Money Maze Podcast

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.

 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.