Shows
Behind the Balance Sheet#49 The $50bn ManDavid Samra has been in the investment business for over 30years. He specialises in international value and has beaten his index by over 4% pa for over 20 years, in a period when traditional value has been doing poorly. That may be why his fund, which has been closed to new investors for most of the last 14 years, has reached $50bn. In this conversation David explains his focus on four factors: owning good companies, buying them at a discount of at least 30% to intrinsic value, and ensuring they have excellent management and a strong balance sheet.2025-07-171h 22
Behind the Balance Sheet#48 The Independent ThinkerDave Iben is the founder and CIO of Kopernik GlobalInvestors, a $6bn global value investment shop which prides itself on independent thought and is comfortable with contrarian positions.Steve invited Dave on the podcast because at a recent NewYork conference, Dave was cheerleading that value was back, and Steve wanted to discuss the rationale for his enthusiasm, given value’s massive underperformance in the last 15 years. Luckily Dave was spending the summer in London looking for cheap UK stocks, and they could record in person.2025-06-191h 02
Behind the Balance Sheet#47 The Relentless ImproverGary Channon is one of the UK’s better known valueinvestors. He runs a value fund, a closed-end fund and a private equity vehicle. He runs a highly concentrated portfolio. The top 5 positions are over 50%, and he holds no more than 15 stocks. I asked him on the podcast because he is really thoughtful about his process – he only buys stocks selling for 2025-05-151h 24
Behind the Balance Sheet#46 The Numbers LadyJennifer Wallace is a value investor. She learned her tradefrom a series of luminaries, studying under Bruce Greenwald at Columbia, before going to work for famed value investor Bob Bruce (who used to hang out with Warren Buffett). Today she is the CIO of Summit Street Capital Management, and only invests in high quality companies with modest leverage when they are super cheap. This means she will often find stocks with issues that are hopefully temporary. But she has found a winning formula, having delivered a 7.8x return to...2025-04-241h 01
Behind the Balance Sheet#45 The Chess MasterIn his youth, George Michelakis, was a top 3 global under-20chess player. No surprise he is pretty good at investing too and runs a $2bn long short equity hedge fund out of London. Since 2006, he has compounded capital at a rate of 5.35x vs 3.43k for the MSCI world, on net exposure of 30-45%. That’s an impressive record but astonishingly, he entered his longest-running short position 10 years ago. We talked about his investing philosophy, his theory about alifestyle recession, why shorting is critical to performance, how he manages the fund an...2025-03-201h 17
Behind the Balance Sheet#44 The Think Tank ManagerDan Rasmussen is the founder and CIO of Verdad Advisers, an unconventional quantitative investment boutique. In this conversation, Steve and Dan agree that private equity and credit look highly risky for the next decade. They debate the value of forecasting, where they have very different views. They similarly disagree on forecast horizons, with Dan favouring near term accuracy and Steve thinking longer term forecasts are more likely to be accurate. They also debate the persistence of growth and discuss Dan’s favourite financial metric. Steve and Dan have different perspectives on many issueswhich leads to apparently contradictory co...2025-02-201h 12
Behind the Balance Sheet#43 The Growth InvestorIn this episode with Tom Slater of Baillie Gifford, manager
of the £10bn Scottish Mortgage investment trust, we cover a lot of ground. Of course, we discuss his current thoughts on China and the Mag 7, including why he has trimmed Nvidia but still likes Meta and his thoughts on Elon Musk. Tom explainshis investing philosophy, what growth managers do differently from traditional value managers and how the firm’s culture has made Baillie Gifford such a successful manager.
Tom explains how he remains calm in the roller coaster rides of many of his stocks, with drawdowns of 60-70...2025-01-231h 18
Behind the Balance Sheet#42 The Credit Expert
When it comes to credit, few people have better credentials than Greg Peters, co-CIO of PGIM, with AUM of $700bn. In this fascinating conversation, we discuss the differences between investing in equities and credit, the legacy of the zero interest rate period, why PGIM uses scenario based forecasting in preference to single point estimates, why covenants have gone out of fashion and why that’s dangerous, ad much more. Listen to the end for an update on the outlook for markets in 2025.
