PIWORLD Investor Podcasts

This video can be seen at: https://www.piworld.co.uk/2020/06/12/robin-griffiths-macro-commentary-for-investors/   Robin takes us on a bearish economic journey, giving his view for the next few years, then forward to strength driven by China and India. Based on his research, he maps out how investors can optimise their investing returns to benefit from these future trends. Robin’s background - 00:46 Where do markets go from here? - 04:09 Deflation followed by inflation - 07:52 Will the financial system collapse with the debt? - 11:06 Will the Fed stimulus devalue the dollar? - 13:13 Where do you see Gold headed? - 16:35 What happens after 2023? - 19:05 What should investors be doing? - 27:56 Q&A Robin’s portfolio - 40:13 Why invest in gilts? – 42:28 Views on Brexit? – 43:29 Economic recovery driven by millennials? - 45:15 Gold investments - 48:23 Silver - 50:46 Which instruments do you use to short indices? - 51:55 Global political tensions: US as a single country - 53:11 Robin’s newsletter - 56:06 Email to trial Robin’s research Link to DITA Research Page About Robin Griffiths Robin Griffiths is one of the world’s most experienced and highly regarded market analysts. As well as being one of the two managing editors of Dynamic Investment Trends Alert, he is also currently Head of the Multi-Asset Research & Advisory team at the ECU Group. The team was awarded 'Independent Research House of the Year' and 'Best Independent Research House for Equities' in the Technical Analyst Awards 2018, 'Best Independent Research House for Fixed Income' and 'Best Independent Research House for Emerging Markets' categories of the 2017 Technical Analyst Awards and was also finalist in four categories of the 2016 Technical Analyst Awards. Robin began his career in the financial markets with Phillips & Drew in 1966, having taken a degree in economics at Nottingham University. He went on to become a partner at WI Carr, the first British stock broker to have offices in Hong Kong and Tokyo. Part of this firm was acquired by Grieveson Grant, with whom Robin enjoyed a stay in Japan. In 1986 Robin joined James Capel, which was already owned by HSBC. He stayed there until normal retirement age, and during that period travelled all over the world to meet their extended client base. For the last six years of that employment, Robin was resident in New York. Having left HSBC Investment Bank in 2004, Robin then joined Rathbones as head of asset allocation in 2005, where he stayed until 2007. During that period he advised Rathpeacon Management LLC – a hedge fund invested in the 500 largest Global companies. Thereafter, he became the Technical Strategist for Cazenove Capital and managed the Worldwide Absolute Return hedge fund. Robin has been a regular on CNN, CNBC, Reuters and Bloomberg TV. He is a committee member and former chairman of the International Federation of Technical Analysts; former chairman, now fellow, of the British Society of Technical Analysts; and honorary member of the Swiss Association of Market Technicians (SAMT). Robin is also author of several notable financial market books, including Mapping the Markets, Future Storm, and has co-authored a chapter in the book Technical Analysis & Behavioural Finance in Fund Management: Discussions with Investment Managers and Analysts and Breakthroughs in Technical Analysis.  

This video can be seen at: https://www.piworld.co.uk/2020/06/10/tr-property-investment-trust-try-presentation-june-2020/    Presentation by Marcus Phayre-Mudge, Fund Manager. Marcus gives an overview of the fund, and some insight to the commercial property sector during the COVID-19 period. The fund yields 4%. At this time has a 9% discount to NAV. Worth a listen. Introduction – 00:20 Agenda – 00:40 What are we? – 01:00 Product range – 3:17 The team – 3:41 Track record – 4:33 Standardised performance – 4:55 Dividend history – 05:06 Portfolio exposure – 06:57 Sub-sector performance – 08:05 Sub-sector positioning – 10:40 Top 20 positions equal 74% of NAV – 11:48 Fund positioning pre COVID-19 – 14:21 Physical property portfolio – 19:36 The Colonnades, Bayswater – 22:31 Ferrier street, Wandsworth – 23:55 Why it’s still ok to own(most of) this asset class now – 24:53 Outlook – 29:41 Q&A – 32:14

