Money Maze Podcast

Oscar Wilde defined a cynic as someone who knew the price of everything, and the value of nothing. In today’s episode, we discuss value investing with David Einhorn, Founder and President of Greenlight Capital.  David talks about the irreparable damage caused to the value investment industry, passive investing, returns, and bonds trading. He also discusses index and short investments, as well as undervalued products.  This episode is an excerpt from the session recorded at the London Value Investor Conference in May. Many thanks to the LVIC team for allowing us to share this content for free! Find out more about their upcoming sister conference, the Quality Growth Investor Conference, here.  Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn 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!

General Sir Nick Carter, former Chief of the Defence Staff returns for a short discussion on the Ukraine War. He addresses the current situation from a military perspective, political interpretations, and gives further strategic insights.  He then also discusses his predictions for how the war may end, and the impact recent events could have on Putin’s waning support and reputation. Finally, General Carter offers us a concise assessment of the US-China relations, as well as the rapid re-ordering of Middle Eastern politics. Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn The Money Maze Podcast is kindly sponsored by Schroders,  Bremont Watches, and LiveTrade. We’re also pleased to be highlighting & supporting GAIN as our 2023 Charitable Partner.

The late Steve Jobs of Apple said “I think the biggest innovation of the 21st century will be at the intersection of biology and technology, a new era is beginning”. If you want see how biotech can change the world of health, whilst potentially being capable of creating extraordinary value for investors, there are few better places to look than Amgen, one of the world’s leading independent biotech companies. With a market capitalisation of approximately $130bn, Amgen has been an extraordinary success story.  In this conversation Bob discusses the big areas of medical need, from cardiovascular problems which continue to make it the world’s greatest killer, through to genetics, obesity, osteoporosis, and cancers.  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. Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn The Money Maze Podcast is kindly sponsored by Schroders,  Bremont Watches, LiveTrade and Mintus.

In a wide-ranging episode we have the opportunity to hear from Ben Goldsmith, a seasoned investor, with a particular focus on environmental opportunities, discussing how his passion in this field has led him to engage on a number of fronts. Ben explains his activities, which span from running a UK listed investment trust and its focus on the efficient use of energy and resources, to having advised the government on the replacement to the EU’s C.A.P agricultural policy. From there he discusses being appointed as a Trustee on Sir Chris Hohn’s CIFF board, through to his rewilding initiative with Peter Davies of Lansdowne. Energised, enthusiastic and seeing great investment opportunities, this is a fascinating conversation! Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn The Money Maze Podcast is kindly sponsored by Schroders,  Bremont Watches, LiveTrade and Mintus.

Former Chairman of Christie's and Partner in LGDR, Brett Gorvy, discusses the demand and supply factors driving the growth and prices in the art market. He explores the challenges faced by major auction houses, the role of technology in changing behaviors, the significance of art fairs, and the timing of art buyers. The podcast also delves into the impact of NFTs on the art market, the coexistence of auction houses with the private market, and the emotional aspect of buying art.

If diamonds are forever, then the organisation most associated with them is, of course, De Beers. From inception in 1888, their leadership in the diamond market has been unrivalled, and even today they sell around 30% of the world's rough diamond production. In this conversation we discuss the concept of diamonds as collectibles and a store of value. We hear about the shifting supply and demand factors influencing prices, the geopolitical forces at play, the rise of synthetics and the importance of the brand. The conversation continues to environmental considerations, running a multinational business, as part of the Anglo American mining giant, and the extraordinary properties that underpin the world of diamonds. Sign up to our newsletter for more in-depth insights |  Follow us on LinkedIn The Money Maze Podcast is kindly sponsored by Schroders,  Bremont Watches, LiveTrade and Mintus.

