121: Red Lines, Accounting Gimmicks and Management Gloss: Why You Need to Understand Balance Sheets to Avoid Portfolio Disasters (With Steve Clapham, Founder of Behind the Balance Sheet)

Money Maze Podcast

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<div class="span index">1</div> <span><a class="" data-remote="true" data-type="html" href="/series/action-academy-replace-the-job-you-hate-with-a-life-you-love">Action Academy | Replace The Job You Hate With A Life You Love</a></span>

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Action Academy | Replace The Job You Hate With A Life You Love

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cách đây 21 hours trướccách đây 21h ago

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Ready to replace your 6-figure salary with real freedom? This is the podcast for high earners who feel stuck in jobs they’ve outgrown. If you’re asking, “How do I actually replace $10K–$20K/month so I can quit and never look back?” — welcome home. At Action Academy, we teach you how to buy small businesses and commercial real estate to create cash flow that actually replaces your job. Monday through Friday, you’ll learn from 7–9 figure entrepreneurs, real estate moguls, and acquisition pros who’ve done it — and show you how to do it too. Hosted by Brian Luebben (@brianluebben), who quit his 6-figure sales role in 2022 to build a global business while traveling the world. If you're a high-income earner ready to become a high-impact entrepreneur, this show is your playbook. Subscribe now and start your path to freedom — or keep pretending your job will get better someday....

cách đây khoảng một năm trước 39:15

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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!

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#MBA #Business #Simon Brewer and Will Campion #Money Maze #Trading #Business News #News #Follow Us

121: Red Lines, Accounting Gimmicks and Management Gloss: Why You Need to Understand Balance Sheets to Avoid Portfolio Disasters (With Steve Clapham, Founder of Behind the Balance Sheet)

Money Maze Podcast

42 subscribers

published cách đây khoảng một năm trước

Chia sẻ

MP3•Trang chủ episode

206 tập

#MBA #Business #Simon Brewer and Will Campion #Money Maze #Trading #Business News #News #Follow Us

Tất cả các tập

1
172: Heroes or Villains? The Shrinking World of Shorting - With Carson Block, Founder of Muddy Waters 1:06:35

cách đây 6 ngày trước1:06:35

1:06:35

Economic theory suggests that when competition decreases, remaining firms may have more market power, which can lead to increased opportunities to expand, innovate, or capture a larger market share. Does that analogy apply to the world of shorting? And even if you are considered one of the best in the business, can you stay afloat with a rising tide of bullishness and asset inflation? To discuss what’s changed and where might the opportunities lie, we welcome back Carson Block, who first appeared in September 2021. He discusses sourcing ideas and the warning signs and characteristics of companies they typically like to short along with examples of companies that meet their criteria. He discusses if AI can assist in screening for pattern recognition in potential candidates. He then reflects on the resilience needed to survive bull markets and hostile adversaries, and just as short-sellers leave the field, what may lie ahead! Recorded January 2025. The Money Maze Podcast is kindly sponsored by Schroders , IFM Investors , World Gold Council and LSEG . Sign up to our Newsletter | Follow us on LinkedIn | Watch on YouTube…

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171: From Triumph to Trauma: The Dramatic Investment Arc of Neil Woodford, Founder of Woodford Investment Management 1:21:15

cách đây 20 ngày trước1:21:15

1:21:15

Some of our conversations are deliberately different, and the man I interview here has cost me a lot of money! I also consider him a friend and somebody whose perspective I have valued. It could be said that Neil Woodford, CBE, has had a career of two halves, the first of which encompassed extraordinary investment success at Invesco Perpetual and then at Woodford Investment Management (2014-2019). At its peak, Woodford’s business managed £15bn and was backed by Hargreaves Lansdowne and St. James’s Place. Its clients included Kent County Council’s pension fund, a range of wealth management firms and 300,000+ retail investors. Yet in 2019 the fund was suspended and then liquidated, following a shift in asset allocation from blue-chip public equities to illiquid, unlisted companies (he denies this was the cause of the collapse in this discussion). In the run up to the collapse, he experienced approximately £7bn of outflows. Using an investment lens, here we try to examine and understand what went right, what went wrong and now what may lie ahead. Neil remains under investigation by the UK Financial Conduct Authority at the time of this interview (March 2025). The Money Maze Podcast is kindly sponsored by Schroders , World Gold Council , LSEG and IFM Investors . Sign up to our Newsletter | Follow us on LinkedIn | Watch on YouTube…

