In the Company of Mavericks

Have you ever wondered how fund managers deliver a successful long-short strategy? David Seaman of Alpha Cygni Investment Management recently joined me for a conversation with Richard Stuckey, the manager of the Ennismore Global Equity Fund, about managing such a strategy in smaller global companies.  In this fascinating chat, Richard discusses different approaches to shorting equities and how they involve different approaches to risk management at the stock and portfolio levels. He outlines a couple of examples of stocks he and his team have successfully shorted that turned out to be deceptions. We then discuss two long positions he recently added to his portfolio. Genus, a UK–listed animal genetics company, Genus and Paradox Interactive, a Scandinavian-listed games publisherRichard then discusses the geographic spread of his fund and how to think about market inefficiency driven by the rise of the mega-cap tech stocks, passive investment and meme-driven markets.And… importantly, how to adapt investment strategy in a market that can remain inefficient for a long time. This is a masterclass in the often counterintuitive art of managing an absolute return strategy in a volatile and illiquid asset class. While not for everyone, it can offer downside protection in choppy markets while providing long-term exposure to quality compounding equities.I must remind you that this is only for information purposes and is NOT investment advice. The views expressed in the podcast are personal to the contributors and do not represent Progressive Equity's views. Please enjoy our conversation with Richard Stuckey.Made possible by Progressive Equity.      

Mark Blandford, online betting pioneer and founder of Sporting Bet, shares his journey from traditional bookmaking to navigating the online gambling landscape. He discusses the challenges of evolving regulations and how they create risks for entrepreneurs. Joining him is George O’Connor, a technology analyst, who delves into investment strategies and the importance of adaptability in business. Together, they explore the impact of AI on investment models and the future of payment solutions, offering insights into making informed decisions in a rapidly changing market.

Dominic Frisby is an author, comedian, singer-songwriter, voice-over artist, self-taught financial commentator and the creator of the popular Substack, The Flying Frisby.  The main pillar of Dominic’s investment philosophy is based on gold and Bitcoin, and he has written extensively about both.  He was an early adopter of real asset protection, writing a book on the role of Bitcoin ten years ago.  I wanted to get his view on the role of real assets in investment portfolios and how investors might like to consider protecting their capital from fiat currency debasement.   Dominic didn’t disappoint and added plenty of thoughts on politics, the prospects for liberty and some valuable health tips for the over 50s. Have you tried hanging from a high bar? It works for me.  Please enjoy my conversation with the maverick, Dominic Frisby.Brought to you by Progressive Equity. 

Dominic Frisby is an author, comedian, singer-songwriter, voice-over artist, self-taught financial commentator and the creator of the popular Substack, The Flying Frisby.  The main pillar of Dominic’s investment philosophy is based on gold and Bitcoin, and he has written extensively about both.  He was an early adopter of real asset protection, writing a book on the role of Bitcoin ten years ago.  I wanted to get his view on the role of real assets in investment portfolios and how investors might like to consider protecting their capital from fiat currency debasement.   Dominic didn’t disappoint and added plenty of thoughts on politics, the prospects for liberty and some valuable health tips for the over 50s. Have you tried hanging from a high bar? It works for me.  Please enjoy my conversation with the maverick, Dominic Frisby. Brought to you by Progressive Equity. 

Have you ever wondered what investing in Emerging Markets is all about? It’s complicated, right? And having witnessed a decade or more of US dollar dominance and outperforming developed markets, particularly US markets, why bother looking at the rest of the world? After all, isn’t that where all the bad stuff happens, like currency crises and debt defaults? Recently, there have been signs that Emerging Markets might be re-emerging. This year, there have been signs that the dollar’s dominance may not be so dominant. Following the Fed’s decision to cut rates by 50 basis points, China announced an intention to add significant heft to its policy of loosening monetary and fiscal conditions in the world’s second-largest economy.   Following an extended period of being considered uninvestable, Chinese equities had a near 30% bounce in a couple of weeks. Was this just some hasty short closing or a re-awakening of the biggest emerging markets? This is currently one of the fiercest debates among global investors.I wanted to get the perspective of an emerging markets expert, so I was delighted to have the chance to speak with Leila Kardouche of Variis Partners. Leila is a veteran of the space, and she and her small team recently launched a new London-based emerging markets partnership. This partnership fills a space left by several high-profile investors who have recently left this area due to its long period of disappointing returns. In this episode, we learn about the structure of Emerging Markets and how benchmark indices such as the MSCI are not very helpful in uncovering the full potential of the growth opportunities often obscured within these markets. Among other things, Leila discusses how to evaluate political risk in this widely diverse range of markets as we tour what’s hot and what’s not in an investment universe covering 85% of the world’s population.  Critically, Leila and the Variis team focus on stock selection. Leila discusses how the challenges of growing businesses in emerging markets have produced some very successful compounding growth opportunities. Yes, these companies have outperformed strongly even within markets like China, which has been disappointing overall.For my recent Substack covering emerging markets, please see, Are Emerging Markets Re-emerging?  Be sure you are subscribed to In The Company of Mavericks on your podcast app to avoid missing the next and future episodes. Made possible by Progressive Equity.  

