Money Maze Podcast

Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn Today’s episode comes from Madrid - Europe’s 3rd biggest city and the highest European capital, and with a different tack for the Money Maze Podcast we are going to explore the changing landscape of education and it ability to better arm you to get ahead in the evolving commercial world. We welcome Santiago Iñiguez de Onzoño, President of IE University which is increasingly recognised both for its campus-based, and on-line MBA, as well as its wider educational programmes. He is one of 500 Global LinkedIn influencers and has been portrayed by the Financial Times as “one of the most significant figures in promoting European business schools internationally”. Santiago talks about IE Business School, why its online MBAs have been ranked no 1 in the world by the FT & Economist for 3 consecutive years and why it is now one of the top 10 business schools globally. It is also scores amongst the highest for both the post MBA salaries and  employability its graduates achieve. Santiago talks about IE’s origins, evolution and ambitions, its WOW learning room and why it was so early in the provision of online education. He talks about the merits of a hybrid campus/online approach to learning and why education is now more important than ever before. The conversation moves to teaching leadership, and the problem with the old understanding of what constituted “leadership”. Then the discussion moves on to the need to re-learn continuously given lengthening life-expectations and likely multiple careers. Finally he finishes with some great advice about how Universities need to rethink their model to attract older students, and some of the compelling attractions of studying in Spain.

Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn Maarten Slendebroek is currently Chairman of Robeco’s Supervisory Board, the Dutch investment powerhouse, former CEO of Jupiter PLC , and prior to that, member of Blackrock’s global operating committee. Maarten describes his Dutch/Swedish upbringing, studying Law at the University of Leiden, and from there to finance, beginning as an equity analyst at the emergence of individual European company research. He describes his journey through Merrill Lynch and then Blackrock. Then, in the aftermath of the 2008 Great Financial Crisis how he responded to Larry Fink’s request that he drive Blackrock’s Aladdin platform, initially in conjunction with the UK Treasury, to help analyse pools of complex debt securities. This proved invaluable to Blackrock’s subsequent growth given the troubled asset portfolios held at UK and European Financial Institutions which in many cases were too complex to unravel by the existing management teams. Maarten describes his decision later to go to Jupiter where he became CEO and discusses the challenge of scale and specialisation in asset management. He analyses what is needed to be successful in this rapidly-evolving industry, and the challenge of being a listed asset management company in a market place where investors crave growth. He then moves to Robeco, where he is currently Chairman of the Supervisory Board. Robeco, “the investment engineers”, has existed for nearly 100 years but now is a leader in active investing underpinned by an early and profound embedding of ESG and sustainable principles into their process. Maarten describes the active v passive, quant v orthodox and growth v value debates. The conversation drills down into factor investing and why Robeco has been recognised by peers and institutions such as Morningstar as an early mover and leader in ESG. Maarten then talks about the post-Brexit Landscape for UK financial services, Europe’s path to Federalism and where he has been investing his own personal money, including a discussion on the UK Value opportunity. He then talks about Mintus, a Fintech venture he is invested in, which is seeking to create exchange-based liquidity allowing for fractional ownership, from real-estate to oil rigs to vineyards. Finally Maarten gives some powerful insights from his experiences, set-backs, those who inspired him, through to advice for young people, the wines he loves and the two people he would chose to spend a day skiing with.

Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn Tony Dalwood studied Economics and Accounting at Bristol University and then Management and Business at Cambridge, where he took his post graduate degree and won a Blue playing Rugby. He then played Rugby for Saracens and Rosslyn Park, before his journey into Asset Management.    He talks of his career, beginning as a value-orientated equity manager, and his transition into the world of private equity, at that stage, an embryonic asset class. He discusses his subsequent roles as CEO of Schroder Ventures (London), and work as Chairman of the London Pensions Fund Authority Investment Panel.   The conversation moves to life as CEO of Gresham House, a quoted company investing in alternative assets. He discusses real asset investing, describing the investment characteristics and approach to investing in Forestry, New Energy, Housing and Infrastructure.  He then talks of today’s narrow equity markets, some of the parallels with the situation 20 years ago, and of today’s equity market disenchantment with the approach to value investing.   Finally he discusses small cap investing in the UK, the challenges facing public markets and the likely composition of portfolios in the future.

Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn Sir Ronald Cohen’s extraordinary story begins in Egypt in 1956 where the Suez crisis has taken place and Egyptian Nationalism is on the rise, forcing his family to leave everything and flee to England, not even speaking the language. Armed only with ambition and hope and hard work,  he gets into grammar school, wins a scholarship to Oxford, then to Harvard Business school and moves on to build one of the largest venture capital  firms in the world, APAX. Over the last 20 years, he has been invited to advise Governments, chaired the G8 task force for impact investment, helping drive the revolution to rethink the way we invest. Along the way he has authored 3 books, the most recent Impact, which has just been released. He has sat on the University of Oxford Investment Committee, been a member of the Board of Dean’s Advisors at Harvard Business School and Vice-Chairman of Ben Gurion University.  He talks about the opportunities created by attending Oxford and Harvard, his journey to help create the UK Venture Capital industry, founding Apax, and the role private equity plays in developed economies, including discussing some of its perceived drawbacks. The conversation moves to entrepreneurship, and his first book,  “The Second Bounce of the Ball – Turning Risk into Opportunity” and the critical role, job-creation will play in the post Covid landscape. This leads to his thoughts on the profound importance Impact Investing must, and will play, and its essential role in the evolution of capitalism.  Specifically he discusses the need to have company accounts properly measure impact and how this sub-sector of the investment management industry is accelerating as evidenced by the growth of the Social Impact Bond (SIB) and Harvard’s impact-weighted accounts. The conversation moves on to discuss how and what Governments should do, the evolution of philanthropy in this environment, and advice for young people thinking about careers and finally his perspectives on an extraordinary journey.

Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn Today we have the intriguing prospect of our youngest guest so far on the Money Maze Podcast, allied to one of the world’s oldest academic institutions, Oxford University. Jack Edmondson, nominated in 2019 as Institutional Investor Magazine’s 3rd most wanted Allocator in the world, is a CFA Charter holder, holds an MBA with distinction from the Saïd Business School at Oxford and a first-class degree in history from Durham University. He is an alumnus of both Mercury Asset Management and Mckinsey and is an Associate Fellow at the Said Business School and member of the faculty at the Blavatnik School of Government, both in Oxford. His day job is to help OUEM try to meet its goals as their deputy CIO. Jack describes his background and his work at both McKinsey and Mercury Asset Management and in private equity before moving to Oxford to join Sandra Robertson (CIO) to help build the Oxford University Endowment. Jack describes managing an endowment with its underlying permanent capital and multi-generational outlook, before explaining the investment target of producing a 5% real return per annum. He articulates their investment philosophy, which involves fundamental research, partnering with specific skill sets and talent, and making investments in both public and private equities. He discusses their current asset allocation, the challenge of finding exceptional managers, the active v passive debate and why he believes future returns will be lean, but also where opportunities may lie. Jack discusses thematic investing and the traps of excessive reliance on Macro forecasts to drive investment decisions, before explaining why Oxford as a location offers some distinct advantages over cities like London. He also explains that OUEM manages money for some long-term orientated pools of capital and also the relationship with the University. Finally, Jack reflects with straightforward honesty on investing mistakes he has made and life lessons learnt, as well as offering advice to those starting out in the business.

Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn In this episode we travel to Shanghai to talk to Chingxiao (best known as Ching) about equity investing in China. She starts by giving us a sense of life currently living in Shanghai and reflects on how the Chinese authorities have handled the crisis. She then describes her upbringing and education before explaining her immersion into the world of finance with Barings. The conversation analyses the market capitalisation of the Chinese stock markets relative to GDP and compared with the US, given they are now similar sized economies yet China’s stock market capitalisation is 1/10th that of the US. Ching explains the significant extent to which Chinese companies are under-researched and commensurately the opportunities for strong potential returns and outperformance, and her excitement given the immense developing domestic market. She describes her decision to establish her own firm, Red Gate Asset Management, an equity manager with excess of $1 billion under management, and details the investment process which starts with filtering the 6,000 company universe into a workable subset, from which Ching and her team build a concentrated, long-term portfolio. With a relentless focus on investing with conviction, aiming to own quality growth companies, but bought at reasonable prices, she explains why being “on the ground” matters, and gives an edge. She explains, humbly, how they were selected by one of the world's largest sovereign wealth funds to manage China allocations, and the key investment lessons learned along the way. Ching describes the mistakes that she believes has made them better investors, the red lines that prevent them selecting certain types of companies, and the topical issues of regulation and fraud. Finally she offers her thoughts on the Chinese love of gambling and stock market speculation, China’s place on the world stage, advice for young people thinking about finance and why above all else, she believes education is the critical component of success.

Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn In this second episode with Niall Ferguson, the conversation is an honest assessment of why he believes China and its political philosophy and approach are alien to Western values, and represent a clear and present danger. Niall explains how much has changed since Henry Kissinger’s historic mission to China in 1971, why belatedly Western Governments are increasingly recognising this but why the US remains a magnet for human talent, unlike China. The discussion continues on to the dangers posed by Islamification and the response by leaders such as President Macron and why job creation or its absence intensifies the problem. Niall then talks about the cost/benefit of University education, the parallels of this technological revolution with that of the introduction of the printing press and his thoughts on where he wants to invest. A veritable tour de force!

Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn We are thrilled in this episode, to share a discussion with Niall Ferguson, one the world’s greatest historians, authors and commentators. Niall is a  Senior Fellow at the Hoover Institution, Stanford University, as well as current or past lecturer at Harvard, Oxford, LSE and visiting professor at Tsinghua University, Beijing. In this first of two podcasts, this conversation gives the listener an opportunity to hear how Niall Ferguson analyses the current pandemic when compared with the historical precedents of other catastrophes. He talks about failure of many western Countries to learn lessons from those, many in Asia, who acted with coherent policies, and where the fault lines lie. This gives a taste for his upcoming book Doom & The politics of Catastrophe This conversation then moves to the monetary responses of the financial authorities. He discusses the issue of debasement of money, explosion of debt and the inflationary implications of such episodes, as well as mechanisms to remedy these unsustainable imbalances. Niall assesses the merits of bitcoin, gold and those countries like Italy, for whom the debt trap is immense.

Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn Franklin D Roosevelt wrote “Real estate cannot be lost or stolen, nor can it be carried away. Purchased with common sense, and managed with reasonable care it is about the safest investment in the world “. It’s a good time to discuss the topic of real estate, which is central to so many of us. Whether it’s your home, commercial property, farms and estates, whether it’s to live in or to invest in, whether in the UK or around the world. So this episode’s guest sits at the epicentre of the world of real estate; Mark Ridley, Group Chief Executive of Savills. The conversation begins with a review of current forces in residential property, before discussing the challenges facing UK retail space, supply and demand trends in commercial property and a discussion around new working practices and their implications for office space. Mark discusses the investment opportunities in various segments of the markets, what he sees in current overseas demand, the opportunities in Asia and also in the less liquid segments such as agricultural land. Mark also talks about the real estate asset management portion of the Savills business and his own vision for the firm. Mark discusses the implications if inflation reasserts itself, re-purposing of retail space into residential and why he is positive about property from an investing perspective and as a place to work. Sign up to our newsletter and never miss a release! | Visit our website | Follow us on LinkedIn | Follow us on Twitter

Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn When your mother escapes from N Korea, risking incarceration or possible execution if caught, to pursue a better life and harbouring a remote dream that she might eventually make it to the USA, which becomes reality, it may not be surprising  that her daughter, is also motivated to achieve great things. But it takes particular resolve to attend Harvard Business School, become the WSJ’s foreign correspondent and bureau chief, then domestic Policy Advisor to Vice President Al Gore, Chief of Staff of the Council of Economic Advisers and hold senior policy positions in the Clinton Administration And if that wasn’t enough of a career for most mortals, then to change tack again, join Morgan Stanley and ten years later be their Chief Sustainability Officer, shows formidable appetite and foresight. So this episode’s guest is Audrey Choi and she shares her voyage from daughter of a North Korean escapee to an illustrious career in journalism, politics and finance. She talks about how her ringside seat interviewing corporate leaders and then designing policy, equipped her to then pivot to develop and implement strategic thinking about sustainability within a leading investment bank. She talks about the size of the capital markets opportunity, the pace of adoption, how sustainable investing has produced enhanced risk-adjusted returns and can lower the cost of capital for corporates. Finally, Audrey talks about the change in perception around corporate brands, some of the key skills Audrey wants to see in hiring young people, and candidly recognises that luck plays an important part on one’s journey and the need to respond to opportunities as they appear.