2024-12-231h 15
Behind the Balance Sheet#41 The ComposerAnthony Bolton is best known for Fidelity Special Situationsfund’s 19.5% pa returns, 6% above his benchmark, over a 28 year period. He was not only a highly accomplished investor but was both revered and liked by his colleagues. Pragmatic, unfailingly courteous, courageous, and universally popular, he exhibits none of the arrogance that is sometimes exhibited by successful investors with far inferior performance. In a first for this podcast, this interview was recorded live at the Library of Mistakes in Edinburgh on November 21, 2024, in front of an audience of investors, professional and amateur. ...2024-11-221h 20
Behind the Balance Sheet#40 The ChroniclerLionel Barber is the former editor of the Financial Times
and probably the only journalist on the planet to have interviewed Presidents Obama, Trump and Putin. Under his stewardship, the FT metamorphosed from a newspaper into a digital subscription business, and was sold to the Japanese company Nikkei for 44x
earnings. And as editor, Barber fully backed up former guest Dan McCrum in his investigation of Wirecard.
I was delighted when Lionel agreed to come on the show to talk about his new book, Gambling Man, a biography of Masa Son, founder of Softbank and creator of the $100bn Vision F...2024-10-1756 min
Behind the Balance Sheet#39 The OptimizerBill Nygren has been at Harris Associates for over 40 years and considers himself a value investor. Yet his portfolio has owned Netflix, Amazon and Meta recently, while Alphabet is his largest position. Bill explains his unusual but highly effective approach to value investing.
Harris has also constructed a unique organisational methodology to handle investing mistakes – I have never encountered a process in which the analyst is changed when the stock doesn’t go to plan. Bill explains why and other techniques in this fascinating discussion. Steve was so looking forward to this conversation and Bill didn’t disapp...2024-09-191h 06
Behind the Balance Sheet#38 The Cyclist
Peter Oppenheimer is chief global equity strategist and head of Macro Research at Goldman Sachs in Europe and the author of two books on market cycles.
His first book, the Long Good Buy is sub-titled Analysing Cycles in Markets. His follow-up book Any Happy Returns, is sub-titled Structural Changes and Super Cycles in Markets and looks at longer term secular trends and the future outlook for economies and markets. Our discussion covers both.
Our episode title refers to Peter’s study of cycles in
markets, but amusingly for a partner at Goldman Sachs, he...2024-08-151h 13
Behind the Balance Sheet#37 The Analyst
John Armitage is a giant in the hedge fund world and in the world of investing more broadly. His firm, Egerton Capital, celebrates its 30th anniversary this year. In
this conversation, John explains how he started with $10m, and why you couldn’t do that today. He touches on his portfolio, talks about his approach to investing, explaining why he requires his analysts to follow more than one sector, and why he doesn’t employ data scientists. We discuss Elon Musk, AI, and geopolitics and John gives advice to a young person contemplating a career choice.
2024-07-1859 min
Behind the Balance Sheet#36 The RunnerJohn Huber is an investor with a small fund managing his family assets and outside capital in a concentrated portfolio.
John has written an excellent blog, Base Hit Investing, for many years, explaining his investing principles.
We discuss these in this episode, including what John looks for in an investment, why he emphasises capital allocation even more today, where he sees the sweet spot in revenue growth, why he likes Alphabet, why he is focused in North American stocks but is now looking at Japan and US small caps...2024-06-201h 18
Behind the Balance SheetE3 Carine Smith Ihenacho of Norges Bank IMCarine Smith Ihenacho is Chief Governance and Compliance Officer at Norges Bank Investment Management, the Norwegian wealth fund. It’s the largest single equity owner in the world and sets out to be the most transparent. She is therefore likely the most powerful person in the world of ESG.
In our podcast episode, Huw van Steenis and I discussed:
How you can combine sustainability with the
pursuit of returns
The difference between the US and Europe when it
comes to the energy transition
How the fund takes action to divest and exclude
companies on climate, enviromental an...2024-05-2648 min
Behind the Balance Sheet#35 The 100 Bagger Hunter
Chris Mayer is the founder of Woodlock House Family Capital and the author of 100 Baggers: Stocks that Return 100-to-1 and How to Find Them. He has written several other books and formerly wrote an investing
newsletter which led him to travel the world seeking investment ideas.