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170: The Irreversible Convergence of Public & Private Markets – With Scott Kleinman, Co-President of Apollo Asset Management 50:00

cách đây 29 ngày trước50:00

50:00

In the world of mythology, Apollo is one the most revered and significant of all the ancient Greek and Roman Gods. It was also the name given to an asset management business created in 1990 and today with assets of over $750 billion*, it’s a leading provider of alternative asset management and retirement solutions. In this conversation we understand Apollo’s growth, reach and specialisations. More importantly we discuss the convergence of the public and private asset management industries, where the accelerating marriage of alternatives and traditional assets appears irreversible. From institutional portfolios, now expanding into individual allocations, the trend appears early in its evolution. Scott Kleinman, Co-President of Apollo Asset Management, reviews the liquidity aspects implied by this phenomenon. He discusses the role of banks, where regulation has allowed the growth of non-bank enterprises like Apollo to blossom, and the trade-offs, risk, reward and liquidity, investors will make. He also describes opportunities and challenges, outside of the US where capital is less abundant, and securitisation malfunctioning. Finally, Scott offers some great advice to youth that “you can’t escape hard work” and “you should never stop asking why?!” The Money Maze Podcast is kindly sponsored by Schroders , IFM Investors , World Gold Council and LSEG . Sign up to our Newsletter | Follow us on LinkedIn | Watch on YouTube | As of 31st December 2024…

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169: Unlocking Investment Wisdom - With Howard Marks, Co-Founder of Oaktree Capital Management 56:27

cách đây 7 weeks trước56:27

56:27

When Warren Buffet singles you out for praise, it might be fair to say you have summited the investment equivalent of K2, Annapurna and Kangchenjunga, the most challenging of mountain peaks! In a capricious investing world, where success is often transient, reputations easily tarnished and hubris punished, to have not only stayed the course for 55 years, but thrived, built Oaktree Capital into one of the largest investors in distressed securities worldwide and cemented a vast loyal following is extraordinary. His investment memos written over the years are world class: engaging, lucid and approachable. In this 1 hour conversation, Howard Marks shares some of his most important investing lessons. It’s a conversation everyone interested in investing should hear. Howard explains, why it’s not what you buy, it’s what you pay that counts, why you need to be contrarian to succeed in investing, why over confidence is the enemy of performance, and - given the inevitable nature of cycles - why he subscribes to Voltaire’s comment that “history never repeats itself, but man always does”. And that is before he discusses the role of luck, the future of the US, the “illusion of knowledge”, and much more with one of the investment greats! The Money Maze Podcast is kindly sponsored by Schroders , World Gold Council , LSEG and IFM Investors . Sign up to our Newsletter | Follow us on LinkedIn | Watch on YouTube…

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168: From Rare Earths to Broader Metals: Investment Opportunities & Strategic Priorities for the West 51:35

cách đây 8 weeks trước51:35

51:35

In this episode we’ve been very fortunate to find someone who ranks amongst the most qualified anywhere in the world to discuss this topic. He was the former CFO of Billiton, then as CEO, built Xstrata into one of the world’s largest diversified mining companies, helping grow their market value from US$500m to US$60bn, at one point employing over 90,000 people. In this conversation we examine the most important supply and demand mismatches of critical materials. We assess the energy transition, discuss where the opportunities and challenges lie, what Vision Blue Resources is seeking to build, and how investors are positioned. We expand the conversation to discuss valuation opportunities in the wider commodity space, geopolitical hotspots and their implications for commodity prices. Mick also talks about effective management, building optionality into your business and why investors misunderstand how mining companies frequently demonstrate much better governance and responsibility than standard thinking suggests. The Money Maze Podcast is kindly sponsored by Schroders , IFM Investors , World Gold Council and LSEG . Sign up to our Newsletter | Follow us on LinkedIn | Watch on YouTube…

