This recording took place at the London Value Investor Conference over summer, where Simon hosted a discussion with Joel Greenblatt. Joel not only founded and runs Gotham Asset Management, but was also an adjunct professor at Columbia Business School for 20+ years. Joel previously ran Gotham Capital, where he achieved 50% annualised returns between 1985-1994 (34.4% net). Joel also helped Michael Burry set up Scion Capital in 2000. In this discussion, Joel offers some exceptionally valuable insights into the issues of active versus passive, if valuation works pays, the need for patience, thoughts on concentration, and learning from mistakes. He talks on the need for detailed valuation work in order to identify compelling valuation opportunities, but also of the need for patience for the market to recognise such situations. He advocates passive for those ill-equipped to undertake detailed valuation work, and also recognises the challenges of owning too many overvalued and insufficient undervalued companies when you are passively invested.  He then explains how the best way to learn from one’s investing mistakes is to lose amounts of money that matter. Joel goes on to acknowledge that he would have been fired several times over, had it not been his own firm! A treasure trove of advice from a pro! The interview is followed by a short Q&A. Thanks to the following for their contributions here: Steve Clapham of Behind the Balance Sheet, Mark Rubenstein of HPS Investment Partners, Ajit Dayal of Quantum Advisors India, and Cole Smead of Smead Capital Management. ​​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

Today we travel back to Melbourne, Australia, having had previous conversations with Ben Samild (now CIO of the AFF) & David Neal (CEO of IFM Investors).  AustralianSuper, Australia’s largest super fund, manages approximately USD $230bn for 3.4m members. Mark Delaney has been at its helm as CIO for almost 20 years.  Mark describes the goals, the organisation and its investment principles. He explains why Australia consolidated its pension industry and the benefits it has reaped for pensioners and the economy. He discusses approaching global equities, why infrastructure is the “ballast in the boat”, his favourable view of private equity and why he likes active over passive. He also covers how he accesses commodity exposure, and why you can’t worry about the markets when he’s on his surfboard trying to catch a wave! ​​The Money Maze Podcast is kindly sponsored bySchroders,IFM Investors and the World Gold Council. Sign up to our Newsletter | Follow us on LinkedIn | Watch on YouTube

Sovereign wealth funds, private equity, Hollywood actors; the world of sports has been undergoing an investing revolution.  The last few years have seen a quantum increase of new investors, investing both in sports and even their governing bodies, raising questions about potential returns, the investment thesis and competition. Arctos is one of world’s largest sports investors, counting amongst its investments, with 20+ portfolio companies, including: Baseball’s Boston Red Sox, Liverpool FC, Paris St. Germain, Atalanta,  New York Giants, and recently Aston Martin’s F1 racing team.   In this episode, Ian Charles, trained in the world of illiquid private investments and secondaries, discusses the size of the market, the investment logic, competition, regulation, building the brand, using data as well as exits and returns! From North American leagues to European football, he assesses the barriers to entry, the ability for growth capital to raise growth rates, historic returns, minority stakes, and how the fans impacted by these epochal changes. ​​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 an interview we had especially looked forward to, and with the Credit Suisse acquisition behind us, the MMP went to Zurich to talk to Colm Kelleher. Described as one of the most influential and capable banking executives of the last several decades, he has been dubbed by the FT as 'Europe’s most powerful banker'. As Chairman of the UBS board, he helps manage an organisation with approximately $5.7 trillion in assets, employing 112,000 people. After discussing the early forces that shaped him, he explains why he realised US banks were better placed to outgun their UK rivals, why he joined Morgan Stanley, and the journey to CFO and President. He discusses the brutal intensity of fighting to keep Morgan Stanley alive from following Lehman, and the emotional scars it left. Colm describes the attraction of UBS, the preparation that made the Credit Suisse deal work in such an orderly manner as well as the business, the brand, and its position today. He explains what culture means to him, Europe’s position in financial services, disintermediation, and the likely shape of banking going forward and why banks shouldn’t seek to be entrepreneurial. ​​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

Thought-provoking, amusing, self-critical, rich with anecdotes, laced with good advice, and large servings of humility, you might not automatically assume I’m describing the book, titled 'On Leadership', just published and written by Sir Tony Blair. The discussion starts with the essential need for a leader to identify the priorities, to determine the plan, and to pursue its execution. Sir Tony Blair discusses meeting roadblocks and responses, and why the leader must stay resolute. He then opines on international affairs today; including thoughts on China, India, Russia and the Middle East. He covers higher education, lessons from Singapore’s ‘economic miracle’, and the challenges of immigration.  He shares perspectives from the Tony Blair Institute, which today advises over 40 countries, how technology can promote major leaps forward, reasons for optimism, why humility is key and why there’s no substitute for hard work! ​​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

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

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

In this bitesize feature, David Einhorn, Founder & President of Greenlight Capital, discusses the potential impact passive investing has had on value investors, and where opportunities may lie.  David is one of Wall Street's most closely followed hedge fund managers, whose public commentary on stocks has had market moving results ('The Einhorn Effect'). He's perhaps most well-known for his short bet on Lehman Brothers in 2007.  This is an excerpt from his appearance at the London Value Investor Conference in May 2023, included as part of our short-form Money Maze Vignettes series. 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

In today’s episode, the Money Maze Podcast takes a short trip back to 2023 to revisit our Second Private Markets Series.  We shared fascinating conversations with guests from the likes of TPG, Tikehau Capital, Nasdaq Private Market, CAIS, and IFM Investors.   In case you missed those episodes, we have compiled together some of the highlights from those episodes, including David Neal of IFM Investors on why infrastructure ‘feels like almost the perfect institutional asset class’ and Matt Brown of CAIS on how technology is bridging the gap between financial advisors and alternative asset managers. We also hear from Pamela Pavkov and Anilu Vazquez-Ubarri of the TPG NEXT fund, which is investing in underrepresented alternative asset managers, Mathieu Chabran on Tikehau Capital’s extraordinary growth story and Tom Callahan, CEO of Nasdaq Private Market, who explains how the world of secondary markets for private stocks works.  You can listen to all the full episodes here via www.moneymazepodcast.com/series/private-markets. 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. 

In this bitesize feature, A-Rod Corp’s CEO, Alex Rodriguez, discusses principal capital, creating opportunities for partners, and A-Rod’s geographical scope. In the full interview, Alex speaks about how he came to dominate his sport, developing a substantial portfolio of investments and businesses through his investment firm, invaluable advice given to him by Warren Buffet. Listen or watch here.  Money Maze Moments are short extracts taken from some of our most popular episodes, which we found interesting or struck a chord with our listener community.  The Money Maze Podcast is kindly sponsored by Schroders, Bremont Watches, and IFM Investors. 

With a successful career incorporating 18 years at Goldman Sachs, and then CEO of the Man Group, Emmanuel explains today’s landscape for investors across the fixed income universe. He explains PIMCO’s mission and reach. He discusses how the world is awash with cash and short-term maturities, creating opportunities with interest rates having adjusted upwards. He feels there is a tidal wave of liquidity, underpinning an optimistic view of the possible investments which exist; from credit, both public and private, through to emerging market local FX debt. He explains why alpha is very identifiable and investable and why active beats passive in the fixed income universe. He discusses how AI is transforming data processing in the finance sector.  Finally, he explains why banks are retreating from some quarters of the lending landscape, creating opportunities for PIMCO. Finally, he reflects on the European dilemma in being able to create meaningful growth, and why all these government debts will have to be paid at some point ahead. ​​The Money Maze Podcast is kindly sponsored by Schroders, Bremont Watches and IFM Investors. -- DISCLAIMER: PIMCO manages $1.86 trillion in assets, including $1.48 trillion in third-party client assets as of 31 December 2023. Assets include $82.2 billion (as of 30 September 2023) in assets managed by PIMCO Prime Real Estate (formerly Allianz Real Estate), an affiliate and wholly-owned subsidiary of PIMCO and PIMCO Europe GmbH that includes PIMCO Prime Real Estate GmbH, PIMCO Prime Real Estate LLC and their subsidiaries and affiliates. PIMCO Prime Real Estate LLC investment professionals provide investment management and other services as dual personnel through Pacific Investment Management Company LLC. PIMCO Prime Real Estate GmbH operates separately from PIMCO.

Why does a teacher trained to help children with special needs decide to  switch, earn an MBA, then work at Pepsi, become an investment consultant, and end up becoming CIO at an $8 billion dollar foundation? In this conversation, Roz recaps on lessons learned with investing organisations, (including CalPERS) before arriving at Helmsley Foundation in 2010. She describes what makes for an effective investment committee, why investment boxes like ‘growth’ and ‘value’ can be counterproductive, and instead why portfolio construction by tranches of liquidity appeal more. She offers a range of valuable and pithy investment advice, including why “you shouldn’t worry about volatility, if you have ample liquidity”, and why for asset allocation it may be a case of “back to the future”. ​​The Money Maze Podcast is kindly sponsored by Schroders, Bremont Watches, LiveTrade and IFM Investors

Our guest today has been referred to as "the English Warren Buffett" for his style and success in investing. His book, published in 1992, Accounting for Growth, and its ensuing controversy helped propel it to the top of the bestsellers chart, displacing Stephen Hawking's ’A Brief History of Time’ from the No.1 spot.  He’s been head of research, CEO of a public company, a former top banks analyst (who won’t own a bank in his fund), and is now highly respected Founder and CIO at the global equity fund manager, Fundsmith. Terry details his progress through finance, including how he examines inconsistencies and checks cash flows. He explains why he believes you cannot be successful in investing unless you break out from the crowd. He then describes the genesis of Fundsmith, its mission “to run the best fund ever; by which we mean the one with the highest return over the long term adjusted for risk.”   He then details what he looks for in the companies he selects, red lines, distrusting management gloss and why he believes that equities beat bonds over the long term. Lots to learn! The Money Maze Podcast is kindly sponsored by Schroders, Bremont Watches, LiveTrade and IFM Investors. Sign up to our Newsletter | Follow us on LinkedIn | Watch on YouTube

What if clearing out early stage cancers from your body could become as routine as going to your dentist, or what if a single vaccine could protect you against multiple viruses? In this episode, we trace Mike Milken’s journey from developing and popularising high yield corporate bonds, to catalysing changes in the world of cancer, and addressing key unmet medical challenges. Mike describes the centrality of medicine in powering economic growth. He describes the current priorities, progress, and the impact of tech and AI on medical advancements. He sizes the costs of obesity, the role of prevention, the microbiome, and your gut. Furthermore he explains why data sits at the centre of achieving faster cures and shares the reasons that underpin this optimism. ​​The Money Maze Podcast is kindly sponsored by Schroders, Bremont Watches, LiveTrade and IFM Investors.

What do JR Tolkien, Emma Watson, Oscar Wilde, Indira Gandhi, Margaret Thatcher, Niall Ferguson & Dr. Seuss have in common?  They all attended Oxford University, which for nearly 1,000 years has been educating some of the brightest of British and global youth. To have proved so permanent and excellent is testimony to many forces, both financial and educational. In this episode we’re delighted to have its founding Chief Investment Officer and CEO, Sandra Robertson, who explains their approach, investment goals, managing a foundation, and what excites her about the investment landscape in 2024. She discusses managing an endowment, how a new manager becomes included in the fund, and her thinking about risk. She explains her approach to hiring, encouraging a culture which prioritises straightforward & honest communication, and the enduring magic of the internationally renowned Oxford ecosystem. ​​The Money Maze Podcast is kindly sponsored by Schroders, Bremont Watches, LiveTrade and IFM Investors.

This week, the Money Maze Podcast is packing up and shutting down for Christmas and New Year. But before we get away, we wanted to catch you up on everything we’ve been up to these last 12 months! Otherwise, we wish all our listeners, sponsors & friends an enjoyable festive break! The Money Maze Podcast is kindly sponsored by Schroders, Bremont Watches, LiveTrade and IFM Investors. Sign up to our Newsletter | Follow us on LinkedIn | Watch on YouTube

If you don’t know about his most recent book ‘Going Infinite’,  you’ll probably want to buy it after listening to or watching this episode with Michael Lewis, author of multiple books and associated films, including 'The Big Short', 'Moneyball', 'Flash Boys', 'The Blind Side', 'Liars’ Poker', and more. In this interview, with co-host Ravi Joseph, we start out with Liar’s Poker and the wild west of the Salomon Brothers trading floor. Then, picking up from where we left off from our interview 18 months earlier, we probe why Michael had suggested that crypto might be his next subject. He describes the ascent and collapse of Sam Bankman-Fried. We hear how despite writing that “everything about him [SBF] was peculiar”, Sam develops a magnetism that attracts politicians, celebrities, and financiers alike.  Michael describes the fault lines, the failings and even feedback from speaking to him recently in prison, awaiting sentence. A fantastical tale and fabulously fun conversation. ​​The Money Maze Podcast is kindly sponsored by Schroders, Bremont Watches, LiveTrade and IFM Investors.

For all the narratives around investing and making money, those who have survived the investment cycles for decades and earned above average returns have typically adhered to sound disciplines. This means valuing companies correctly, not taking shortcuts, not being swayed by management ebullience, and digging into the financial statements is key to optimising returns. In this episode, Steve Clapham, veteran analyst, investor and creator of Behind the Balance Sheet explains why effective investment training has diminished, and how reading accounts is more important than ever in an era of waning cheap money. Steve shares his candid thoughts on the CFA and explains why the cash flow statements are so vital. He then explains why opportunities on the buy-side are increasingly plentiful, before covering a few case studies of 'creative accounting' (including two recent high profile fraud scandals: Patisserie Valerie and Wirecard).    ​​The Money Maze Podcast is kindly sponsored by Schroders, Bremont Watches, LiveTrade and IFM Investors. -- FURTHER RESOURCES To help improve your equity analysis and access world-class training videos, consider signing up to Steve’s Analyst Academy Course. As a festive thank you, he’s offering Money Maze Podcast listeners a 10% discount on the acclaimed course. At checkout, add the code ‘MMP10’ to enjoy the Black Friday discount. Learn more and sign up here! (Offer ends on December 15th 2023). Steve also runs the Behind the Balance Sheet Newsletter. It aims to expose as many people as possible to equity investing, sharing analysis to improve your investing skills, backed by his 25+ year institutional career. Steve is kindly also offering listeners a 30% discount on the newsletter via this link!

In his report ‘Birth, Death, and Wealth Creation’, Michael Mauboussin observes and then claims that corporations are surviving longer and winning more.  This week, we welcome Michael Mauboussin, Head of Consilient Research at Counterpoint Global, Morgan Stanley Investment Management, to discuss the unique patterns of wealth creation in  public equity markets.  After explaining the similarities between ice hockey and investing, Michael discusses why corporate ‘death rate’ is higher than firms’ ‘birth rates. He describes why firms are increasingly choosing forgo IPOs, opting to stay private for longer.  He also covers Hendrick Bessembinder’s theory of wealth destruction, the distinction between value investing and value factors, and why investors may want to look beyond the headlines when it comes to tech. Michael Mauboussin was interviewed by Simon Brewer at the Quality-Growth Investor Conference in London. The next in-person event to be held by the organizers of the conference will be Value Invest New York on December 12. Use this link and enter “MONEYMAZE_VINY” at checkout to enjoy a 40% discount on tickets (worth $600; offer valid until 30th November 2023).  The Money Maze Podcast is kindly sponsored by Schroders, Bremont Watches, IFM Investors and LiveTrade. Sign up to our Newsletter | Follow us on LinkedIn | Watch on YouTube

'Contrary to what was widely expected at the start of the present century, the world has not seen the end of major wars, confirming that Plato was right when he wrote that “only the dead have seen the end of war.”' These lines come from a new book, just published, titled ‘Conflict: The Evolution of Warfare from 1945 to Ukraine.’ The book was written by Lord Roberts, a widely respected UK author, and General Petraeus, former CIA Director and former Commander of US Central Command. In this conversation, Simon speaks to Andrew and David, who discuss some key ideas and themes from the new book. We hear their analysis on some lessons learnt after seven decades of conflict following WW2, including some reflections on the Vietnam War, Iraq/Afghanistan, and the current Ukraine conflict. Strategy, tactics, leadership, intelligence, research, new technologies and planning for the future are all discussed in this illuminating episode. [This episode was recorded just prior to the current Israel-Gaza conflict, so this is not covered]  Kindly sponsored by Schroders, Bremont Watches, LiveTrade and IFM Investors. Sign up to our Newsletter | Follow us on LinkedIn | Watch on YouTube

According to Bloomberg, Ray Dalio and his firm Bridgewater have “made more money for investors than any other hedge fund in history”. In this interview, Ray outlines his investment thinking and analyses some key trends shaping the global economy. Ray is an investor, commentator, philanthropist, and analyst of history’s relevance is assessing today’s economic and social challenges. He’s been dubbed the “Steve Jobs of investing" and Fortune has referred to the company he founded as the "5th Most Important Company in the US". In this feature, he discusses the development of Bridgewater and the principles that underpin his thinking (as also covered in his bestselling book, ‘Principles: Life and Work’). He then offers his perspective on the 'Big Cycle' that has driven the successes and failures of all the world’s major countries throughout history, before outlining the five key forces he believes are at work today: debt, conflict, populism, climate change and the power of technology. Kindly sponsored by Schroders, Bremont Watches, LiveTrade and IFM Investors. Sign up to our Newsletter | Follow us on LinkedIn | Watch on YouTube

Today’s guest was a key player on the George Soros team, who in 1992 helped the Quantum Fund make $1bn, shorting sterling ahead of the UK’s withdrawal from the ERM. As Soros’s CIO, he was also dubbed ‘The Man Who Broke the Bank of Japan’ by the Wall Street Journal after making approximately $3.5bn on the Abenomics trade from 2012-2015.  Scott is widely acknowledged to be one of the world’s most highly respected macro hedge fund managers, and currently runs Key Square Capital Management. He has also taught financial history at Yale and is a prominent philanthropist. In this episode, Scott explains the key ingredients in being a macro manager. He charts his journey, working with legendary investors such as Stan Druckenmiller and George Soros. He opines on a range of key investment themes, including his thoughts on de-dollarisation, debt, commodities, the Ukraine rebuild, and AI. He also shares his analysis of the fast-evolving markets in both China and Japan. Scott goes on to discuss risk, when and how he sizes positions, signposts that influence conviction, and dealing with information overload. A tour de force! Sign up to our Newsletter |  Follow us on LinkedIn |  Watch us on YouTube The Money Maze Podcast is kindly sponsored by Schroders, Bremont Watches, LiveTrade and IFM Investors. 

Today’s guest has performed with Pavarotti, but in his day job he is a financial commentator and author, who spent 29 years at the Financial Times, including as Global Head of the Lex Column, before moving to Bloomberg as Senior Markets Editor. He is responsible for ‘Points of Return’, the highly regarded and followed commentary, and has the unusual appeal of a career spanning geographies, asset classes and employers. John recaps on his investing lessons from years of writing ‘The Long View’ at the FT, Lex, and being a correspondent across industries. He highlights some key investing takeaways, including diversification, fee minimisation, patience and avoiding home country bias. He also discusses the evolution of the 60/40 portfolio, lessons from Swensen, and reflects on his doubts about some of the private assets euphoria. In addition, John explains how he and his team approach the topics they want to research and cover, how he prioritises the news which matters, assessing mistakes, and staying relevant in a fast-evolving industry.  Finally, he also covers corporate culture, whether the City of London is losing out to New York, and reflects on lessons from one or two of the great investors. The Money Maze Podcast is kindly sponsored by Schroders, Bremont Watches and LiveTrade. Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn | Watch on YouTube Subscribe to the John’s Bloomberg newsletter here (Points of Return) Inbox not quite full enough? Subscribe to our newsletter here!

There are certain geopolitical developments that need to be examined in an objective and timely manner for their profound strategic ramifications. After the attack by Hamas and the ensuing conflagration, we welcome two seasoned Middle East thinkers from the International Institute for Strategic Studies (IISS). We attempt to disentangle the key forces at work and the motives. In the context of the wider Abraham Accords and Biden’s push for a Saudi/Israeli détente, we discuss how international relations in the region may evolve as a result of the conflict. We discuss the intelligence failure, the contextual backdrop, the competing powers, and what may lie ahead for key actors in the fractured region. Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn | Watch on YouTube The Money Maze Podcast is kindly sponsored by Schroders, Bremont Watches and LiveTrade.

In this bitesize feature, Amgen’s CEO explains why Iceland’s isolated population make it a useful sample for understanding how disease arises from a genetic standpoint, and what this means for the drug discovery pipeline.  In the full interview Bob discusses timelines and priorities, the use of AI in accelerating drug development, biologics, facing setbacks on the road to approvals, and the challenge of running a company which has a presence in over 100 countries. Listen or watch here. Money Maze Vignettes are short extracts taken from some of our most popular episodes, which we found interesting or struck a chord with our listener community.  The Money Maze Podcast is kindly sponsored by Schroders,  Bremont Watches, and LiveTrade. 

William Butler Yeats, the great poet, observed, “Education is not the filling of a pail, but the lighting of a fire.” It may be easy to agree that education is the passport to a better future, but in this episode we wanted to discuss how we should be thinking about education today and tomorrow, and are we failing? Our guest, Sir Anthony Seldon, is recognised as one of the most distinguished and respected figures in the world of education. He’s a headmaster who has led some of the UK's leading independent schools, including Wellington College, Brighton College and (now) Epsom College. He is also the former Vice Chancellor of Buckingham University and author of over 40 books, including his masterpiece “The Impossible Office”, which examines the lives of 55 British Prime Ministers. Alongside this, Anthony is Deputy Chair of the Times Education Commission. We discuss how to define a good education, how AI will influence both teaching and learning; and whether the cost versus benefit of school and university education represents a good return on investment, including whether Tony Blair was simply wrong in his desire to have 50% of the UK population attend university.  Anthony discusses effecting change and assessing great leadership, drawing on his examination of 55 Prime Ministers. Perhaps most important of all, he discusses how to live a better life and why grades alone shouldn’t define intelligence.  Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn The Money Maze Podcast is kindly sponsored by Schroders, Bremont Watches and LiveTrade.

In this conversation with David Neal, CEO of IFM Investors, we explore the origins of this highly unusual institution, an ‘investor-owned global investment manager’. Set up around 30 years ago to invest on behalf of more than 600 like minded institutions worldwide, it now manages approximately $143 billion (USD, as of 30/06/23).  David discusses what he believes makes for an effective CIO, lessons he drew from being CEO at the Australian Future Fund and why IFM was born. He explains their mission before detailing their highly successful approach to infrastructure investing. He also covers their private debt strategy, and why the balance in private equity between owners and investors may be less than optimal. He also shares his thoughts on portfolio diversification, and lessons learned from his early days at WTW.   Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn   The Money Maze Podcast is kindly sponsored by Schroders Capital, Bremont Watches, and LiveTrade.   We’re pleased to also be supporting GAIN as our 2023 Charitable Partner!

In this episode of our Private Markets Miniseries, we explore a French firm, whose growth has now firmly established it as a major force in the global alternatives industry. Started in 2004 in Paris by Mathieu Chabran and Antoine Flamarion, then aged 28 and 31 respectively, with €4m of assets compiled from personal savings, friends and family, today it manages over €40 billion.  Mathieu explains their motivation to leave leading investment banks to build a business specialising in private credit, private equity, real assets, and capital markets strategies. He discusses their first deal and their approach to the partners with whom they invest (such as TotalEnergies, Unilever and Airbus). Mathieu also discusses their equity partners, which includes Temasek, Morgan Stanley and most recently, SFI Investments (the investment vehicle which manages the wealth of the family behind AB InBev). In a wide-ranging conversation, Mathieu explains the important of committing their own capital to their transactions, the compelling opportunities in Europe’s mid-market, capital allocation, sustaining an entrepreneurial culture and why a firm specialising in private assets choses to list as a public entity.  Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn The Money Maze Podcast is kindly sponsored by Schroders Capital, Bremont Watches and LiveTrade.   We’re also pleased to be highlighting & supporting GAIN as our 2023 Charitable Partner. 