Studying the universe of 100 Baggers has led Chris to a clear set of investing principles which mean his universe of investible ideas is extremely limited and his fund owns just 11 stocks.
Our discussion covers his respect for family owned businesses, his emphasis on c...2024-05-1657 min
Behind the Balance Sheet#34 The Letter Reader
Lawrence Cunningham is the author of 20 books; an academic with over 60 publications; a legal expert; an accounting expert; a governance expert; a director on 3 quoted company boards; and a company adviser.
His most famous book is the Essays of Warren Buffett in which he extracts sections from the sage’s letters over decades and orders them by subject. In our conversation, he tells how he first met Mr Buffett, how the books came about, how he sends Mr Buffett a draft of each publication, and explains how and why the letters are so carefully crafted. ...2024-05-021h 08
Behind the Balance Sheet#33 The StoicPeter Cowley is a successful angel investor. But it was his
tragic private life which prompted this interview. Two of his three children lost to suicide; their mother died unexpectedly; his sister lost to alcoholism; his brother died aged 21 from cancer; two decades in recovery from alcoholism; and he has now been diagnosed
with terminal Stage 4c cancer and statistically has 9 months to live.
In this interview, Peter calls himself fortunate. Since
meeting Peter, not a day has passed that Steve has not thought about this remarkable man and day felt grateful for his lot. Hopefully the p...2024-04-1852 min
Behind the Balance SheetE2 Barry Norris explains why offshore wind economics are unsustainable.Steve Clapham and climate finance expert Huw van Steenis talk to Barry Norris, climate sceptic and founder and CIO of Argonaut Capital.
Barry explains why he believes the economics of offshore wind are unsound. He likens wind and solar to unreliable
workers and thinks nuclear and fossil fuel generation are the reliable workers. You can't have a factory staffed only by unreliable workers he argues.
Barry has made good money out of shorting Orsted, the Danish offshore wind company which fell 60% from the peak. Barry explains why he thinks there may be more to go.
We think you will find...2024-04-0257 min
Behind the Balance Sheet#32 The “Do-Gooder”
Jonathan Ruffer is the founder of the eponymous asset
management firm, a bold and successful investor (a combination unusual to survive, let alone thrive) and considers himself a financial historian. He remains the figurehead of the firm although has stepped back somewhat from the daily combat with markets. In this episode, he explains why he thinks the Yen could double, why the equities age is behind us, why inflation is here to stay
and much more. And in a first for this podcast, Jonathan turns the tables and asks me the most difficult interview question of all...2024-03-2158 min
Behind the Balance SheetE1 Emmanuel Lagarrigue explains the opportunity for KKR and private equity in the energy transitionEmmanuel Lagarrigue is the Co-Head of Climate at KKR and in this fascinating discussion, he explains why he joined the firm and what they are seeking to achieve in financing the energy transition. He explains how KKR sees a gap in the huge $7tn pa investment needed to fund the transition between the early stage investments and the mature infrastructure-like renewables area.
This middle area is not really served today and he explains where they see the greatest investment opportunities, why decarbonisation is a good business, and why he is not concerned about political risk. This is a fascinating...2024-03-0153 min
Behind the Balance SheetBeyond the Balance Sheet Podcast TrailerExplaining what to expect from a new series of podcasts focusing on the investment opportunities (and risks) in the energy transition. With co-host, climate finance expert Huw van Steenis.
Sign up for the newsletter.2024-02-2205 min
Behind the Balance Sheet#31 The Justice WarriorBill Browder is a human rights activist who championed the Magnitsky Act, signed into law by President Obama. It not only sanctions Russians, but others around the world. Similar legislation is now in place in over 30 countries. He is also a bestselling author and former hedge fund manager.
In this episode, we talk about his career, about how he coped with a 90% fall in the value of his fund, about how he subsequently engineered a 37x recovery for the portfolio, about his deportation from Russia and how he subsequently secretly cashed in the gains...2024-02-151h 04
Behind the Balance Sheet#30 The Japanophile
Grant Williams is a former hedge fund manager who now
publishes the monthly newsletter Things that Make You Go Hmmm and a subscription-only investing podcast channel that incredibly is one of the top 0.5% of all podcasts globally.
