In the Company of Mavericks

Earlier this year, in Episode 15, I spoke to Laurence Hulse and Alyx Wood about investing in the UK equity market from the perspectives of two UK-focused professional investors with distinctive strategies. On October 17th, I got Laurie and Alyx back together with Simon French, Chief Economist and Head of Research at City stockbroker Panmure Gordon, to ask the question, Why Invest in the UK?      It was a great conversation on a live topic of interest for investors and one I hope to return to in future episodes. Simon frames the discussion with his expertise in interpreting macroeconomic data.Alyx adds his perspective of an investor who spends much of his time talking to international investors about investing in the UK. Laurie talks of what he sees as a generational opportunity to buy abnormally cheap assets at the bottom end of the UK’s “out of favour” stock market.   As always, this is for information purposes only. This is not investment advice. 

Earlier this year, in Episode 15, I spoke to Laurence Hulse and Alyx Wood about investing in the UK equity market from the perspectives of two UK-focused professional investors with distinctive strategies. On October 17th, I got Laurie and Alyx back together with Simon French, Chief Economist and Head of Research at City stockbroker Panmure Gordon, to ask the question, Why Invest in the UK?      It was a great conversation on a live topic of interest for investors and one I hope to return to in future episodes. Simon frames the discussion with his expertise in interpreting macroeconomic data.Alyx adds his perspective of an investor who spends much of his time talking to international investors about investing in the UK. Laurie talks of what he sees as a generational opportunity to buy abnormally cheap assets at the bottom end of the UK’s “out of favour” stock market.   As always, this is for information purposes only. This is not investment advice. 

This episode was recorded on September 21, 2023. For today’s episode, I am joined by the private investor and host of the Desert Island Investor podcast, Mark Atkinson, for a conversation with the Chairman and CEO of Town Centre Securities, Edward Ziff. Edward is the second-generation custodian of the family business with a rich history largely centred on the City of Leeds. Edward talks candidly about the challenges of managing a small listed real estate company in which his family holds a controlling stake. He discusses the difficulties of attracting outside shareholders and how modern norms of PLC life often run counter to the cherished traditions of personal relationships often prevalent in family-owned companies.Edward is not a first-generation entrepreneur managing growth and holding a tiger by the tail. First and foremost, he is trying to preserve capital and generate income for an increasingly dispersed group of family and friends while meeting the requirements of a modern listed company. Despite navigating the financing pitfalls of the global financial crisis and the COVID pandemic, Town Centre Securities is left today as something of a stock market relic, trading at less than half its assessed net asset value, reflecting its small size and lack of institutional appeal.  As Edward says, running a small listed family business is exciting and depressing in equal measure.

This episode is made possible by Progressive Equity Research, providing freely available engaging research & opportunities to hear from a wide range of small & mid-cap UK-listed companies.This is a catch-up with Alasdair Haynes, founder and CEO of Aquis Exchange. He last appeared in Episode 3 in November 2021, and much has changed in the meantime. Aquis has continued to grow and is now ten years old. Alasdair has been at the forefront of innovation in stock market technology for many years and remains enthused by the prospects for change and innovation despite a recent health scare. Alasdair openly discusses the successes and mistakes he has made along the way but also clearly reiterates his vision of the future, including the need to improve the UK as a primary listing and trading venue. Please enjoy my conversation with the maverick Alasdair Haynes. 

This episode is made possible by Progressive Equity Research, providing freely available engaging research & opportunities to hear from a wide range of small & mid-cap UK-listed companies.For today’s episode, I am rejoined by Sukh Chamdal, the founder and CEO of AIM-listed Cake Box. For background on Sukh and Cake Box, you should listen to episode 2 from November 2021, where Sukh talked about the formation of Cake Box as a retailer of egg-free celebration cakes and growth via a franchising model.  I was keen to catch up with Sukh as, over the last 18 months, the UK consumer has been under pressure from the rising interest rates, inflation and a general cost of living crisis.  Cak Box has also had specific issues not uncommon among growing businesses, and Sukh has a new senior management team. I visited Sukh last Summer and saw the Enfield distribution centre. I witnessed Sukh's passion for all aspects of the business, particularly the development of new products and production and distribution efficiency. Cake Box now has over 200 stores and continues to grow. Sukh believes that consumers have re-adjusted to the higher cost of living and remain prepared to spend on treats for birthdays and special occasions. Please enjoy my catch-up with the maverick, Sukh Chamdal.