This video can be seen at: https://www.piworld.co.uk/2020/06/09/the-panoply-tpx-june-2020-investor-presentation/   Neal Gandhi (CEO) and Oliver Rigby (CFO) present an update on The Panoply, the structure, how the group is performing, the impact of CV19, and how the business will grow. Neal Gandhi, CEO Introduction – 00:18 Agenda – 00:34 About The Panoply – 01:14 The Group – 05:08 The value proposition – 06:23 Customers – 10:48 FY20 overview – 13:18 COVID-19 impact & response – 15:53 Oliver Rigby, CFO Looking ahead – 19:25 Commercial vision – 19:38 Driving organic growth – 23:29 Acquisition strategy – 26:47 Neal Gandhi, CEO Why invest – 28:40 Q&A – 32:28

This video can be seen here: https://www.piworld.co.uk/2020/06/05/piworld-thursday-webinar-david-stevenson-covid-investing/   Excellent investing insight from David on current valuations, how he’s played the COVID-19 markets to date, and where an investor can find income. Forthright views on sectors, funds and the economy, which make you think. Superb investing entertainment. David’s career & investing background – 00:42 What are your views on the market strength? – 05:15 Where have you been investing since January to date? – 09:50 Opportunities & themes on David’s watchlist – 16:57 Renewable Energy – 21:13 Gold – 24:57 Income investments including retail bonds – 31:14 Structured products – 39:00 Q&A Fundsmith and Lindsell Train Funds – 42:20 What are you views on housebuilders? – 43:28 Sectors to avoid? – 45:23 Where to find structured products? – 47:28 Recommended renewable fund – 48:11 Brexit investment strategy? – 51:13 Top publications for the retail investor – 52:52 Japanese fund – 55:03 Companies or Funds mentioned Salesforce (NYSE: CRM), Spotify Technology (NYSE: SPOT), Microsoft (NASDAQ: MSFT), International Biotech Trust (IBT), Ryan Air (RYA), EasyJet (EZJ), Carnival Cruises (CCL), Scottish Mortgage IT (SMT); Melrose Industries (MRO); Gresham House Energy Storage Fund (GRID); Gore Street Energy Storage Fund (GSF) Polymetal International (POLY); Barra Resources (ASX: BAR); Foresight Energy LP; VT Gravis Infrastructure Fund About David Stevenson David has been writing the Adventurous Investor column for the FT for over a decade and is a columnist for MoneyWeek and Citywire. He’s also executive editor at www.etfstream.com and www.altfi.com. David’s blog: http://www.adventurousinvestor.com/  

This video can be seen at: https://www.piworld.co.uk/2020/05/29/piworld-webinar-paul-scotts-covid-investing/   Paul has made good investing returns, so far, in 2020. Hear how he’s achieved that, his picks and strategy going forward for the rest of the year. Paul’s background - 00:52 How were you positioned going into CV19? - 01:45 Are you surprised how the markets have recovered since March? - 04:19 How are you positioned now? – 05:10 Did you sell anything as their outlook changed? - 05:40 Revolution Bars (RBG) - 06:22 Other opportunities? - 14:45 Scapa (SCPA) - 16:14 Ten Entertainment (TEG) & Hollywood Bowl (BOWL) - 17:00 BooHoo (BOO) - 18:58 Foxtons (FOXT) - 21:46 Works Co UK (WRKS) - 23:36 Bigdish (DISH) - 26:18 Best of the Best (BOTB) - 31:00 What are you shorting? - 33:47 How have you found liquidity? - 35:57 Sosandar (SOS) & Somero Enterprises (SOM) - 36:30 How do you see the market and the economy panning out for the rest of the year? - 37:23 Q&A Loungers (LGRS) - 41:55 Research notes - 44:00 Best of the Best (BOTB) threats - 44:55 Spreadbetting - 46:30 Intercede (IGP) - 47:53 Somero Enterprises (SOM) - 49:40 Pci-Pal (PCIP) & Spectra Systems (SPSY) - 50:45 Take over targets? - 52:10 Paul’s returns - 53:12 Dart (DTG) - 54:55 Carnival (CCL) - 55:57 Gear4Music (G4M) - 57:45 About Paul Scott Paul has been a professional small caps investor for nearly 20 years. Previously he was CFO of a ladieswear retailer with 150 shops in the UK & Europe. He has written the well-known "Small Cap Value Report" on Stockopedia since 2013. Paul's focus on balance sheet strength has proven particularly relevant now. He shares his successes and sometimes failings with his readers very openly.  