In this conversation we discuss both the changing nature of demand for alternative assets as well as their supply. Matt explains how CAIS is creating the bridge between the alternative investment firms and the wealth management community, whose portfolio allocations to these investments are a fraction of their institutional counterparts. Matt discusses the size of the market opportunity, how technology is enabling this rapid transition, and helping solve the problem of unequal access to alternatives. He talks about branding within this space, competition, regulation and how Mercers are providing core due diligence to introduce independence to the arena. The discussion then moves to how investors are re-appraising the traditional 60/40 allocation to bonds and stocks, to incorporate a wider portfolio including alternative investments. Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn The Money Maze Podcast is kindly sponsored by Schroders Capital, Bremont Watches, and LiveTrade. We’re also pleased to be highlighting & supporting GAIN as our 2023 Charitable Partner.  RELATED IN-PERSON EVENT: On 16th-18th October, CAIS will be hosting its second annual Alternative Investment Summit in Los Angeles, at the Beverly Hilton.  The event will attract over 500 independent financial advisors, along with some of the biggest names across alternative asset management, including Apollo, Ares, Carlyle, Franklin Templeton, Partners Group.

In the world of alternative assets, TPG almost needs no introduction. Founded in 1992 by Jim Coulter and David Bonderman, today they manage a towering $139bn in alternative assets (as of 30/06/23). Less well-known is their significant push into backing and investing in the next generation of underrepresented alternative asset managers.   In this conversation, Pamela Pavkov (Partner & Head of TPG NEXT) and Anilu Vazquez-Ubarri (COO), discuss the opportunity to invest with and address what CEO John Winkelried highlights as “the lack of diverse people sitting in the capital allocation seat.”  TPG, along with CalPERS (who are providing $500m of financing), are deploying new capital in an area they believe offers significant potential returns, via their new TPG NEXT unit.  Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn The Money Maze Podcast is kindly sponsored by Schroders Capital, Bremont Watches, and LiveTrade. We’re also pleased to be highlighting & supporting GAIN as our 2023 Charitable Partner. 

Just as the Nasdaq was launched in 1971 to automate the market for securities which were not exchange-listed, so in 2013 the Nasdaq Private Market was created to help solve private company liquidity. Tom discusses how the introduction of the JOBS Act during Obama’s reign accelerated the need to have a market place for buyers and sellers to meet, as well as supporting price discovery & settlement.  Tom explains their growth, rationale, technology and trajectory and why they were spun off in 2021 . He discusses their cornerstone investors and how employees of private companies to early VC backers stand to gain from increased transparency and liquidity. Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn The Money Maze Podcast is kindly sponsored by Schroders Capital, Bremont Watches, and LiveTrade. We’re pleased to also be supporting GAIN as our 2023 Charitable Partner!   DISCLAIMER: NASDAQ PRIVATE MARKET, LLC IS NOT A REGISTERED EXCHANGE UNDER THE SECURITIES EXCHANGE ACT OF 1934. NASDAQ PRIVATE MARKET IS OPERATIONALLY INDEPENDENT AND DISTINCT FROM THE NASDAQ STOCK MARKET LLC. SECURITIES-RELATED SERVICES ARE OFFERED THROUGH NPM SECURITIES, LLC, A MEMBER OF FINRA AND SIPC. NONE OF THE INFORMATION PROVIDED REPRESENTS AN OFFER TO BUY OR SELL, OR THE SOLICITATION OF AN OFFER TO BUY OR SELL, ANY SECURITY, NOR DOES IT CONSTITUTE AN OFFER TO PROVIDE INVESTMENT ADVICE OR SERVICE. INVESTING IN PRIVATE COMPANY SECURITIES IS NOT SUITABLE FOR ALL INVESTORS. IT IS HIGHLY SPECULATIVE AND INVOLVES A HIGH DEGREE OF RISK.

We are delighted to welcome KKR, and its Co-Head of European Private Equity, Philipp Freise, onto the show. Philipp discusses his wide and impressive education, his journey through management consulting at McKinsey, and a dotcom adventure as an entrepreneur, before joining KKR over 20 years ago. KKR today is a leading global investment firm with $510 billion of assets (as of 31/03/23), invested across multiple alternative asset classes, including private equity, infrastructure, real estate and credit. The conversation begins with Philipp deciphering the European paradox posed to him; namely reconciling European economic sclerosis, political dissension, energy disruption, and one-size-fits-all monetary policy, with his statement that it’s “never been more interesting to invest in Europe”. He answers emphatically that entrepreneurial capital is needed in Europe, and why private equity offers that. He explains that with the preponderance of privately owned companies in Europe, public markets do not offer the core of the solution. He provides specific examples of companies in which they have invested, from e-biking to supply chain software solutions, and why attitudes to private equity in Europe have changed dramatically over the last twenty years. He discusses KKR’s track record, the imperative for portfolio diversification, their thematic and sector priorities and why private equity is woven into the fabric of business today (an observation not always understood). Originally recorded in August 2022. Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn The Money Maze Podcast is kindly sponsored by Schroders Capital, Bremont Watches, and LiveTrade. We’re also pleased to be highlighting & supporting GAIN as our 2023 Charitable Partner.

In today’s episode, the Money Maze Podcast takes a short trip back to summer 2022 in light of the upcoming release of our second Private Markets Miniseries!    Last year, we released our first season, delving deep into the far reaching ramifications of the industry, and sharing fascinating conversations with guests from the likes of Schroders Capital, Petershill Partners, KKR, Bain Capital, Permira, and CD&R.    We have compiled together some of the highlights from those episodes, discussing alternative assets, branding & consumers, as well as geographical and sector considerations. Also discussed are some key examples of high profile acquisitions, including CD&R's £7bn takeover of Morrisons, and Permira's £300m buyout of Dr. Martens.   Season 2 of Private Markets starts next week, and the 6-part series will run until October. You can listen to both seasons via www.moneymazepodcast.com/series/private-markets. Season 1 was originally recorded in Summer 2022.   The Money Maze Podcast is kindly sponsored by Schroders Capital, Bremont Watches, and LiveTrade. We’re also pleased to be highlighting & supporting GAIN as our 2023 Charitable Partner. 

We last spoke about gold on the show 3 years ago, with Evy Hambro, who runs the BlackRock natural resources team. The discussion highlighted that paper currencies have a 100% track record of losing purchasing power, whereas gold has a 100% record of permanence. In this conversation, we ask Randy Smallwood to address several important issues around gold. His perspectives on supply and demand, lessons from history, current central bank actions and why he recently observed that “gold is in a perfect position right now”. We then discuss currency debasement, gold’s role in portfolios, and how to own and access it, as well as the potential for tokenisation. Randy then discusses the investment parameters around mining stocks and how streaming companies such as Wheaton Precious Metals where he is CEO, offer a different way of investing in the gold universe. Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn The Money Maze Podcast is kindly sponsored by Schroders, Bremont Watches, and LiveTrade. We’re also pleased to be highlighting & supporting GAIN as our 2023 Charitable Partner. 

In the third and final episode of our 'July With Jen Series', guest hosted by Jen Prosek, we welcome Mike Pompeo onto the show. Mike is the only man to ever have served as both the US Secretary of State (2018-21) and CIA Director (2017-18).   In this episode, Mike and Jen have a riveting conversation, discussing a range of key geopolitical topics, such as; US-China relations, what to expect from the Ukraine/Russia conflict in light of the recent mutiny, and his hopes for the future of the United States.   He goes on to defend the recent history of US interventionism in the Middle East  - suggesting that it was underpinned by just intentions - before explaining how his experience in business prior to politics helped him truly understand the USA's unique economic advantages.   In addition, Mike discusses how his faith has impacted his outlook on the world, why he preferred working as Director of the CIA over being the Secretary of State under Trump, and how the US media should focus on policy - not just personalities - in its election coverage.    Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn   The Money Maze Podcast is kindly sponsored by Schroders, Bremont Watches, and LiveTrade. We’re also pleased to be highlighting & supporting GAIN as our 2023 Charitable Partner. 

In the second episode of our ‘July With Jen’ miniseries, we welcome two leading entrepreneurs on the show for a varied discussion on the US economy, geopolitics, tech and more.   The episode brings together Joe Lonsdale, Managing Partner of 8VC and Co-Founder of Palantir, and Thomas Tull, Founder of Tulco LLC and Former CEO of Legendary Entertainment. The discussion is moderated by Jen Prosek, Founder of Prosek Partners, who is kindly guest hosting the podcast this month.   The two entrepreneurs offer some thoughtful insights on emerging technologies, AI, synthetic biology, the private and public sectors, as well as the rise of China and America’s response. They also discuss the impact of COVID-19 on supply chains & manufacturing, philanthropy, and leadership.    Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn   The Money Maze Podcast is kindly sponsored by Schroders, Bremont Watches, and LiveTrade. We’re also pleased to be highlighting & supporting GAIN as our 2023 Charitable Partner. 

In this episode, we welcome Lynn Martin, the second woman in history to run the New York Stock Exchange (NYSE).    The session is moderated by Jen Prosek, Founder of Prosek Partners, who is kindly guest hosting the podcast this month. Lynn enlightens Jen on her experience as the 68th President of the NYSE, and her navigation of an often-male dominated field.    The two also discuss the IPO market, what makes a company ready for public markets, ESG, and board diversity. Lynn also offers insights into emerging technologies, AI, and the importance of creating accessible courses for young girls.    We are proud to have Lynn as a guest on the show, discussing the importance of creating opportunities for young women to break into and grow within male dominated fields. The Money Maze Podcast is also now in partnership with, and supporting GAIN - Girls Are Investors, as our 2023 Charitable Partners!  Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn The Money Maze Podcast is kindly sponsored by Schroders, Bremont Watches, and LiveTrade. 

Oscar Wilde defined a cynic as someone who knew the price of everything, and the value of nothing. In today’s episode, we discuss value investing with David Einhorn, Founder and President of Greenlight Capital.    David talks about the irreparable damage caused to the value investment industry, passive investing, returns, and bonds trading. He also discusses index and short investments, as well as undervalued products.    This episode is an excerpt from the session recorded at the London Value Investor Conference in May. Many thanks to the LVIC team for allowing us to share this content for free! Find out more about their upcoming sister conference, the Quality Growth Investor Conference, here.    Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn The Money Maze Podcast is kindly sponsored by Schroders, Bremont Watches, and LiveTrade. We’re pleased to also be supporting GAIN as our 2023 Charitable Partner!

General Sir Nick Carter, former Chief of the Defence Staff returns for a short discussion on the Ukraine War. He addresses the current situation from a military perspective, political interpretations, and gives further strategic insights.  He then also discusses his predictions for how the war may end, and the impact recent events could have on Putin’s waning support and reputation. Finally, General Carter offers us a concise assessment of the US-China relations, as well as the rapid re-ordering of Middle Eastern politics. Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn The Money Maze Podcast is kindly sponsored by Schroders, Bremont Watches, and LiveTrade. We’re also pleased to be highlighting & supporting GAIN as our 2023 Charitable Partner.

The late Steve Jobs of Apple said “I think the biggest innovation of the 21st century will be at the intersection of biology and technology, a new era is beginning”. If you want see how biotech can change the world of health, whilst potentially being capable of creating extraordinary value for investors, there are few better places to look than Amgen, one of the world’s leading independent biotech companies. With a market capitalisation of approximately $130bn, Amgen has been an extraordinary success story.  In this conversation Bob discusses the big areas of medical need, from cardiovascular problems which continue to make it the world’s greatest killer, through to genetics, obesity, osteoporosis, and cancers.  Bob discusses timelines and priorities, the use of AI in accelerating drug development, biologics, facing setbacks on the road to approvals, and the challenge of running a company which has a presence in over 100 countries. Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn The Money Maze Podcast is kindly sponsored by Schroders, Bremont Watches, LiveTrade and Mintus.

In a wide-ranging episode we have the opportunity to hear from Ben Goldsmith, a seasoned investor, with a particular focus on environmental opportunities, discussing how his passion in this field has led him to engage on a number of fronts. Ben explains his activities, which span from running a UK listed investment trust and its focus on the efficient use of energy and resources, to having advised the government on the replacement to the EU’s C.A.P agricultural policy. From there he discusses being appointed as a Trustee on Sir Chris Hohn’s CIFF board, through to his rewilding initiative with Peter Davies of Lansdowne. Energised, enthusiastic and seeing great investment opportunities, this is a fascinating conversation! Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn The Money Maze Podcast is kindly sponsored by Schroders, Bremont Watches, LiveTrade and Mintus.

When Picasso’s Les femmes d’Alger was bought for $179 million, at that time, a world record for an artwork sold at auction, the spotlight shone on the world of art valuations, and this episode’s guest, Brett Gorvy. Having enjoyed an extraordinary career at Christie’s, as Chairman and International Head of Post War and Contemporary Art  & leading the auction house to its first billion-dollar auction week in 2015, he is synonymous with auction expertise, deep knowledge and a passion for great works of art.  Here we examine the demand factors driving the growth and prices paid. We also discuss supply, identifying talent and then look at the market structure itself. Brett discusses the important issues; are the major auction houses challenged, how does technology change behaviours, why art fairs matter, and when do buyers buy? [Disclaimer: Brett Gorvy is also an Advisory Board Member & Chief Curator of Mintus, who kindly sponsor the Money Maze Podcast] Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn The Money Maze Podcast is kindly sponsored by Schroders, Bremont Watches, LiveTrade and Mintus.

If diamonds are forever, then the organisation most associated with them is, of course, De Beers. From inception in 1888, their leadership in the diamond market has been unrivalled, and even today they sell around 30% of the world's rough diamond production. In this conversation we discuss the concept of diamonds as collectibles and a store of value. We hear about the shifting supply and demand factors influencing prices, the geopolitical forces at play, the rise of synthetics and the importance of the brand. The conversation continues to environmental considerations, running a multinational business, as part of the Anglo American mining giant, and the extraordinary properties that underpin the world of diamonds. Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn The Money Maze Podcast is kindly sponsored by Schroders, Bremont Watches, LiveTrade and Mintus.  

In our recent discussions with some of the world’s super allocators, we have heard about their investment objectives and varying approaches to asset allocation. In tandem with the growth in complexity, responsibility and sheer size of global investable assets, we’ve witnessed the growth of the role of the pension consultant firms, Mercer, WTW, Aon, assisting investing organisations around the world. In this episode, Joanne Holden, their Global Head of Investment Research & Consulting, explains why a fascination with maths led her to actuarial work and then to investment consulting, and working for over two decades at Mercer. She explains why investing institutions need consultants, how they use them, and how they approach the world of asset allocation and manager selection. She also discusses, the issues around sustainability, manager analysis, and more broadly glass ceilings, resilience, and advice for young people thinking about finance.  Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn The Money Maze Podcast is kindly sponsored by Schroders, Bremont Watches, LiveTrade and Mintus.  

Our exploration of the world’s super allocators would be incomplete without touching down in France, who have a lesser known but still significant SWF.   In this conversation, Nicolas Dufourcq, at the helm of the fund since its creation in 2013, explains its genesis, evolution and ambitions. He discusses its principal activities and purpose to drive financing, innovation and “doing its utmost to galvanize the French economy”. He describes the emergence of a strong entrepreneurial culture in France, how innovation can help power growth, the re-industrialization of the French economy and the ways in which it is seeking to be “the one stop shop for entrepreneurs”. Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn The Money Maze Podcast is kindly sponsored by Schroders, Bremont Watches, LiveTrade and Mintus.

In this podcast, we have an enlightening conversation with Nicolai Tangen, CEO of the Norwegian Sovereign Wealth Fund, which manages over $1.2 trillion in assets (as of 31/12/22), making it the second largest SWF globally.   Norway’s great wealth is in large part courtesy of its oil riches, discovered in 1969. With great vision, the Government’s response to the discovery was the decision to create a separate, segregated fund, away from politicians’ grasp, to serve Norway’s current and future citizens.   Nicolai describes his education and early investing experiences at Cazenove and Egerton, before starting the extremely successful hedge fund AKO. He talks about his education, refreshed throughout his career, and his decision to become the CEO of Norway’s SWF, otherwise known as Pension Fund Global. He talks about his immense delight in being appointed CEO, and how the investment strategy is evolving under his stewardship.   He also speaks about his wish to use risk in a slightly more productive way, how private assets are assessed and incorporated going forward, and how deep forensic analysis such as that undertaken in the case of Wirecard will lead them to exclude companies that might otherwise be owned as part of their ownership of 9,000 globally.The conversation encompasses a discussion about the lofty valuations exhibited within ESG assets, the stocks excluded from their investment portfolio and shown on the website, and the tension between divesting and remaining a shareholder of companies in transition.   Nicolai then explains why techniques drawn from behavioural analysis can help them assess the risks embedded within potential investments; the resilience that can be learned from top athletes, the dangers of inflation returning and the long term challenges facing investors and the world more generally. Finally he offers some pithy Norwegian advice on cooking, sailing, endurance, charity and why introverts are such an under-utilised asset.   Episode originally released in June 2021.    Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn The Money Maze Podcast is kindly sponsored by Schroders, Bremont Watches, LiveTrade and Mintus.

 As we continue exploring the world’s “super-allocators”, we’re learning how different they are in approach and dispersed in investment decisions. In this episode we examine these questions through the prism of one of the largest US public pension plans, The New York State Common Retirement Fund, with over $250 billion in assets and more than one million members (as of 31/03/22). Anastasia explains her switch, after several years, from sell-side to buy-side, and from private to public. She discusses why the Fund is widely regarded as one of the nation's best-managed and best-funded pension plans, their objectives, restrictions and where and how they prefer active over passive. She describes the infrastructure component, real assets, PE and overseas investing as well as why emerging managers are considered an important element in their portfolio construction.  Finally, she acknowledges the limitations that come with managing such a large pool of capital in terms of mobility when compared to an endowment, but equally explains their reach, reputation and results. Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn The Money Maze Podcast is kindly sponsored by Schroders, Bremont Watches, LiveTrade and Mintus.      

In this episode we travel to Canada as we continue our journey around the world to discuss investment approaches with the leading figures at some of the world’s top institutional allocators, dubbed the “super allocators”.  OTPP, well known for its investments from international airports to apple orchards in the US, commercial property globally, autonomous vehicles in Asia, and even Elon Musk’s Space X, has shown that size need not be the enemy of agility and risk comes in a variety of forms. Jo Taylor discusses his time with 3i which educated him in venture capital and growth investing. He discusses delegating investment decisions, their appetite to be less constrained than many and their geographic and asset priorities, along with why they have, at times, made big asset allocation switches. In a candid and wide-ranging discussion, culture, communication and ESG are all woven into this rich and varied exchange. Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn The Money Maze Podcast is kindly sponsored by Schroders, Bremont Watches, LiveTrade and Mintus.  

In 2002, the Australian Federal Treasurer, Peter Costello, commissioned the Australian Treasury to look at the long-term issues facing the nation and how adequately current generations were preparing for future ones. The message was bleak; “Australia’s ageing population would put immense stress on public finances, especially on health and aged care spending, over the next four decades”.   To help address this, the Future Fund was created, and it now looks after six public asset funds (totalling AUD $243.5bn of AUM, as of 31/12/22).   So in the second episode of our Super Allocator Miniseries, Ben Samild, Deputy CIO of Future Fund, explains its mission and strategy, including Future Fund’s mandate to achieve CPI + 4-5% returns per annum.   He explains the “total portfolio approach”, why they locate portfolio managers close to another, their approach to external manager selection, and why in the words of their former CEO that “too many institutional investors arbitrarily filled pre-determined asset class buckets with too many average quality assets in the name of diversification…risk management at its worst!“   From commodities to FX, from concentration to ESG issues, this is a compelling conversation that crosses borders and asset classes, and challenges some conventional thinking. Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn   The Money Maze Podcast is kindly sponsored by Schroders, Bremont Watches, LiveTrade and Mintus.  

In this miniseries we are interviewing a group of the largest institutional investors (the ‘super allocators’), to understand how these immense pools of capital think about the assets they invest in, shifting asset allocations, passive versus active, public versus private, and steering through turbulent waters.  This first conversation is with CalSTRS, the $300+ billion California State Teachers’ Retirement System. It is the largest educator-only pension fund in the world and the second largest pension fund in the United States. In this episode, the fund’s CEO Christopher Ailman discusses its evolution and the key considerations undertaken during his tenure. He makes the case for predominantly passive equity allocations, the approach to fixed income and benchmark considerations. He also covers infrastructure and its key role (given their long term horizons), PE allocation, and why VC does not fit their size and style. Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn The Money Maze Podcast is kindly sponsored by Schroders, Bremont Watches, LiveTrade and Mintus.  

‘Over the past decade, about 80 cents of every dollar that has gone into the US investment industry has ended up at Vanguard, State Street, and BlackRock. As a result, the combined stake in S&P 500 companies held by the Big Three has quadrupled, from about 5 percent in 1998 to north of 20 percent today.' These are the opening lines to the book, Trillions, by Robin Wigglesworth, Editor of FT Alphaville and a friend of the show.   Today, we further unpack the world of ETFs to understand their evolution, and how they are becoming a much broader wrapper for a multitude of strategies. Salim explains how CIOs, allocators, and individuals use their products to build portfolios and gain exposure to themes, strategies and markets.   Salim then dispels some of the myths of fixed income investing, before explaining how investors can use technology to vote whilst also owning passive vehicles, and how savers in Europe are changing their habits.   Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn   The Money Maze Podcast is kindly sponsored by Schroders, Bremont Watches, LiveTrade and Mintus.  

For much of life, the world of banking might seem both impenetrable and dull yet there are times, when it vaults to being centre stage, at which point it typically ushers in fear, loathing and even panic. In light of the current traumas, rescues and uncertainties, we were very fortunate to have Huw Van Steenis, the internationally respected banks analyst and strategist join the show for a timely discussion on what might lie ahead. Huw reflects on lessons from history, on the differing regulatory regimes in Europe and the US, on crypto, stress tests, and liquidity versus solvency. He then discusses his thoughts on future changes, the influence of the mega banks, before discussing climate and the energy transition in light of his work on Nicolai Tangen’s climate advisory board. Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn The Money Maze Podcast is kindly sponsored by Schroders, Bremont Watches, LiveTrade and Mintus.

‘I drink my Champagne when I’m happy and when I’m sad. Sometimes I drink it when I’m alone. When I have company I consider it obligatory. I trifle with it when I’m not hungry and drink it when I am. Otherwise I never touch it – unless I’m thirsty!‘  This famous quote can be attributed to Madam Lady Bollinger in a 1961 interview with the Daily Mail.   In this episode we explore the world of Champagne with Groupe Bollinger’s CEO & Chairman, whose family have been central to the sustained success of both the brand and product since 1869. In a rare public interview, he discusses the firm’s history, associations with James Bond and key markets. He also covers vintage and non-vintage, Ayala (its sister brand), climate impact, expansion into Burgundy, the Loire and Oregon, and the opportunity to become closer to consumers via technology. He then discusses their investment in Bordeaux Index and their LiveTrade platform, why Rosé is not a fad and the optimal temperature to serve champagne! The Money Maze Podcast is kindly sponsored by LiveTrade, Bordeaux Index’s award-winning fine wine trading platform. Groupe Bollinger currently has a minority stake in Bordeaux Index, and increased its investment into the firm in May 2022. The Money Maze Podcast is also sponsored Schroders, Bremont Watches and Mintus.  

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, Bremont Watches, LiveTrade and Mintus.  

