This week on the Value Perspective we’re joined by Josh Wolfe, the co-founder of Lux Capital and one of the most successful venture capitalists of the last generation. Josh couldn’t be more different that the Value Team because he invests in cutting-edge technology and things that may not even exist in five or ten years down the line. Even though what he invests in is in stark contrast to the Value Team, we found that he has a similar mindset, especially in how he applies probabilistic thinking to his craft and how he utilises behavioural science. We also greatly enjoy his mantra ‘Believe before others understand’. During the episode we cover: pitching without a previous track record or experience as a venture capitalist, and the importance of experience; how to deal with information anxiety; the mindset of a Value investor in a VC world; using nuclear as an example of something with low acceptability in beliefs and narratives; the privileges and challenges of co-investing with Bill Gates; and finally why we are making such small incremental progress in the defence industry and the usefulness of risk gaming. Enjoy!

NEW EPISODES:

We release main series episodes every two weeks on Mondays. You can subscribe via Podbean or use this feed URL (https://tvpschroders.podbean.com/feed.xml) in Apple Podcasts, Spotify, Google Podcasts and other podcast players.

GET IN TOUCH:

send us a tweet: @TheValueTeam

Important information. This podcast is for investment professionals only.

This information is not an offer, solicitation or recommendation to buy or sell any financial instrument or to adopt any investment strategy.

Any data has been sourced by us and is provided without any warranties of any kind. It should be independently verified before further publication or use. Third party data is owned or licenced by the data provider and may not be reproduced, extracted or used for any other purpose without the data provider’s consent. Neither we, nor the data provider, will have any liability in connection with the third party data.

Reliance should not be placed on any views or information in the material when taking individual investment and/or strategic decisions. Any references to securities, sectors, regions and/or countries are for illustrative purposes only. The views and opinions contained herein are those of individual to whom they are attributed, and may not necessarily represent views expressed or reflected in other communications, strategies or funds.

The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested. Exchange rate changes may cause the value of any overseas investments to rise or fall.

Past Performance is not a guide to future performance and may not be repeated.

The forecasts included should not be relied upon, are not guaranteed and are provided only as at the date of issue. Our forecasts are based on our own assumptions which may change.

The Killer Line