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167: Space: The Next Frontier of Asset Allocation? With Mark Boggett, CEO of Seraphim Space 1:04:52

cách đây 10 weeks trước1:04:52

1:04:52

Star Trek’s opening lines were potent: "Space: The final frontier. These are the voyages of the Starship Enterprise. Its mission? To boldly go where no man has gone before!” Whether Star Trek or Star Wars, such films offered tantalising glimpses of another world. But it’s actually here now! The WEF & McKinsey predict that the space sector will reach a value of $1.8tn by 2035. That’s only 1 decade ahead! Mark is CEO of the world’s first listed space tech fund, Seraphim Space , and he discusses this final frontier. He explains what is going on in the world of space and where there is money to be made. Mark first discusses why Elon Musk has transformed the industry by lowering the price point of launch in such a gargantuan way and why the worlds of public and private are scrambling for a piece of the action. He describes their investment process, how targets are identified, weighed, and capital allocated. He explains why data, digital infrastructure, communications, health and space debris are priorities, with their emphasis on profitable, shorter term opportunities. He discusses why the militaries are disproportionately investing, where he thinks money will be made, and why the Seraphim Investment Trust’s discount is a source of continued frustration. The Money Maze Podcast is kindly sponsored by Schroders , World Gold Council , LSEG and IFM Investors . Sign up to our Newsletter | Follow us on LinkedIn | Watch on YouTube…

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166: Reinventing Equity Investing: James Anderson's Journey, From Scottish Mortgage Investment Trust to Managing Partner & CIO of Lingotto's Innovation Strategy 1:14:12

cách đây 12 weeks trước1:14:12

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In today’s episode we have the chance to talk to one of the most successful investors of his generation, James Anderson, Former Partner at Baillie Gifford. I'm joined by Mark Wallace, MD of Rothschild & Co, who brings his expertise on US tech equities to this discussion. From 1987 until 2022 he led their flagship fund, the Scottish Mortgage Investment Trust. His early investments in Google through to Tesla paid handsome returns to investors, and have made him both highly respected and widely admired. Now he is at Lingotto , the independent investment management company wholly owned by Exor N.V. . James discusses how his approach to evaluating companies has evolved and what he means by “the normal ways of looking at companies is no longer valid”. He discusses companies’ life cycles and why such a small percentage of listed companies actually deliver the big returns. He then reflects on the importance of the academic community in sourcing, as well as validating investment ideas before moving on to the vision exhibited by founders and vested principals in newer businesses, from Amazon to Tesla. He describes his investing priorities thematically, including risks, mistakes, accessing long-term capital and why Europe seems to lack ambition in both seizing and scaling the opportunities. Finally, he reflects on the public versus private debate, asking and answering the question as to which of those two may be the better sources of return. The Money Maze Podcast is kindly sponsored by Schroders , IFM Investors , World Gold Council and LSEG . Sign up to our Newsletter | Follow us on LinkedIn | Watch on YouTube…

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165: Life & Career Advice from the World’s Top Financial Executives: Compilation Special 22:52

cách đây 14 weeks trước22:52

22:52

Enjoy a variety of career tips & life lessons from finance leaders in this New Year compilation special. This episode brings together some of the most insightful lessons and perspectives we’ve gleaned from past guests, covering everything from life wisdom to industry-specific strategies. You’ll hear from an extraordinary lineup, including Sir Chris Hohn, Nicolai Tangen, Mathieu Chabran, David Neal, Ray Dalio, Baroness Dambisa Moyo, and Suyi Kim. But that’s not all—we’ve also included insights from David Schwimmer, Ian Charles, Mark Delaney, Colm Kelleher, Marcie Frost, Anthony Scaramucci, Scott Guthrie, Emmanuel Roman, and Sir Tony Blair. We hope you find this useful! The Money Maze Podcast is kindly sponsored by Schroders , World Gold Council , IFM Investors and LSEG . Sign up to our Newsletter | Follow us on LinkedIn | Watch on YouTube…