In our recent discussions with some of the world’s super allocators, we have heard about their investment objectives and varying approaches to asset allocation. In tandem with the growth in complexity, responsibility and sheer size of global investable assets, we’ve witnessed the growth of the role of the pension consultant firms, Mercer, WTW, Aon, assisting investing organisations around the world. In this episode, Joanne Holden, their Global Head of Investment Research & Consulting, explains why a fascination with maths led her to actuarial work and then to investment consulting, and working for over two decades at Mercer. She explains why investing institutions need consultants, how they use them, and how they approach the world of asset allocation and manager selection. She also discusses, the issues around sustainability, manager analysis, and more broadly glass ceilings, resilience, and advice for young people thinking about finance.  Sign up to our newsletter for more in-depth insights |  Follow us on LinkedIn The Money Maze Podcast is kindly sponsored by Schroders,  Bremont Watches, LiveTrade and Mintus.

Our exploration of the world’s super allocators would be incomplete without touching down in France, who have a lesser known but still significant SWF.   In this conversation, Nicolas Dufourcq, at the helm of the fund since its creation in 2013, explains its genesis, evolution and ambitions. He discusses its principal activities and purpose to drive financing, innovation and “doing its utmost to galvanize the French economy”. He describes the emergence of a strong entrepreneurial culture in France, how innovation can help power growth, the re-industrialization of the French economy and the ways in which it is seeking to be “the one stop shop for entrepreneurs”. Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn The Money Maze Podcast is kindly sponsored by Schroders,  Bremont Watches, LiveTrade and Mintus.

In this podcast, we have an enlightening conversation with Nicolai Tangen, CEO of the Norwegian Sovereign Wealth Fund, which manages over $1.2 trillion in assets (as of 31/12/22), making it the second largest SWF globally. Norway’s great wealth is in large part courtesy of its oil riches, discovered in 1969. With great vision, the Government’s response to the discovery was the decision to create a separate, segregated fund, away from politicians’ grasp, to serve Norway’s current and future citizens. Nicolai describes his education and early investing experiences at Cazenove and Egerton, before starting the extremely successful hedge fund AKO. He talks about his education, refreshed throughout his career, and his decision to become the CEO of Norway’s SWF, otherwise known as Pension Fund Global. He talks about his immense delight in being appointed CEO, and how the investment strategy is evolving under his stewardship. He also speaks about his wish to use risk in a slightly more productive way, how private assets are assessed and incorporated going forward, and how deep forensic analysis such as that undertaken in the case of Wirecard will lead them to exclude companies that might otherwise be owned as part of their ownership of 9,000 globally.The conversation encompasses a discussion about the lofty valuations exhibited within ESG assets, the stocks excluded from their investment portfolio and shown on the website, and the tension between divesting and remaining a shareholder of companies in transition. Nicolai then explains why techniques drawn from behavioural analysis can help them assess the risks embedded within potential investments; the resilience that can be learned from top athletes, the dangers of inflation returning and the long term challenges facing investors and the world more generally. Finally he offers some pithy Norwegian advice on cooking, sailing, endurance, charity and why introverts are such an under-utilised asset. Episode originally released in June 2021.  Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn The Money Maze Podcast is kindly sponsored by Schroders,  Bremont Watches, LiveTrade and Mintus.

 As we continue exploring the world’s “super-allocators”, we’re learning how different they are in approach and dispersed in investment decisions. In this episode we examine these questions through the prism of one of the largest US public pension plans, The New York State Common Retirement Fund, with over $250 billion in assets and more than one million members (as of 31/03/22). Anastasia explains her switch, after several years, from sell-side to buy-side, and from private to public. She discusses why the Fund is widely regarded as one of the nation's best-managed and best-funded pension plans, their objectives, restrictions and where and how they prefer active over passive. She describes the infrastructure component, real assets, PE and overseas investing as well as why emerging managers are considered an important element in their portfolio construction.  Finally, she acknowledges the limitations that come with managing such a large pool of capital in terms of mobility when compared to an endowment, but equally explains their reach, reputation and results. Sign up to our newsletter for more in-depth insights |  Follow us on LinkedIn The Money Maze Podcast is kindly sponsored by Schroders,  Bremont Watches, LiveTrade and Mintus.