children suffer sexual abuse).
The Money Maze Podcast is kindly sponsored by Schroders and IFM Investors
Sign up to our Newsletter | Follow us on LinkedIn | Watch on YouTube -
In this Easter special we explore a slightly different realm: religion! Very occasionally one individual can have a disproportionately powerful impact on a collection of people, but very rarely does that person’s impact grow in time and reach, and expand beyond anyone’s expectations and for millions, be responsible for enhancing their lives.
Our guest, the Reverend Nicky Gumbel, talks of his own odyssey from barrister to clergyman, before widening both awareness and access to Christianity to those outside the church via the Alpha Course.
Alpha - a term which we usually employ in a very different context on the podcast - effectively rebranded and modernised Christianity for a new generation in the 1990s, with tens of thousands of courses being run by the end of the decade. The programme has now been translated into 112 different languages, and 30 million people have taken part.
In this interview he explains his own pivot to faith, how he was asked to take charge of the Alpha Course development, and in the subsequent years how its reach was extended globally.
He explains how he built it into a global brand, how charismatic leadership can be relevant to all fields, the changing relationship between faith and secularism, the role of religion for prisoner rehabilitation, as well as thoughts on morality, money and giving!
The Money Maze Podcast is kindly sponsored by Schroders, Bremont Watches, and IFM Investors.
Sign up to our Newsletter | Follow us on LinkedIn | Watch on YouTube -
Our guest today earned her master’s degree in physics, captained her rugby team at Oxford, and then a few years later was posted as bp’s engineering manager to Baku, Azerbaijan.
She then spent time as Country Head in neighbouring Georgia and COO of Lightsource bp, and is now bp’s Senior Vice President, Wells.
In this conversation, Ann explains bp’s mission to become an integrated energy company, built on three strategic pillars: resilient hydrocarbons, convenience and mobility and low carbon energy.
She talks of the need for a reliable and balanced energy system, priced appropriately and invested pragmatically as the world transitions towards a lower carbon future.
Also discussed is how energy supplies are evolving amidst global conflicts, the role of financing in the energy transition, and how AI is impacting energy demand.
Sign up to our Newsletter | Follow us on LinkedIn | Watch on YouTube
The Money Maze Podcast is kindly sponsored by Schroders, Bremont Watches, and IFM Investors.
DISCLAIMER: This episode was recorded in February 2024. You can find the latest information on BP’s performance and operations at bp.com/results. -
In May 2021, we turned our attention to an investor dilemma – Should we view wine as a proper asset class? And how should we think about the wine industry, unmodernised for so long, but ripe for change!
A disrupter emerged in 1997, in the shape of Bordeaux Index, set up by Michael Spencer and Gary Boom.
In this conversation we learn about the shifting sands of supply and demand. We discuss global climate impact and some of its advantages for the wine industry.
We discuss wealth creation and the continued thirst for luxury wines, champagnes and whiskies.
Gary also explains where new and exciting wines are emerging, why he’s re-assessed the emerging English opportunity set, and how they’re embracing digital transformation via their new LiveTrade platform (which was rebranded & expanded this year).
Gary discusses the impact of their technology in helping bring liquidity and transparency to wine trading - reflecting on his previous life at ICAP - and why increasing numbers of investors are building portfolios in the wine & spirits world.
We then assess the key question; where might there be money to be made in this fast-evolving market?
And aside from the investment implications, who doesn’t like to sample lovely wine?! No one wants to finish their lives observing wistfully, as Ernest Hemingway once did, that “my only regret in life is that I didn’t drink more wine!”
NOTE - This episode was recorded in late 2023, prior to the re-launch of their LiveTrade product in early 2024.
The Money Maze Podcast is kindly sponsored by Schroders, Bremont Watches and IFM Investors.
Sign up to our Newsletter | Follow us on LinkedIn | Watch on YouTube - Visa fler