Have you ever wondered what investing in Emerging Markets is all about? It’s complicated, right? And having witnessed a decade or more of US dollar dominance and outperforming developed markets, particularly US markets, why bother looking at the rest of the world? After all, isn’t that where all the bad stuff happens, like currency crises and debt defaults? Recently, there have been signs that Emerging Markets might be re-emerging. This year, there have been signs that the dollar’s dominance may not be quite so dominant. Following the Fed’s decision to cut rates by 50 basis points, China announced an intention to add significant heft to its policy of loosening monetary and fiscal conditions in the world’s second-largest economy.   Following an extended period of being considered uninvestable, Chinese equities had a near 30% bounce in a couple of weeks. Was this just some hasty short closing or a re-awakening of the biggest emerging markets? This is currently one of the fiercest debates among global investors.I wanted to get the perspective of an emerging markets expert, so I was delighted to have the chance to speak with Leila Kardouche of Variis Partners. Leila is a veteran of the space, and she and her small team recently launched a new London-based emerging markets partnership, filling a space left by several high-profile investors who have recently left this area due to its long period of disappointing returns. In this episode, we learn about the structure of Emerging Markets and how benchmark indices such as the MSCI are not very helpful in uncovering the full potential of the growth opportunities often obscured within these markets. Among other things, Leila discusses how to evaluate political risk in this widely diverse range of markets as we take a tour of what’s hot and what’s not in an investment universe covering 85% of the world’s population.  Critically, Leila and the Variis team focus on stock selection. Leila discusses how the challenges of growing businesses in emerging markets have produced some very successful compounding growth opportunities. Yes, these companies have outperformed strongly even within markets like China, which has been disappointing overall.Be sure you are subscribed to In The Company of Mavericks on your podcast app to avoid missing the next and future episodes.  Made possible by Progressive Equity.  

A few months ago, I chatted with Adam Rackley, the SVS Dowgate Cape Wrath Focus Fund manager featured in Episode 39, Market Capitulations & Narrative Shifts. We were reading a great new Substack called Sweet Stocks, which featured weekly in-depth write-ups of some fascinating quality compounding growth stocks. Not only were we impressed with Sweet Stocks’ quality, but the weekly publication cadence also meant it was the work of a highly experienced and disciplined analyst.   A few weeks later, we chatted with Alex Sweet, the man behind the Substack, about what motivates his work, his investment philosophy, his analytical rigour, and, crucially, some of his UK stock ideas. Alex didn’t disappoint. He gave a masterclass on investing in quality compounding companies capable of “beating the fade” and on how he uses his fundamental analytical approach to find these anomalous gems globally. This episode teaches how Adam and Alex use similar, in-depth fundamental frameworks to derive different strategies. Adam focuses on contrarian deep value, while Alex focuses on growth at a reasonable price.These two investors illustrate the type of discipline involved in professional investment analysis. They also share an interest in the crazy world of Ultrarunning. Alex talks about his newfound passion for the Backyard Ultra, an offshoot of the Barkley Marathons, an event he hopes to run 300 miles in three days later this year.The stocks we cover in this episode are 4imprint, YouGov and Loungers. I must just tell you that the people on this podcast might own shares in the companies mentioned, but nothing you are about to hear is investment advice. The opinions expressed are purely the contributors' personal views and do not represent the views of Progressive Equity or any other organisation mentioned in this podcast. I hope you find this content informative and entertaining. I learned a lot, but please take professional financial advice before investing a penny in these crazy markets.I also wrote a Substack article about this podcast at HyperNormalTimes. Made possible by Progressive Equity.

Adam Rackley joins me for a conversation with growth stock analyst and ultra runner Alex Sweet of Sweet Stocks. Alex discusses his background and investment philosophy, and we chat about three UK equities he has covered in his newsletters: 4imprint, YouGov & Loungers. COMING SOON on all good podcast apps. Made possible by Progressive Equity 

For this episode, I am joined by Duncan MacInnes, manager of The Ruffer Investment Company, for a conversation about his investment philosophy and how he thinks about risk in today’s financial markets. He describes himself as a pragmatic, macro-informed, value investor.  The Ruffer Investment Company is a billion-pound London-listed investment company with the simple aim of delivering consistent positive returns regardless of how financial markets perform with the ambition to protect and increase the real value of its investor's capital. A simple but challenging mandate. To achieve this distinctive objective, Duncan has a highly differentiated strategy and has constructed a portfolio that looks nothing like most portfolios. Since launch in the early 2000s, Ruffer has a good long term track record. However, over the last couple of years, performance has slipped as risk assets, particularly equities, have outperformed Duncan’s expectations.   But Ruffer’s performance has a tendency, as Duncan says, to perform like ketchup coming out of a glass bottle. The events of early August, as the yen carry trade sent markets in a spin, offered a brief glimpse of the better times that might lie ahead for this fund. Duncan offers a master class in different, often esoteric, markets and how he has used instruments such as gold, FX, credit spreads, derivatives, inflation-linked bonds and even bitcoin to find uncorrelated returns and asymmetric and reflexive risk profiles. Duncan is positive on the outlook for gold, the yen, and commodities. However, he thinks investors are over their skis regarding US equities, specifically the Mag Seven. He is more positive about UK equities and describes why the consensual view that Chinese equities are uninvestable draws him to them. As he says, we are all invested in China already, but at several times the value of most Chinese stocks.As always, nothing you hear in this podcast is investment advice, and all the views expressed by the contributors are in a personal capacity only and do not represent the views of Progressive Equity or any other organization mentioned in this podcast.       Please enjoy my conversation with the maverick, Duncan MacInnes.   Made possible by Progressive Equity.  

Coming soon, Duncan MacInnes presents a tour de force of the major financial asset classes and how to manage risk in today's crazy markets. He covers why he is so bullish on gold, gold miners, the yen and UK equities, and long Chinese equities, the ugliest in his portfolio of ugly ducklings.He also riffs on the yen carry trade, Bitcoin, premium drinks, and how we might know we are nearer the top than the bottom of the current equity market cycle.Made possible by Progressive Equity Research.