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164: Infrastructure: From Niche to Mainstream Asset Class - With Luba Nikulina, CSO of IFM Investors 50:21

cách đây 16 weeks trước50:21

50:21

Today is the first time we welcome back a guest who has changed firms between interviews. We recorded Luba Nikulina, on Thanksgiving day, 2022, and our guest was then Head Global of Research at WTW, an organisation advising on over $3 trillion of assets. Today Luba is the Chief Strategy Officer at IFM Investors , a leading asset manager in infrastructure with a significant presence in other asset management capabilities. Luba explains the switch, and unpacks the investment thesis behind the increasing inclusion of infrastructure in institutional portfolios. She reflects on its position within the growing private assets sleeve of allocators, and why Australia and Canada have adopted significantly larger allocations of 10-20%, but why many other major countries are now building theirs. She assesses infrastructure’s risks, rewards and liquidity characteristics. She explains the barriers to competition, the projects involved, including bridges, toll roads, data centres and new energy assets. In short she would say it’s the “buoyant, brilliant ballast in the investment boat”. The Money Maze Podcast is kindly sponsored by Schroders , World Gold Council and LSEG . Sign up to our Newsletter | Follow us on LinkedIn | Watch on YouTube…

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163: 2024 in Review! 7:23

cách đây 19 weeks trước7:23

7:23

In this episode, Simon shares an update on the show, reflecting on notable interviews and summarising the wide range of initiatives under development beyond the Money Maze Podcast itself. Although we have said this for each of the 5 years since we started, this year has been incredibly exciting, surpassing both out expectations, and 2+ million global downloads, officially releasing over 200 episodes since starting the podcast in 2020. In the last few months, we’ve been lucky enough to feature Scott Bessent, Trump’s appointed Secretary of State, Cliff Asness of AQR, Colm Kelleher of UBS, David Schwimmer of LSEG, Mark Delaney of Australian Super, Suyi Kim of CPP Investments, Marcie Frost of CalPERS, Baroness Dambisa Moyo and many more. We’ve also had the privilege of hosting some of the most significant figures within geopolitics, such as former UK Prime Minister, Sir Tony Blair, and General Patrick Sanders, just retired head of the British army. Browse our channel to listen! Plus, check out our other initiatives: Money Maze Learn , Money Maze Multilingual , Money Maze Curated Podcasts , and our YouTube channel for full video interviews . We also offer a select number of internships , mostly over the summer. Otherwise, we wish our listeners and viewers an enjoyable festive break! The Money Maze Podcast is kindly sponsored by Schroders , IFM Investors , World Gold Council and LSEG . Sign up to our Newsletter | Follow us on LinkedIn | Watch on YouTube…

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162: Marketing God: With Nicky Gumbel - Pioneer of the Alpha Course 1:02:32

cách đây 20 weeks trước1:02:32

1:02:32

With Christmas coming up, we thought today would be the perfect time to replay one of our older episodes! 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. In this episode we explore a slightly different realm: religion. 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 , IFM Investors , World Gold Council and LSEG . Sign up to our Newsletter | Follow us on LinkedIn | Watch on YouTube…

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161: Who is Scott Bessent? Meet Trump's Incoming Treasury Secretary 1:02:34

cách đây 21 weeks trước1:02:34

1:02:34

Today’s guest is the new US Treasury Secretary, serving under Donald Trump. The role gives him immense responsibility for managing US obligations and finances, including circa. $7 trillion of annual US federal spending, the $35+ trillion fiscal debt pile and continued inflationary pressures on both US businesses and consumers. Prior to this, Scott was a globally respected and market-moving hedge fund investor. He was key player on the George Soros's team, who in 1992 helped the Quantum Fund make $1bn, shorting sterling ahead of the UK’s withdrawal from the ERM. Then, as Soros’s CIO, he was also dubbed ‘The Man Who Broke the Bank of Japan’ by the Wall Street Journal, 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 is the Founder of 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! Interview originally recorded in September 2023. The Money Maze Podcast is kindly sponsored by Schroders , IFM Investors , World Gold Council and LSEG . Sign up to our Newsletter | Follow us on LinkedIn | Watch on YouTube…

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160: Managing the Largest Public Pension Fund in the U.S. - With CalPERS CEO, Marcie Frost 58:52