In this fascinating discussion, Grant explains his fascination for Japan and why we should all pay attention. We discuss US Treasuries, and why there is a risk that the current glut of supply could meet a dearth of buyers. And of course we talk about gold as well as how Grant has built a financial media empire.
Show...2024-01-181h 34
Behind the Balance Sheet#29 The PlumberJames Aitken is an expert in the plumbing of the financial system. We go on a world tour of the hotspots in global finance. You will learn why James is relaxed about the US; why the Japanese government will Make Japan Great Again and why this could have serious repercussions for global bond markets; and why China will likely muddle through, in spite of massive problems in its property sector.
Show Notes
2023-12-141h 20
Behind the Balance Sheet#28 The Continuous LearnerSebastian Lyon is a conservative investor who manages two highly successful multi asset funds. His motto is simple over complex and he is intent on protecting the downside. In this interview, we discuss his views on markets (spoiler: not super bullish); how he built Troy into a significant asset management business from scratch; how he has managed his fund to deliver only 3 down years in 20 and create outstanding performance as a consequence; what he looks for in stocks; why he invests only in quality companies; and why he owns gold.
Show Notes2023-11-161h 08
Behind the Balance Sheet#27 The HandicapperBill Smead has been in the investing business for over 40 years and has seen multiple cycles. He has an idiosyncratic investing philosophy which seeks to buy high quality stocks when they are out of favour.
He has a concentrated portfolio of 26 stocks with 45-50% in the top 10 positions. Yet his holding period averages over 6 years. He explains why he thinks the stock market is going down over the next decade and offers his views on the stocks that will deliver great returns, focusing on demographics and out of favour sectors.
And he...2023-10-191h 08
Behind the Balance Sheet#26 The Pragmatist
Alec Cutler runs one of the best performing low risk global funds and has a pragmatic investing approach. In this interview, we discuss inflation and markets and what this means for stock selection. Alec explains his views on what makes for a successful investment team. And he explains the principles of investing he learned as a child from his grandmother, which still guide his investing
framework today.
Show Notes2023-09-211h 19
Behind the Balance Sheet#25 The Celebrity InvestorGuy Spier is a successful value investor and has spent
considerable time creating an environment which will protect him and his fund from making mistakes through his own temperamental idiosyncrasies. He talks much more about environment design than valuation which is refreshingly different.
We discuss why the best ideas are simple, yet analysts always want to impress with their understanding of complex situations. Guy talks about his university chums, David Cameron and Chris Hohn and why his father entrusted his life savings to a young man with no investing experience and how that has...2023-08-171h 34
Behind the Balance Sheet#24 The Family Office CIOBeth Lilly is a highly successful value investor and an amazing woman. She has set up two asset management firms, worked with and learned from some of the most famous and some of the most successful value
investors in the world, and now runs money for the multi-billion Pohlad family in Minnesota.
We discuss the power of compounding, Beth’s research process
and how she conducts company meetings. We disagree on the attractiveness of the auto dealership industry, and Beth explains how she approaches the management of inter-generational wealth, how she decides much cash to hold and we...2023-07-201h 04
Behind the Balance Sheet#23B The Best Selling Author Part 2William Green is the author of Richer Wiser Happier, an outlier in investing books as a best-seller. He is a craftsman and a perfectionist and having interviewed 40 of the world’s top investors for the book, has some fascinating perspectives on investing and on life.
We split this interview into two parts. Last time we heard Green explain that the great investors are such thoughtful practical philosophers because they are students of life. Green quotes Munger who says that he watches what works and what doesn’t work and learns from it.
In this second half...2023-06-1544 min
Behind the Balance Sheet#23A The Best Selling Author Part 1William Green is the author of Richer Wiser Happier, an outlier in investing books as a best-seller. He is a craftsman and a perfectionist and having interviewed 40 of the world’s top investors for the book, has some fascinating perspectives on investing and on life.
William spent five years painstakingly crafting the book and distilling his learnings from interviewing the world’s top investors. This was a labour of love for him – he didn’t take a vacation in that time – and he went to extraordinary lengths. The love and careful craftmanship shines through and is what made the b...2023-05-1845 min
Behind the Balance Sheet#22 The OctogenarianMario Gabelli is the billionaire founder of GAMCO and still managing money in his 80s. He believes in an in-depth research process, limiting his investments to the sectors he feels he understands. He believes in visiting companies – not just investees but their competitors and their whole value chain; in reading trade
journals; and in monitoring the results of the sector. The day after we spoke he was due to visit a company he first visited in 1967!
