Money Maze Podcast

Terry Smith, referred to as 'the English Warren Buffett', discusses his investing style and success. He explains the genesis of Fundsmith, its mission, and what he looks for in companies. He also discusses the decline of research standards, the problem with management presentations, and his passion for military history.

What if clearing out early stage cancers from your body could become as routine as going to your dentist, or what if a single vaccine could protect you against multiple viruses? In this episode, we trace Mike Milken’s journey from developing and popularising high yield corporate bonds, to catalysing changes in the world of cancer, and addressing key unmet medical challenges. Mike describes the centrality of medicine in powering economic growth. He describes the current priorities, progress, and the impact of tech and AI on medical advancements. He sizes the costs of obesity, the role of prevention, the microbiome, and your gut. Furthermore he explains why data sits at the centre of achieving faster cures and shares the reasons that underpin this optimism. ​​The Money Maze Podcast is kindly sponsored by Schroders, Bremont Watches, LiveTrade and IFM Investors.

Sandra Robertson, CEO & CIO of Oxford University Endowment Management, discusses managing an endowment, hiring criteria, risk management, and engaging university students in investments. She also explores the challenges faced by Oxford University and the importance of diversity in finance.

This week, the Money Maze Podcast is packing up and shutting down for Christmas and New Year. But before we get away, we wanted to catch you up on everything we’ve been up to these last 12 months! Otherwise, we wish all our listeners, sponsors & friends an enjoyable festive break! The Money Maze Podcast is kindly sponsored by Schroders,  Bremont Watches, LiveTrade and IFM Investors. Sign up to our Newsletter | Follow us on LinkedIn | Watch on YouTube

If you don’t know about his most recent book ‘Going Infinite’,  you’ll probably want to buy it after listening to or watching this episode with Michael Lewis, author of multiple books and associated films, including 'The Big Short', 'Moneyball', 'Flash Boys', 'The Blind Side', 'Liars’ Poker', and more. In this interview, with co-host Ravi Joseph, we start out with Liar’s Poker and the wild west of the Salomon Brothers trading floor. Then, picking up from where we left off from our interview 18 months earlier, we probe why Michael had suggested that crypto might be his next subject. He describes the ascent and collapse of Sam Bankman-Fried. We hear how despite writing that “everything about him [SBF] was peculiar”, Sam develops a magnetism that attracts politicians, celebrities, and financiers alike.  Michael describes the fault lines, the failings and even feedback from speaking to him recently in prison, awaiting sentence. A fantastical tale and fabulously fun conversation. ​​The Money Maze Podcast is kindly sponsored by Schroders,  Bremont Watches, LiveTrade and IFM Investors.

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.