This video can be seen at: https://www.piworld.co.uk/2020/05/28/charles-stanley-cay-full-year-results-may-2020/   Charles Stanley CEO Paul Abberley and CFO Ben Money-Coutts present an overview of the Group's full year results to 31st March 2020. Paul Abberley, CEO Overview - 00:24 Ben Money-Coutts Financial highlights - 01:06 Paul Abberley, CEO Business transformation - 03:52 Outlook - 05:31 Charles Stanley Group PLC is an investment company. The Company provides investment management services, financial planning and pension administration. The Company's segments are Investment Management Services, Asset Management, Financial Planning, Charles Stanley Direct and Support functions. The Investment Management Services division provides personal investment services to individuals, companies, trusts and charities and includes platform dealing, custody and self-invested personal pension (SIPP) and individual savings account (ISA) administration services. The Asset Management division provides specialist asset management services, through its range of pooled funds, active and passive model portfolios, inheritance tax (IHT) services and investment research to the Investment Management Services division and clients. The Financial Planning division provides financial planning and advice. Charles Stanley Direct provides direct-to-client online dealing and fund broking services.

This video can be seen at: https://www.piworld.co.uk/2020/05/22/piworld-webinar-investment-trusts-an-investing-panacea-for-pandemics-by-reg-hoare/   A really valuable overview of Investment Trusts. Reg largely invests his own SIPP in Investment Trusts. He outlines why he thinks ITs are superior, then goes on to guide how to choose ITs, and how to value them. He generously shares his own IT holdings and ends giving his views on the current markets. Reg’s background – 00:54 Why are investment trust superior? – 02:00 How did ITs perform during the CV19 sell off? - 13:19 Revenue reserves & dividends - 16:48 How to choose investment trusts - 20:48 How do you value an IT? - 24:28 How to choose sectors - 27:49 Choosing sector themes - 30:04 Reg’s SIPP holdings - 33:10 Interesting ITs - 34:50 IP Group (IPO) - 36:35 Majedie Investments - 38:51 Quarterly dividend payers - 40:24 Reg’s views on the markets - 40:43 Summary and Conclusion – 43:40 Q&A – 45:06 Other IT’s mentioned: TR Property IT, Allied Minds, BP Marsh, Draper Esprit; EPE Special Opps, Dunedin Enterprise (DNE), Electra; ICG Enterprise; IP Group; Mercia AM; Oakley Capital (OCI), Proven Growth & Income, Tretragon; Crystal Amber, Downing Strategic Micro (DSM), Gresham House Strategic (GHS), Miton UK Microcap, JPM Smaller Companies, Odyssean (OIT) Strategic Equity Capital, North Atlantic Smaller Cos (NAS), Herald IT (HRI), Augmentum, Arix Bioscience, Blackrock World Mining, Polo Resources, Premier Global Infrastructure, Hansa, Henderson Far East Income, JPM Global Emerging Markets Income, Law Debenture, Macau Property Opportunities, Alpha Real Trust (ARTL), Axiom European Financial Debt (AXI), Blackrock World Mining (BRWM), Ground Rents Income Fund (GRIO), Henderson Far East Income (HFEL), JPM Global Emerging Markets Income (JEMI), Law Debenture (LWDB), Premier Global Infrastructure (PGIT), Majedie Investments. About Reg Hoare: Reg is a Managing Director of Engine MHP Communications, the leading Financial & Corporate PR firm where he specialises in advising mid-market companies, from FTSE 250 to AIM 100. He has over 35 years’ City experience including a decade in investment banking and securities. In his spare time he is an active private investor, managing his own SIPP and other investments. Reg can be followed on twitter @reghoare