Few investors active today were investing back in the 1970s and this long history is just one reason why Gabelli is a...2023-04-2054 min
Behind the Balance Sheet#21 The EconomistGavyn Davies is an economist and a former partner of Goldman, Sachs. He is the Chairman and co-founder of macro asset manager Fulcrum Asset Management and a co-founder of 3 other multi-billion asset managers. He is a former Government adviser and was Chairman of the BBC, the UK public service broadcaster. Of course we talk about economics, about investing, and about financial services; but we also cover public service broadcasting, streaming and politics.
See the website for full show notes.
2023-04-1958 min
Behind the Balance Sheet#20 The Data ScientistTian Yang was a fascinating guest and we covered a wide range of subjects. He explains why ChatGPT may be useful in solving accounting problems, but it produces gibberish when asked about investing. We talk about his work on the commodity super cycle, looking at rubber, whaling and fur.
He explains how he applies quantitative techniques to the capital cycle framework championed by Marathon Asset Management and featured by Edward Chancellor.
His work encompasses 3 different timeframes – the long term fundamental, the 6-12 month business cycle and the shorter term tactical trades – Tian is unusual in that h...2023-04-1950 min
Behind the Balance Sheet#19 The Value InvestorChris Bloomstran is best known for his incredibly detailed analysis of the valuation of Berkshire Hathaway. Not only is he an outstanding value investor, he is a highly accomplished analyst. His Semper Augustus annual letter runs at over 100 pages and in recent years, it has included an evaluation of Berkshire Hathaway – his analysis of the stock is the best I have read.
In this interview, we discuss his start in the business, his investment approach, why college investment funds make a great apprenticeship, why he writes such a detailed letter and Chris shares his analysis of the lo...2023-04-191h 10
Behind the Balance Sheet#18 The Distressed DamselDominique Mielle had an illustrious career as a distressed debt hedge fund manager, including building a $5bn CLO business from scratch at Canyon Advisors. She retired from hedge funds, wrote a book, amusingly titled Damsel in Distressed (it was too good not to borrow), about her story to inspire women to follow her lead.
In this interview, she talks about why there are not more women in hedge funds and in investing more broadly; about the complexity of the distressed debt business; and about being a woman in a man’s world.
See the website for...2022-12-3056 min
Behind the Balance Sheet#17 The WriterVitaliy Katsenelson is an investor and writer. Born in Russia, he now runs an investment adviser in Denver which specialises in picking individual stocks and eschews the usual 60:40 portfolio with equities indexed. In this podcast we talk about investing, about his third book and about his life philosophy. Vitaliy has a wisdom beyond his years and his positive attitude can improve anyone’s life.
An illustration of this philosophy is his belief that scarcity is an essential concept that enables him to lead a more fulfilled life. US society is an aspirational society, it’s about abundance. But...2022-12-151h 16
Behind the Balance Sheet#16 The Podcast HostBarry Ritholtz hosts Bloomberg’s Masters in Business, one of the most popular business podcasts in the world. He rather modestly says he was one of the first. Ritholtz not only has managed to interview investing heroes like Ed Thorpe, Ray Dalio (twice) and Michael Lewis (four times) but also has built a $3bn wealth manager in just ten years.
In this interview, Barry explains why financial TV is irrelevant, why the F.I.R.E. contingent (Financial Independence, Retire Early) have it wrong, why 70:30 should be the new 60:40, why investors should think in decades, how he can...2022-11-171h 26
Behind the Balance Sheet#15 The Short SellerCarson Block is one of the world’s top short sellers, and one of few still managing a specialist fund.
In this interview, Carson explains the business of short selling; the difference between fundamental shorting and his business of shorting and exposing frauds; how he spots these fraudulent companies; where to find frauds; and why it takes Muddy Waters 3 months to launch a short campaign. We discuss the economics of a short fund, why short selling is so much more difficult than long only investing and why Europe is a more difficult area to operate in.