To celebrate the three year anniversary of the Money Maze Podcast we’re pleased to be re-sharing our the top 3 most listened to episodes of 2022!   In this much anticipated interview, we are thrilled to feature Dame Kate Bingham, Managing Partner of SV Health Investors and former Chair of the UK Vaccine Taskforce.  The conversation begins with a high level overview of the immense changes that are taking place in the world of medical research which have allowed us to move from treating symptoms to changing the way the body works. Kate describes the various leaps forward across medical conditions and the role SV Health Investors is playing to facilitate this. She discusses their approach, challenges, opportunities and the skills needed to improve the odds of success. She then talks about research excellence, the hurdles in building large biotech enterprises and what the future industry landscape may look like. The conversation then switches to her role as Chair of the Vaccine Taskforce, set up in April 2020 under Boris Johnson to co-ordinate the creation and distribution of a COVID-19 vaccine (both in the UK and internationally). She reflects on the obstacles encountered and path to the successful execution of the group’s objectives. Originally released in November 2022.  Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn The Money Maze Podcast is kindly sponsored by Schroders, Bremont Watches, LiveTrade and Mintus.

To celebrate the three year anniversary of the Money Maze Podcast we’re pleased to be re-sharing our the top 3 most listened to episodes of 2022!   Today we have a different conversation. Michael Lewis and Simon Brewer go back to graduating from the LSE in 1985, when they were both seeking a place on the fabled Salomon Brothers training programme. Michael’s success in securing that job allowed the world to have the enduring classic, ‘Liar’s Poker’, and from there to write 16 best sellers (three of which have been made into major Hollywood films). His new book, ‘Premonition: A Pandemic Story’, tells the enthralling tale of the US pandemic preparations that started under President Bush, but which failed when COVID-19 struck, thanks to a mixture of institutional and political failings. Michael brings the cumulative missteps to life by narrating the story of the real people involved, their extraordinary decisions, and what went wrong. He continues this fascinating conversation by discussing two of his other books, ‘The Undoing Project’, and ‘Moneyball’, and explains how decision making is driven by varying degrees of data and/or human interactions - from sport to finance – resulting in unpredictable consequences. Originally released in May 2022.  Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn The Money Maze Podcast is kindly sponsored by Schroders, Bremont Watches, LiveTrade and Mintus.  

To celebrate the three year anniversary of the Money Maze Podcast we’re pleased to be re-sharing our the top 3 most listened to episodes of 2022!   In this episode, we’re in discussion with the Global Head of the Blackstone’s Private Wealth Solutions business, Joan Solotar. Joan has twice been recognised in Barron’s as one of the 100 Most Influential Women in U.S. Finance, and after a background in equity research covering financial services, she joined Blackstone in 2007.   She starts by describing Blackstone’s growth in alternative assets, before explaining their private wealth solutions business. She discusses their drive to “democratise alternatives”, their client base, geographical reach and why they believe we are very early in the adoption of these assets in portfolios. She then breaks down the components of alternatives, with a dive into their real estate expertise, the credit portfolios which have disintermediated portions of bank lending, as well as discussing hedge funds and P.E. She discusses the liquidity trade-offs, why they have developed Blackstone University for clients, before offering some terrific general advice (especially to fathers with daughters!). Originally released in March 2022.  Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn The Money Maze Podcast is kindly sponsored by Schroders, Bremont Watches, LiveTrade and Mintus.

In this quick minisode, Simon gives an update on the podcast to mark three years since its inception. Simon Brewer & Will Campion set up the Money Maze Podcast in 2020 to bring insightful interviews with proven business & finance leaders to all, without the burden of a paywall. We're thrilled that the show now reaches over 2 million people per year across our channels, with listeners in over 100 countries (despite us underestimating the various technological & logistical challenges that come with running a podcast!).  We're driven by a commitment to opening up the investment and finance worlds, empowering our listeners with perspectives on business strategies & career tips. We're proud to be bringing more transparency to an industry which is often shrouded in the fog of jargon, and are especially pleased to be highlighting various female leaders and individuals from diverse backgrounds.  If you have any questions or guest suggestions for the podcast, please email us at [email protected]. Otherwise, we'd like to say thank you to all our listeners for following and supporting the podcast. If you'd have a spare couple of minutes, please do leave us a review on Apple Podcasts or Spotify, and we'd love you to recommend the show to a friend or colleague too! We'd also like to extend a further thanks to our first-class sponsors, Schroders, Bremont, LiveTrade & Mintus, for their continued support.  STAY UP TO DATE: Follow us on LinkedIn Follow us on Twitter Subscribe on YouTube Subscribe to our Newsletter

In March 2020, as COVID curbs were about to descend on us all, Peter Harrison agreed to begin our podcasting journey by being the first guest, and discussed the attractions of the investment business, the shifting world of passive and active, the public v private debate and why ESG would simply become embodied in the investing process.   In this interview we review how fast and how secular themes have evolved, why Asia’s opportunity set remains so appealing, and why engaging with China might be the smart play.   He discusses data science, the advice gap, private equity’s evolution, and offers great advice for aspiring CEOs and younger talent climbing the investment ladder.   Sign up to our newsletter for more in-depth insights |  Follow us on LinkedIn   The Money Maze Podcast is kindly sponsored by Schroders, Bremont Watches, LiveTrade and Mintus.

This Thursday, we’re pleased to welcome Peter Harrison, CEO of Schroders, back onto the show. To mark this exciting upcoming release, we’re resharing his first interview on the Money Maze Podcast. Peter appeared on the podcast as our very first guest back in March 2020, just prior to the COVID-19 lockdown.   In this episode, Peter covers his ascent to CEO, and the journey from managing money to managing an investment business. The conversation moves to him talking about the compelling opportunities in global asset management, contrary to some gloomy commentaries that we often read. He talks of the shift to managing money to solve problems and not simply to be benchmarked, and the evolution of active and passive strategies.   He describes Schroder’s vision of serving the individual customer, both affluent and high net worth, with the help of more electronic applications, a wider public and private offering and trying to help them avoid classic pitfalls of poor timing in entering and exiting the market. He also explains why although he thinks ESG must be embedded in your investment process, it will morph into a more coherent drive for impact investing.   Peter also gives his thoughts on the growth of private equity, and the challenge facing stock markets buffeted by weighty regulation and diminished liquidity. He then discusses advice for the young thinking about future career, and some of the characteristics he looks for in potential hires.   Stay tuned for this Thursday, where he shares his analysis on the investment landscape in 2023!   Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn The Money Maze Podcast is kindly sponsored by Schroders, Bremont Watches, LiveTrade and Mintus.  

To celebrate Bremont’s recent successful fundraising round we’ve refreshed this popular interview, originally released in July 2021. Investors in the round included the billionaire hedge fund manager, Bill Ackman, who took a stake in the firm after buying a number of their luxury watches on a visit to London.    When we talk of luxury watches we typically think of Switzerland with its quality engineering and dominant market position, apparently illustrating the economist David Riccardo’s theory of comparative advantage. Yet in this conversation, we learn how Bremont is disrupting the luxury wristwatch market and successfully bringing large scale watchmaking back to UK shores.    Giles English begins by discussing the plane accident that killed his father and almost took his brother’s life as well, yet how the tragedy proved the inspiration to build a luxury watch brand, which can compete with the best.   After describing the history of British watch making, with some fascinating anecdotes, Giles explains how he and his brother Nick have approached the two components; building a state of the art watch making capability & developing a luxury brand.   Giles describes the engineering challenges involved, the technical aspects of precision engineering, and why seeing the Bremont collections can be a lightbulb moment for collectors. He talks about the collaborations and collections with Jaguar, Concorde, Stephen Hawking and Bletchley Park to name a few, and their vision for the future.   Bremont kindly sponsor the Money Maze Podcast, alongside Schroders, LiveTrade and Mintus.

In this episode we talk to someone whose own firm advises some of the world’s most respected finance institutions, especially within the alternative and private assets arena. Jen Prosek explains why she declined the investment banking offers after her MBA, instead following her vision that effective marketing would come to Wall Street. She describes building the business, client engagement, how to pitch more effectively, what mediums to use, and how social media can be harnessed.  She talks about branding, fundraising, content, presentations, and video versus face to face meetings. In an interview filled with great advice for anyone, whatever their stage and age, she tells us that the two most important words are “Just Ask”! Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn The Money Maze Podcast is kindly sponsored by Schroders, Bremont Watches, LiveTrade and Mintus.  

There are 3 large global management consulting firms considered to be the most prestigious; McKinsey & Company, Boston Consulting Group and Bain & Company. So we’re pleased to feature McKinsey’s Michael Birshan in this conversation, who explains some of the dynamics in the industry and how McKinsey is approaching the challenges and opportunities of 2023.   Michael specifically highlights the transition to net zero, and its immense financial implications. He discusses the new markets - like carbon management and natural capital - that are emerging, through to the challenges surrounding incumbents in making necessary shifts (‘better to disrupt yourself than be disrupted’, he notes).   There follows a wide-ranging discussion on potential resource shortfalls, the challenge facing corporations in driving innovation, onshoring, talent acquisition, and reinvigorating the languishing UK & mainland Europe public equity markets.   Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn The Money Maze Podcast is kindly sponsored by Schroders, Bremont Watches, LiveTrade and Mintus.  

In Part 2, General Petraeus explains the woeful Russian execution of the war and possible next steps. In this second part of this illuminating conversation, he continues by evaluating NATO cohesion, before discussing China, and, why a mature conversation is essential between China and the West, given their interwoven and critical commercial co-existence. He talks pragmatically but emphatically about trade restrictions in strategic areas, such that there will likely be “higher fences around fewer items”. He then discusses Iran, cyber security, businesses supply chains evolving from “just in time, to just in case”, to the dollar, the individual he would most like to meet, along with other potent insights. Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn The Money Maze Podcast is kindly sponsored by Schroders, Bremont Watches, LiveTrade and Mintus.

General David Petraeus has been described as the ultimate soldier/scholar. Targeted by Osama Bin Laden when Commander in Afghanistan, whose communications later revealed that “killing him would alter the war”, he became Director of the CIA and today is Chair of the KKR Global Institute and on their board. In the first part of this absorbing conversation, David Petraeus gives his assessment of the war now, and describes the strategic and tactical failings of Russia compared to the heroic and masterful execution by Ukraine. He discusses the options ahead, the nuclear threat and the emergence of weapons systems and technologies that are altering the nature of war overall. With clarity and candour he provides a brilliant summary almost one year from the start of the invasion and offers thoughts on the conversation and settlement that might follow. Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn The Money Maze Podcast is kindly sponsored by Schroders, Bremont Watches, LiveTrade and Mintus.

In this episode, bestselling author and historian, Simon Sebag Montefiore, discusses his new book, which covers the key families who have shaped global history. His latest work has proven to be a hit, with Henry Kissinger commenting that: ‘Sebag Montefiore interweaves the stories of the servants, courtiers and kings, pioneers, preachers and philosophers who have made history. A brilliant synthesis that will impart fresh insight to even the most learned readers.’ Simon starts the interview by describing Putin’s fascination with Ukraine and the Potemkin era, and continues with the access granted to him to explore the Russian archives to write about Stalin. He explains how the welcome went from warm to frosty after the publication of ‘Stalin: The Court of the Red Tsar’. He then describes the powerful impact of human migration, and influence of powerful families; from the Medicis and Mughals, to the Kennedys, Pahlavis, Kenyattas, Kims and Assads. His work tells the stories of the families that have shaped our world and he brings to light stories unknown to us, including why great families continue exert extraordinary and under-recognised influence. Enjoy more episodes of the podcast, via our spin-off show, 'Curated Podcasts - With Simon Brewer'. Follow on Apple Podcasts here, or Spotify here! Designed for finance professionals, these episodes showcase a range of innovative investment funds - as well as other finance businesses - and how they're disrupting their respective markets. The Money Maze Podcast is kindly sponsored by Schroders, Bremont Watches, LiveTrade and Mintus.

Founded by Marc Andreessen and Ben Horowitz, Andreessen Horowitz (also known as a16z) is a revered venture capital firm which sits at the epicentre of financing entrepreneurial businesses. In this conversation, David Haber, General Partner overseeing fintech investing, begins by discussing his background, including graduating from Harvard, selling his business (Bond Street) to Goldman Sachs in 2017, before joining a16z to establish their first East Coast presence. David is able to offer a unique perspective as both an entrepreneur and venture capitalist. He describes how a16z is growing, its desire to build enduring value by compounding returns and building on competitive advantages. He then explains how they engage with firms of varying size to help them on their journeys and provides an illustration to help frame the conversation. He discusses the private asset explosion, the potential adjustments following this tougher period, risk-taking, hiring, crypto and more! Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn The Money Maze Podcast is kindly sponsored by Schroders, Bremont Watches, LiveTrade and Mintus.  

In this conversation, we have the opportunity to talk to Alex Rodriguez, or ‘A Rod’ as he is better known, arguably the greatest baseball player of his generation. The discussion moves from how he came to dominate his sport to developing a substantial portfolio of investments and businesses through his investment firm, A-Rod Corp. Alex discusses the early years growing up in Manhattan, his love of baseball and becoming the top prospect in the country, and turning down a university scholarship to sign as a professional. He discusses how Warren Buffett gave him invaluable advice, becoming increasingly involved in real estate and venture, and how he assembles his team. He discusses investment priorities, sifting from the range of opportunities presented, culture, ambition, lessons from sport, and what the future holds. Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn The Money Maze Podcast is kindly sponsored by Schroders, Bremont Watches, LiveTrade and Mintus.  

Some of tomorrow’s large companies are today’s emerging ones, and in this miniseries we explore the world of venture capital and look at a handful of organisations that operate at a lower level in terms of size, but who are providing critical capital to early and growth-stage companies. In episode 2 of the series, we’re pleased to feature Roberto Italia, CEO of the global, evergreen investment company, Verlinvest. Verlinvest’s portfolio brands include Oatly, Pedego, Purplle.com, Vita Coco, Chewy.com and Tony’s Chocolonely to name a few, and is backed by the families behind AB InBev (the Belgium-based brewing multinational). The discussion covers developing the Oatly brand, investment holding periods, potential exits, consumers’ changing appetites, and the challenges around supply chain re-ordering. Roberto also discusses the headwinds of dealing with inflation, the key takeaways from past investments and the exciting landscape ahead. Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn The Money Maze Podcast is kindly sponsored by Schroders, Bremont Watches, LiveTrade and Mintus.  

In the first episode of our 4-part Venture Capital Miniseries, we are thrilled to feature Dame Kate Bingham, Managing Partner of SV Health Investors and former Chair of the UK Vaccine Taskforce. The much anticipated interview begins with a high level overview of the immense changes that are taking place in the world of medical research which have allowed us to move from treating symptoms to changing the way the body works. Kate describes the various leaps forward across medical conditions and the role SV Health Investors is playing to facilitate this. She discusses their approach, challenges, opportunities and the skills needed to improve the odds of success. She then talks about research excellence, the hurdles in building large biotech enterprises and what the future industry landscape may look like. The conversation then switches to her role as Chair of the Vaccine Taskforce, set up in April 2020 under Boris Johnson to co-ordinate the creation and distribution of a COVID-19 vaccine (both in the UK and internationally). She reflects on the obstacles encountered and path to the successful execution of the group’s objectives. Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn The Money Maze Podcast is kindly sponsored by Schroders, Bremont Watches, LiveTrade and Mintus.    

As the Money Maze Podcast seeks to understand both the business and investment worlds, especially against the backdrop of a tougher economic environment, we are delighted to speak to Martin Waters, CEO of Victoria’s Secret & Co (VS&Co). Martin begins by explaining his retailing journey, Victoria’s Secret’s history and evolution, as well as the challenges and opportunities that lie ahead. Spun off from L Brands in 2021, the Fortune 500 lingerie and beauty retailer is known for its high visibility marketing and annual fashion shows. They have over 1,350 stores globally and more than 30,000 employees. Martin explains how it is adapting both to the economic climate as well as the issues specific to managing a world leading fashion and beauty retailer. He discusses the vision for the company, its values, their multichannel distribution strategy, and the risks and rewards of brand extension. He then analyses this competitive market, the changes taking across retail, and how their board is composed. With 7/8 of their board being female, Martin explains how valuable women are in helping him think about strategy, and why he is so excited about the future. Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn The Money Maze Podcast is kindly sponsored by Schroders, Bremont Watches, LiveTrade and Mintus.    

In this discussion we examine the changing world of investment funds and the data ecosystems that surround them. To explore this, we are delighted to welcome Laura González, Head of the Americas at Allfunds, one of the world's leading wealthtech companies, who offer the largest fund distribution network globally. Created in 2000, today Allfunds have approximately €1.3tn in assets under administration (as of 30/09/22), 16 offices across the globe and nearly 1,000 employees, with a strong footprint in Latin America. She explains how fund houses use their platform to expand their reach, how private banks and other users of funds can access their platform and reduce the challenges around fund onboarding. The discussion covers the growth of private assets, institutional and individual asset allocations to this space, and the shifts underway. Laura then discusses the cyclical component often overlooked in the active versus passive debate, how blockchain is being used by them, and thoughts on the Latin American investment universe (from both those looking in and those allocating outside). Finally, she discusses the merits of being part of a listed company, managing cultural integration and gives some potent advice for women seeking careers in finance. She also describes how yoga and surfing give balance and joy to her life! Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn The Money Maze Podcast is kindly sponsored by Schroders, Bremont Watches, LiveTrade and Mintus.  

In Shakespeare’s Hamlet, Polonius counsels his son Laertes, exclaiming: “Neither a borrower nor a lender be; for loan oft loses both itself and friend”. If you’ve been a fixed income investor this year, you are nursing your wounds and might have wished you heeded this advice! At a global level we’ve seen over a decade of nominal bond returns wiped out for the first time since the early 1950s. Therefore this seems a good time to discuss fixed income, and to do so with PGIM Fixed Income, who manage $790 billion in bonds (as of 30/06/22). Greg explains his perspective of the flaws in the 60/40 model, before reviewing the question of whether and where the bond rout has created opportunity across the spectrum. He discusses government, corporate credit, emerging market debt, and index-linked bonds. He describes why the Fed may remain more hawkish than consensus believes, why restoring “yield” is a good thing, and explains how active fixed income management has delivered more consistent outperformance versus benchmarks (unlike the world of equity management!). Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn The Money Maze Podcast is kindly sponsored by Schroders, Bremont Watches, LiveTrade and Mintus. DISCLAIMER: The Money Maze Podcast covers views, opinions and recommendations of other investment managers which may not represent the views of PGIM. The views expressed by PGIM is not intended to constitute investment advice, were accurate at the time of recording and are subject to change.        

In this episode, we welcome Peter Oppenheimer from Goldman Sachs, who discusses the challenging investment landscape. He starts with an overview of economic growth before unpicking the inflation debate, reviewing rates and the emergence of opportunities in fixed income, before discussing equity markets. He explains why active equity managers are back, why value versus growth discussions are too simplified and the likely character of this bear market. Finally Peter discusses the commodity supercycle, localisation of production and to quote Ian Dury, “reasons to be cheerful” in the medium term! Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn The Money Maze Podcast is kindly sponsored by Schroders, Bremont Watches, LiveTrade and Mintus.        

In this different podcast for us, we talk to Justin Byam Shaw, who set up The Felix Project in 2016 after the tragic death of his 14 year old son. The charity redistributes surplus food (that would otherwise go to waste) from 539 suppliers and delivers it to almost 1,000 charities, primary schools and holiday programmes. Justin starts by describing his own career following Oxford University, his first early success, building and selling a media business, through to buying The Independent - a then failing newspaper - and turning it into the huge success it is today. The conversation then pivots to The Felix Foundation and its genesis. Justin describes the acute food waste problem in this country and the vast food poverty which surrounds us. He explains the supply and demand dynamics of food waste, the logistical challenges they have overcome, and the ways in which both organisations and people can help every day. Finally, Justin offers thoughts on the shifting sands in the world of media, advice for young people considering becoming entrepreneurs, and the why good management is often more valuable than a new idea. Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn The Money Maze Podcast is kindly sponsored by Schroders, Bremont Watches, LiveTrade and Mintus.  

Our guest in this episode is Anne Richards CVO, CBE, FRSE, and CEO of Fidelity International. Fidelity International offers investment solutions and retirement expertise to more than 2.85 million customers globally.   Fidelity International operates in more than 20 countries and with $665.2 billion in total assets (as of 30/06/22) their clients range from central banks, sovereign wealth funds, large corporates, financial institutions, insurers and wealth managers, to private individuals.   Anne begins by describing her upbringing in Edinburgh, the decision to study electronic and electrical engineering, spending time at CERN, before going to INSEAD for an MBA. She then describes the purpose of Fidelity International and the changing demands of the investing population.   Anne discusses the ability of technology to serve clients, developing a culture that embraces and encourages the “brave, bold, curious and compassionate”, before explaining how ESG principles are embedded into all their research work.   She talks about the decline of public market listings, the importance of research in public and private investing, and giving their managers enough room for manoeuvre. Finally, she talks about her drive and hunger to have more women work in finance and shares some career tips. Originally recorded in February 2021.   Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn   The Money Maze Podcast is kindly sponsored by Schroders, Bremont Watches, LiveTrade and Mintus.

Founded in Chicago in 1889, Northern Trust has expanded from providing wealth solutions to include asset servicing, asset management and banking to investors worldwide.   It now has assets under management of USD $1.3 trillion and assets under custody of USD $13.7 trillion (as of 30/06/22)   In this episode, we welcome Marie Dzanis, born and brought up in the US, now in the UK, who explains Northern Trust’s evolution from fiduciary and custodian to a significant global investment manager.   She explains their move into specialized ETFs under their ‘FlexShares’ brand, and their specific approach to ESG and sustainable investing (they have the largest ESG mutual fund in Europe). She also discusses their private equity ETF as well as their quant-active approach.   Marie continues by discussing the challenge of increasing the female representation in the investment world, her rules for hiring, the changing shape of investment management and finally why Sir Ernest Shackleton is her hero.   Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn   The Money Maze Podcast is kindly sponsored by Schroders, Bremont Watches, LiveTrade and Mintus.      

In this short episode, host Simon Brewer shares some of the latest news from the Money Maze Podcast and our ecosystem.  Featuring interviews with some of the biggest names in global finance & business, the show now reaches over half a million listeners a year across over 100 countries.  We’re thrilled to have achieved this momentum, and would like to say thank you to our listener community, Sponsors and Corporate Partners for supporting us on our journey. We’re particularly proud to be inspiring more young people to explore opportunities in the finance sector, and we’re sponsoring a number of university societies this year to support this.  We’ve also recently partnered with GAIN UK, which works to improve gender diversity in the asset management industry through building a talent pipeline of entry level female candidates. If you have any questions or guest suggestions, please get in touch with us via [email protected]. Otherwise, enjoy this quick update episode and learn more about the Money Maze Podcast! Plus, enjoy bonus content via our Curated Podcasts series. Also available on Apple Podcasts and Spotify.  The Money Maze Podcast is kindly sponsored by Schroders, Bremont Watches, LiveTrade and Mintus.  

In the last of our miniseries on the world of private equity, we are delighted to welcome KKR, and its Co-Head of European Private Equity, Philipp Freise, onto the show. Philipp discusses his wide and impressive education, his journey through management consulting at McKinsey, and a dotcom adventure as an entrepreneur, before joining KKR over 20 years ago. KKR today is a leading global investment firm with 2,300 employees and $491 billion of assets, invested across multiple alternative asset classes, (including private equity, infrastructure, real estate and credit). The conversation begins with Philipp deciphering the European paradox posed to him; namely reconciling European economic sclerosis, political dissension, energy disruption, and one-size-fits-all monetary policy, with his statement that it’s “never been more interesting to invest in Europe”. He answers emphatically that entrepreneurial capital is needed in Europe, and why private equity offers that. He explains that with the preponderance of privately owned companies in Europe, public markets do not offer the core of the solution. He provides specific examples of companies in which they have invested, from e-biking to supply chain software solutions, and why attitudes to private equity in Europe have changed dramatically over the last twenty years. He discusses KKR’s track record, the imperative for portfolio diversification, their thematic and sector priorities and why private equity is woven into the fabric of business today (an observation not always understood). Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn The Money Maze Podcast is kindly sponsored by Schroders, Bremont Watches, LiveTrade and Mintus.

