Money Maze Podcast

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

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.

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.

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.