cách đây 22 weeks trước58:52

58:52

In 1932, the United States was in the grip of the Great Depression. One in four Americans were unemployed, nearly 9,000 banks had failed. Franklin Roosevelt was elected to the first of his four terms as President of the United States, and a retirement system for state employees was established in California. It became the California Public Employees' Retirement System (CalPERS). Today it’s America’s largest public pension fund, managing over $500bn (as of July 2024). In this conversation, Marcie explains her journey to the helm of the organisation that is CalPERS today, and its over 2 million beneficiaries. She discusses unfunded liabilities, and the balance between strategic and tactical allocation. She continues in reviewing their approach to active v passive in equity and fixed income. She discusses allocations to private equity and private debt, to hedge funds and real estate, and why their allocations to infrastructure are likely to increase. She reflects on the intense scrutiny of being a highly visible public entity, and how divestment is not their first response in industries like energy, even though sustainability is a key priority. She concludes with thoughts on culture, leadership, CalPERS being more nimble, and some great advice for females in finance. The Money Maze Podcast is kindly sponsored by Schroders , IFM Investors , World Gold Council and LSEG . Sign up to our Newsletter | Follow us on LinkedIn | Watch on YouTube…

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159: Should Your Investment Portfolio Have the Right to Bear Arms? With General Sir Patrick Sanders 31:46

cách đây 23 weeks trước31:46

31:46

The episode brings Sir Patrick Sanders, a British military officer, back to discuss geopolitical issues, specifically focusing on the precarious state of global affairs today compared to the 1930s. The conversation delves into the complexities surrounding Donald Trump's foreign policy perceptions and Norway SWF's approach to defence sector exclusions. This episode was recorded in Norway at the Grieg Conference, organized by Grieg Investor . They’re an independent investment adviser for institutional investors in Norway representing over 170 clients, and part of the Grieg Group. Sir Patrick elaborates on Trump's stance towards Russia, emphasizing Trump's unpredictable yet impactful actions, such as his claim of ending the Ukrainian war swiftly—a stance deemed as 'magical realism.' Furthermore, the dialogue explores Trump's potential impact on Middle Eastern politics, highlighting challenges like balancing Israeli interests and Iran's geopolitical maneuvers without igniting broader conflicts. As the conversation transitions, China's influence and the West's strategy against a backdrop of escalating global competition are scrutinized, touching upon key ideologies in play. The podcast episode draws attention to urgent strategic choices required by Western nations, navigating the significant challenges posed by the geopolitical landscape amidst technological advances. Insights on investment implications arising from these geopolitical tensions, such as defense and AI sectors, are also discussed by Sir Patrick and Simon.…

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158: AI Unleashed: Scott Guthrie of Microsoft, on Transforming Productivity, Finance, Energy, and Regulation 55:14

cách đây 24 weeks trước55:14

55:14

Technological revolutions are by their nature rare events: the printing press, mobile telephony and the internet. The associated excitement can capture the imagination, spur a raft of associated breakthroughs, encourage investors to dream of extraordinary returns, yet their byproduct is often to create excessive short-term exuberance, and expectations that might be correct in time, but invariably expect too much, too soon. Scott Guthrie understands this space better than most, being a Microsoft lifer who has been at the epicentre of their success in Cloud and now AI, overseeing the development of both the Azure and Copilot products. Alongside Simon, the discussion is co-hosted by Rob Rooney. Rob is the former CEO of Morgan Stanley International and was their Global Head of Technology and Operations. He now runs two fintech firms: HyperJar and Hyperlayer . Scott begins by explaining why investors & business alike should look beyond the typical 1-2 year timelines used in common AI narratives, and instead examine the potential 5-10 year outlook for the technology. He then shares some practical examples of how AI may cut costs & boost productivity for finance firms, why they’ve partnered with LSEG, and their reasons for building a staggering 500 new data centres globally! In the wide ranging interview recorded at the LSEG Tech Leaders Summit ,he covers the central questions surrounding AI: Is it really a new game changer? How will it play out? Will regulation stifle or stimulate progress? How does it recalibrate productivity? Do we even have the electricity to support it? And how is AI being integrated into the burgeoning cloud industry? The Money Maze Podcast is kindly sponsored by Schroders , IFM Investors and the World Gold Council . We’re pleased to now announce our fourth sponsor: LSEG ! Sign up to our Newsletter | Follow us on LinkedIn | Watch on YouTube…

