Money Maze Podcast

General David Petraeus has been described as the ultimate soldier/scholar. Targeted by Osama Bin Laden when Commander in Afghanistan, whose communications later revealed that “killing him would alter the war”, he became Director of the CIA and today is Chair of the KKR Global Institute and on their board. In the first part of this absorbing conversation, David Petraeus gives his assessment of the war now, and describes the strategic and tactical failings of Russia compared to the heroic and masterful execution by Ukraine. He discusses the options ahead, the nuclear threat and the emergence of weapons systems and technologies that are altering the nature of war overall. With clarity and candour he provides a brilliant summary almost one year from the start of the invasion and offers thoughts on the conversation and settlement that might follow. Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn The Money Maze Podcast is kindly sponsored by  Schroders,  Bremont Watches, LiveTrade and Mintus.

In a captivating discussion, bestselling author Simon Sebag Montefiore, renowned for his works on Russian and world history, delves into the powerful narratives of family dynasties from the Medicis to the Kennedys. He shares insights from his new book, emphasizing how migration and influential families play pivotal roles in shaping nations. Montefiore also reflects on access to Russian archives, revealing the fluctuating relationships with history post-Stalin, while highlighting the often-overlooked contributions of women throughout history.

Founded by Marc Andreessen and Ben Horowitz, Andreessen Horowitz (also known as a16z) is a revered venture capital firm which sits at the epicentre of financing entrepreneurial businesses. In this conversation, David Haber, General Partner overseeing fintech investing, begins by discussing his background, including graduating from Harvard, selling his business (Bond Street) to Goldman Sachs in 2017, before joining a16z to establish their first East Coast presence. David is able to offer a unique perspective as both an entrepreneur and venture capitalist. He describes how a16z is growing, its desire to build enduring value by compounding returns and building on competitive advantages. He then explains how they engage with firms of varying size to help them on their journeys and provides an illustration to help frame the conversation. He discusses the private asset explosion, the potential adjustments following this tougher period, risk-taking, hiring, crypto and more! Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn The Money Maze Podcast is kindly sponsored by Schroders,  Bremont Watches, LiveTrade and Mintus.

In this conversation, we have the opportunity to talk to Alex Rodriguez, or ‘A Rod’ as he is better known, arguably the greatest baseball player of his generation. The discussion moves from how he came to dominate his sport to developing a substantial portfolio of investments and businesses through his investment firm, A-Rod Corp. Alex discusses the early years growing up in Manhattan, his love of baseball and becoming the top prospect in the country, and turning down a university scholarship to sign as a professional. He discusses how Warren Buffett gave him invaluable advice, becoming increasingly involved in real estate and venture, and how he assembles his team. He discusses investment priorities, sifting from the range of opportunities presented, culture, ambition, lessons from sport, and what the future holds. Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn The Money Maze Podcast is kindly sponsored by Schroders,  Bremont Watches, LiveTrade and Mintus.

Some of tomorrow’s large companies are today’s emerging ones, and in this miniseries we explore the world of venture capital and look at a handful of organisations that operate at a lower level in terms of size, but who are providing critical capital to early and growth-stage companies. In episode 2 of the series, we’re pleased to feature Roberto Italia, CEO of the global, evergreen investment company, Verlinvest. Verlinvest’s portfolio brands include Oatly, Pedego, Purplle.com, Vita Coco, Chewy.com and Tony’s Chocolonely to name a few, and is backed by the families behind AB InBev (the Belgium-based brewing multinational). The discussion covers developing the Oatly brand, investment holding periods, potential exits, consumers’ changing appetites, and the challenges around supply chain re-ordering. Roberto also discusses the headwinds of dealing with inflation, the key takeaways from past investments and the exciting landscape ahead. Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn The Money Maze Podcast is kindly sponsored by Schroders,  Bremont Watches, LiveTrade and Mintus.

In the first episode of our 4-part Venture Capital Miniseries, we are thrilled to feature Dame Kate Bingham, Managing Partner of SV Health Investors and former Chair of the UK Vaccine Taskforce. The much anticipated interview begins with a high level overview of the immense changes that are taking place in the world of medical research which have allowed us to move from treating symptoms to changing the way the body works. Kate describes the various leaps forward across medical conditions and the role SV Health Investors is playing to facilitate this. She discusses their approach, challenges, opportunities and the skills needed to improve the odds of success. She then talks about research excellence, the hurdles in building large biotech enterprises and what the future industry landscape may look like. The conversation then switches to her role as Chair of the Vaccine Taskforce, set up in April 2020 under Boris Johnson to co-ordinate the creation and distribution of a COVID-19 vaccine (both in the UK and internationally). She reflects on the obstacles encountered and path to the successful execution of the group’s objectives. Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn The Money Maze Podcast is kindly sponsored by Schroders,  Bremont Watches, LiveTrade and Mintus.

