Money Maze Podcast

Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn In this podcast, we have an enlightening conversation with Nicolai Tangen, CEO of the Norwegian Sovereign Wealth Fund and seasoned and successful investor. Norway’s great wealth is in large part courtesy of its oil riches, discovered in 1969. With great vision, the Government’s response to the discovery was the decision to create a separate, segregated fund, away from politicians’ grasp, to serve Norway’s current and future citizens. Nicolai describes his education and early investing experiences at Cazenove and Egerton, before starting the extremely successful hedge fund AKO. He talks about his education, refreshed throughout his career, and his decision to become the CEO of Norway’s SWF, otherwise known as Pension Fund Global. Nicolai talks about his immense delight in being appointed CEO, and how the investment strategy is evolving under his stewardship. He speaks about his wish to use risk in a slightly more productive way, how private assets are assessed and incorporated going forward, and how deep forensic analysis such as that undertaken in the case of Wirecard will lead them to exclude companies that might otherwise be owned as part of their ownership of 9,000 globally. The conversation encompasses a discussion about the lofty valuations exhibited within ESG assets, the stocks excluded from their investment portfolio and shown on the website, and the tension between divesting and remaining a shareholder of companies in transition. Nicolai explains why techniques drawn from behavioural analysis can help them assess the risks embedded within potential investments; the resilience that can be learned from top athletes, the dangers of inflation returning and the long term challenges facing investors and the world more generally. Finally he offers some pithy Norwegian advice on cooking, sailing, endurance, charity and why introverts are such an underutilised asset.

Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn Peter Harrison, included in Debrett’s 500 most influential people, starts by describing a rebellious youth that led him to reject his family’s wish to study Theology at Oxbridge and instead to make a decision to go to Bath University to study Business in the 1980s. From there he talks of his first job at Schroders, working as an analyst, and further experiences he had at Newton, Flemings, Deutsche Asset Management and then a start-up, RWC.  Peter describes their merger with Schroders and his ascent to CEO, and the journey from managing money to managing an investment business. The conversation moves to him talking about the compelling opportunities in Global Asset Management, contrary to some gloomy commentaries that we often read. He talks of the shift to managing money to solve problems and not simply to be benchmarked, and the evolution of active and passive strategies. He describes Schroder’s vision of serving the individual customer, both affluent and high net worth, with the help of more electronic applications, a wider public and private offering and trying to help them avoid classic pitfalls of poor timing in entering and exiting the market. He also explains why although he thinks ESG must be embedded in your investment process, it will morph into a more coherent drive for impact investing.  Peter also gives his thoughts on the growth of private equity, and the challenge facing stock markets buffeted by weighty regulation and diminished liquidity. He then discusses advice for the young thinking about future career, and some of the characteristics he looks for in potential hires.

Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn In this episode Gary Boom, CEO of Bordeaux Index starts by explaining how the poorly organised, past its sell-by- date old model of wine trading has been revolutionised by Bordeaux Index over the last 20 years, with the introduction of scale, liquidity and expertise underscoring the investment attributes of fine wines and whiskies. The conversation examines long term data provided by Credit Suisse who found that post-World War Two, collectible wines have delivered returns of circa 10% nominal, and real returns of around 7% USD (per annum) . Gary discusses the composition of returns and the indices used to measure them, and explains why consumption creates a virtuous circle, where replacement and scarcity provide strong tailwinds. He talks about the liquidity provided by Live Trade, which they established and which provides narrow bid/ask spreads in over 500 wines. He talks about the Chinese influence in buying high-end Bordeaux wines, the Champagne and Burgundy markets’ evolution as well as how challenges around counterfeiting are being met. With reference to the late Stephen Spurrier, he discusses the rise of some of the great new world wines which wines he believes will prove good investments and how family offices and wealthy individuals can build significant portfolios of wine to take advantage of its lower correlation to other assets. He speaks about climate impact on wine producing regions, his gloomy view on UK wines and why Bollinger group has taken a stake in their business. Finally he talks about why wine has proved and continues to be a great career for both sexes, some advice for today’s youth, and whose wines and their owners he would most like to meet and drink.

Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn If you were proposed an investment whose annualized return over the past 25 years have been over 9%, offered inflation protection, was environmentally sustainable, asset backed, growing, generated carbon credits, and had low correlation to other assets. you might think it sounds too good to be true, because in investing there is rarely a free lunch - So in this episode we examine an asset class that appears at first glance to have a powerfully persuasive set of positive attributes, Forestry. To discuss this our guest is Olly Hughes, managing Director of Forestry for Gresham House, the UK’s largest forestry investor. Olly describes his journey from studying Zoology at Oxford, to becoming involved in asset backed finance in Asia, before turning to renewables investing. He describes the key drivers of Forestry investing, encompassing the macro forces of urbanisation, housing shortages and decarbonisation. He explains the growing institutional interest in the sector, the challenges of supply and the changes in land use and evolving opportunity set. He distils the investment proposition for forestry, reviewing its natural growth factor, inflation protection, low correlation to other assets but also reflects on the asset class’s low liquidity, vulnerability to natural disease and disasters and answers the question as to who this asset class is appropriate for. Olly discusses the carbon capture and carbon credit elements that he believes are proving secular, not cyclical, before analysing both the beneficial tax status Forestry enjoys, the opportunities across geographies, and why he remains firmly optimistic about future returns. 4bNiztC1Pvng6BY7htfT AvcjkHjgi80PAkxBt4aV

Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn Today’s conversation is with one of America’s most successful investment podcasters, with over 5 million downloads, and who has also worked with one of the investment greats, David Swensen at Yale University Endowment and put himself in the firing line by having the infamous bet with Buffett, whilst at his former firm, Protege partners. Ted has a gilt-edged education, Yale and the Harvard Business School and he describes beginning his investment journey at the Yale Endowment under Dave Swensen, who so sadly has just died. Ted is also author of 2 books on investing, “So you want to start a hedge fund” & just released “How the world’s elite money managers lead and invest” Ted describes his upbringing, education and how he secured the job at Yale after listening to a lecture by Swensen. He then talks about his decision to leave to study for an MBA at Harvard Business School before then starting Protégé partners. He describes how he came to make the bet with Warren Buffet, that a portfolio of Hedge Funds would outperform the S&P 500 over 10 years, which taken early in 2007, looked heroic. Time however, reversed it, in favour of Buffett, and Ted describes the interactions with Buffett and his perspectives thereafter when building capital allocators. He talks about the biggest gain from the bet, which was getting to know Buffett personally. Ted talks about the lessons he has learned from interviewing some of the great money managers and allocators of capital and his  perspectives on what great investors do, what they often avoid doing, and why “our brains are hard-wired to make bad decisions”! Ted talks about the Hedge Fund paradox, where he comes out on the active v passive debate and how he would think about populating an investment committee Finally he offers some valuable advice for youth, for investors and why we here at the Money Maze Podcast think his new book is a “must read”.  

Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn Today on the Money Maze Podcast we discuss the future of cash and bank notes. Throughout its history cash has inspired two persistent forces; fascination and forgery. Whilst the accepted narrative is that the use of cash is on a glide path to extinction, De la Rue’s CEO, Clive Vacher offers his view that such a perspective is both premature and contradicted by a growing population whose access to digital cash and e payments is not within reach. He argues that cash is still on the rise! Clive who has been referred to as “the best turnaround specialist you haven’t heard of” starts with his upbringing and great academic successes and then describes his experience at companies like Rolls Royce and Bae before taking up the challenge of turning around De la Rue whose future had looked challenging. Clive talks of the other business that sits alongside their globally deployed cash-production expertise, namely authentication and anti-fraud protocols. He explains why the authentication division is growing so fast, the theory behind a vaccine passport, tax stamps and their “traceology” platforms. He shines light on why these anti-fraud mechanisms have never been more relevant as counterfeiters have not locked-down and the value of such illegal actions are estimated by the WTO to exceed $2 trillion. Clive explains why he is excited about their future, why the 1000 patents they own have intriguing optionality, and why he has confounded the sceptics so far. Finally he offers some potent advice about dealing with turnrounds, his role model in running a business, who he would like to fly with his helicopter license, and why his most important daily habit is talking to his employees.

Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn In today’s conversation we are joined by Tracy Blackwell, CEO of the Pension Insurance Corporation (P.I.C.). Whilst this company may be below the radar screen for many, it is at the epicentre of an industry undergoing rapid transformation, and undertaking an essential investment activity that is critical to everyone; pensions. The historical importance of pensions is unchanged, from soldiers who served in the Roman armies who were guaranteed an income after they retired to employees in today’s enterprises. Tracy initially describes her journey as a daughter of a single Mother, growing up in Illinois, then moving to Malaysia, then to Business school and from there to Goldman Sachs. She describes rising to head up risk at Goldman Sachs’s asset management division, before her move to the Pension Insurance Corporation  Tracy takes us through an explanation of the fast-evolving £2 trillion market for private defined benefit pensions. She discusses the surprising fact that only four countries in the world have had such schemes and why companies and trustees increasingly recognise that managing the long term liabilities of their current and former employees’ pensions requires different skills from running their core business. She illustrates the immense changes underway in the insuring and management of pensions, describes the key forces at work, and the investable assets that meet regulatory requirements. She also explains the need for regulatory changes and the less-discussed flexibility leaving the EU might offer in this regard. She provides a case study, Philips, as to how the process works, the asset allocation challenges in today’s minimal yielding world, but why this vast pool of assets gives the UK an enormous opportunity to provide long-term financing for some of UK’s infrastructure and housing needs. The discussion refers to the work carried out entitled “purpose of finance”, a thought piece found on their website, and the inter-generational transfer that this pool of assets offers in long-term financing. Finally, Tracy reflects on being an American in the UK, offers advice for young, and why her favourite film is Gone with the Wind.

Enjoy our host, Simon Brewer, summarise the show here! The world of finance has a huge impact on all of us. Created by two industry veterans, this show aims to explore and unravel some of the mysteries surrounding the investing business. Whether you're a current investment professional, a student exploring career options, or just someone with an interest in the stories behind some of the most influential names in business, we hope you gain some helpful insights and enjoy the shows. Money Maze Podcast Newsletter: https://moneymazepodcast.us8.list-manage.com/subscribe?u=81be3573b8a8a1d2fe3530e77&id=53502604e7 Follow Us on LinkedIn: https://www.linkedin.com/company/the-money-maze-podcast/?viewAsMember=true Follow Us on Instagram: https://www.instagram.com/moneymazepodcast/

Merck Mercuriadis, CEO of Hipgnosis Songs Fund, has over 40 years in the music industry, collaborating with stars like Elton John and Beyonce. He discusses the transformation of music into a vital investment, with 90% of US households now subscribing to streaming services. Merck highlights how fair compensation for artists is often overlooked in revenue splits. He shares insights on acquiring 57,000 songs for £1.2 billion, the strategic marketing of classic hits, and the evolving landscape of music as both art and a lucrative asset.

Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn In today’s interview we have the opportunity for a detailed conversation with a man who has been at the forefront of advertising and marketing communications for 5 decades. Founder of WPP, its CEO for 33 years, he is now the creator of S4 Capital, an entirely digital advertising and marketing business at the epicenter of a marketing and commercial revolution. Sir Martin describes his youth and upbringing, and the ambition that drove him, which he ascribes to his grandparents who arrived in the UK as refugees. He describes his path to Cambridge and Harvard Business School, working for Mark McCormack at IMG before joining Saatchi & Saatchi. He talks about the advertising world that was ripe for disruption, his decision to buy and build WPP into the world’s largest agency, and the battles and challenges and near-death corporate experiences en route. He describes what lies behind his staying power, ambition, and how S4 Capital was conceived. In a rapid time period, S4 Capital has become a major force in the new world order of digital communications and already has a market capitalisation of £2.6 billion. He describes the strategy around building a purely digital advertising and marketing services business, serving major companies around the world and why the Holy Trinity of first-party data, digital content and programmatic advertising will super charge the next wave of growth in the industry. He talks about growth through acquisition, partnerships and culture and the need today to build strong links directly to the consumer and the shifting emphasis to digital, and away from legacy advertising. He explains the dominance of the major tech companies, their evolution and current challenges, and what is going on in the minds of CEOs and their boards. Finally, there is some advice from one of the world’s great corporate warriors about resilience, determination and the need for speed in surviving and thriving.