Money Maze Podcast

 In this episode we travel to Canada as we continue our journey around the world to discuss investment approaches with the leading figures at some of the world’s top institutional allocators, dubbed the “super allocators”.   OTPP, well known for its investments from international airports to apple orchards in the US, commercial property globally, autonomous vehicles in Asia, and even Elon Musk’s Space X, has shown that size need not be the enemy of agility and risk comes in a variety of forms.  Jo Taylor discusses his time with 3i which educated him in venture capital and growth investing. He discusses delegating investment decisions, their appetite to be less constrained than many and their geographic and asset priorities, along with why they have, at times, made big asset allocation switches.  In a candid and wide-ranging discussion, culture, communication and ESG are all woven into this rich and varied exchange. 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 2002, the Australian Federal Treasurer, Peter Costello, commissioned the Australian Treasury to look at the long-term issues facing the nation and how adequately current generations were preparing for future ones. The message was bleak; “Australia’s ageing population would put immense stress on public finances, especially on health and aged care spending, over the next four decades”. To help address this, the Future Fund was created, and it now looks after six public asset funds (totalling AUD $243.5bn of AUM, as of 31/12/22). So in the second episode of our Super Allocator Miniseries, Ben Samild, Deputy CIO of Future Fund, explains its mission and strategy, including Future Fund’s mandate to achieve CPI + 4-5% returns per annum. He explains the “total portfolio approach”, why they locate portfolio managers close to another, their approach to external manager selection, and why in the words of their former CEO that “too many institutional investors arbitrarily filled pre-determined asset class buckets with too many average quality assets in the name of diversification…risk management at its worst!“ From commodities to FX, from concentration to ESG issues, this is a compelling conversation that crosses borders and asset classes, challenging some conventional thinking.  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 miniseries we are interviewing a group of the largest institutional investors (the ‘super allocators’), to understand how these immense pools of capital think about the assets they invest in, shifting asset allocations, passive versus active, public versus private, and steering through turbulent waters.  This first conversation is with CalSTRS, the $300+ billion California State Teachers’ Retirement System. It is the largest educator-only pension fund in the world and the second largest pension fund in the United States. In this episode, the fund’s CIO Christopher Ailman discusses its evolution and the key considerations undertaken during his tenure. He makes the case for predominantly passive equity allocations, the approach to fixed income and benchmark considerations. He also covers infrastructure and its key role (given their long term horizons), PE allocation, and why VC does not fit their size and style. 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.

‘Over the past decade, about 80 cents of every dollar that has gone into the US investment industry has ended up at Vanguard, State Street, and BlackRock. As a result, the combined stake in S&P 500 companies held by the Big Three has quadrupled, from about 5 percent in 1998 to north of 20 percent today.' These are the opening lines to the book, Trillions, by Robin Wigglesworth, Editor of FT Alphaville and a friend of the show. Today, we further unpack the world of ETFs to understand their evolution, and how they are becoming a much broader wrapper for a multitude of strategies. Salim explains how CIOs, allocators, and individuals use their products to build portfolios and gain exposure to themes, strategies and markets. Salim then dispels some of the myths of fixed income investing, before explaining how investors can use technology to vote whilst also owning passive vehicles, and how savers in Europe are changing their habits. 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.

 For much of life, the world of banking might seem both impenetrable and dull yet there are times, when it vaults to being centre stage, at which point it typically ushers in fear, loathing and even panic.  In light of the current traumas, rescues and uncertainties, we were very fortunate to have Huw Van Steenis, the internationally respected banks analyst and strategist join the show for a timely discussion on what might lie ahead.  Huw reflects on lessons from history, on the differing regulatory regimes in Europe and the US, on crypto, stress tests, and liquidity versus solvency. He then discusses his thoughts on future changes, the influence of the mega banks, before discussing climate and the energy transition in light of his work on Nicolai Tangen’s climate advisory board.  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.