...2022-10-201h 28
Behind the Balance Sheet#14 The CoachSir Clive Woodward is a winner. He is best known for managing the England rugby team, taking them from world #6 to a world cup win. In this revealing interview, he explains that there is no difference between managing a sports team, a business or an investment team. It’s all about managing people. Winning teams are made up of winning individuals - you can persuade the individuals in a team to strive to improve performance and the team will benefit. He is a proponent of continuous learning, and his team members must be teachable. I was fascinated by his man...2022-09-151h 04
Behind the Balance Sheet#13 The ContrarianRichard Oldfield is a true value investor. Author of the delightful commonsense investing book, Simple but not easy, in this interview he recites several wonderful anecdotes from his long experience as a value investor. We even get a song (while Steve recites one of Richard's investment poems). Richard has an innate belief in the cyclical nature of markets and the madness of crowds. He is a classic contrarian investor and he came out with numerous gems about how to think in this way. Richard is a truly independent thinker. He doesn’t believe in index funds, likening them to ha...2022-08-1856 min
Behind the Balance Sheet#12 The Value ArchitectChris Pavese, President and CIO of Broyhill Asset Management, is a seriously thoughtful investor. We talk about how investing straddles left and right brain thinking, about whether the advantage of being located outside the bustling environment of a New York or London will continue to confer the same benefit in the days of Zoom, and about the benefits and joy of reading widely. Chris explains his investment philosophy, why he has fewer than 20 stocks in the portfolio, why the only research he buys is from a short seller (even though he doesn't short), and we discuss the north-south divide...2022-07-211h 18
Behind the Balance Sheet#11 The InvestigatorWe speak to Dan McCrum, the award winning FT journalist who exposed Wirecard as a fraud. Once a stockmarket darling valued at over €25bn, Wirecard crashed to worthless in June 2020, when its auditors could not confirm €1.9bn of cash. Dan pursued the story for six years and has now written a book about the saga. “Money Men” is an amazing account of how the company used every tactic possible to disguise its activities. This is an extraordinary tale and Dan, a brilliant raconteur, explains the highs and lows of his struggle to reveal the truth. We also speak to market p...2022-06-161h 08
Behind the Balance Sheet#10 Mr BRICsFormer Goldman, Sachs partner, Jim O’Neill (more properly, Baron O’Neill of Gatley), is best known as the man who coined the term BRICs. He correctly identified that this group of emerging markets would drive global growth and published a paper on it over 20 years ago. In this wide discussion, we talk about the BRICs, about why for the first time in 30 years of close study of the country, he is puzzled on Chinese policy, and what inevitably lower Chinese growth means for the global economy.
Of course, we discuss his beloved Manchester United, kids’ education, a caus...2022-05-1958 min
Behind the Balance Sheet#9 Two Capital CyclistsRussell Napier and Jeremy Hosking discuss how the capital cycle will become an even more important driver of equity returns as we move into an age of financial repression. This series of macro episodes focuses on the changes we should expect in the new era, as we exit a 40-odd year period of falling rates, globalisation, cheap energy and disinflation.
In this fascinating interview, these two giants of the investment world discuss the way forward, covering everything from banks to ESG, from Tobin’s Q to excessive liquidity, and from the tragic events in Ukraine to the sink...2022-04-211h 18
Behind the Balance Sheet#8 GREED & FearIn this wide-ranging interview, recorded before Russia’s invasion of Ukraine, Chris Wood, Global Head of Equity Strategy at investment bank Jefferies, talks about his route to success, why he is bullish on energy stocks, some of his fun trades (long Ryanair, short Zoom), why he doesn’t use Zoom, how the pandemic has altered his approach and why his multi-million air miles account won’t get built up quite so much going forward. We cover the long-term outlook for the global economy, why the Fed has a straight jacket, and how the world will look in years to come a...2022-03-171h 03
Behind the Balance Sheet#7 A Scotsman and an EnglishmanIn this interview, Dylan Grice and Rob Crenian discuss how markets work, how “stupid” investors have been winning of late but will not do so for much longer, how quants think, how real alpha will be more difficult to come by, and how this will likely be found not by being smarter but by doing something different; and they explain how they are seeking to preserve wealth with an unconventional investment strategy at Calderwood Capital.