This episode is made possible by Progressive Equity Research, providing freely available engaging research & opportunities to hear from a wide range of small & mid-cap UK-listed companies.For today’s episode, David Seaman of Alpha Cygni Investment Management joins me for a conversation with James Wilson, fund manager of The Huginn Fund. The Huginn Fund applies the value investing principles of the wider Phoenix Asset Management team to international markets. However, James has his own very distinctive approach to investing. David and I have attended the Phoenix Annual Investor Meetings together for the last couple of years and have been impressed by James’ presentations of his top picks, last year of French champagne house Laurent Perrier and this year's US onshore gas producer CNX. James talks about his investment philosophy, why he seeks to invest in leaders rather than managers and the difference leaders can have on their organisations. He gives us insights into what he regards as the hidden value in three companies covering the French luxury goods industry, the US natural gas market, and the UK floor coverings market. James dives into his holdings in Laurent Perrier, CNX and the UK’s Likewise Group.  James leaves few stones unturned in his approach to getting insight and understanding of the companies he invests in. He gives us a masterclass in value investing, the importance of doing the work, and the insights it can yield.  I learnt a lot from this conversation. I hope you do too. 

This episode is made possible by Progressive Equity Research, providing freely available engaging research & opportunities to hear from a wide range of small & mid-cap UK-listed companies. I am joined by private investor Mark Atkinson, host of the Desert Island Investor Podcast, for a conversation with Mark Smithson, the founder and CEO of Marks Electrical. Marks Electrical is an AIM-listed online retailer of household electrical products providing nationwide next-day delivery of a wide range of household appliances.  Mark’s straightforward approach to his business is based on an enduring work ethic, deep domain knowledge and a commitment to business efficiency based on common sense and the application of technology.  In today’s episode, we follow the story of an entrepreneur who started selling reconditioned second-hand gas cookers in the 1980s to become CEO of a listed business with a shareholding worth over £60m.Mark talks openly about the challenges he’s faced and the mistakes he has made. However, armed with a “never give up” attitude, he sees his business as well positioned to grow market share in the competitive space for household appliances. Mark epitomises raw entrepreneurial spirit, and his story has lessons for us all.   

Today I am joined by two young active UK equity fund managers with distinct investment styles. Alyx Wood is the founder and Chief Investment Officer of Kernow Asset Management. Kernow is a contrarian investor using fundamental analysis and catalyst-driven mean reversion investing. Alyx is a long-short investor.  Laurence Hulse is a Director of Dowgate Wealth. He is the fund manager of the recently launched investment company Onward Opportunities Ltd. Onward Opportunities' strategy is to pursue inefficiencies in the UK market for small and micro-cap companies. It is a long-only strategy.  Laurence explains his background and how he fell for the style of investing, which he describes as engaged activism, using a velvet glove, not a boxing glove. He gives us examples of how this strategy has been effective in the past, and we talk about the current UK market conditions in which Laurence is launching this new vehicle. Alyx and Laurence are maverick investors among today’s market participants who are often passive trackers, index huggers, or trend followers. This was a fascinating discussion about how professional investors seek to outperform with strategies that Alyx describes as suiting their personalities.  In Alyx’s capacity as a family office manager, he describes why he likes the strategy of Onward Opportunities and how it compliments his investment style. I greatly enjoyed this chat. I learnt a lot. I hope you do too. 

This episode is made possible by Progressive Equity Research Ltd. A great conversation with two Irishmen with deep domain knowledge in commercialising modern pharmaceutical products. This is a journey into the world of precision medicine and diagnostics. Padraic Dempsey, formerly CCO at Uniphar, joins me for a fascinating conversation with Peter Keeling, the founder and CEO of Diaceutics PLC. Diaceutics' data platform DXRX sits at the intersection of life science and data science as a diagnostic commercialisation tool used by the World's largest pharmaceutical and biotech companies helping patients find the right therapy. It might not sound like a big deal, but as therapies become more targeted, it is much more difficult for the right drugs to find the right patients at the right time. 

Thanks to Progressive Equity Research for making this episode possible. In this episode, Miles talks about the changes he is implementing in the business and the opportunities to grow by product, industry, and geography, both organically and via acquisition. Miles demonstrates a wide-ranging understanding of the markets in which Concurrent operates and foresight of how to raise its growth ambitions. Since joining Concurrent, the business has had to cope with a significant component shortage which has impacted the performance of the business in 2022. Toward the end of the episode, Miles discusses a significant obstacle he has had to cope with from a young age. Miles provides inspirational advice to others who might be facing similar issues. Thanks to Mark Atkinson for introducing Miles and the great questions he asks. Many thanks to Miles for sharing his story in such an open and honest way.