‘I drink my Champagne when I’m happy and when I’m sad. Sometimes I drink it when I’m alone. When I have company I consider it obligatory. I trifle with it when I’m not hungry and drink it when I am. Otherwise I never touch it – unless I’m thirsty!‘  This famous quote can be attributed to Madam Lady Bollinger in a 1961 interview with the Daily Mail. In this episode we explore the world of Champagne with Groupe Bollinger’s CEO & Chairman, whose family have been central to the sustained success of both the brand and product since 1869. In a rare public interview, he discusses the firm’s history, associations with James Bond and key markets. He also covers vintage and non-vintage, Ayala (its sister brand), climate impact, expansion into Burgundy, the Loire and Oregon, and the opportunity to become closer to consumers via technology. He then discusses their investment in Bordeaux Index and their LiveTrade platform, why Rosé is not a fad and the optimal temperature to serve champagne! The Money Maze Podcast is kindly sponsored by  LiveTrade, Bordeaux Index’s award-winning fine wine trading platform. Groupe Bollinger currently has a minority stake in  Bordeaux Index, and  increased its investment into the firm in May 2022. The Money Maze Podcast is also sponsored  Schroders, Bremont Watches and Mintus.

Through direct, entertaining & insightful interviews with masters of the real life money maze, we hope to learn about different approaches to allocating capital, making business decisions and navigating the pitfalls that line the paths to prosperity.  Each episode, with invite leading figures from the investment management and finance sector onto the show, who share their investment insights and career tips with our community. We're driven by a commitment to opening up the industry, which can often be shrouded in the fog of jargon and apparent complexity.  To provide listeners with a wider perspective, we also occasionally feature guests from the arts or wider business world. The interviews is available completely free on all major podcast apps, on YouTube and via www.moneymazepodcast.com If you have any questions or guest ideas, feel free to email us at info@moneymazepodcast.com. 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.

Dame Kate Bingham, Managing Partner of SV Health Investors, discusses advancements in medical research, challenges in building biotech enterprises, and her role in the UK Vaccine Taskforce. She reflects on obstacles faced during the COVID-19 vaccine distribution and the future of the industry landscape.

To celebrate the three year anniversary of the Money Maze Podcast we’re pleased to be re-sharing our the top 3 most listened to episodes of 2022!   Today we have a different conversation. Michael Lewis and Simon Brewer go back to graduating from the LSE in 1985, when they were both seeking a place on the fabled Salomon Brothers training programme. Michael’s success in securing that job allowed the world to have the enduring classic, ‘Liar’s Poker’, and from there to write 16 best sellers (three of which have been made into major Hollywood films). His new book, ‘Premonition: A Pandemic Story’, tells the enthralling tale of the US pandemic preparations that started under President Bush, but which failed when COVID-19 struck, thanks to a mixture of institutional and political failings. Michael brings the cumulative missteps to life by narrating the story of the real people involved, their extraordinary decisions, and what went wrong. He continues this fascinating conversation by discussing two of his other books, ‘The Undoing Project’, and ‘Moneyball’, and explains how decision making is driven by varying degrees of data and/or human interactions - from sport to finance – resulting in unpredictable consequences. Originally released in May 2022.  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.

To celebrate the three year anniversary of the Money Maze Podcast we’re pleased to be re-sharing our the top 3 most listened to episodes of 2022!   In this episode, we’re in discussion with the Global Head of the Blackstone’s Private Wealth Solutions business, Joan Solotar. Joan has twice been recognised in Barron’s as one of the 100 Most Influential Women in U.S. Finance, and after a background in equity research covering financial services, she joined Blackstone in 2007.   She starts by describing Blackstone’s growth in alternative assets, before explaining their private wealth solutions business. She discusses their drive to “democratise alternatives”, their client base, geographical reach and why they believe we are very early in the adoption of these assets in portfolios. She then breaks down the components of alternatives, with a dive into their real estate expertise, the credit portfolios which have disintermediated portions of bank lending, as well as discussing hedge funds and P.E. She discusses the liquidity trade-offs, why they have developed Blackstone University for clients, before offering some terrific general advice (especially to fathers with daughters!). Originally released in March 2022.  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.