This video can be seen at: https://www.piworld.co.uk/2020/05/22/air-partner-group-plc-air-full-year-results-may-2020/   piworld's Tamzin Freeman talks to CEO Mark Briffa about the Group's results for the year ended 31st January 2020.   Results overview - 00:22 Highlights of the year - 01:58 Impact of COVID-19 - 05:00 Resilience - 09:15 Cash preservation - 11:32 Outlook - 14:09 Closing remarks - 16:14 Air Partner PLC is a United Kingdom-based aviation services company. The Company provides worldwide solutions to industry, commerce, governments and private individuals. The Company has two divisions: Charter division comprising air charter broking and remarketing and the Air Partner Safety & Security division comprising the aviation safety consultancies, Baines Simmons, Clockwork Research and SafeSkys, as well as Air Partner's Emergency Planning Division. In addition, for reporting purpose, the Company is structured into four divisions: Commercial Jets, Private Jets, Freight (Charter) and Air Partner Safety & Security (Baines Simmons, Clockwork Research, SafeSkys and Air Partner's Emergency Planning Division).

This video can be seen at: https://www.piworld.co.uk/2020/05/15/everything-youve-wanted-to-know-about-market-making-but-never-been-able-to-ask/   piworld Thursday webinar 14.5.20, with Spencer Crooks, ex Director of Market Making at Winterflood Securities. Tamzin opens with some questions, but this was the opportunity for listeners to ask their questions. Spencer’s background - 00:50 What do Market Makers do? - 01:43 What’s the business model? - 02:44 Why would a Market Maker buy when everyone’s selling? - 03:57 What happens when a Market Maker gets it wrong? - 05:06 Does the risk level ever get too high for the Market Maker? – 06:30 How is the spread determined? - 07:44 How is the market size set? - 09:46 What’s a tree shake? - 12:26 What’s the motive for a Market Maker to elicit a tree shake? - 13:30 With a profit warning, what’s happening for a Market Maker - 14:46 What is happening for the Market Maker when Covid-19 hit? - 18:55 But volatility is good for Market Makers? - 21:30 From your days as a Market Maker how do you get the best deal today? - 23:38 How do different market makers agree on the price for the same stock? - 25:50 What’s the best time of day to trade? - 27:33 Tiny trades, who places these? - 29:13 Do Market Makers own any stock or do they just move it on? - 31:10 Any advice for buying larger positions in smaller stocks - 34:05 Would there be a better market without Market Makers? - 37:30 Do Market Makers hunt stop losses? - 41:30 Is it better to pay more for a full service broker? - 43:10 What is Spencer doing now? 47:50 What’s the future of the Market Maker? - 49:05 Is Level 2 worth it for retail investors? - 53:00 Do you miss the cut and trust of Market Making? - 53:55   About Spencer Crooks: Spencer joined Bisgood Bishop in 1985. After takeover of Bisgood Bishop, traded at County NatWest until 1988, before leaving to join Winterflood Securities. Became a director in August 1999. Appointed FSI 2006.      

This video can be seen at: https://www.piworld.co.uk/2020/05/13/focusrite-tune-interim-results-may-2020/   Tim Carroll CEO and Jeremy Wilson CFO present the Group’s interim results for the period ending 29th February 2020. Tim Carroll, CEO Introduction - 00:18 About Focusrite - 01:02 Financial overview - 06:15 Customers - 07:04 Martin Audio – 08:11 Product sector, Focusrite - 09:16 Product sector, Focusrite Pro - 12:09 Product sector, Novation - 12:57 Product sector, Adam Audio - 14:20 Product sector, Martin Audio - 15:03 Jeremy Wilson, CFO Financial highlights - 15:52 Regional performance - 17:33 Income statement - 18:24 Revenue to diluted EPS bridge - 21:08 Balance sheet - 24:18 Cash flow - 25:12 Tim Carroll, CEO Outlook - 26:47 Growth strategy - 29:32 Conclusions - 30:53 Q&A - 31:10 Focusrite PLC is a music and audio products company supplying hardware and software products used by professional and amateur musicians. The company's operating segment includes Focusrite; Focusrite Pro; Novation; ADAM Audio and Distribution. It generates maximum revenue from the Focusrite segment. Focusrite segment includes sales of Focusrite. The Novation segment includes sales of Novation or Ampify branded products. Geographically, it derives a majority of revenue from Europe, the Middle East, and Africa.Focusrite PLC is a music and audio products company supplying hardware and software products used by professional and amateur musicians. It has two brands, namely Focusrite and Novation.