Full show notes here.2022-02-171h 26
Behind the Balance Sheet#6 The Existentialist: Hugh HendryFormer hedge fund manager Hugh Hendry is best known as the man who made 30% in 2008, when others crashed, including many so-called hedge funds. He described his cockroach mandate as being a survivor no matter what. He closed the fund in 2017 after a period of lackustre but far from shocking performance and has become a property developer and landlord of upmarket rentals on the billionaire favourite Caribbean hideaway of St Barths. But few owners of vacation lets could tell you what the 10 year bill has done in the last month, let alone give a coherent view of how it might...2022-01-201h 07
Behind the Balance SheetBonus Episode - Financial LiteracyI interviewed Patrick Jenkins, Deputy Editor of the Financial Times, about the paper's new charity, the Financial Literacy and Inclusion Campaign. We discuss why Patrick decide to set up the charity, its aims and objectives, and why this is such an important cause. My take: this is less important than curing cancer, but it's a lot easier. This is one of Warren Buffett's one foot bars. We can easily make a big difference to a lot of people's lives by explaining simple concepts like the power of compound interest. No more payday loans may be a big ask, but...2021-12-1919 min
Behind the Balance Sheet#5 The PianistLucy Macdonald is the former CIO of Global Equities at Allianz Global Investors where she worked for almost 20 years and managed £5bn or $8bn of assets. She is currently a NED on JP Morgan GEM Income Trust and taking care of a new puppy. Lucy has 30 years of experience in financial markets and is exactly the sort of guest we are hoping to have on the podcast – a wealth of experience, semi-retired, and not afraid to speak out.
In this podcast she explains her really unusual route to finance, her approach to running successful portfolios, how to run a tea...2021-12-161h 05
Behind the Balance Sheet#4 The Not Quite Trillion Dollar ManUntil 2015, Quintin Price was Global Head of BlackRock’s Alpha Strategies business where he was responsible for nearly $1 trillion of assets under management and was a member of the Global Executive Committee, working closely with Larry Fink. Quintin has 30 years of experience in financial markets and is exactly the sort of guest we seek to have on the podcast – a wealth of experience, retired from day to day fund management, and not afraid to speak out, as you will hear.
Full show notes here.2021-11-171h 13
Behind the Balance Sheet#3 Two UK Venture LeadersPete Davies has long been widely considered one of the greatest long term thinkers in the hedge fund world. He was early to recognise the opportunities to provide venture capital to UK academia and his firm, Lansdowne Partners, was instrumental in setting up Oxford Science Innovation.
Spencer Crawley is the co-founder of FirstMinute Capital, a UK seed investor which boasts an astonishing 111 unicorn founders as investors.
In this interview we discuss the UK venture scene, why early stage investing is truly a long term activity, and how this cycle compares to the late 1990s tech...2021-10-201h 18
Behind the Balance Sheet#2 The Risk TakerIn this fascinating interview, Stuart Roden, former Chairman of Lansdowne Partners, explains the 5 keys to a successful fund, how his 25 year partnership with Pete Davies produced one of the most successful hedge funds in the UK and how now managing venture capital is a different, yet similar, game.
I have known Stuart for over 25 years but I learned more in this hour about his philosophy than I had previously. He has a winning combination of a razor sharp intellect, a love of markets, a wealth of experience and a nose for a winning idea.
In...2021-09-161h 20
Behind the Balance Sheet#1 Two TitansTwo investors who went to the same school, then to Oxbridge, and have been awarded the CBE (*). They are both titans in their fields but through very different routes. One has run his hedge fund firm for 27 years, has been incredibly successful as evidenced by $28bn AUM, yet is so under the radar that few have heard of him. The other has started multiple companies, is a business celebrity and is recognised as one of the most successful people in UK tech.
Full show notes here2021-08-1948 min
Behind the Balance SheetPodcast TrailerOur new podcast is focused on equity investing. We shall meet leading investors and commentators and educate ourselves about the world of investing and the world.
Our mission is to remove some of the mystique around investing and improve our understanding of what makes a successful investment, or indeed an unsuccessful one.
We shall look in particular at the conjunction of venture and quoted stocks investing and interview practitioners, current and retired.
Our goal is to inform, educate and entertain – we hope you every episode.2021-08-0901 min