Money Maze Podcast

Ian Charles, co-founder of Arctos, dives into the sports investment revolution, highlighting their portfolio that includes Liverpool FC and the Boston Red Sox. He discusses the surge of new investors and the economic dynamics behind major sports franchises. Ian emphasizes the role of data in decision-making, the impact of fan engagement, and the barriers to profitable growth. He also explores the contrasting investment landscapes of North American leagues vs. European football, shedding light on strategic partnerships and the future of sports finance.

Colm Kelleher, Chairman of UBS and a pivotal figure in banking, shares insights from a remarkable career including his tenure as President of Morgan Stanley. He discusses the critical lessons learned during the Great Financial Crisis and the intense pressure of leadership during turbulent times. Colm reflects on UBS's recent Credit Suisse acquisition, the essence of banking culture, and the evolving landscape of the financial sector. He also delves into regulatory challenges, the role of large banks amidst fintech disruption, and the strategic future of UBS.

Thought-provoking, amusing, self-critical, rich with anecdotes, laced with good advice, and large servings of humility, you might not automatically assume I’m describing the book, titled 'On Leadership', just published and written by Sir Tony Blair. The discussion starts with the essential need for a leader to identify the priorities, to determine the plan, and to pursue its execution. Sir Tony Blair discusses meeting roadblocks and responses, and why the leader must stay resolute. He then opines on international affairs today; including thoughts on China, India, Russia and the Middle East. He covers higher education, lessons from Singapore’s ‘economic miracle’, and the challenges of immigration.  He shares perspectives from the Tony Blair Institute, which today advises over 40 countries, how technology can promote major leaps forward, reasons for optimism, why humility is key and why there’s no substitute for hard work! ​​The Money Maze Podcast is kindly sponsored by Schroders, IFM Investors and the World Gold Council. Sign up to our Newsletter | Follow us on LinkedIn | Watch on YouTube

Cliff Asness, Co-Founder and CIO of AQR, shares his insights into the investing world, emphasizing the importance of global diversification. He discusses the intriguing concept of "volatility laundering" in private equity, where infrequent valuations can mislead investors about risk. Asness also explores market efficiency, pointing out its nuances and the U.S.'s recent outperformance. With a personal touch, he reflects on philanthropy, advocating for concentrated giving to maximize impact.

General Sir Patrick Sanders, former Chief of the General Staff of the UK, shares his insights on a host of global threats. He assesses the geopolitical landscape influenced by Russia, China, and North Korea, advocating for a strategic response to their growing assertiveness. Sanders delves into the complexities of Middle Eastern tensions, the need for a containment strategy against Iran, and the importance of maintaining stability amidst evolving alliances. He also explores the role of technology and AI in modern warfare, emphasizing the urgent need for military modernization.

Victor Khosla, Founder and CIO of Strategic Value Partners, oversees $18 billion in credit investments. In this insightful discussion, he shares his journey from an 'Accidental Investor' to a key player in distressed debt markets. Victor compares the U.S. and European financial landscapes, pinpointing emerging opportunities amid private equity challenges. He recounts his experience with Swissport's restructuring and emphasizes the critical need for operational involvement when managing high-yield debts. Khosla also discusses the stability offered by infrastructure investments in uncertain markets.

Chris Wood, global equity strategist, discusses China's ambitions, EM debt, US corporates vs government bonds, and includes gold and bitcoin in his portfolio. He warns against G7 bonds, emphasizes the importance of orthodox monetary policy, and highlights the opportunities in Asian markets. Recorded in June 2024.

Rachel Arnold, Co-Head of Vista Equity Partners' Endeavor Fund, discusses the growth and importance of software companies, AI adoption, operational transformation, and software's economic resilience. The podcast dives into the thriving software industry, investment strategies, and the significance of software investments in business operations.

If you wrote a business plan in the 1990s that was way ahead of its time - a 20th century idea that needed 21st century technology to work - then put it aside and instead built an enterprise software firm that achieved a Goldman Sachs backed blockbuster IPO in 1999, you might say “bravo”. If then, several years later you return to this earlier idea, build it and today have over 100 million athletes in 195 countries using it, you’ll know why we’re exceptionally excited about this conversation! Mike has helped grow Strava into one of the world’s leading activity tracking apps, employing about 400 people and achieving a valuation of approximately $1.5bn (as of its last funding round in 2020). The seeds of Strava were planted during Mike’s time as captain of the Harvard rowing team, which helped him develop an appreciation of the benefits of sport, both personally & professionally. Mike then earned a PhD at Harvard, before becoming an economics professor at Stanford and Dartmouth (and along the way he was also a CFO of a biotech firm).   In this longer-than-usual interview, Michael discusses what it takes to build a brand. He explains why they went “an inch wide and a mile deep” and why it’s best to “listen to your customers, not your investors”. He also shares how he’s confronted setbacks, concentrating on excellence over growth, why they’ve stayed private, and why patience, persistence and perspective are central ingredients for success. One of my favourite interviews! ​​The Money Maze Podcast is kindly sponsored by Schroders, IFM Investors and the World Gold Council. Sign up to our Newsletter | Follow us on LinkedIn | Watch on YouTube

Rob Arnott has published over 100 academic papers, co-authored several books, and his firm Research Affiliates developed the strategies behind approximately $147bn in AUM (as of March 2024). He has earned a reputation as a highly respected, value-orientated investor with clarity about unrealistic valuations, mean-reversion and where the investment opportunities may lie. In this interview he shares a timely analysis of Nvidia, which achieved a valuation of over $3tn last week (surpassing Microsoft as the world’s most valuable business). We thought it was timely to listen to his perspectives given today’s highly skewed, AI obsessed, passive-besotted investing world! Rob describes his approach to evaluating risks and returns, why he believes the US current fiscal path is unsustainable, and how his firm, Research Affiliates, have developed indices to allow investors to access more compelling opportunities. He unpicks his view as to why narratives around much-loved tech companies may already be reflected in their share prices, why the value opportunities are profound, especially outside of the US and particularly in emerging markets. Furthermore, he points out the disconnect between unloved value stocks and their underlying businesses (which have often been performing just fine).  Rob also discusses portfolio allocations today, building resilience in your portfolio to allow for geopolitical turbulence, and the asymmetry of owning US inflation-linked Treasuries (TIPS) vs straight treasuries. ​​The Money Maze Podcast is kindly sponsored by Schroders, IFM Investors and the World Gold Council. Sign up to our Newsletter | Follow us on LinkedIn | Watch on YouTube | *CNBC, June 2024