
Money Maze Podcast
The world of finance has a huge impact on all of us. This show aims to explore and unravel some of the mysteries surrounding the investing business, via interviews with masters of the real life money maze.
Expect tips for mastering capital allocation, making better business decisions, strategies for taking your career to the next level, and revelatory profiles of leading industry figures.
Whether you're a current or aspiring investment professional, a regular investor, or a student exploring career options, we hope you gain some helpful insights and enjoy the shows. Thank you for listening!
Visit our website to learn more & access further content: moneymazepodcast.com
Latest episodes

Aug 1, 2024 • 33min
149: The $5 Trillion High Yield Debt Markets: Trouble Ahead or Compelling Returns? - With Victor Khosla, Founder & CIO of Strategic Value Partners
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.

4 snips
Jul 25, 2024 • 42min
148: Greed & Fear! What to Own, What to Avoid and Are We Wrong About China? With Chris Wood, Global Head of Equity Strategy, Jefferies (Hong Kong)
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.

Jul 18, 2024 • 24min
147: Vista Equity Partners: The $100 Billion Private Equity Software Group - With Rachel Arnold, Co-Head of Vista Equity Partners’ Endeavor Fund
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.

Jul 11, 2024 • 1h 11min
146: “Running Up That Hill” - Strava’s Co-Founder, Mike Horvath, on Building, Branding and Delivering: An Entrepreneurs’ Story
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.
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Jun 27, 2024 • 57min
145: Why the Fed Can’t Forecast, How Zero Rates Were a Huge Mistake and is Nvidia’s $3tn*+ Valuation Sustainable? With Rob Arnott, Founder of Research Affiliates
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

Jun 20, 2024 • 45min
144: Retail in the 21st Century: Seb James, CEO of Boots, Discusses Health, Technology, Data and the Customer
Seb James, CEO of Boots, discusses the future of retail, the role of pharmacies in health systems, customer data personalization, and competition with US tech giants. He also explores Boots' history, strategic moves, challenges in healthcare delivery post-COVID, and the use of technology like AI in the retail sector.

10 snips
Jun 13, 2024 • 1h 11min
143: How to Make Money in the $275 Trillion* Energy Transition & Can Tesla Survive?
Per Lekander, a veteran in the energy sector, discusses investment opportunities in the energy transition, challenges in wind and solar industries, competing energy sources, electrification's future, Tesla's negative view, changes in battery technology, and navigating long and short investment strategies.

May 30, 2024 • 39min
142: Novo Holdings: Controlling Shareholder of Novo Nordisk, Europe's Most Valuable Company - With CEO, Kasim Kutay
CEO Kasim Kutay from Novo Holdings discusses their vast asset management, investment strategies in life sciences, and the foundation's mission in defeating chronic diseases. He also touches on regulatory challenges, the impact of biology in the green transition, and the importance of engaged ownership in the healthcare sector.

May 23, 2024 • 38min
141: The 30% Club and the Future of Institutional Investment Management - With Hanneke Smits, Global Head of Investment Management, BNY Mellon
Research demonstrates that diverse companies outperform their less diverse peers. The 30% Club’s mission, led by Chairs and CEOs, is to increase gender diversity at board and executive committee levels.
In this episode, current 30% Club Global Chair Hanneke Smits, assesses the shifts underway to increase female representation across the corporate landscape, why PE lags public investing in this regard and what still needs to be done.
She also reflects on working in both PE and public markets, the future trajectory of passive & active, and the challenges each presents to investors. She then discusses the qualities needed as a leader and mentor, including the difference between “being liked and being respected”.
The Money Maze Podcast is kindly sponsored by Schroders, IFM Investors and the World Gold Council.
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May 9, 2024 • 54min
140: LSEG: Partnering with Microsoft and Why London Remains a Leading Financial Hub - With LSEG CEO, David Schwimmer
If you were asked ‘What is the London Stock Exchange Group, (LSEG)?’, most investors would answer, ‘the London Stock Exchange, of course.’ Yet, the correct answer would be, “well that’s only 5% of revenues today”, and then you might pause and wonder what the rest is…
In this conversation with David Schwimmer, a veteran of Goldman Sachs, and CEO of the LSEG since 2018, we examine an organisation that today has revenues of £8bn, an operating income of £2.8bn and a market capitalisation of approximately £50bn. LSEG is the 14th largest company in the UK, employing 25,000 people in 70 countries, and is now 4% owned by Microsoft (as of May 2024).
David explains the LSEG business today, how they are the no.1 globally in real time financial data, how they serve customers in areas from risk-analytics, FX, bond trading, KYC, ALM verification. He discusses the partnership with Microsoft, and the rapid shifts in technology, as well as their impact on business execution and enhancing productivity.
Finally we have an earnest conversation about the UK, which has the second largest pension market in the world, London’s enviable position, and why persistent negative press around delisting may have created a stronger narrative than the facts would suggest.
The Money Maze Podcast is kindly sponsored by Schroders, IFM Investors and the World Gold Council.
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