Money Maze Podcast

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157: Gloves Off: Anthony Scaramucci on Trump, Harris, Bitcoin and the US Deficit 59:27

cách đây 26 weeks trước59:27

59:27

Four years ago we had the chance to record a US election special ahead of the vote to determine whether Joe Biden or Donald Trump became President. We welcomed Anthony Scaramucci; Harvard Law, Goldman Sachs, political fundraiser and, for 11 dramatic days, Donald Trump‘s Director of Communications. Since then he has developed his finance business, run the SALT conferences, been a crypto evangelist and in addition - possibly inspired by his experience on the Money Maze Podcast - has become the co-host of the Rest is Politics US with Katy Kay (a high quality show which we recommend). In this conversation he discusses Trump, including some candid thoughts on his character and what may lie ahead if he wins. He then assesses the question of immigration, and if this election “will decide whether we continue to lead on freedom, economic innovation and multilateralism”. He assesses why crypto should rise tenfold, how the debt challenge could be addressed, how he has managed setbacks and what resilience means to him, all with a ton of energy! The Money Maze Podcast is kindly sponsored by Schroders , IFM Investors and the World Gold Council .…

Money Maze Podcast

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156: Joel Greenblatt: Legendary Investor and Author on Patience in the Investing Business 46:02

cách đây 27 weeks trước46:02

46:02

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…

Money Maze Podcast

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155: Super Returns! Australia’s Largest Super Fund’s CIO, Mark Delaney, Describes Their Investment Priorities 39:20

cách đây 29 weeks trước39:20

39:20

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 by Schroders , IFM Investors and the World Gold Council . Sign up to our Newsletter | Follow us on LinkedIn | Watch on YouTube…

Money Maze Podcast

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154: Sport Meets Finance! Investing in Liverpool FC, PSG, Boston Red Sox and F1 - With Ian Charles, Co-Founder of Arctos 1:12:41

cách đây 31 weeks trước1:12:41

1:12:41

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…

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153: Colm Kelleher, Chairman of UBS & Former President of Morgan Stanley, Discusses Culture, Leadership, Surviving the Great Financial Crisis and UBS Today 43:27

cách đây 32 weeks trước43:27

43:27

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…

Money Maze Podcast

1
152: Sir Tony Blair, Former UK Prime Minister, on Leadership, Immigration, the Middle East & More! 42:14

cách đây 33 weeks trước42:14

42:14

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…

Money Maze Podcast

1
151: Volatility Laundering in Private Equity, the Merits of International Diversification, Value Vs Growth and Systematic Investing - With Cliff Asness 1:18:01

cách đây 35 weeks trước1:18:01

1:18:01

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…

Money Maze Podcast

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150: War or Peace? Why the World May Be More Dangerous than the 1930s - With General Sir Patrick Sanders, Former UK Chief of the General Staff 52:24

cách đây 38 weeks trước52:24

52:24

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…

Money Maze Podcast

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149: The $5 Trillion High Yield Debt Markets: Trouble Ahead or Compelling Returns? - With Victor Khosla, Founder & CIO of Strategic Value Partners 33:09

cách đây 39 weeks trước33:09

33:09

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…

Money Maze Podcast

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148: Greed & Fear! What to Own, What to Avoid and Are We Wrong About China? With Chris Wood, Global Head of Equity Strategy, Jefferies (Hong Kong) 42:00

cách đây 40 weeks trước42:00

42:00

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…

Money Maze Podcast

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147: Vista Equity Partners: The $100 Billion Private Equity Software Group - With Rachel Arnold, Co-Head of Vista Equity Partners’ Endeavor Fund 23:42

cách đây 41 weeks trước23:42

23:42

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…

Money Maze Podcast

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146: “Running Up That Hill” - Strava’s Co-Founder, Mike Horvath, on Building, Branding and Delivering: An Entrepreneurs’ Story 1:10:37

cách đây 42 weeks trước1:10:37

1:10:37

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…

Money Maze Podcast

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145: Why the Fed Can’t Forecast, How Zero Rates Were a Huge Mistake and is Nvidia’s $3tn*+ Valuation Sustainable? With Rob Arnott, Founder of Research Affiliates 56:53

cách đây 44 weeks trước56:53

56:53

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…

Money Maze Podcast

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144: Retail in the 21st Century: Seb James, CEO of Boots, Discusses Health, Technology, Data and the Customer 44:30

cách đây 45 weeks trước44:30

44:30

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…

Money Maze Podcast

1
143: How to Make Money in the $275 Trillion* Energy Transition & Can Tesla Survive? 1:10:59

cách đây 46 weeks trước1:10:59

1:10:59

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…

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