As the Money Maze Podcast seeks to understand both the business and investment worlds, especially against the backdrop of a tougher economic environment, we are delighted to speak to Martin Waters, CEO of Victoria’s Secret & Co (VS&Co). Martin begins by explaining his retailing journey, Victoria’s Secret’s history and evolution, as well as the challenges and opportunities that lie ahead. Spun off from L Brands in 2021, the Fortune 500 lingerie and beauty retailer is known for its high visibility marketing and annual fashion shows. They have over 1,350 stores globally and more than 30,000 employees. Martin explains how it is adapting both to the economic climate as well as the issues specific to managing a world leading fashion and beauty retailer. He discusses the vision for the company, its values, their multichannel distribution strategy, and the risks and rewards of brand extension. He then analyses this competitive market, the changes taking across retail, and how their board is composed. With 7/8 of their board being female, Martin explains how valuable women are in helping him think about strategy, and why he is so excited about the future. Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn The Money Maze Podcast is kindly sponsored by Schroders,  Bremont Watches, LiveTrade and Mintus.

In this discussion we examine the changing world of investment funds and the data ecosystems that surround them. To explore this, we are delighted to welcome Laura González, Head of the Americas at Allfunds, one of the world's leading wealthtech companies, who offer the largest fund distribution network globally. Created in 2000, today Allfunds have approximately €1.3tn in assets under administration (as of 30/09/22), 16 offices across the globe and nearly 1,000 employees, with a strong footprint in Latin America. She explains how fund houses use their platform to expand their reach, how private banks and other users of funds can access their platform and reduce the challenges around fund onboarding. The discussion covers the growth of private assets, institutional and individual asset allocations to this space, and the shifts underway. Laura then discusses the cyclical component often overlooked in the active versus passive debate, how blockchain is being used by them, and thoughts on the Latin American investment universe (from both those looking in and those allocating outside). Finally, she discusses the merits of being part of a listed company, managing cultural integration and gives some potent advice for women seeking careers in finance. She also describes how yoga and surfing give balance and joy to her life! Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn The Money Maze Podcast is kindly sponsored by Schroders,  Bremont Watches, LiveTrade and Mintus.

In Shakespeare’s Hamlet, Polonius counsels his son Laertes, exclaiming: “Neither a borrower nor a lender be; for loan oft loses both itself and friend”. If you’ve been a fixed income investor this year, you are nursing your wounds and might have wished you heeded this advice! At a global level we’ve seen over a decade of nominal bond returns wiped out for the first time since the early 1950s. Therefore this seems a good time to discuss fixed income, and to do so with PGIM Fixed Income, who manage $790 billion in bonds (as of 30/06/22). Greg explains his perspective of the flaws in the 60/40 model, before reviewing the question of whether and where the bond rout has created opportunity across the spectrum. He discusses government, corporate credit, emerging market debt, and index-linked bonds. He describes why the Fed may remain more hawkish than consensus believes, why restoring “yield” is a good thing, and explains how active fixed income management has delivered more consistent outperformance versus benchmarks (unlike the world of equity management!). Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn The Money Maze Podcast is kindly sponsored by Schroders,  Bremont Watches, LiveTrade and Mintus. DISCLAIMER: The Money Maze Podcast covers views, opinions and recommendations of other investment managers which may not represent the views of PGIM. The views expressed by PGIM is not intended to constitute investment advice, were accurate at the time of recording and are subject to change.

In this episode, we welcome Peter Oppenheimer from Goldman Sachs, who discusses the challenging investment landscape. He starts with an overview of economic growth before unpicking the inflation debate, reviewing rates and the emergence of opportunities in fixed income, before discussing equity markets. He explains why active equity managers are back, why value versus growth discussions are too simplified and the likely character of this bear market. Finally Peter discusses the commodity supercycle, localisation of production and to quote Ian Dury, “reasons to be cheerful” in the medium term! Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn The Money Maze Podcast is kindly sponsored by Schroders,  Bremont Watches, LiveTrade and Mintus.