Learn more about the show via our short trailer. Through direct, entertaining and insightful interviews with masters of the real life money maze, we hope to learn about different approaches to allocating capital, making investment and business decisions, and navigating the pitfalls that line the paths to prosperity. In each episode, we feature a high profile figure from the finance and investment management industry. Sometimes, we’re also joined by distinguished individuals from the wider business world. In each dissecting interview our host Simon Brewer draws out helpful advice and insights from leaders in the real life money maze. The Money Maze Podcast is kindly sponsored by Schroders, Bremont, LiveTrade & Mintus.  Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn

In this episode, English financier Guy Hands discusses Terra Firma’s story and some lessons learnt in his career. Guy set up the firm as a spin-out from Nomura, and through it he’s overseen €18 billion of investment into 39 businesses since 1994. In this episode, he talks about Terra Firma’s business model, the early successes, and types of transactions they looked for, before discussing the merits and demerits of PE investing (for both investors and the economy). He then talks about the risks should interest rates normalise, where the problems might surface, and the very particular failure of his investment in EMI. He analyses lessons learned from that episode, how it has influenced his thinking on deals, and how Terra Firma assesses each transaction today. He discloses some of the asset allocation thinking of his family office and the importance of a large real asset component. Guy talks about his charitable endeavours, including where and why he gives. He then speaks candidly about the lessons and scars from the EMI episode. As part of our Private Equity Miniseries, we’re re-releasing our episode with Guy Hands (originally recorded in summer 2021). In the wider series, we’re examining how PE has grown to become such a significant artery in finance and the wider economy, and have been joined by guests from the likes of Petershill Partners, Permira, Bain Capital and Schroders Capital. Learn more about Guy’s story in his book, ‘The Dealmaker: Lessons from a Life in Private Equity’. Released shortly after his original appearance on the show, it is a frank and honest account of how a severely dyslexic child who struggled at school went on to graduate from Oxford and become a serial entrepreneur. Plus, you can enjoy more episodes via our in-depth Curated Podcast series. Designed for professional investors, these episodes offer detailed insights and analysis into a range of funds and asset classes. Also available on Apple Podcasts & Spotify.  The Money Maze Podcast is kindly sponsored by Schroders, Bremont Watches, LiveTrade and Mintus.

In today’s episode, we have a Swiss physicist with a PhD who loves to climb mountains, but is also responsible for running Schroders's $75 billion private assets business (Schroders Capital). Rainer Ender explains their approach, which concentrates on indirect investments, partnering with both large global and small local firms. Its investment philosophy has a central focus on investing “1 step below the mid-market”. Rainer explains the inefficiencies and opportunities they believe exist in the sub-$2billion market cap space, the lower correlation this segment has to public markets, and why their goal is to “buy well, transform and sell upward”. He discusses their geographical reach, and explains their core expertise in Europe (which makes up over half of their $20 billion in investments). He provides examples of investment from Indian eye care to Revolut in Europe, the client base, the democratisation of private equity, and why PE firms need to continue to improve disclosures and demystify their world. Interested in working with Schroders Capital? Get in touch with them here. Please note, The Money Maze Podcast is kindly sponsored by Schroders, as well as Bremont Watches, LiveTrade and Mintus, ensuring we can bring you the show for free!

David Novak, a 25 year veteran of CD&R, offers a candid perspective on how PE operating models have evolved, the drivers of value creation, and some of the structural advantages PE can offer to private businesses. He explains the public to private migration, shrinking stock market listings, the impact of technology on decision making for business owners and why family owned businesses decide to work with them. He discusses investments in SIG plc, the recent purchase of Morrisons supermarkets in the UK, the industry expertise they have developed, some lessons learnt and reasons to be optimistic about the opportunities ahead. Enjoy more episodes via our Curated Podcast series. Designed for financial professionals, these episodes offer in-depth insights into a range of funds and asset classes. Also available on Apple Podcasts & Spotify.  The Money Maze Podcast is sponsored by Schroders, Bremont Watches, LiveTrade and Mintus. Please note, Sir Terry Leahy is a Senior Advisor to CD&R Funds. Operating Advisors and Senior Advisors are engaged by CD&R Funds and compensation for Operating Advisors and Senior Advisors is generally borne by the CD&R Funds and/or portfolio companies. Operating Advisors and Senior Advisors are not employees or Partners of CD&R.  

In this special update podcast, we welcome back General Sir Nick Carter to provide his updated thoughts on the Ukraine War.   He offers his perspective of the realities on the battlefield, the echoes and differences when compared to more traditional wars, the regrouping of the Russian army and its current focus and ambitions, and likely scenarios from here (including how the conflict may come to its conclusion later this year).   He discusses the possibility for surprise gains by Ukrainian forces, the timelines for a “conversation” between Putin and Ukraine, and how the West needs to be mindful of the threat of China, cyber-attacks and terrorism.   Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn   The Money Maze Podcast is sponsored by Schroders, Bremont Watches, LiveTrade and Mintus.  

Today, Bain Capital is one of the world’s largest private multi-asset investing firms. In this conversation we have the opportunity to explore their investment approach and dig down into the important factors in private credit and special situations. Jonathan dissects why he believes investing is not a game of predictions, and elaborates on the importance of “pricing risk versus understanding uncertainty”. He talks about the example of investing in Virgin Australia and analyses their wider approach to the capital structure of a firm. He also explains how they are organised, the value of the partnership, and why top-down overvaluation of a market like the US does not mean there is a shortage of global investment opportunities. Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn The Money Maze Podcast is sponsored by Schroders, Bremont Watches, LiveTrade and Mintus.    

With more than 96 billion dollars in assets under management (as of March 31st 2022), Vista Equity Partners is one of the world’s largest and leading software private equity firms. As Founder, Chairman and CEO, this success has helped Robert F. Smith become one of the most respected investors of his generation, being named by Forbes as one of the ‘100 Greatest Living Business Minds’ as well as one of the most generous philanthropists of his time. Robert describes his upbringing in Denver, how he secured his first work experience at Bell Labs whilst still at school and his education at Cornell University and Columbia Business School, taking him from engineering to finance. Robert describes working in technology at Goldman Sachs Investment Banking, which included advising a then-troubled Apple as it pivoted to become a platform technology company. He then explains his decision to leave and found Vista Equity Partners in 2000. He talks about the signs that software’s importance would mushroom and how today, Vista’s 80+ portfolio companies have circa 90,000 employees globally, together comprising one of the world’s largest enterprise software companies when combined by revenue, serving over 300 million users. Robert goes on to examine why software has been the most productive economic tool in the last 50 years and explains why he describes today’s epoch as the ‘4th Industrial Revolution’. After covering the underlying meaning behind ‘digitization’, he provides examples of how his companies have prospered, why their growth trajectory is still so exciting and why software companies are helping to re-shape supply chains and industries across the world. He discusses the merits of private equity versus public listings, the huge gains investors have made in their funds, and why he believes the investment opportunities are still so significant. Robert then talks about his philanthropic work, his view on reaching those communities who have been underserved and what needs to be done and committed to in order to create lasting change for good. Originally recorded in June 2021, we re-releasing this episode as part of our ongoing Private Equity Miniseries. Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn The Money Maze Podcast is kindly sponsored by Schroders, Bremont Watches, LiveTrade and Mintus.

In the second of our series on private equity, we are going to discuss one of Europe’s premier operators. Established as Schroder Ventures 35 years ago, the firm evolved into Permira in 1997. Today they have more than €60bn under management, employ over 450 people and operate in 16 offices worldwide. Permira has backed over 300 businesses; many of them, like Hugo Boss, Dr. Martens and McAfee software, are household names. Tara Alhadeff, Partner responsible for brand strategy in the consumer space, discusses Permira’s approach, and in particular why ‘heritage brands need a different lens’ and ‘why, with heritage brands, magic can happen’. She discusses the examples of Dr. Martens and Golden Goose, both current investments, and references the past deals of Hugo Boss and Valentino. Tara talks about the need for long-term custody of great brands and why in some cases the size of the brand is bigger than the size of the business. She also discusses the importance of management, the relationship between Permira and portfolio companies, and how they think about exits. Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn The Money Maze Podcast is sponsored by Schroders, Bremont Watches, LiveTrade and Mintus.

Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn In this Private Equity Miniseries, we examine why P.E. has grown to become such a significant artery in both the investment world and wider economy. We discuss if this growth is secular, and an investment environment which continues to lead to rethinks of asset classes available for investors. In this episode, I am delighted to speak to Robert Hamilton Kelly, Global Co-Head of Petershill Partners (part of Goldman Sachs Asset Management). They have raised over $10bn of P.E. capital since 2007, investing in private equity and alternatives businesses at the GP level. Robert explains how and why Petershill own their investments and the characteristics they seek. He speaks about their approach to partnering with firms and the mutual benefits that develop, whilst also explaining the value of permanent capital. He talks about some of their transactions, their decision to list in London, how investors have assessed the valuation case and why he is excited by the long term opportunities he believes are available through their approach.   The Money Maze Podcast is sponsored by Schroders, Bremont Watches and LiveTrade.   Schroders is a global investment and wealth manager, with a purpose to provide excellent investment performance to clients, through active investment management. Bremont is an award-winning British company that produces beautifully engineered chronometers, designed to appeal to those who share the appreciation of a beautiful mechanical wristwatch. LiveTrade has changed the way fine wine is bought and sold worldwide. You can instantly buy and sell - or place bids and offers on - key wines from Bordeaux, Champagne, Italy and other world regions.    

Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn   In an investing world where the “new thing” can too easily grab investor attention, sometimes it’s the case that an institution, especially one almost 200 years old, may be considered less relevant.   So in this episode we welcome on Sir Nigel Wilson, one of the longest serving FTSE 100 CEOs. He was knighted for his contributions to finance & regional development, and for running the 2nd largest institutional asset manager in Europe.   Sir Nigel Wilson discusses the business today, and how it has evolved. He explains their asset management and asset origination, marrying long-term capital with a strategic vision. He also covers their investments in key areas of infrastructure, housing, and the growing pension risk transfer market.   He goes on to explain their approach to inclusive capitalism, their expansion overseas, how the market views their valuation, the stock’s important yield and why he has had such long tenure as a CEO.   The Money Maze Podcast is sponsored by Schroders, Bremont Watches and LiveTrade.   Schroders is a global investment and wealth manager, with a purpose to provide excellent investment performance to clients, through active investment management.   Bremont is an award-winning British company that produces beautifully engineered chronometers, designed to appeal to those who share the appreciation of a beautiful mechanical wristwatch.   LiveTrade has changed the way fine wine is bought and sold worldwide. You can instantly buy and sell - or place bids and offers on - key wines from Bordeaux, Champagne, Italy and other world regions.

Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn   Ray Dalio has described today’s guest, “as a vacuum cleaner of learning”, and in this episode Karen Karniol-Tambour exhibits a formidable grasp of the challenges of today’s investing environment.   The conversation begins with a review of the current monetary challenge facing the Fed and leads into the dilemma for investors weaned on variations of the 60/40 benchmark.   She explains Bridgewater’s enthusiasm for inflation protection, for owning important exposure to broad commodities, through to the role gold should play. At the same time she explains succinctly why US equities might be the worst performing asset class in the decade ahead.   She discusses why currencies could be an important source of return in a world of lacklustre performance, in a re-visit of the 1970s and 1980s.   Karen finally explains how Bridgewater think about the systematic and fundamental way of approaching sustainable investing, as well as the sustainable fund that they have developed.   The Money Maze Podcast is sponsored by Schroders, Bremont Watches and LiveTrade.   Schroders is a global investment and wealth manager, with a purpose to provide excellent investment performance to clients, through active investment management.   Bremont is an award-winning British company that produces beautifully engineered chronometers, designed to appeal to those who share the appreciation of a beautiful mechanical wristwatch.   LiveTrade has changed the way fine wine is bought and sold worldwide. You can instantly buy and sell - or place bids and offers on - key wines from Bordeaux, Champagne, Italy and other world regions.  

Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn   To celebrate our new sponsorship with LiveTrade, Bordeaux Index's new world-leading fine wine trading platform, we're pleased to be replaying our episode with Gary Boom. Originally recorded last summer, he discusses why he started the business and examines the investment opportunities in the fine wine and spirits market.    In this episode Gary Boom, CEO of Bordeaux Index starts by explaining how the poorly organised, past its sell-by- date old model of wine trading has been revolutionised by Bordeaux Index over the last 20 years, with the introduction of scale, liquidity and expertise underscoring the investment attributes of fine wines and whiskies.   The conversation examines long term data provided by Credit Suisse who found that post-World War Two, collectible wines have delivered returns of circa 10% nominal, and real returns of around 7% USD (per annum) . Gary discusses the composition of returns and the indices used to measure them, and explains why consumption creates a virtuous circle, where replacement and scarcity provide strong tailwinds. He talks about the liquidity provided by Live Trade, which they established and which provides narrow bid/ask spreads in over 500 wines.   He talks about the Chinese influence in buying high-end Bordeaux wines, the Champagne and Burgundy markets’ evolution as well as how challenges around counterfeiting are being met.   With reference to the late Stephen Spurrier, he discusses the rise of some of the great new world wines which wines he believes will prove good investments and how family offices and wealthy individuals can build significant portfolios of wine to take advantage of its lower correlation to other assets.   He speaks about climate impact on wine producing regions, his gloomy view on UK wines and why Bollinger Group has taken a stake in their business.   Finally he talks about why wine has proved and continues to be a great career for both sexes, some advice for today’s youth, and whose wines and their owners he would most like to meet and drink.

Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn   Today we have a different conversation. Michael Lewis and Simon Brewer go back to graduating from the LSE in 1985, when they were both seeking a place on the fabled Salomon Brothers training programme. Michael’s success in securing that job allowed the world to have the enduring classic, ‘Liar’s Poker’, and from there to write 16 best sellers (three of which have been made into major Hollywood films).   His new book, ‘Premonition: A Pandemic Story’, tells the enthralling tale of the US pandemic preparations that started under President Bush, but which failed when COVID-19 struck, thanks to a mixture of institutional and political failings.   Michael brings the cumulative missteps to life by narrating the story of the real people involved, their extraordinary decisions, and what went wrong.   He continues this fascinating conversation by discussing two of his other books, ‘The Undoing Project’, and ‘Moneyball’, and explains how decision making is driven by varying degrees of data and/or human interactions - from sport to finance – resulting in unpredictable consequences.   The Money Maze Podcast is sponsored by Schroders, LiveTrade and Bremont Watches.   Schroders is a global investment and wealth manager, with a purpose to provide excellent investment performance to clients, through active investment management.   Bremont is an award-winning British company that produces beautifully engineered chronometers, designed to appeal to those who share the appreciation of a beautiful mechanical wristwatch.   LiveTrade has changed the way fine wine is bought and sold worldwide. You can instantly buy and sell - or place bids and offers on - key wines from Bordeaux, Champagne, Italy and other world regions.    

Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn   The world of quantitative investing is a varied one, ranging from “statistical arbitrage” funds that seek to exploit miniscule and often fleeting market mispricings, to systematically exploiting timeless return patterns.   Dimensional Fund Advisors (DFA) is in the latter camp. Founded by Rex Sinquefield and David Booth - two pioneers of index funds - DFA primarily harnesses “factors” that drive market returns in the long run. Here, Savina Rizova, Global Head of Research at DFA, explores the world of multi-factor investing with the FT’s Robin Wigglesworth.    Savina was recently named as one of 100 Most Influential Women in U.S. Finance by the magazine Barron’s, and was nominated by none other than Robert Merton, a Nobel laureate in economics. Merton described the Bulgarian-born quantitative researcher as a standout in his more than 50 years of working with some of the best quantitative analysts and investors in the field of financial and economic research applied to real-world solutions.   In this conversation, Savina helps clarify the often muddied terms surrounding factor investing, and reveals the uncomfortable truth that many of these market-beating signals are nothing more than an artifice of data mining.    Savina also explains why DFA is excited about the opportunities in systematic fixed income investing, and covers the firm’s decision to jump into the ETF industry and build its own in-house “direct indexing” business (it now competes head-to-head with investment giants like Vanguard, BlackRock and Morgan Stanley on this front).    The avid petrol-head also explains why Formula One is an entirely natural interest for any quant, given its combination of technology, data and human skill!   The Money Maze Podcast is sponsored by Schroders and Bremont Watches.   Schroders is a global investment and wealth manager, with a purpose to provide excellent investment performance to clients, through active investment management. Bremont is an award-winning British company that produces beautifully engineered chronometers, designed to appeal to those who share the appreciation of a beautiful mechanical wristwatch.  

Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn   Man Group is one of the world’s biggest hedge fund managers, and by some distance the largest listed one, with $148.6bn of assets under management. But the crown jewel of the City institution is Man AHL, a quantitative investment firm that alone manages over $57bn.    AHL was initially started by three pioneers of systematic investing, Mike Adam, David Harding and Martin Lueck. Today, its band of programmers, data scientists and algorithmic traders are overseen by Russell Korgaonkar, who was named Man AHL’s chief investment officer in 2020, alongside Man AHL CEO Matthew Sargaison.   If Russell had had his way, he would have been lighting up Formula One or the Premier League. But sadly his sporting talent didn’t quite match his aptitude for mathematics, and after a degree in physics at Oxford he joined Man AHL as a researcher in 2001.   However, as Russell stresses in this conversation with the FT’s Robin Wigglesworth, it is a misconception that the cultural hinterland of quants consists solely of chess and vintage computer games.    Another misunderstanding is that quants can relax on the beach while the machines do all the work. As Russell explains, successful systematic investing is hard work, requiring continual refinement of models and sniffing out new sources of returns in the chaos of financial markets.   The Money Maze Podcast is sponsored by Schroders and Bremont Watches.   Schroders is a global investment and wealth manager, with a purpose to provide excellent investment performance to clients, through active investment management. Bremont is an award-winning British company that produces beautifully engineered chronometers, designed to appeal to those who share the appreciation of a beautiful mechanical wristwatch.

Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn   Leda Braga has earned the nickname “the queen of quants”. After a PhD in engineering from Imperial College London, she spent seven years at JPMorgan as a quant the bank’s derivatives research team. After a stint at a start-up spun out of JPMorgan, the Brazil-born Leda then helped establish one of the industry’s leading systematic trend-following funds at Michael Platt’s BlueCrest.    In the wake of eye-popping financial crisis success - the flagship BlueTrend fund made 43 per cent in 2008 - Leda spun out Systematica into a full-fledged standalone hedge fund group (though she reluctantly retired the Ducati motorbike). As chief executive of Systematica she has ridden through a tough time for trend-surfing systematic funds and solidified Leda’s reputation as a bold-faced name in the quant industry.   In this wide-ranging discussion with our guest presenter, the FT’s Robin Wigglesworth, Leda explores everything from gender balance in hedge funds and how “algorithm aversion” is no longer spooking investors to the different forms of trend-following and how quant is the future of the investment management world – whatever the old guard may say.   The Money Maze Podcast is sponsored by Schroders and Bremont Watches. Schroders is a global investment and wealth manager, with a purpose to provide excellent investment performance to clients, through active investment management. Bremont is an award-winning British company that produces beautifully engineered chronometers, designed to appeal to those who share the appreciation of a beautiful mechanical wristwatch.  

Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn In this episode, we’re in discussion with the Global Head of the Blackstone’s $192 billion Private Wealth Solutions business, Joan Solotar. Joan has thrice been recognised in Barron’s as one of the 100 Most Influential Women in U.S. Finance, and after a background in equity research covering financial services, she joined Blackstone in 2007.   She starts by describing Blackstone’s growth to oversee approximately $880 billion in alternative assets, before explaining their private wealth solutions business. She discusses their drive to “democratise alternatives”, their client base, geographical reach and why they believe we are very early in the adoption of these assets in portfolios. She then breaks down the components of alternatives, with a dive into their real estate expertise, the credit portfolios which have disintermediated portions of bank lending, as well as discussing hedge funds and P.E. She discusses the liquidity trade-offs, why they have developed Blackstone University for clients, before offering some terrific general advice (especially to fathers with daughters!).

To mark two years since the show's inception, we're pleased to present this update of how the podcast is progressing and evolving to further serve our fantastic community.  From the very beginning, we set out to share insightful and engaging conversations with leaders in both the investment and business worlds, backed by high quality research and first-hand experience in finance.  Have a listen to this quick message here to learn about our mission and plans.  Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn  

To celebrate our two year anniversary, we're resharing some of the most popular episodes of 2021. In this episode, Simon spoke to one of the world's most successful hedge fund managers, Sir Chris Hohn. He discusses his career, charity and his climate initiative (originally released in March 2021). In this episode we have the rare opportunity to talk to Sir Chris Hohn, founder of TCI, one of the world’s most successful hedge funds and benefactor of the $6 billion children’s charity (CIFF) and now agitator against corporations who are failing to properly address their climate change transition plans.  The conversation starts with an insight into Chris’s upbringing, the sharpened appetite he believes accompanied being a child of immigrants, his journey from school to Harvard Business School and then to the world of investing, first in private equity and then to public equity markets. He discusses key mentors as he was learning the investment business, his early experience investing before launching The Children’s Investment Fund and its evolving investment approach. Chris talks of the work undertaken at his charity (CIFF) which highlighted to him the impact climate change was having on poverty, child destitution and destruction of the planet. This evidence has driven Chris to the creation of “Say on Climate” given that companies are responsible for 35% of global emissions, yet typically lack climate transition plans. Chris identifies the corporate behaviours that need addressing most urgently,  what corporations must do the effect proper change, and the potential consequences of inaction. He describes the Say on Climate AGM resolution which requires annual disclosure of emissions, the plan to manage them, and how they will be judged going forward. Chris talks about the dangers of passive investing with regard to this issue, the global variations in response, and the environmental downsides of bitcoin euphoria.  Finally, he talks about the examples set by Bill Gates and Warren Buffett, lessons for those early in their careers, and sound advice involving following your passion and thinking about who you want to become.

To celebrate our two year anniversary, we're resharing some of the most popular episodes of 2021. In this episode, we welcomed Nicolai Tangen onto the show. Nicolai is the CEO of Norges Bank Investment Management (NBIM), which administers Norway's sovereign wealth fund, the world's largest. This episode was originally released in June 2021.  In this podcast, we have an enlightening conversation with Nicolai Tangen, CEO of the Norwegian Sovereign Wealth Fund and seasoned and successful investor. Norway’s great wealth is in large part courtesy of its oil riches, discovered in 1969. With great vision, the Government’s response to the discovery was the decision to create a separate, segregated fund, away from politicians’ grasp, to serve Norway’s current and future citizens. Nicolai describes his education and early investing experiences at Cazenove and Egerton, before starting the extremely successful hedge fund AKO. He talks about his education, refreshed throughout his career, and his decision to become the CEO of Norway’s SWF, otherwise known as Pension Fund Global. Nicolai talks about his immense delight in being appointed CEO, and how the investment strategy is evolving under his stewardship. He speaks about his wish to use risk in a slightly more productive way, how private assets are assessed and incorporated going forward, and how deep forensic analysis such as that undertaken in the case of Wirecard will lead them to exclude companies that might otherwise be owned as part of their ownership of 9,000 globally. The conversation encompasses a discussion about the lofty valuations exhibited within ESG assets, the stocks excluded from their investment portfolio and shown on the website, and the tension between divesting and remaining a shareholder of companies in transition. Nicolai explains why techniques drawn from behavioural analysis can help them assess the risks embedded within potential investments; the resilience that can be learned from top athletes, the dangers of inflation returning and the long term challenges facing investors and the world more generally. Finally he offers some pithy Norwegian advice on cooking, sailing, endurance, charity and why introverts are such an underutilised asset.

Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn In this special episode of the Money Maze Podcast, we are extraordinarily fortunate to have General Sir Nick Carter talk to us. If the world was already becoming more fractured, divided, uncertain and worrisome- the Russian invasion of Ukraine has made that landscape vastly more troubled. Sir Nick has sat at the top table of global military and security issues both real and strategized, fathoming these complexities, and begins with a detailed evaluation of the current Ukraine war. Sir Nick offers his insights into the background and future of this situation, and then moves onto the wider geopolitical landscape, with insights on China, the Middle East, Cyber, threats to democracy, how the UK can use its strengths in this world and the evolving nature of war. A tour de force!

Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn The combination of trust, experience, neutrality and secrecy were the foundations of Switzerland’s reputation as a centre for private banking, and despite globalisation, regulation, and competition from all quarters, Swiss financial institutions have maintained their position of influence, with three Swiss firms in the top ten of global wealth managers. To help explore this landscape, we welcome one of these top ten firms, and the CEO of its UK business, David Durlacher. David discusses how wealthy clients have very different goals from earlier periods, their changing priorities, how Julius Baer manages the challenge of serving different international markets, and the contrasting styles of those clients. He discusses the debate in families between selling versus retaining a family business, why a client might seek out Julius Baer as its chosen partner, and how they differentiate themselves within a crowded field. He covers the lending component of their business, why they seek to be a “sparring partner” for their clients, and why the UK represents a compelling growth opportunity for their business. Finally, in an unusual exchange, Davis discusses the role religion plays in framing his thinking about investing and the future.

Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn   Gavyn Davies has more on his CV than most can imagine. In his varied career, he’s been advisor to the Labour government of Jim Callaghan, the Chief Economist at Goldman Sachs, Chair of the BBC, founder of Active Private Equity, and now Chairman of Fulcrum Asset Management. He’s also an active writer for the FT and Guardian. Gavyn starts by describing his early work as an economic advisor to the Labour governments of 1974-79, the inflation challenges they faced, and remedies implemented. He describes the emergence of Goldman Sachs on the international stage, the evolution of macro thinking, and serving as one of the “wise men” for two UK Chancellors. He then describes the challenge and opportunity for the BBC, the subsequent decision to launch Fulcrum Asset Management and their more defensive approach to managing capital. In particular, he discusses the rationale for allocating to hedge funds - and other assets - but why lower returns should be expected. Gavyn then compares the inflationary headwinds of the 1970/80s with today, why the Fed’s response is needed and should be taken seriously, fiscal policy and the withdrawal of the turbo-charged COVID responses, and which currencies he prefers. He goes on to discuss the challenges of excessive flows into the world of private equity, the attributes he looks for in allocating capital to venture PE and then in a series of rapid fire questions, he reveals his views on golf, the next PM, education, and why he loves to come to work on the London buses.

Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn Hamish Baillie, long term Partner and Investment Director at Ruffer, which is listed on the London Stock Exchange, joins the Money Maze Podcast to discuss their unbenchmarked, differentiated approach to managing portfolios. Hamish explains that over the 26 years since inception, by following their key investment principles, annualised returns have compounded at 9%, with a low level of volatility. Hamish observes that “our clients have typically made money in good markets and been sheltered from market crises”. He explains their desire to build the portfolio with less correlated assets, why capital preservation is at the forefront of their approach and why their portfolios look very different from many others. The discussion drills down into inflation threats and the assets deployed to mitigate that reality, why Ruffer believes the storm clouds are gathering and how “markets will grind lower and lower, punctuated by rallies of prodigious strength”. Finally there a discussion on the merits of gold, why Ruffer has been investing in oil equities, and an explanation of their large overweight to UK index linked debt and equity.

Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn Today we turn to music as an investment theme, and our guest has worked with the greats, from Elton John to Beyonce, and has been in the front row of the music business for nearly 40 years. He is CEO of Hipgnosis Songs Fund Ltd, a FTSE 250 company and the first UK investment company offering a pure play exposure to songs and music IP. Music and back catalogues have seen growing investor interest and a number of vehicles have, and are being developed to offer investors access to long duration income streams, often via listed entities. Merck talks about growing up in Canada, making it to his first Kiss concert, working for Simon Draper and Richard Branson at Virgin records, before spending nearly 2 decades at Sanctuary music, where his client list featured some of the great musicians of all time. He talks about the changing nature of the music business, from the Bowie Bonds to the astonishing development that today over 90 % of US households have a music streaming subscription. From a discretionary purchase to a utility within a decade! Merck explains the current economics of the revenue splits, and why he believes that the artists have often not received a fair deal. He explains how a $12 monthly music subscription is split. He then details how Hipgnosis has acquired 57,000 songs and spent £1.2bn since listing on the London Stock Exchange three years ago, and why buying the highest quality catalogues of proven songs generates current and new revenue opportunities through song management. He talks about the rights once the catalogues are owned that endure 70 years after the artist’s death and whose revenues can accrue to investors. Equally he explains how owning the song allows you to take as an example, Blondie’s Heart of Glass and not just license it to TikTok, but reinvent it with current artists like Miley Cyrus. Merck talks about song selection, helping insert songs into movies and commercials, maximising song potential and how technology is changing the music business.  He explains why London was chosen for the listing, reflects on some of the greats with whom he has worked and concludes that the new world of music makes it compelling for investing and for job prospects. And the show closes with the great line….“If you got the money honey, I got the time, and when you run out of money honey I run out of time”. Originally released in April 2021, we're pleased to be featuring Merck's episode again in light of today's inflationary environment, which has resulted in many investors looking to the world of alternative assets to mitigate their risks and capitalise on fast-growing markets. In October 2021, the firm enjoyed a $1 billion cash injection from Blackstone, who also took a stake in the business.

Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn In this conversation, Vulcan’s C.T. Fitzpatrick explains the skills he acquired during 17 years at South Eastern Asset Management before founding Vulcan Value Partners in 2007. Today the firm manages approximately $20 billion, with a team of 64, all based in Birmingham, Alabama. He explains his approach to identifying and defining “high quality businesses”, the margin of safety he seeks, the goal of avoiding permanent capital loss and the investment similarities and differences with Warren Buffett. He talks about constructing a portfolio of between 20-40 companies and the moat he requires in his investment companies. He discusses his aversion to the wrong types of corporate debt, why he avoids macro judgements, the importance of temperament and discipline in investing, and why he is optimistic about the investment opportunities in his universe.

Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn In today’s conversation Luba Nikulina talks about an upbringing that began in Lithuania, then part of the USSR, and her route to joining Willis Towers Watson (WTW), the leading global advisory firm with 45,000 employees globally, and where she has spent the last 17 years. The discussion begins with WTW’s investment approach,  a perspective on how strategic and tactical asset allocation have evolved and why Luba believes it is increasingly helpful to think more in terms of allocating risks, than portfolio construction via the rear-view mirror. She explains why she feels strongly in the case for more active and less passive, smart beta, the Net Zero Asset Managers Initiative, the process around identifying and selecting managers, and their increasing focus and preference for a team as opposed to star manager approach when selecting investment managers to partner with. She talks about why it is increasingly accepted that investors should not allow the use of external carbon offsets as a significant long-term strategy for decarbonisation, the relevance of neurodiversity, and her perspectives on the future landscape of the investment management industry. Finally she makes the recommendation that senior employees and corporate leaders should think about the value of taking a non-executive position whilst they still are fully engaged in their job instead of waiting until they leave.

Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn In a first for the Money Maze Podcast, this episode brings together the perspectives of 3 China experts to discuss the economy, public equities and private assets.  The three guests are Chingxiao Shao, CEO of Red Gate Asset Management, Ron Cao, Founder & Managing Partner of Sky9 Capital, and Chi Lo, Senior Economist at BNP Paribas. The objective in this podcast is to explore the investment opportunities available in public and private markets after a year in which rising political tensions and government interventions have brought about a sharp bear market.  The conversation begins with a review in which it is clear that the Chinese central bank has not resorted to debt monetisation on the scale of the Fed, whilst China still enjoys huge trade surpluses, unlike the US with its large deficits. We discuss the implications of this for Chinese fixed income products and the currency.  We then move to questions about the importance of the private sector to the Chinese economy and examine whether new regulations which have led to sharp declines in headline names and sectors suggest anything more insidious. From there, Ching discusses the opportunities in public equities, Ron covers VC and Chi provides context and warns of the dangers of viewing Chinese assets through an exclusively Western lens. The discussion reviews the very large buybacks seen in Hong Kong by many corporates and their owners, the valuations and opportunities, as well as fault lines and red lines that Ron, Ching and Chi believe are important. Finally, we discuss whether Chinese assets may actually offer country diversification, given their evolution and the different current monetary stance.

Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn Our latest guest has been described as one of the ‘World’s Top 50 Thinkers’, is a Sunday Times bestselling author for his epic work ‘Silk Roads: A New History of the World’, is responsible for the prophetic article in December 2019 where he predicted a pandemic’s likely arrival, and has managed all this around his day job as the Professor of Global History at Oxford University. In this fast-paced, far-reaching conversation, Peter demonstrates his terrific understanding of both the past and present, offering his perspectives about the future of our world. The discussion begins with his reflections on this pandemic, then moves to what we can learn from looking at the world’s changing order through a wider lens. He weighs the competing forces of a rising China, the West jockeying for position, the continuing role of religion and Russia’s dealing with “a weak hand”. He offers his perspective and some optimism in light the abundant worries of military conflict in Taiwan, as well as the ongoing China/US spats. He also speaks about the role of education in driving growth, and where he believes some of the more compelling investment opportunities lie. Finally Peter offers some great advice to us all about learning and the necessity of grit!

Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn In an industry where size is often a boast, there are few powerhouses with great credentials and a low profile. Founded in the US in 1973, Cambridge Associates (CA) was established to provide investment research and advice to a group of major US university endowments. Fifty years later, with over $550 billion of assets under advisement and 11 offices around the world, CA helps its investors customise portfolios.  In this conversation, Annachiara Marcandalli, CA’s European Head of Sustainability and Impact Investing, as well as Partner at the firm, addresses their approach to customising portfolios. She explains why it’s their belief that successful investing is incremental, not transformational. She discusses their search to identify managers’ economic incentives and alignment, before addressing the style drift, and why value and growth may cease to be relevant terms in the future. She speaks of the challenge presented by the rush into impact and sustainable investing - separating the “surfers” from the “serious” - and why ESG engagement matters. Finally she speaks of liquidity around private assets, how they address crypto investing and the dangers of excessive reliance on financial modelling (as opposed to building resilience into portfolio construction).

Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn Some of the most successful companies financed via venture capital are now household names - Facebook, Uber, Twitter, Airbnb, & PayPal. Venture capital has moved from niche to mainstream for institutional investors, and in Q2 2021 alone VC investment hit a new record high of $157.1 billion. In today’s conversation we are delighted to welcome Hunter Somerville, VC heavyweight, formerly General Partner at Greenspring, and now post-merger, Partner at Stepstone. In this episode Hunter describes his career to date and his world of venture capital & growth equity. He describes the wider adoption of venture capital as an asset class, how allocations are increasing and the nature of long term returns. He describes his key responsibilities, which involve sourcing venture funds of all stages, examining early and growth stage companies, as well as finding secondary opportunities. He then explains why companies are staying private for much longer than in previous decades, StepStone’s competitive advantage, geographic and sector preferences, valuations, risks and opportunities in the sector.  Finally, Hunter comments on the characteristics they seek in their venture capital managers, why length of relationships is a key competitive advantage and why the surge in VC investing is unlikely to prove a passing phenomenon. Sign up to our newsletter and never miss a release! | Visit our website | Follow us on LinkedIn | Follow us on Twitter

Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn In light of the ongoing COP26 UN Climate Change Conference in Glasgow, we're re-releasing our episode featuring Sir Ronald Cohen. Sir Ronald is the Co-Founder of Apax Partners and is widely referred to as the 'father of social investment' (as well as being a key figure in shaping British venture capital). His 2020 book, 'Impact: Reshaping Capitalism to Drive Real Change', was a Sunday Times Bestseller and shortlisted in the Financial Times' 'Best Economics Books of 2020' rankings. Sir Ronald Cohen’s extraordinary story begins in Egypt in 1956 where the Suez crisis has taken place and Egyptian nationalism is on the rise, forcing his family to leave everything and flee to England, not even speaking the language. Armed only with ambition and hope and hard work, he gets into grammar school, wins a scholarship to Oxford, then to Harvard Business school and moves on to build one of the largest venture capital firms in the world, Apax. Over the last 20 years, he has been invited to advise governments, chaired the G8 task force for impact investment, helping drive the revolution to rethink the way we invest. Along the way he has authored 3 books, the most recent being 'Impact: Reshaping Capitalism to Drive Real Change'. He has sat on the University of Oxford Investment Committee, been a member of the Board of Dean’s Advisors at Harvard Business School and Vice-Chairman of Ben Gurion University. He talks about the opportunities created by attending Oxford and Harvard, his journey to help create the UK Venture Capital industry, co-founding Apax, and the role private equity plays in developed economies, including discussing some of its perceived drawbacks. The conversation moves to entrepreneurship, and his first book, 'The Second Bounce of the Ball – Turning Risk into Opportunity' and the critical role job-creation will play in the post-COVID landscape. This leads to his thoughts on the profound importance Impact Investing must and will play, and its essential role in the evolution of capitalism. Specifically he discusses the need to have company accounts properly measure impact and how this sub-sector of the investment management industry is accelerating, as evidenced by the growth of the Social Impact Bond (SIB) and Harvard’s impact-weighted accounts. The conversation moves on to discuss how and what Governments should do, the evolution of philanthropy in this environment, and advice for young people thinking about careers, and finally his perspectives on an extraordinary journey. Interview originally recorded in September 2020. Want to meet some of our past show guests and join the Money Maze Podcast community? The Money Maze Corporate Partnership Programme is now live! Sign up to our newsletter and never miss a release | Visit our website | Follow us on LinkedIn | Follow us on Twitter    

From zero to $40 billion in 20 years is growth we usually associate with tech startups. When it happens to a firm in the world of asset management, it is all the more remarkable. Dubbed originally as ‘the money manager to the money managers’, today Partners Capital is an outsourced investment office acting for endowments, foundations and ultra-high-net-worth families. In this conversation Arjun describes his education in India, journey to management consulting and his MBA at INSEAD, then working in a hedge fund before moving to Partners Capital. Arjun describes the evolution of the endowment model first adopted by David Swensen at Yale, by analysing asset classes, risk premia, liquidity and the hunt for great managers. Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn He discusses their assessment of high fees for seeking alpha, how they seek out opportunities at asset class and manager level, and their work on discovering “alternative alternatives”. He responds to criticisms that endowments on average have not beaten the classic 65/35 equity/debt model and of the challenges ahead. Finally Arjun speaks of the two ‘mega trends’ (sustainable investing and investment capital moving to Asia) in an interview that delves into the Partners Capital investment process.

Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn Confronted with a kaleidoscope of challenges and shifting allocations brought about by years of QE and zero rates, along with a rise in inflation that may prove more permanent than central bankers wish, not to mention rising geopolitical tensions, asset allocators are likely to have their work cut out in coming years. In this episode we have the opportunity to talk to Johanna Kyrklund, Schroders’ Group Chief Investment Officer & Global Head of Multi-Asset. Schroders today is one of the UK’s largest investment managers, responsible for circa £700 billion of clients’ assets. In this conversation Johanna discusses allocating assets in today’s environment, from fixed income, to equities through to alternatives. Johanna talks about dispersion in valuations, the active versus passive debate and her thoughts on adjusting portfolios to confront the more inflationary environment. She discusses gold and crypto, along with having your voice heard as an active investor engaging with managements. Also covered is her thoughts on the importance of active ownership when it comes to ESG and integrating sustainability into portfolios.  She discusses why the investment process has its greatest value at times of market stress, why listening to clients helps the search for solutions and how she, as an initially shy graduate, has overcome self-doubt to rise to such a prominent position. She concludes with some valuable comments about women in the workplace. Want to meet some of our past show guests and join the Money Maze Podcast community? The Money Maze Corporate Partnership Programme is now live!

Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn Over the past decade, about 80 cents of every dollar that has gone into the US investment industry has ended up at Vanguard, State Street, and BlackRock. As a result, the combined stake in S&P 500 companies held by the Big Three has quadrupled, from about 5 percent in 1998 to north of 20 percent today. Those lines are from a new book - Trillions- Why Passive investing beats Active written by our guest today, Robin Wigglesworth, the Financial Times  Global Finance correspondent In this conversation, Robin explains the forces that drove the creation of the passive investing industry, the key architects and the roles they played, how he shows that passive beats active in developed markets over time, but the controversy and dangers emerging from this financial tsunami and where we might be going. Robin brings to life the determination of men like Jack Bogle (Vanguard) who championed passive investing “The math will never let you down”, to Paul Samuelson, William Sharpe and Warren Buffet, who has long argued the merits of passive investing in the S&P 500. Robin concludes - The exact statistics vary between countries and types of market that they invest in, but roughly speaking, only 10 to 20 percent of active funds beat their benchmarks over any rolling ten- year period. In other words, investing is a rare walk in life where it generally pays to be lazy and choose a cheap passive fund. This Episodes Themes and Collaborations Learn more about Robin Wigglesworth, the Financial Times' Global Finance Correspondent. Jack Bogle transformed the investment management industry. Bogle was a crusader for individual investors, working to bring the interests of asset managers in line with those of their investment clients. Delve into why Paul Singer thinks index funds are devouring Capitalism. A piece in which Robin agrees with Warren Buffetts’ unconventional views on ESG Investing. Recommended reading, by Robin Wigglesworth: Trillions- Why Passive Investing Beats Active Relevant to Robin Wigglesworth talking about the most fertile ground for active management is the emerging markets episode with Dr Christina McGuire. The Money Maze Podcast is going on its second programme of ambassadors and if you know of any students or young working adults interesting in applying please forward them this website link. Hopefully we can keep you entertained and loving the show but to ensure this happens in the future, please would you do this survey to let us know your thoughts and feedback. Sign up to our newsletter and never miss a release! | Visit our website | Follow us on LinkedIn | Follow us on Twitter

Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn It’s difficult enough to train to become a doctor and then practice in some emerging countries with fragile health systems like Papua New Guinea. But then to switch tack completely, give all that up, win a place at Harvard Business School and join Goldman Sachs in asset management before going on to launch your own fund in emerging markets, may be considered brilliance or heresy, particularly when you come from Germany, a country that reveres technical expertise and is less enthusiastic about the merits of finance. So in this conversation I am delighted to unravel an unconventional journey and welcome Dr Christina McGuire, CEO of Elephant Asset Management, as our guest. We discuss her upbringing and German attitudes to finance, before touching upon her medical journey, her decision to go to Harvard Business school and then join Goldman Sachs. She discusses working and investing in China, the skills taught and culture encouraged at Goldman's, before she explains her decision to go it alone. She describes the investment approach of her firm, Elephant Asset Management, where she manages a concentrated, stock-specific, emerging market equity fund. She explains her philosophy and style, detailing geographic, sectoral and company disciplines as well as the significant opportunities created by the post-Covid world for her domestically-focused companies. She describes the due diligence process, the need to eye ball CEO and CFOs and why she believes company visits and sitting in the staff canteen of investing companies are great ways to gauge culture, and sense the mood. Christina also explains why the S&G in ESG are significantly more measurable in the countries in which she invests. Finally Christina talks about how women should really think about asset management as a career, and offers some other great advice for young people thinking about their futures. Due to the similar themes discussed in our latest episode release (with Robin Wigglesworth, Global Finance Correspondent at the Financial Times), we're pleased to be re-releasing our discussion with Christina McGuire. Like Robin, she also shares some fascinating arguments in the active v passive debate.  The chat is a topical one too given the current buzz around the transformative 2021 German election. In the episode, Christina shares her thoughts on the structural strengths of the Europe's largest economy and examines why its finance sector remains relatively underdeveloped. She also explains why she believes Angela Merkel has done a "remarkable job". This interview was originally recorded in August 2020.      

Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn If you were told that abnormally low interest rates and quantitative easing would provide huge tailwinds for higher equity prices, then it isn’t obvious you would chose to run a fund whose activity was entirely focused on short-selling. However in today’s episode, Carson Block, Founder & CIO of Muddy Waters Research, describes his early exposure to fraudulent listed companies in the US, before intrigue and law took him to Asia. There he started on a path to discover and unmask some extraordinarily high profile corporate frauds. Detailed research, site-visits, scepticism about management claims and forensic analysis all featured on his journey which resulted in collapsing stock prices and humiliated investors. Eight of the companies he has exposed as frauds have been delisted from stock exchanges. Two others settled charges with regulators, with Sino-Forest being one of the high profile casualties. Carson describes his approach to identifying potential malpractice, the investment process and explains his willingness to take on large corporations. He shows why he clearly isn’t interested in winning popularity contests He describes his investment criteria, the paramount importance of risk management, his motivations, dealing with the criticisms and hostility he has faced, his firm's ambitions and the characteristics needed to succeed in this space. Finally he comments on SPACs, Tesla, the challenges of shorting in a world of negative real rates and why he believes China will lose out to countries like Vietnam (where he prefers to make his long bets). 

Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn In the second episode with Nic Cary, Co-Founder of Blockchain.com, Nic continues on from the discussions around Blockchain technology and cryptocurrencies to discuss the debasement of currencies and the dangers of current central bank policies. He talks about the emerging inflation, the future of money, and the role digital currencies might play and the diminishing trust in governments and central banks. The conversation continues by exploring the changing world of digital transactions, before discussing criminal activity and their use of digital currencies. Nic then comments on China and its state controlled digital currency and his view of the importance in allowing free markets to develop the crypto universe whilst balancing the issue of personal freedoms and possible Government regulations. Finally Nic discusses ESG challenges before closing with some final thoughts on his charity, 'Sky’s The Limit', giving help to first time entrepreneurs. Sign up to our newsletter and never miss a release! | Visit our website | Follow us on LinkedIn | Follow us on Twitter

Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn “If you don’t believe it or don’t get it, I don’t have the time to try to convince you, sorry” That quotation is attributed to Satoshi Nakamoto founder of Bitcoin. However, in this 2 part series we have the time and are going to ask the founder of Blockchain.com, Nic Cary to explain what’s going on in the world of blockchain and crypto currencies, and the story of his company, which sits at the epi centre of these enormous plate shifts. Not surprisingly he’s our youngest guest so far, a digital native and when he visited me a few weeks back to discuss his business courtesy of a mutual contact James Peterson I worried it could be like Samuel P. Huntington’s book; The Clash Of Civilizations: And The Remaking Of World Order. Nic starts by explaining the potency and reach of the blockchain technology, its uses and its ability to transform many of the activities undertaken daily. He then discusses the emergence of crypto currencies and contrasts Ethereum with Bitcoin, other “protocols” and what a digital wallet really means. He discusses the thinking behind creating his company Blockchain.com, some of its high profile backers, and the emerging institutional interest in this space. He talks about why some of the world’s legendary investors like Stan Druckenmiller and Alan Howard have invested in Crypto, before debating the Gold v Crypto issue. Sign up to our newsletter and never miss a release! | Visit our website | Follow us on LinkedIn | Follow us on Twitter

Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn A growing share of the wealthy have decided to take control of their finances through single or multi-family offices. Recent statistics suggest family offices now control in excess of $4 trillion. In today’s conversation, Charlotte Thorne, former advisor to the Treasury, describes her switch to join a major Swiss single family office, and go on to co-found a private investment office, which today manages close to $4 billion for over 20 families. She discusses building the investment offering, the requirements and complexities wealth brings and why Cap Gen aims to “help families make the most of the possibilities that come with capital”. She explains the importance of process and discipline, and how they think about asset class decisions whilst accommodating the different requirements of families. Charlotte discusses direct investing, tactical allocation, the inflationary debate, and why being a female client can be an uncomfortable experience. She also discusses the role of capital, how at times the money itself can appear to take priority over the owners themselves and where she believes the wealth management industry has failed. Finally she describes their approach to the active v passive debate, investing in hedge funds and why private equity continues to offer attractive return characteristics with significant dispersion. Sign up to our newsletter and never miss a release! | Visit our website | Follow us on LinkedIn | Follow us on Twitter

Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn With more than 77 billion dollars in assets under management (as of March 31st 2021), Vista Equity Partners is one of the world’s largest and leading software private equity firms. As Founder, Chairman and CEO, this success has helped Robert F. Smith become one of the most respected investors of his generation, being named by Forbes as one of the ‘100 Greatest Living Business Minds’ as well as one of the most generous philanthropists of his time. Robert describes his upbringing in Denver, how he secured his first work experience at Bell Labs whilst still at school and his education at Cornell University and Columbia Business School, taking him from engineering to finance. Robert describes working in technology at Goldman Sachs Investment Banking, which included advising a then-troubled Apple as it pivoted to become a platform technology company.  He then explains his decision to leave and found Vista Equity Partners in 2000. He talks about the signs that software’s importance would mushroom and how today, Vista’s 70+ portfolio companies have circa 75,000 employees globally, together comprising one of the world’s largest enterprise software companies when combined by revenue, serving over 300 million users. Robert goes on to examine why software has been the most productive economic tool in the last 50 years and explains why he describes today’s epoch as the ‘4th Industrial Revolution’. After covering the underlying meaning behind ‘digitization’, he provides examples of how his companies have prospered, why their growth trajectory is still so exciting and why software companies are helping to re-shape supply chains and industries across the world. He discusses the merits of private equity versus public listings, the huge gains investors have made in their funds, and why he believes the investment opportunities are still so significant. Robert then talks about his philanthropic work, his view on reaching those communities who have been underserved and what needs to be done and committed to in order to create lasting change for good.

Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn The FT has described our guest on this episode as one of 30 most influential people in the City of London. Moreover in the world of public and private investing there is repeated acknowledgement of him being one of today’s great investment thinkers. The firm he joined back in 2001, Lansdowne Partners, is widely admired amongst the global institutional investment community, and his perspectives and performance have been widely sought after. In this conversation, we discuss Peter’s investing career to date, his approach to evaluating companies, public and private, the exciting IP being developed around Oxford University and why he is so excited about the business and investing landscape today, along with other important perspectives. Peter initially describes the formative early years at Mercury Investment Management, some of the lessons he learned about investing and building a successful investment culture. He then describes his decision to join Lansdowne in 2001 and why he wanted to exploit the long/short opportunity set. He describes the analysis undertaken to identify Northern Rock as a highly vulnerable institution and how they established a potent short position that was immensely profitable for their investors. He continues by discussing the work post the Great Financial Crisis that led them to invest in many global brands as well as being early investors in the major tech platform companies such as Google and Amazon etc. Fast forwarding he describes the move to become long-only, the investment culture that they have created at Lansdowne. which incorporates an important need to calibrate and understand a wide range of possible outcomes for each investment they consider. Peter then moves to talk about the UK investing landscape and the opportunities he believes exist in public and private markets. Specifically he discusses some of the opportunities emanating from Oxford University and why the vaccine success offers opportunities for significant leaps forward in medical and other productivity gains. He also explains why he feels UK political risk has been mispriced and the important investing opportunities he has identified. He describes his involvement with world class sports men and women, and learning lessons about decision making under pressure. He also talks about balancing time pressures, improving his own productive capabilities and lessons he would share with others.

Simon Hallett, former CIO of the $80 billion asset manager, Harding Loevner, describes his journey from Plymouth, England, to Oxford University and then Hong Kong before boldly heading to the USA. Harding Loevner’s impressive 30 year track record in managing global equities is examined, with a discussion that covers behavioural biases, the need to restrict portfolio managers’ freedom, to the increasing reliance on quantitative disciplines to enhance the investment process. Hallett explains why top-down thinking should be strictly limited in building an equity portfolio, why their firm has only 2 Bloomberg terminals and stock-price watching is actively discouraged. He also discusses the merits of being partially owned by Affiliated Managers Group (AMG).  Finally he then explains his decision to buy Plymouth Argyle Football Club – heart over logic, possibly, but why the management of a football team and player selections have more in common with selecting stocks than you might think. Finally he gives some great advice to “keep your nose clean” and “ stay the course” – applicable for both football and investing! To celebrate our latest interview, featuring Peter Davies of Lansdowne Partners, we're re-releasing this episode thanks to the similar themes discussed. Like Harding Loevner, Lansdowne Partners is focused on international equity investing. Both firms have benefitted from the post-2010 boom in high growth tech stocks. Additionally, both Peter and Simon have links to Oxford University, and both figures cite the sporting world as an inspiration for their investing strategy and philosophy.  Sign up to our newsletter and never miss a release! | Visit our website | Follow us on LinkedIn | Follow us on Twitter

Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn When we talk of luxury watches we typically think of Switzerland with its quality engineering and dominant market position, apparently illustrating the economist David Riccardo’s theory of comparative advantage. Yet in this conversation, we learn that at the turn of the last century, Britain was producing 200,000 watches a year, around half the worldwide output and that Rolex was founded in London in 1905. Giles English talks about the plane accident that killed his Father and almost took his brother’s life as well, yet how the tragedy proved the inspiration to build a luxury watch brand, which can compete with the best. After describing the history of British watch making, with some fascinating anecdotes, Giles explains how he and his Brother Nick have approached the two components; building a state of the art watch making capability & developing a luxury brand. Giles describes the engineering challenges involved, the technical aspects of precision engineering, and why seeing the Bremont collections can be a lightbulb moment for collectors He talks about the collaborations and collections with Jaguar, Concorde, Stephen Hawking and Bletchley Park to name a few, and their vision for the future. He also talks about competing with the deep-pocketed luxury brand groups and the approach to establishing long-term financing as they expand into Asia and the US.

Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn David Yarrow is considered one of the world’s greatest photographers. 3 former US presidents have his masterpieces on their walls, along with a string of actors and sports personalities and he oversees a multi million dollar fine-art business. He has helped raise $8 million for charity, and his energy and passion for his work mean that up to the outbreak of coronavirus, he had not spent 18 days in the same place in the last 2 years. This is all after spending the first 25 years of his life in the City, first as a broker and then starting his own Hedge Fund, Clareville Capital, which he ran for 17 years. Dave Yarrow talks about his youth, growing up in Glasgow, and his passion for photography that led him to take the iconic shot of Maradona in the Azteca Stadium, trophy aloft, at the 1986 Mexico World Cup. He talks about his reasons for joining the City, and the journey from broking to establish his own hedge fund, Clareville Capital in 1997. He gives a frank assessment of the highs and lows of managing money, and the capricious nature of the investing community. Having continued to take photographs, and with marital and business difficulties weighing on him, he takes the leap to start DY Photography. This second career reveals an enthralling story into a world which required developing new skills and understanding where the opportunity lay. As with money management the key lay in great groundwork and research before careful execution. He describes how he became “a photo-maker, not a photo-taker” and how he has grown a business built on extraordinary shots, with compelling animals, people, and iconic settings and shots. He talks about navigating the maze of social media and helping raise over $8 million for charities. Finally, he gives his advice for today’s youth thinking about their future. What a journey! To mark our latest episode release, featuring Giles English (Co-Founder of Bremont), we are re-releasing our conversation with David Yarrow thanks to the similar themes discussed. Both individuals faced significant personal hurdles on their journeys, yet both are now highly successful luxury goods entrepreneurs. They share a deep passion for their respective products, and both had stints in finance before taking the plunge into entrepreneurship. David's interview was originally recorded in June 2020.

Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn In this episode, Guy Hands describes being sent to a special needs school because of profound dyslexia, how he dealt with the challenge, won a place at Oxford and from there, young and indebted, joined Goldman Sachs. He describes the emergence of the eurobond market, how he was soon running their asset structuring business, and why Nomura persuaded him to use their capital to develop their LBO journey. He describes buying pubs and railway rolling stock, the $6 billion generated for the firm, and the establishment of Terra Firma. He talks about the business model, the early successes, and types of transactions they looked for, before discussing the merits and demerits of PE investing, for both investors and the economy. He talks about the risks should interest rates normalize, where the problems might surface, and the very particular failure of his investment in EMI. He analyses lessons learned from that episode, how it has influenced his thinking on deals, and how Terra Firma assesses each transaction today. He discloses some of the asset allocation thinking of his family office and the importance of a large “real asset” component. Guy talks about his charitable endeavours; where and why he gives. He speaks candidly about the lessons and scars from the EMI episode, and how he should have asked for professional help, both mentally and physically. He describes suffering a stroke and re-emerging with a strong sense of the need to do good and not just make money. Finally, he offers some clear advice for today’s youth in terms of careers, qualities he looks for in candidates and a surprising book choice!

Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn In a slightly different conversation for the Money Maze Podcast, Anthony St John shares his fascinating journey and investment insights. Anthony is a Non-Executive Chairman of Yellow Cake PLC, a specialist company operating in the uranium sector. He's also the Chairman of Strand Hanson (an independent advisory boutique with a strong African orientation) and Chairman of IDH, a health care provider in the Middle East and Africa. Furthermore, he's one of 90 hereditary peers elected to remain in the House of Lords, is Lord in waiting to the HM the Queen, the Vice Chairman of the All Party Parliamentary Africa Group and a former friend of Nelson Mandela. Educated in South Africa and then the UK, he talks of his arrival in the UK to take his seat in the House of Lords and how he was initially hugely inhibited by a stutter that was reminiscent of the King’s Speech. In our conversation he speaks of his journey from being a lawyer, to working in China, working as an oil analyst, then being chairman of three companies whilst managing his Parliamentary duties. Our discussion covers investing in Africa, cyber security, uranium and its role in the evolving debate about energy sources, as well as his relationship with Nelson Mandela. Finally, Anthony gives some powerful advice to young people thinking about their future and some additional tips for navigating life’s veritable money and other mazes! Interview originally recorded in August 2020. In our latest release, Simon spoke to Guy Hands, Chairman & Founder of Terra Firma. We are replaying this episode due to similar themes discussed in both interviews, with both guests overcoming psychological disadvantages in their careers. For Anthony, his stutter presented a major challenge to his legal career. He successfully overcame this thanks to speech therapy (taken on the advice of a former British Prime Minister), and is now a highly successful Parliamentarian and business tycoon. For Guy, his dyslexia made reading a challenge in his early career. Yet this proved no dampener on his ambition, and actually turned out to be an advantage given that it meant he read investment prospectuses more carefully than his peers at Goldman Sachs (helping him becoming Head of Eurobond Trading at just 26!). Sign up to our newsletter and never miss a release! | Visit our website | Follow us on LinkedIn

Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn In this podcast, we have an enlightening conversation with Nicolai Tangen, CEO of the Norwegian Sovereign Wealth Fund and seasoned and successful investor. Norway’s great wealth is in large part courtesy of its oil riches, discovered in 1969. With great vision, the Government’s response to the discovery was the decision to create a separate, segregated fund, away from politicians’ grasp, to serve Norway’s current and future citizens. Nicolai describes his education and early investing experiences at Cazenove and Egerton, before starting the extremely successful hedge fund AKO. He talks about his education, refreshed throughout his career, and his decision to become the CEO of Norway’s SWF, otherwise known as Pension Fund Global. Nicolai talks about his immense delight in being appointed CEO, and how the investment strategy is evolving under his stewardship. He speaks about his wish to use risk in a slightly more productive way, how private assets are assessed and incorporated going forward, and how deep forensic analysis such as that undertaken in the case of Wirecard will lead them to exclude companies that might otherwise be owned as part of their ownership of 9,000 globally. The conversation encompasses a discussion about the lofty valuations exhibited within ESG assets, the stocks excluded from their investment portfolio and shown on the website, and the tension between divesting and remaining a shareholder of companies in transition. Nicolai explains why techniques drawn from behavioural analysis can help them assess the risks embedded within potential investments; the resilience that can be learned from top athletes, the dangers of inflation returning and the long term challenges facing investors and the world more generally. Finally he offers some pithy Norwegian advice on cooking, sailing, endurance, charity and why introverts are such an underutilised asset.

Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn Peter Harrison, included in Debrett’s 500 most influential people, starts by describing a rebellious youth that led him to reject his family’s wish to study Theology at Oxbridge and instead to make a decision to go to Bath University to study Business in the 1980s. From there he talks of his first job at Schroders, working as an analyst, and further experiences he had at Newton, Flemings, Deutsche Asset Management and then a start-up, RWC.  Peter describes their merger with Schroders and his ascent to CEO, and the journey from managing money to managing an investment business. The conversation moves to him talking about the compelling opportunities in Global Asset Management, contrary to some gloomy commentaries that we often read. He talks of the shift to managing money to solve problems and not simply to be benchmarked, and the evolution of active and passive strategies. He describes Schroder’s vision of serving the individual customer, both affluent and high net worth, with the help of more electronic applications, a wider public and private offering and trying to help them avoid classic pitfalls of poor timing in entering and exiting the market. He also explains why although he thinks ESG must be embedded in your investment process, it will morph into a more coherent drive for impact investing.  Peter also gives his thoughts on the growth of private equity, and the challenge facing stock markets buffeted by weighty regulation and diminished liquidity. He then discusses advice for the young thinking about future career, and some of the characteristics he looks for in potential hires.

Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn In this episode Gary Boom, CEO of Bordeaux Index starts by explaining how the poorly organised, past its sell-by- date old model of wine trading has been revolutionised by Bordeaux Index over the last 20 years, with the introduction of scale, liquidity and expertise underscoring the investment attributes of fine wines and whiskies. The conversation examines long term data provided by Credit Suisse who found that post-World War Two, collectible wines have delivered returns of circa 10% nominal, and real returns of around 7% USD (per annum) . Gary discusses the composition of returns and the indices used to measure them, and explains why consumption creates a virtuous circle, where replacement and scarcity provide strong tailwinds. He talks about the liquidity provided by Live Trade, which they established and which provides narrow bid/ask spreads in over 500 wines. He talks about the Chinese influence in buying high-end Bordeaux wines, the Champagne and Burgundy markets’ evolution as well as how challenges around counterfeiting are being met. With reference to the late Stephen Spurrier, he discusses the rise of some of the great new world wines which wines he believes will prove good investments and how family offices and wealthy individuals can build significant portfolios of wine to take advantage of its lower correlation to other assets. He speaks about climate impact on wine producing regions, his gloomy view on UK wines and why Bollinger group has taken a stake in their business. Finally he talks about why wine has proved and continues to be a great career for both sexes, some advice for today’s youth, and whose wines and their owners he would most like to meet and drink.

Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn If you were proposed an investment whose annualized return over the past 25 years have been over 9%, offered inflation protection, was environmentally sustainable, asset backed, growing, generated carbon credits, and had low correlation to other assets. you might think it sounds too good to be true, because in investing there is rarely a free lunch - So in this episode we examine an asset class that appears at first glance to have a powerfully persuasive set of positive attributes, Forestry. To discuss this our guest is Olly Hughes, managing Director of Forestry for Gresham House, the UK’s largest forestry investor. Olly describes his journey from studying Zoology at Oxford, to becoming involved in asset backed finance in Asia, before turning to renewables investing. He describes the key drivers of Forestry investing, encompassing the macro forces of urbanisation, housing shortages and decarbonisation. He explains the growing institutional interest in the sector, the challenges of supply and the changes in land use and evolving opportunity set. He distils the investment proposition for forestry, reviewing its natural growth factor, inflation protection, low correlation to other assets but also reflects on the asset class’s low liquidity, vulnerability to natural disease and disasters and answers the question as to who this asset class is appropriate for. Olly discusses the carbon capture and carbon credit elements that he believes are proving secular, not cyclical, before analysing both the beneficial tax status Forestry enjoys, the opportunities across geographies, and why he remains firmly optimistic about future returns. 4bNiztC1Pvng6BY7htfT AvcjkHjgi80PAkxBt4aV

Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn Today’s conversation is with one of America’s most successful investment podcasters, with over 5 million downloads, and who has also worked with one of the investment greats, David Swensen at Yale University Endowment and put himself in the firing line by having the infamous bet with Buffett, whilst at his former firm, Protege partners. Ted has a gilt-edged education, Yale and the Harvard Business School and he describes beginning his investment journey at the Yale Endowment under Dave Swensen, who so sadly has just died. Ted is also author of 2 books on investing, “So you want to start a hedge fund” & just released “How the world’s elite money managers lead and invest” Ted describes his upbringing, education and how he secured the job at Yale after listening to a lecture by Swensen. He then talks about his decision to leave to study for an MBA at Harvard Business School before then starting Protégé partners. He describes how he came to make the bet with Warren Buffet, that a portfolio of Hedge Funds would outperform the S&P 500 over 10 years, which taken early in 2007, looked heroic. Time however, reversed it, in favour of Buffett, and Ted describes the interactions with Buffett and his perspectives thereafter when building capital allocators. He talks about the biggest gain from the bet, which was getting to know Buffett personally. Ted talks about the lessons he has learned from interviewing some of the great money managers and allocators of capital and his  perspectives on what great investors do, what they often avoid doing, and why “our brains are hard-wired to make bad decisions”! Ted talks about the Hedge Fund paradox, where he comes out on the active v passive debate and how he would think about populating an investment committee Finally he offers some valuable advice for youth, for investors and why we here at the Money Maze Podcast think his new book is a “must read”.  

Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn Today on the Money Maze Podcast we discuss the future of cash and bank notes. Throughout its history cash has inspired two persistent forces; fascination and forgery. Whilst the accepted narrative is that the use of cash is on a glide path to extinction, De la Rue’s CEO, Clive Vacher offers his view that such a perspective is both premature and contradicted by a growing population whose access to digital cash and e payments is not within reach. He argues that cash is still on the rise! Clive who has been referred to as “the best turnaround specialist you haven’t heard of” starts with his upbringing and great academic successes and then describes his experience at companies like Rolls Royce and Bae before taking up the challenge of turning around De la Rue whose future had looked challenging. Clive talks of the other business that sits alongside their globally deployed cash-production expertise, namely authentication and anti-fraud protocols. He explains why the authentication division is growing so fast, the theory behind a vaccine passport, tax stamps and their “traceology” platforms. He shines light on why these anti-fraud mechanisms have never been more relevant as counterfeiters have not locked-down and the value of such illegal actions are estimated by the WTO to exceed $2 trillion. Clive explains why he is excited about their future, why the 1000 patents they own have intriguing optionality, and why he has confounded the sceptics so far. Finally he offers some potent advice about dealing with turnrounds, his role model in running a business, who he would like to fly with his helicopter license, and why his most important daily habit is talking to his employees.

Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn In today’s conversation we are joined by Tracy Blackwell, CEO of the Pension Insurance Corporation (P.I.C.). Whilst this company may be below the radar screen for many, it is at the epicentre of an industry undergoing rapid transformation, and undertaking an essential investment activity that is critical to everyone; pensions. The historical importance of pensions is unchanged, from soldiers who served in the Roman armies who were guaranteed an income after they retired to employees in today’s enterprises. Tracy initially describes her journey as a daughter of a single Mother, growing up in Illinois, then moving to Malaysia, then to Business school and from there to Goldman Sachs. She describes rising to head up risk at Goldman Sachs’s asset management division, before her move to the Pension Insurance Corporation  Tracy takes us through an explanation of the fast-evolving £2 trillion market for private defined benefit pensions. She discusses the surprising fact that only four countries in the world have had such schemes and why companies and trustees increasingly recognise that managing the long term liabilities of their current and former employees’ pensions requires different skills from running their core business. She illustrates the immense changes underway in the insuring and management of pensions, describes the key forces at work, and the investable assets that meet regulatory requirements. She also explains the need for regulatory changes and the less-discussed flexibility leaving the EU might offer in this regard. She provides a case study, Philips, as to how the process works, the asset allocation challenges in today’s minimal yielding world, but why this vast pool of assets gives the UK an enormous opportunity to provide long-term financing for some of UK’s infrastructure and housing needs. The discussion refers to the work carried out entitled “purpose of finance”, a thought piece found on their website, and the inter-generational transfer that this pool of assets offers in long-term financing. Finally, Tracy reflects on being an American in the UK, offers advice for young, and why her favourite film is Gone with the Wind.

Enjoy our host, Simon Brewer, summarise the show here! The world of finance has a huge impact on all of us. Created by two industry veterans, this show aims to explore and unravel some of the mysteries surrounding the investing business. Whether you're a current investment professional, a student exploring career options, or just someone with an interest in the stories behind some of the most influential names in business, we hope you gain some helpful insights and enjoy the shows. Money Maze Podcast Newsletter: https://moneymazepodcast.us8.list-manage.com/subscribe?u=81be3573b8a8a1d2fe3530e77&id=53502604e7 Follow Us on LinkedIn: https://www.linkedin.com/company/the-money-maze-podcast/?viewAsMember=true Follow Us on Instagram: https://www.instagram.com/moneymazepodcast/

Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn Today we turn to music as an investment theme, and our guest has worked with the greats, from Elton John to Beyonce, and has been in the front row of the music business for nearly 40 years. He is CEO of Hipgnosis Songs Fund Ltd, a FTSE 250 company and the first UK investment company offering a pure play exposure to songs and music i.p. Music and back catalogues have seen growing investor interest and a number of vehicles have, and are being developed to offer investors access to long duration income streams, often via listed entities. Merck talks about growing up in Canada, making it to his first Kiss concert, working for Simon Draper and Richard Branson at Virgin records, before spending nearly 2 decades at Sanctuary music, where his client list featured some of the great musicians of all time. He talks about the changing nature of the music business, from the Bowie Bonds to the astonishing development that today over 90 % of US households have a music streaming subscription. From a discretionary purchase to a utility within a decade! Merck explains the current economics of the revenue splits, and why he believes that the artists have often not received a fair deal. He explains how a $12 monthly music subscription is split. He then details how Hipgnosis has acquired 57,000 songs and spent £1.2bn since listing on the London Stock Exchange three years ago, and why buying the highest quality catalogues of proven songs generates current and new revenue opportunities through song management. He talks about the rights once the catalogues are owned that endure 70 years after the artist’s death and whose revenues can accrue to investors. Equally he explains how owning the song allows you to take as an example, Blondie’s Heart of Glass and not just license it to Tik Tok, but reinvent it with current artists like Miley Cyrus. Merck talks about song selection, helping insert songs into movies and commercials, maximising song potential and how technology is changing the music business. He explains why London was chosen for the listing, reflects on some of the greats with whom he has worked and  concludes that the new world of Music, makes it compelling for investing and for job prospects. And the show closes with the great line….  “If you got the money honey, I got the time, and when you run out of money honey I run out of time”.

Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn In today’s interview we have the opportunity for a detailed conversation with a man who has been at the forefront of advertising and marketing communications for 5 decades. Founder of WPP, its CEO for 33 years, he is now the creator of S4 Capital, an entirely digital advertising and marketing business at the epicenter of a marketing and commercial revolution. Sir Martin describes his youth and upbringing, and the ambition that drove him, which he ascribes to his grandparents who arrived in the UK as refugees. He describes his path to Cambridge and Harvard Business School, working for Mark McCormack at IMG before joining Saatchi & Saatchi. He talks about the advertising world that was ripe for disruption, his decision to buy and build WPP into the world’s largest agency, and the battles and challenges and near-death corporate experiences en route. He describes what lies behind his staying power, ambition, and how S4 Capital was conceived. In a rapid time period, S4 Capital has become a major force in the new world order of digital communications and already has a market capitalisation of £2.6 billion. He describes the strategy around building a purely digital advertising and marketing services business, serving major companies around the world and why the Holy Trinity of first-party data, digital content and programmatic advertising will super charge the next wave of growth in the industry. He talks about growth through acquisition, partnerships and culture and the need today to build strong links directly to the consumer and the shifting emphasis to digital, and away from legacy advertising. He explains the dominance of the major tech companies, their evolution and current challenges, and what is going on in the minds of CEOs and their boards. Finally, there is some advice from one of the world’s great corporate warriors about resilience, determination and the need for speed in surviving and thriving.

Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn The Money Maze Podcast this week is re-uploading our episode with Sir Xavier Rolet, due to the topics covered last week with Sir Chris Hohn, who invested in the London Stock Exchange Group (LSEG) when Mr Rolet led the firm's transformation (find out more about this episode here).  Rolet talks in-depth about the reorientation he undertook whilst CEO of the London Stock Exchange and the succession of transformatory deals which he engineered, propelling the value of the company from under £1 billion to £14 billion in just 9 years. He goes into a detailed explanation of why “the only asset that creates wealth is equities”, why boardrooms are filled with people ill-versed in technology and innovation, and why France along with other European countries have failed to grasp the opportunity to develop the Googles and Amazons of Europe.  He then discusses why London has a good chance of retaining its pre-eminence as a financial centre, notwithstanding Brexit, because of its global reach in multiple areas of finance. Originally recorded in October 2020.

Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn In this episode we have the rare opportunity to talk to Sir Chris Hohn, founder of TCI, one of the world’s most successful hedge funds and benefactor of the $6 billion children’s charity (CIFF) and now agitator against corporations who are failing to properly address their climate change transition plans.  The conversation starts with an insight into Chris’s upbringing, the sharpened appetite he believes accompanied being a child of immigrants, his journey from school to Harvard Business School and then to the world of investing, first in private equity and then to public equity markets. He discusses key mentors as he was learning the investment business, his early experience investing before launching The Children’s Investment Fund and its evolving investment approach. Chris talks of the work undertaken at his charity (CIFF) which highlighted to him the impact climate change was having on poverty, child destitution and destruction of the planet. This evidence has driven Chris to the creation of “Say on Climate” (www.sayonclimate.org ) given that companies are responsible for 35% of global emissions, yet typically lack climate transition plans. Chris identifies the corporate behaviours that need addressing most urgently,  what corporations must do the effect proper change, and the potential consequences of inaction. He describes the Say on Climate AGM resolution which requires annual disclosure of emissions, the plan to manage them, and how they will be judged going forward. Chris talks about the dangers of passive investing with regard to this issue, the global variations in response, and the environmental downsides of bitcoin euphoria.  Finally, he talks about the examples set by Bill Gates and Warren Buffett, lessons for those early in their careers, and sound advice involving following your passion and thinking about who you want to become.

Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn Our guest today is Anne Richards, CEO of Fidelity International, who offer investment solutions, investment services and retirement expertise to more than 2.5 million customers globally. As a privately held, purpose-driven company with a 50-year heritage, they think generationally and invest for the long term. Fidelity International operates in more than 25 countries and with $706.3 billion in total assets, their clients range from central banks, sovereign wealth funds, large corporates, financial institutions, insurers and wealth managers, to private individuals. Anne describes her upbringing in Edinburgh, the decision to study electronic and electrical engineering, spending time at CERN, before going to INSEAD for an MBA. She describes the purpose of Fidelity International and the changing demands of the investing population. Anne discusses the ability of technology to serve clients (of whom they have 2.5 million!), as well as developing a culture that embraces and encourages the “brave/bold/curious/compassionate”.  Anne explains how ESG principles are embedded into all their research work and why their approach to ESG does not necessarily mean divestment is the optimal course. She talks about the decline of public market listings, the importance of research in public and private investing and giving their managers enough room for manoeuvre. Finally, she talks about her drive and hunger to have more women work in finance and gives great advice to “worry less” for those thinking about their careers.

Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn   Simon Hallett, former CIO of the $80 billion Asset manager, Harding Loevner, describes his journey from Plymouth, England, to Oxford University and then to Finance. Starting at Midland Bank, Simon moves to Jardine Fleming in Hong Kong, and he describes an amateurish investing world that was transforming, and his decision to swap continents and join Harding Loevner, then a start-up in 1989. Harding Loevner’s impressive 30 year track record in managing global equities is examined, with a discussion that covers behavioural biases, the need to restrict portfolio managers’ freedom, to the increasing reliance on quantitative disciplines to enhance the investment process. He describes the challenge of staying with winners and the difficulties of dealing with losing companies, in a portfolio context, and what happens when a firm’s assets halve three times in 30 years during bear markets and the challenge of swimming against the current. He explains why top-down thinking should be strictly limited in building an equity portfolio, why their firm has only 2 Bloomberg terminals and stock-price watching is actively discouraged. He also discusses the merits of being partially owned by Affiliated managers Group, AMG.  He then explains his decision to buy Plymouth Argyle Football club – heart over logic, possibly, but why the management of a football team and player selections have more in common with selecting stocks than you might think. Finally he gives some great advice to “keep your nose clean” and “ stay the course” – applicable for both football and investing.  

Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn In this Money Maze Podcast edition, we travel north east from the UK, beyond Norwich, and further than Hamburg, to a country of less than 6mm people, a country which has the oldest national flag, dating from 1219, and is consistently reported as having the world’s happiest people. Home to Lego and with some of the nicest people in the world, it’s Denmark of course. The guest on this podcast is a veritable Viking of the investment management industry, Bo Almar Knudsen, CEO of C Worldwide, formerly known as Carnegie. Bo starts by describing a little of it how it feels to be Danish, and of the respect and trust Danes have for their institutions. He speaks of their intrigue with travel beyond their borders which has been demonstrated with Danes travelling and settling around the world over the centuries, and in some ways mirrored in the global portfolio C Worldwide has managed for 30 years. Bo describes his decision to study in San Francisco as well as Denmark, then starting out at Danske Bank before beginning his own journey at Carnegie Asset Management in 1995. Today, his firm manage nearly $20 billion, and have achieved world class investment returns in their core equity portfolio which has made 60x an investor’s initial investment, outperforming the world equity index by 10 times! Bo details their investment approach, the very long term perspective they adopt, and speaks about the challenge of building a culture that encourages open dialogue and recognition of mistakes, but also of avoiding complacency and being patient. He makes an unusual point that the investment industry is one of the great time-wasters, whilst at the same time the challenge is to gain “lasting knowledge” and not be distracted by daily noise. Finally, as one of Denmark’s top veteran tennis players, he shares life lessons he has learnt from studying Roger Federer, why his favourite book is Sapiens by Harari, and his favourite band unexpectedly, is Depeche Mode. So - back to the 80s! To celebrate our upcoming episode with Simon Hallett (Former CIO of Harding Loevner), we are re-releasing our insightful chat with Bo Knudsen. Stay tuned for plenty more inspiring interviews!

Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn Established over 800 years ago in 1209, Cambridge University is one of the oldest surviving Universities in the world and has spawned more Nobel Prizes than any other institution. In today’s conversation we welcome Tilly Franklin their Chief Investment Officer, whose education includes Cambridge, Harvard and LBS. She discusses her academic experiences before her journey through McKinsey, Virgin, Apax and Alta prior to accepting the job at Cambridge University.   Tilly discusses some of the key skills she acquired at these institutions from understanding businesses at McKinsey to learning how to negotiate deals at Apax. She then discusses the goals of the Cambridge University Endowment, its target of achieving inflation +5% , the disbursements that have totalled nearly £1 billion over the last decade, and structuring the team since her recent arrival. She discusses their asset allocation and investment committee, their increasing allocation to private equity, the ownership of real assets which includes a large proportion of property and their search for less correlated assets. She unpicks the dilemma of the Endowment’s long term perspective and occasional agitations for policy change from students and provides a compelling insight into Cambridge’s work on the energy transition and the investment consequences. Tilly then discusses the charity she helped establish, GAIN, GIRLS ARE INVESTORS, a  community set to change the staggering lack of gender diversity in investment management, from the ground up. Finally she discusses why she enjoys her job, what a first time visitor to Cambridge should see, the challenge of raising two daughters against this current backdrop and some great advice to young folks who should worry less about “knowing what they want to do”!                

Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn It’s difficult enough to train to become a Doctor and then practice in some emerging countries with fragile health systems like Papua New Guinea. But then to switch tack completely, give all that up, win a place at Harvard Business School and join Goldman Sachs in asset management before going on to launch your own fund in emerging markets, may be considered brilliance or heresy, particularly when you come from Germany, a country that reveres technical expertise and is less enthusiastic about the merits of finance. So in this conversation I am delighted to unravel an unconventional journey and welcome Dr Christina McGuire, CEO of Elephant Asset Management as our guest. We discuss her upbringing and German attitudes to finance, before touching upon her medical journey, her decision to go to Harvard Business school and then join Goldman Sachs. She discusses working and investing in China, the skills taught and culture encouraged at Goldmans, before she explains her decision to go it alone. She describes the investment approach of her firm Elephant Asset Management, where she manages a concentrated, stock-specific, emerging market equity fund. She explains her philosophy and style, detailing geographic, sectoral and company disciplines as well as the significant opportunities created by the post-Covid world for her domestically-focused companies. She describes the due diligence process, the need to eye ball CEO and CFOs and why she believes company visits and sitting in the staff canteen of investing companies are great ways to gauge culture, and sense the mood. Christina also explains why the S&G in ESG are significantly more measurable in the countries in which she invests. Finally Christina talks about how women should really think about asset management as a career, and offers some other great advice for young people thinking about their futures. To celebrate our upcoming episode with Tilly Franklin, CIO of the Cambridge University Endowment Fund, we are re-releasing some past interviews with other inspiring women in finance. In this episode, Simon spoke to Dr. Christina McGuire, who discusses her extraordinary journey from working as a doctor in low income countries to becoming an emerging market equity fund manager.  Are you a young woman looking to break into the investment industry? Discover free resources, news, events and support at www.gainuk.org. To learn more about the charity, listen to our new episode with Tilly Franklin, who co-founded the organisation (alongside running the endowment fund of one of the world's most renowned universities!). The full interview is out tomorrow, so stay tuned!

Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn Helen Watson describes her untypical journey into finance. After attending multiple schools and then being advised to go to secretarial college, Helen finds a job in finance in Gibraltar before moving and being hired by Morgan Stanley in London. From there, starting as a sales assistant, she overcomes initial resistance to win a place on the Morgan Stanley graduate training programme and becomes a broker. She describes the “terrifying” experience of beginning to call clients, and her subsequent route to become the first female Managing Director in their Private Wealth Division in Europe. Her journey then takes her to Rothschild & Co’s Wealth Management business, where she rises to become CEO, a Partner and member of their Group Executive Committee. She talks about the consistent problem of wealthy families losing their wealth within two generations, the underlying causes, and suggestions to overcome this including; candour, communication, clearer planning, good partners and a dose of discipline in staying the course! She discusses the Rothschild & Co investment approach, the importance of preserving real purchasing power, setting the right benchmarks and expectations, as well as managing difficult market episodes. Finally, Helen offers some invaluable insights for women in the work place, advice for progressing, encouraging cognitive diversity in the hiring process and why portfolio and wealth management are well suited for women. Finally, she discusses the relevant topic of the cost/benefit of attending university and why it may be becoming a less inevitable path than has traditionally been thought. To celebrate our upcoming episode with Tilly Franklin, CIO of the Cambridge University Endowment Fund, we are re-releasing some past interviews with other inspiring women in finance.  In this episode, Simon enjoyed an enlightening discussion with Helen Watson, CEO of Rothschild & Co., Wealth Management (UK), who describes her untypical journey into finance.  Are you a young woman looking to break into the investment industry? Discover free resources, news, events and support at www.gainuk.org. To learn more about the charity, listen to our new episode with Tilly Franklin, who co-founded the organisation (alongside running the endowment fund of one of the world's most renowned universities!). The full interview is out tomorrow, so stay tuned!

Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn Today’s episode comes from Madrid - Europe’s 3rd biggest city and the highest European capital, and with a different tack for the Money Maze Podcast we are going to explore the changing landscape of education and it ability to better arm you to get ahead in the evolving commercial world. We welcome Santiago Iñiguez de Onzoño, President of IE University which is increasingly recognised both for its campus-based, and on-line MBA, as well as its wider educational programmes. He is one of 500 Global LinkedIn influencers and has been portrayed by the Financial Times as “one of the most significant figures in promoting European business schools internationally”. Santiago talks about IE Business School, why its online MBAs have been ranked no 1 in the world by the FT & Economist for 3 consecutive years and why it is now one of the top 10 business schools globally. It is also scores amongst the highest for both the post MBA salaries and  employability its graduates achieve. Santiago talks about IE’s origins, evolution and ambitions, its WOW learning room and why it was so early in the provision of online education. He talks about the merits of a hybrid campus/online approach to learning and why education is now more important than ever before. The conversation moves to teaching leadership, and the problem with the old understanding of what constituted “leadership”. Then the discussion moves on to the need to re-learn continuously given lengthening life-expectations and likely multiple careers. Finally he finishes with some great advice about how Universities need to rethink their model to attract older students, and some of the compelling attractions of studying in Spain.

Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn Maarten Slendebroek is currently Chairman of Robeco’s Supervisory Board, the Dutch investment powerhouse, former CEO of Jupiter PLC , and prior to that, member of Blackrock’s global operating committee. Maarten describes his Dutch/Swedish upbringing, studying Law at the University of Leiden, and from there to finance, beginning as an equity analyst at the emergence of individual European company research. He describes his journey through Merrill Lynch and then Blackrock. Then, in the aftermath of the 2008 Great Financial Crisis how he responded to Larry Fink’s request that he drive Blackrock’s Aladdin platform, initially in conjunction with the UK Treasury, to help analyse pools of complex debt securities. This proved invaluable to Blackrock’s subsequent growth given the troubled asset portfolios held at UK and European Financial Institutions which in many cases were too complex to unravel by the existing management teams. Maarten describes his decision later to go to Jupiter where he became CEO and discusses the challenge of scale and specialisation in asset management. He analyses what is needed to be successful in this rapidly-evolving industry, and the challenge of being a listed asset management company in a market place where investors crave growth. He then moves to Robeco, where he is currently Chairman of the Supervisory Board. Robeco, “the investment engineers”, has existed for nearly 100 years but now is a leader in active investing underpinned by an early and profound embedding of ESG and sustainable principles into their process. Maarten describes the active v passive, quant v orthodox and growth v value debates. The conversation drills down into factor investing and why Robeco has been recognised by peers and institutions such as Morningstar as an early mover and leader in ESG. Maarten then talks about the post-Brexit Landscape for UK financial services, Europe’s path to Federalism and where he has been investing his own personal money, including a discussion on the UK Value opportunity. He then talks about Mintus, a Fintech venture he is invested in, which is seeking to create exchange-based liquidity allowing for fractional ownership, from real-estate to oil rigs to vineyards. Finally Maarten gives some powerful insights from his experiences, set-backs, those who inspired him, through to advice for young people, the wines he loves and the two people he would chose to spend a day skiing with.

Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn Tony Dalwood studied Economics and Accounting at Bristol University and then Management and Business at Cambridge, where he took his post graduate degree and won a Blue playing Rugby. He then played Rugby for Saracens and Rosslyn Park, before his journey into Asset Management.    He talks of his career, beginning as a value-orientated equity manager, and his transition into the world of private equity, at that stage, an embryonic asset class. He discusses his subsequent roles as CEO of Schroder Ventures (London), and work as Chairman of the London Pensions Fund Authority Investment Panel.   The conversation moves to life as CEO of Gresham House, a quoted company investing in alternative assets. He discusses real asset investing, describing the investment characteristics and approach to investing in Forestry, New Energy, Housing and Infrastructure.  He then talks of today’s narrow equity markets, some of the parallels with the situation 20 years ago, and of today’s equity market disenchantment with the approach to value investing.   Finally he discusses small cap investing in the UK, the challenges facing public markets and the likely composition of portfolios in the future.

Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn Sir Ronald Cohen’s extraordinary story begins in Egypt in 1956 where the Suez crisis has taken place and Egyptian Nationalism is on the rise, forcing his family to leave everything and flee to England, not even speaking the language. Armed only with ambition and hope and hard work,  he gets into grammar school, wins a scholarship to Oxford, then to Harvard Business school and moves on to build one of the largest venture capital  firms in the world, APAX. Over the last 20 years, he has been invited to advise Governments, chaired the G8 task force for impact investment, helping drive the revolution to rethink the way we invest. Along the way he has authored 3 books, the most recent Impact, which has just been released. He has sat on the University of Oxford Investment Committee, been a member of the Board of Dean’s Advisors at Harvard Business School and Vice-Chairman of Ben Gurion University.  He talks about the opportunities created by attending Oxford and Harvard, his journey to help create the UK Venture Capital industry, founding Apax, and the role private equity plays in developed economies, including discussing some of its perceived drawbacks. The conversation moves to entrepreneurship, and his first book,  “The Second Bounce of the Ball – Turning Risk into Opportunity” and the critical role, job-creation will play in the post Covid landscape. This leads to his thoughts on the profound importance Impact Investing must, and will play, and its essential role in the evolution of capitalism.  Specifically he discusses the need to have company accounts properly measure impact and how this sub-sector of the investment management industry is accelerating as evidenced by the growth of the Social Impact Bond (SIB) and Harvard’s impact-weighted accounts. The conversation moves on to discuss how and what Governments should do, the evolution of philanthropy in this environment, and advice for young people thinking about careers and finally his perspectives on an extraordinary journey.

Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn Today we have the intriguing prospect of our youngest guest so far on the Money Maze Podcast, allied to one of the world’s oldest academic institutions, Oxford University. Jack Edmondson, nominated in 2019 as Institutional Investor Magazine’s 3rd most wanted Allocator in the world, is a CFA Charter holder, holds an MBA with distinction from the Saïd Business School at Oxford and a first-class degree in history from Durham University. He is an alumnus of both Mercury Asset Management and Mckinsey and is an Associate Fellow at the Said Business School and member of the faculty at the Blavatnik School of Government, both in Oxford. His day job is to help OUEM try to meet its goals as their deputy CIO. Jack describes his background and his work at both McKinsey and Mercury Asset Management and in private equity before moving to Oxford to join Sandra Robertson (CIO) to help build the Oxford University Endowment. Jack describes managing an endowment with its underlying permanent capital and multi-generational outlook, before explaining the investment target of producing a 5% real return per annum. He articulates their investment philosophy, which involves fundamental research, partnering with specific skill sets and talent, and making investments in both public and private equities. He discusses their current asset allocation, the challenge of finding exceptional managers, the active v passive debate and why he believes future returns will be lean, but also where opportunities may lie. Jack discusses thematic investing and the traps of excessive reliance on Macro forecasts to drive investment decisions, before explaining why Oxford as a location offers some distinct advantages over cities like London. He also explains that OUEM manages money for some long-term orientated pools of capital and also the relationship with the University. Finally, Jack reflects with straightforward honesty on investing mistakes he has made and life lessons learnt, as well as offering advice to those starting out in the business.

Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn In this episode we travel to Shanghai to talk to Chingxiao (best known as Ching) about equity investing in China. She starts by giving us a sense of life currently living in Shanghai and reflects on how the Chinese authorities have handled the crisis. She then describes her upbringing and education before explaining her immersion into the world of finance with Barings. The conversation analyses the market capitalisation of the Chinese stock markets relative to GDP and compared with the US, given they are now similar sized economies yet China’s stock market capitalisation is 1/10th that of the US. Ching explains the significant extent to which Chinese companies are under-researched and commensurately the opportunities for strong potential returns and outperformance, and her excitement given the immense developing domestic market. She describes her decision to establish her own firm, Red Gate Asset Management, an equity manager with excess of $1 billion under management, and details the investment process which starts with filtering the 6,000 company universe into a workable subset, from which Ching and her team build a concentrated, long-term portfolio. With a relentless focus on investing with conviction, aiming to own quality growth companies, but bought at reasonable prices, she explains why being “on the ground” matters, and gives an edge. She explains, humbly, how they were selected by one of the world's largest sovereign wealth funds to manage China allocations, and the key investment lessons learned along the way. Ching describes the mistakes that she believes has made them better investors, the red lines that prevent them selecting certain types of companies, and the topical issues of regulation and fraud. Finally she offers her thoughts on the Chinese love of gambling and stock market speculation, China’s place on the world stage, advice for young people thinking about finance and why above all else, she believes education is the critical component of success.

Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn In this second episode with Niall Ferguson, the conversation is an honest assessment of why he believes China and its political philosophy and approach are alien to Western values, and represent a clear and present danger. Niall explains how much has changed since Henry Kissinger’s historic mission to China in 1971, why belatedly Western Governments are increasingly recognising this but why the US remains a magnet for human talent, unlike China. The discussion continues on to the dangers posed by Islamification and the response by leaders such as President Macron and why job creation or its absence intensifies the problem. Niall then talks about the cost/benefit of University education, the parallels of this technological revolution with that of the introduction of the printing press and his thoughts on where he wants to invest. A veritable tour de force!

Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn We are thrilled in this episode, to share a discussion with Niall Ferguson, one the world’s greatest historians, authors and commentators. Niall is a  Senior Fellow at the Hoover Institution, Stanford University, as well as current or past lecturer at Harvard, Oxford, LSE and visiting professor at Tsinghua University, Beijing. In this first of two podcasts, this conversation gives the listener an opportunity to hear how Niall Ferguson analyses the current pandemic when compared with the historical precedents of other catastrophes. He talks about failure of many western Countries to learn lessons from those, many in Asia, who acted with coherent policies, and where the fault lines lie. This gives a taste for his upcoming book Doom & The politics of Catastrophe This conversation then moves to the monetary responses of the financial authorities. He discusses the issue of debasement of money, explosion of debt and the inflationary implications of such episodes, as well as mechanisms to remedy these unsustainable imbalances. Niall assesses the merits of bitcoin, gold and those countries like Italy, for whom the debt trap is immense.

Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn Franklin D Roosevelt wrote “Real estate cannot be lost or stolen, nor can it be carried away. Purchased with common sense, and managed with reasonable care it is about the safest investment in the world “. It’s a good time to discuss the topic of real estate, which is central to so many of us. Whether it’s your home, commercial property, farms and estates, whether it’s to live in or to invest in, whether in the UK or around the world. So this episode’s guest sits at the epicentre of the world of real estate; Mark Ridley, Group Chief Executive of Savills. The conversation begins with a review of current forces in residential property, before discussing the challenges facing UK retail space, supply and demand trends in commercial property and a discussion around new working practices and their implications for office space. Mark discusses the investment opportunities in various segments of the markets, what he sees in current overseas demand, the opportunities in Asia and also in the less liquid segments such as agricultural land. Mark also talks about the real estate asset management portion of the Savills business and his own vision for the firm. Mark discusses the implications if inflation reasserts itself, re-purposing of retail space into residential and why he is positive about property from an investing perspective and as a place to work. Sign up to our newsletter and never miss a release! | Visit our website | Follow us on LinkedIn | Follow us on Twitter

Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn When your mother escapes from N Korea, risking incarceration or possible execution if caught, to pursue a better life and harbouring a remote dream that she might eventually make it to the USA, which becomes reality, it may not be surprising  that her daughter, is also motivated to achieve great things. But it takes particular resolve to attend Harvard Business School, become the WSJ’s foreign correspondent and bureau chief, then domestic Policy Advisor to Vice President Al Gore, Chief of Staff of the Council of Economic Advisers and hold senior policy positions in the Clinton Administration And if that wasn’t enough of a career for most mortals, then to change tack again, join Morgan Stanley and ten years later be their Chief Sustainability Officer, shows formidable appetite and foresight. So this episode’s guest is Audrey Choi and she shares her voyage from daughter of a North Korean escapee to an illustrious career in journalism, politics and finance. She talks about how her ringside seat interviewing corporate leaders and then designing policy, equipped her to then pivot to develop and implement strategic thinking about sustainability within a leading investment bank. She talks about the size of the capital markets opportunity, the pace of adoption, how sustainable investing has produced enhanced risk-adjusted returns and can lower the cost of capital for corporates. Finally, Audrey talks about the change in perception around corporate brands, some of the key skills Audrey wants to see in hiring young people, and candidly recognises that luck plays an important part on one’s journey and the need to respond to opportunities as they appear.

Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn Today, with great thanks to Rothschild and Co for allowing us to publish this conversation, we are delighted to have the opportunity to talk to Anthony Scaramucci. Anthony needs little introduction, but he is an entrepreneur, investor and political consultant. Having studied at Harvard Law School, he worked at Goldman Sachs, set up Oscar Capital Management, subsequently sold it and later established Skybridge Capital Management. He was appointed the White House communications director in 2017,was dismissed by Donald Trump 10 days later, is now a Biden supporter and a regular on US television. In this timely, if different conversation for the MoneyMaze Podcast, Anthony describes his political odyssey, culminating in working in the Trump transition team and then being appointed communications director. He speaks about Donald Trump’s modus operandi, before discussing the current election situation. The conversation covers the infamous pre-election debate, the respective economic plans of Trump and Biden and given the age of the contenders, the potential Vice Presidents. Anthony discusses who might win and what the might win control of, before discussing some wider related issues, in a candid, engaging and humorous conversation. Recorded on October 20th, 2020 Simon Brewer is a Senior Advisor to Rothschild & Co’s Wealth Management Division.

Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn Today is a first for us, to welcome both a Grande Chancellerie de la legion d’honneur (the highest French decoration to reward the most deserving citizens) and a KBE (Knight of the British Empire, 2015). Sir Xavier Rolet was listed in Harvard’s 2017 Business Review as one of the best 100 CEOs in the world, recorded in Debrett’s as one of the most influential people in finance, was a former Member of PM Cameron’s business advisory group, and previous head of the London Stock Exchange. He describes a career in finance that began with a decade at Goldman Sachs which in turn prepared him to run the European Equity and risk businesses for several major financial institutions. In addition, having been CEO of Lehman Bros France, he offers his views on the reasons for Lehman’s ultimate collapse. Xavier shares his thoughts on the imperative to encourage technology and innovation for those managing businesses and making boardroom appointments, and why he believes Europe’s addiction to debt finance, and discouragement of equity finance has exacerbated its transition to the slow lane of global growth. He talks about the reorientation he undertook whilst CEO of the London Stock Exchange and the succession of transformatory deals which he engineered, propelling the value of the company from under £1 billion to £14 billion in just 9 years. He goes into a detailed explanation of why “the only asset that creates wealth is equities”, why boardrooms are filled with people ill versed in technology and innovation, and why France along with other European countries have failed to grasp the opportunity to develop the Googles and Amazons of Europe. He then discusses why London has a good chance of retaining its pre-eminence as a financial centre, notwithstanding Brexit, because of its global reach in multiple areas of finance. The conversation switches to wine as he discusses Chene Bleu the Super-Rhone he and his wife own in ChateauNeuf du Pape, their top to bottom organic approach and processes, and the challenge for wine makers facing climate change. He talks about racing the Paris-Dakar rally, provides unconventional advice for the young to back innovators, not join mainstream firms and the opportunities that exist in a fragmented but exciting world. This show is full of gems – Formidable!  

Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn Today’s guest is a Russian-born, Australian-educated management consultant working at the epicentre of the data-driven revolution which is shaking the established corporate and investment orders. Our guests on this show manage businesses and money, and they need to understand where their industry is moving, its likely trajectory and the skills that will be required. In essence, how they should adapt, for as John F Kennedy observed “Change is the law of life, and those who look only to the past or present are certain to miss the future” So in this episode, we discuss the evolving world of management consultancy and how their advice to companies is shifting. The discussion begins with Irene’s escape from Russia, her upbringing in Australia and first employment at Pilkington Glass before moving to consultancy, initially at KPMG, then starting her own firm Molten before selling it to SIA partners. SIA partners today consults with 100 of the Global Fortune 500, specialising in the areas of AI, and data-led consulting, known as Consulting 4.0. Irene talks about changing business practices, the essential need for data to inform and improve decision making, from developing models to advise hotels on Airbnb pricing, to helping the French Alpine meteorological service improve predictions of avalanche dangers. She talks about communication in a zoom-altered world, the office of the future and debates whether younger employees can attain “equity” in their working relationships if done remotely. Finally Irene reflects on the resilience she acquired along the way, the qualities she looks for in hires, how firms can retain female employees more effectively and shares some lessons and advice from running her own business.

Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn Many ambitious people aspire to build a truly successful business, and inevitably, only some succeed. Yet to start with a small buy-out which nearly 40 years later has evolved into one of the UK's largest Asset Management groups with over £500 billion in assets, employing 10,00 people and with offices in 50 cities, as well as being a member of the FTSE 100, is quite an achievement. So in this podcast, to discuss the asset management industry and its future, we’ve gone north to Scotland, which as JK Rowling observed, is “one of the most hauntingly beautiful places in the world” and we are delighted to have as our guest the man who built and ran Aberdeen Asset Management, and which post-merger, became Standard Life Aberdeen. Martin describes his schooling and University in Aberdeen, where he studied law and accountancy, and how within a short space of time, in 1983, he and two other alumnae from Robert Gordon's College  agreed to buy Aberdeen Asset Management. He talks about expansion into Asia, growth by acquisitions and integrating firms and cultures, and how a mix of serendipity and strategy played their parts in expansion. He describes the motivation for Aberdeen to merge with Standard Life and the opportunities he believes it offers. The conversation extends to the future of Asset Management, the need for greater differentiation through philosophy and style, fee pressures, active versus passive, and the qualities he believes make for a great fund manager. We then discuss the current outlook and monetary regime, the future of fossil fuels, and the Scottish independence question that won’t go away, despite compelling economic arguments for the status quo. Martin then discusses being Chairman of Revolut, being on the board of Glencore, and his experience when on the board at Sky during the bidding process. Finally Martin talks about dealing with difficulties when they confronted him, and his perfect golfing day.

Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn Sir Ronald Cohen’s extraordinary story begins in Egypt in 1956 where the Suez crisis has taken place and Egyptian Nationalism is on the rise, forcing his family to leave everything and flee to England, not even speaking the language. Armed only with ambition and hope and hard work,  he gets into grammar school, wins a scholarship to Oxford, then to Harvard Business school and moves on to build one of the largest venture capital  firms in the world, APAX. Over the last 20 years, he has been invited to advise Governments, chaired the G8 task force for impact investment, helping drive the revolution to rethink the way we invest. Along the way he has authored 3 books, the most recent Impact, which has just been released. He has sat on the University of Oxford Investment Committee, been a member of the Board of Dean’s Advisors at Harvard Business School and Vice-Chairman of Ben Gurion University.  He talks about the opportunities created by attending Oxford and Harvard, his journey to help create the UK Venture Capital industry, founding Apax, and the role private equity plays in developed economies, including discussing some of its perceived drawbacks. The conversation moves to entrepreneurship, and his first book,  “The Second Bounce of the Ball – Turning Risk into Opportunity” and the critical role, job-creation will play in the post Covid landscape. This leads to his thoughts on the profound importance Impact Investing must, and will play, and its essential role in the evolution of capitalism.  Specifically he discusses the need to have company accounts properly measure impact and how this sub-sector of the investment management industry is accelerating as evidenced by the growth of the Social Impact Bond (SIB) and Harvard’s impact-weighted accounts. The conversation moves on to discuss how and what Governments should do, the evolution of philanthropy in this environment, and advice for young people thinking about careers and finally his perspectives on an extraordinary journey.

Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn It’s difficult enough to train to become a Doctor and then practice in some emerging countries with fragile health systems like Papua New Guinea. But then to switch tack completely, give all that up, win a place at Harvard Business School and join Goldman Sachs in asset management before going on to launch your own fund in emerging markets, may be considered brilliance or heresy, particularly when you come from Germany, a country that reveres technical expertise and is less enthusiastic about the merits of finance. So in this conversation I am delighted to unravel an unconventional journey and welcome Dr Christina McGuire, CEO of Elephant Asset Management as our guest. We discuss her upbringing and German attitudes to finance, before touching upon her medical journey, her decision to go to Harvard Business school and then join Goldman Sachs. She discusses working and investing in China, the skills taught and culture encouraged at Goldmans, before she explains her decision to go it alone. She describes the investment approach of her firm Elephant Asset Management, where she manages a concentrated, stock-specific, emerging market equity fund. She explains her philosophy and style, detailing geographic, sectoral and company disciplines as well as the significant opportunities created by the post-Covid world for her domestically-focused companies. She describes the due diligence process, the need to eye ball CEO and CFOs and why she believes company visits and sitting in the staff canteen of investing companies are great ways to gauge culture, and sense the mood. Christina also explains why the S&G in ESG are significantly more measurable in the countries in which she invests. Finally Christina talks about how women should really think about asset management as a career, and offers some other great advice for young people thinking about their futures.

Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn In a slightly different conversation for the MoneyMaze Podcast, Anthony St John shares his fascinating journey and set of insights. He is a Parliamentarian, Non-Executive Chairman of Yellow Cake Plc the Uranium holding Company, Chairman of Strand Hanson, an independent Advisory boutique with a strong African orientation, and Chairman of IDH, the health care provider in the Middle East and Africa. At the same time, he is one of 90 hereditary peers elected to remain in the House of Lords, is Lord in waiting to the HM the Queen and currently Vice Chairman of the All Party Parliamentary Africa Group and former friend of Nelson Mandela. Educated in South Africa and then the UK, he talks of his arrival in the UK to take his seat in the House of Lords and how he was initially hugely inhibited by a stutter that was reminiscent of the King’s Speech. In our conversation he speaks of his journey from Lawyer, to working in China, Oil Analyst, to Chairman of three companies and also managing his Parliamentary duties. Our discussion covers investing in Africa, cyber security, Uranium and its role in the evolving debate about energy sources, and his relationship with Nelson Mandela. Anthony gives some powerful advice to young people thinking about their future and some additional tips for navigating life’s veritable money and other mazes!

Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn Our guest today is Morgan Stanley’s former chief global strategist and for the last 25 years head of Independent Strategy, a research group who advise Governments, Sovereign Wealth Funds and influential financial institutions about the global investment and geopolitical outlook. His views have long been sought after, are often contrarian but remain typically revered. David’s journey starts with his early years in Ireland, attending Trinity College, then working for ICI in Belgium, before going to INSEAD which provided a springboard for a move into financial services. First at JP Morgan where he rose to become head of strategy and then Morgan Stanley where from its infancy in Europe he became their European and then Global Strategist. David has authored some brilliant & extraordinarily accurate pieces & predictions, Perestroika predicting the collapse of the Soviet Union, Pricing Power to the People about the internet’s revolutionary impact on lowering prices, and more recently his view of the post Covid landscape and a return to National Economics. David describes how his, at-times, controversial pieces of research did not suit large financial institutions and how he established his company, Independent Research, to fill a gap of providing long term, often contrarian, thought-provoking research. The conversation puts the spotlight on China and its geo-political and economic ambitions. Living in Hong Kong for over a decade, David has a ringside seat to comment on the potential “New Cold War”, to discuss why censorship and China’s political model has crushed freedoms of cultural and other expression, and yet why China might also be overestimating its strength. David goes on to discuss implications for the post Covid world. He explains why he expects a changed global architecture to emerge after the pandemic. Big governments, he argues, will supply an increased proportion of demand whilst trying to inflate away debt; Why the world for the Mega Tech platform companies will alter, perhaps in an unexpected way, and why he believes goods will become more expensive as de-globalisation unfolds. Within this, he explains why he sees Europe as a winner. Finally he talks about the big asset allocation decisions he would make and some pithy advice for younger listeners weighing up career options.

Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn In this Money Maze Podcast edition, we travel north east from the UK, beyond Norwich, and further than Hamburg, to a country of less than 6mm people, a country which has the oldest national flag, dating from 1219, and is consistently reported as having the world’s happiest people. Home to Lego and with some of the nicest people in the world, it’s Denmark of course. The guest on this podcast is a veritable Viking of the investment management industry, Bo Almar Knudsen, CEO of C Worldwide, formerly known as Carnegie. Bo starts by describing a little of it how it feels to be Danish, and of the respect and trust Danes have for their institutions. He speaks of their intrigue with travel beyond their borders which has been demonstrated with Danes travelling and settling around the world over the centuries, and in some ways mirrored in the global portfolio C Worldwide has managed for 30 years. Bo describes his decision to study in San Francisco as well as Denmark, then starting out at Danske Bank before beginning his own journey at Carnegie Asset Management in 1995. Today, his firm manage nearly $20 billion, and have achieved world class investment returns in their core equity portfolio which has made 60x an investor’s initial investment, outperforming the world equity index by 10 times! Bo details their investment approach, the very long term perspective they adopt, and speaks about the challenge of building a culture that encourages open dialogue and recognition of mistakes, but also of avoiding complacency and being patient. He makes an unusual point that the investment industry is one of the great time-wasters, whilst at the same time the challenge is to gain “lasting knowledge” and not be distracted by daily noise. Finally, as one of Denmark’s top veteran tennis players, he shares life lessons he has learnt from studying Roger Federer, why his favourite book is Sapiens by Harari, and his favourite band unexpectedly, is Depeche Mode. So - back to the 80s!

Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn Goldfinger, Goldeneye, the Man with the Golden gun; James Bond escapism or a guidepost to financial survival? From the Phoenicians to today where China appears to have accumulated the largest Gold reserves of any Government in the world, it may be one of the few defences against the money printing and currency debasement of Governments, yet it continues to divide opinion. To help unravel this, the MoneyMaze Podcast is delighted to welcome Evy Hambro, C.I.O. of Blackrock’s natural resources team and manager of the Blackrock Gold and General Fund, one of the world’s largest Gold and precious metals funds. Evy first discusses going to Newcastle University to take a degree in agricultural marketing. Then inspired by work experience, and the backdrop of a family steeped in gold trading and gold investing, Evy describes joining the legendary Gold investor, Julian Baring, on leaving University. Evy gives his thoughts on allocations to the gold complex, the low current weightings versus history, and why the current environment of zero or negative rates creates a positive tailwind for investing in a mix of gold bullion, silver and related mining companies. He speaks about the balance mining companies must strike between the need to explore with the need to return cash to shareholders and avoid value-destructive projects. The conversation broadens into other metals; Silver, Platinum and Iron Ore and how the portfolio has changed over time. Evy addresses the question as to how mining companies need to recognise their environmental obligations and the challenges of operating in a post Covid world. He also speaks about the sustainability agenda that is increasingly key to Blackrock’s corporate DNA. Finally, he discusses how the mining industry needs data scientists as well as engineers as technology revolutionises mining processes, in a manner which will surprise many of us. In conclusion he talks about his charitable commitments, First World artists and why he particularly loves living in the countryside.

Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn Helen Watson describes her untypical journey into finance. After attending multiple schools and then being advised to go to secretarial college, Helen finds a job in finance in Gibraltar before moving and being hired by Morgan Stanley in London. From there, starting as a sales assistant, she overcomes initial resistance to win a place on the Morgan Stanley graduate training programme and becomes a broker. She describes the “terrifying” experience of beginning to call clients, and her subsequent route to become the first female Managing Director in their Private Wealth Division in Europe. Her journey then takes her to Rothschild & Co’s Wealth Management business, where she rises to become CEO, a Partner and member of their Group Executive Committee. She talks about the consistent problem of wealthy families losing their wealth within two generations, the underlying causes and suggestions to overcome this including; candour, communication, clearer planning, good partners and a dose of discipline in staying the course! She discusses the Rothschild & Co investment approach, the importance of preserving real purchasing power, setting the right benchmarks and expectations, as well as managing difficult market episodes. Finally, Helen offers some invaluable insights for women in the work place, advice for progressing, encouraging cognitive diversity in the hiring process and why portfolio and wealth management are well suited for women. Finally, she discusses the relevant topic of the cost/benefit of attending university and why it may be becoming a less inevitable path than has traditionally been thought.

Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn As a FTSE 100 company, managing over £100 billion for 750,000 clients, St James Place (SJP) has been a great financial success story and today is the UK’s largest wealth manager. Chris starts by describing his journey, studying economics at Hull University, learning key early life lessons working first at Cazenove then Fidelity, before taking up the position as Chief Investment Officer for St James Place. During that period, 2009-2020, the market value of the company grew rapidly and today has a stunning 97% client retention rate. Chris describes the approach SJP has to building portfolios, through identifying and working with a range of global external managers across asset classes and styles. Unlike many wealth management firms, they use external Funds, do not select individual stocks, and have developed deep, long term relationships with fund managers to whom they have access.  He also discusses their approach to developing long-term relationships with clients and their families who are served by the SJP “partnership structure”. The conversation moves to the huge intergenerational wealth transfer taking place in the UK and the academy SJP run to train their advisors. Career opportunities in the wider wealth management business in the UK is also discussed, referring to an earlier MoneyMaze Podcast where Schroder’s CEO, Peter Harrison refers to the shortage of trained advisors and the growing “advice gap”. Chris goes on to talk about their approach to investing in private equity and debt, the challenges of active versus passive, and their approach to the growing demand from investors for more clarity in ESG matters.  A discussion follows about the SJP experience with the Woodford Funds, and then on defending the criticism sometimes made about SJP’s opaque fee structure.  Finally Chris talks about his love of rock climbing and admiration for the climbing legends, and of his new passion, kite-surfing, which offers him the potential to be bruised both by markets and his main hobby!

Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn Dave Yarrow is considered one of the world’s greatest photographers. 3 former US presidents have his masterpieces adorning their walls, along with a string of actors and sports personalities and he oversees a multi million dollar fine-art business. He has helped raise $8 million for charity, and his energy and passion for his work mean that up to the outbreak of coronavirus, he had not spent 18 Days in the same place in the last 2 years. This is all after spending the first 25 years of his life in the city, first as a broker and then starting his own Hedge Fund, Clareville Capital, which he ran for 17 years. Dave Yarrow talks about his youth, growing up in Glasgow, and his passion for photography that led him to take the iconic shot of Maradona in the Azteca Stadium, trophy aloft, at the 1986 Mexico World Cup. He talks about his reasons for joining the City, and the journey from broking to establish his own hedge fund, Clareville Capital in 1997. He gives a frank assessment of the highs and lows of managing money, and the capricious nature of the investing community. Having continued to take photographs, and with marital and business difficulties weighing on him, he takes the leap to start DY Photography. This second career reveals an enthralling story into a  world which required developing new skills and understanding where the opportunity lay. As with money management the key lay in great groundwork and research before careful execution. He describes how he became “a photo-maker, not a photo-taker” and how he has grown a business built on extraordinary shots, with compelling animals, people, and iconic settings and shots. He talks about navigating the maze of social media and helping raise over $8 million for charities. Finally, he gives his advice for today’s youth thinking about their future. What a journey.

Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn Mark Mobius, who has been referred to as the Godfather of Emerging Markets, was named as one of the 50 Most Influential People in 2011.  Author of several books, he received the Life Time Achievement Award in Asset Management, started the Templeton Emerging Markets Fund which grew to $40 billion, and in 2018 opened Mobius Capital Partners. He describes being born in New York to German and Puerto Rico parents, his degree from Boston University, a PhD from MIT, and studying in Japan in the 1960s. He talks about his journey from academic life to research and then asset management, and the opportunity to join legendary investor Sir John Templeton and create their emerging market fund, as well as sharing some lessons and advice learned from him. He discusses his investment approach, the opportunities and pitfalls of investing in developing markets and navigating a passage which can include volatile currencies and regime change. Against consensus he explains why it is important to visit countries and companies you are investing in as opposed to relying on conference calls. He reflects on the approaches taken to deal with Covid 19, his preferred investing destinations today, and why shareholder activism is becoming a powerful force in emerging economies. Before sharing the tale of his escape from a shoot-out in the Philippines, he offers some honest but direct advice for the young thinking about careers.

Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn Tony Dalwood studied Economics and Accounting at Bristol University and then Management and Business at Cambridge, where he took his post graduate degree and won a Blue playing Rugby. He then played Rugby for Saracens and Rosslyn Park, before his journey into Asset Management.    He talks of his career, beginning as a value-orientated equity manager, and his transition into the world of private equity, at that stage, an embryonic asset class. He discusses his subsequent roles as CEO of Schroder Ventures (London), and work as Chairman of the London Pensions Fund Authority Investment Panel.   The conversation moves to life as CEO of Gresham House, a quoted company investing in alternative assets. He discusses real asset investing, describing the investment characteristics and approach to investing in Forestry, New Energy, Housing and Infrastructure.  He then talks of today’s narrow equity markets, some of the parallels with the situation 20 years ago, and of today’s equity market disenchantment with the approach to value investing.   Finally he discusses small cap investing in the UK, the challenges facing public markets and the likely composition of portfolios in the future.  

Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn Our conversation begins with a glimpse of Sarah’s inspiring journey from finance, to journalism and now to the critical world of impact investing. Sarah talks about the 18 years spent at the FT where she ran the FT’s corporate coverage during the financial crisis and her ascent to become the FT’s business editor. She describes her motivation and the challenges involved with her new role as CEO of the Impact Investing Institute, and her passion about impact investing and its immediate relevance. She speaks frankly about the need for an intelligent and reasoned approach to the ESG debate and provides some invaluable advice for corporations wishing to improve their governance and operate more effectively. She also offers equally important advice for young people thinking about their careers and some additional invaluable insights.

Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn Nick Finegold describes his journey through the world of finance, first in equity sales, then as the founder of his own brokerage business, Execution Ltd. He talks about building the business into a firm with revenues of $100 million and selling it 10 years later, becoming Chairman of Espirito Santo Investment Bank, in London. He then explains the decision to establish the Curation Corporation, 8 years ago, where he remains the CEO, and its mission to allow organisations to better understand the risks and opportunities provided by climate change. The aim is to help firms identify solutions to help transition to a more purposeful and sustainable future. The discussion covers lessons from Bill Gates about the Nuclear alternative for cutting carbon emissions, rethinking the approach to collaboration of pharmaceutical companies, and how the post-COVID world will impact supply chains, home-working and may a engender a more humane approach to capitalism.

Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn Peter Harrison, included in Debrett’s 500 most influential people, starts by describing a rebellious youth that led him to reject his family’s wish to study Theology at Oxbridge and instead to make a decision to go to Bath University to study Business in the 1980s. From there he talks of his first job at Schroders, working as an analyst, and further experiences he had at Newton, Flemings, Deutsche Asset Management and then a start-up, RWC.  Peter describes their merger with Schroders and his ascent to CEO, and the journey from managing money to managing an investment business. The conversation moves to him talking about the compelling opportunities in Global Asset Management, contrary to some gloomy commentaries that we often read. He talks of the shift to managing money to solve problems and not simply to be benchmarked, and the evolution of active and passive strategies. He describes Schroder’s vision of serving the individual customer, both affluent and high net worth, with the help of more electronic applications, a wider public and private offering and trying to help them avoid classic pitfalls of poor timing in entering and exiting the market. He also explains why although he thinks ESG must be embedded in your investment process, it will morph into a more coherent drive for impact investing.  Peter also gives his thoughts on the growth of private equity, and the challenge facing stock markets buffeted by weighty regulation and diminished liquidity. He then discusses advice for the young thinking about future career, and some of the characteristics he looks for in potential hires.