Money Maze Podcast

Steve Clapham, veteran analyst and investor, discusses the importance of reading balance sheets in investing, the decline in effective investment training, and the significance of cash flow statements. He highlights the abundance of opportunities on the buy-side and shares case studies of 'creative accounting' including Patisserie Valerie and Wirecard. The podcast also explores the shift in power between buy-side and sell-side, the need for financial literacy, and the key to successful investing through balance sheet analysis and questioning everything.

Michael Mauboussin, Head of Consilient Research at Counterpoint Global, Morgan Stanley Investment Management, discusses the unique patterns of wealth creation in public equity markets. He explains the increasing corporate 'death rate' and why firms are choosing to stay private for longer. He covers the theory of wealth destruction, the distinction between value investing and value factors, and the importance of looking beyond tech headlines.

'Contrary to what was widely expected at the start of the present century, the world has not seen the end of major wars, confirming that Plato was right when he wrote that “only the dead have seen the end of war.”' These lines come from a new book, just published, titled ‘Conflict: The Evolution of Warfare from 1945 to Ukraine.’ The book was written by Lord Roberts, a widely respected UK author, and General Petraeus, former CIA Director and former Commander of US Central Command. In this conversation, Simon speaks to Andrew and David, who discuss some key ideas and themes from the new book. We hear their analysis on some lessons learnt after seven decades of conflict following WW2, including some reflections on the Vietnam War, Iraq/Afghanistan, and the current Ukraine conflict. Strategy, tactics, leadership, intelligence, research, new technologies and planning for the future are all discussed in this illuminating episode. [This episode was recorded just prior to the current Israel-Gaza conflict, so this is not covered]  Kindly sponsored by Schroders, Bremont Watches, LiveTrade and IFM Investors. Sign up to our Newsletter | Follow us on LinkedIn | Watch on YouTube

Ray Dalio, investor and analyst, discusses the development of Bridgewater and his investment thinking. He outlines the 'Big Cycle' and the five key forces shaping the global economy: debt, conflict, populism, climate change, and technology.

Scott Bessent, former key player on the George Soros team and highly respected macro hedge fund manager, discusses key ingredients for being a macro manager. He shares insights on de-dollarisation, debt, commodities, Ukraine rebuild, AI, and fast-evolving markets in China and Japan. Scott also discusses risk, position sizing, and dealing with information overload.

John Authers, renowned financial commentator and author, shares his investing lessons, including diversification, fee minimisation, and avoiding home country bias. He discusses the evolution of the 60/40 portfolio, lessons from Swensen, and doubts about private assets euphoria. John also explains how he and his team approach research, assess mistakes, and stay relevant in a fast-evolving industry.

There are certain geopolitical developments that need to be examined in an objective and timely manner for their profound strategic ramifications. After the attack by Hamas and the ensuing conflagration, we welcome two seasoned Middle East thinkers from the International Institute for Strategic Studies (IISS). We attempt to disentangle the key forces at work and the motives. In the context of the wider Abraham Accords and Biden’s push for a Saudi/Israeli détente, we discuss how international relations in the region may evolve as a result of the conflict. We discuss the intelligence failure, the contextual backdrop, the competing powers, and what may lie ahead for key actors in the fractured region. Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn | Watch on YouTube The Money Maze Podcast is kindly sponsored by Schroders,  Bremont Watches and LiveTrade.

In this bitesize feature, Amgen’s CEO explains why Iceland’s isolated population make it a useful sample for understanding how disease arises from a genetic standpoint, and what this means for the drug discovery pipeline.  In the full interview Bob discusses timelines and priorities, the use of AI in accelerating drug development, biologics, facing setbacks on the road to approvals, and the challenge of running a company which has a presence in over 100 countries. Listen or watch here. Money Maze Vignettes are short extracts taken from some of our most popular episodes, which we found interesting or struck a chord with our listener community.  The Money Maze Podcast is kindly sponsored by Schroders,   Bremont Watches, and LiveTrade. 

William Butler Yeats, the great poet, observed, “Education is not the filling of a pail, but the lighting of a fire.” It may be easy to agree that education is the passport to a better future, but in this episode we wanted to discuss how we should be thinking about education today and tomorrow, and are we failing? Our guest, Sir Anthony Seldon, is recognised as one of the most distinguished and respected figures in the world of education. He’s a headmaster who has led some of the UK's leading independent schools, including Wellington College, Brighton College and (now) Epsom College. He is also the former Vice Chancellor of Buckingham University and author of over 40 books, including his masterpiece “The Impossible Office”, which examines the lives of 55 British Prime Ministers. Alongside this, Anthony is Deputy Chair of the Times Education Commission. We discuss how to define a good education, how AI will influence both teaching and learning; and whether the cost versus benefit of school and university education represents a good return on investment, including whether Tony Blair was simply wrong in his desire to have 50% of the UK population attend university.  Anthony discusses effecting change and assessing great leadership, drawing on his examination of 55 Prime Ministers. Perhaps most important of all, he discusses how to live a better life and why grades alone shouldn’t define intelligence.  Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn | Watch us on Youtube The Money Maze Podcast is kindly sponsored by Schroders,  Bremont Watches and LiveTrade.

In this conversation with David Neal, CEO of IFM Investors, we explore the origins of this highly unusual institution, an ‘investor-owned global investment manager’. Set up around 30 years ago to invest on behalf of more than 600 like minded institutions worldwide, it now manages approximately $143 billion (USD, as of 30/06/23).  David discusses what he believes makes for an effective CIO, lessons he drew from being CEO at the Australian Future Fund and why IFM was born. He explains their mission before detailing their highly successful approach to infrastructure investing. He also covers their private debt strategy, and why the balance in private equity between owners and investors may be less than optimal. He also shares his thoughts on portfolio diversification, and lessons learned from his early days at WTW. Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn | Watch us on Youtube The Money Maze Podcast is kindly sponsored by Schroders,  Bremont Watches, and LiveTrade. We’re pleased to also be supporting GAIN as our 2023 Charitable Partner!