Blake Hutchins manages the Trojan Income Fund and is co-manager of the Troy Income & Growth Trust.  We discuss the changing investment environment, why it could be good for high-quality, dividend-paying companies, and where Blake is finding value in the UK market today.Show notes:[1:16] Being deliberate and patient during tough times[3:30] Equity income investing in a different environment[6:50] Striking the right balance between yield and dividend growth[9:38] Why Blake doesn’t invest in banks and commodity businesses[13:31] The power of incumbency[16:27] The impact of higher inflation[18:33] UK equity valuations[21:30] UK domestic exposure[23:58] How the portfolio has evolved[25:39] The attractiveness of UK-listed consumer staples companies[27:34] Dividends are on a more stable footing following the pandemic[30:31] Growing the dividend in a resilient and consistent way

Swetha Ramachandran manages GAM's luxury brand strategy and knows the luxury industry inside out. We discuss Swetha's definition of luxury, the pre-eminence of European brands, the rise of China and how the industry is evolving.  [01:05] Swetha discusses her early career [03:01] Luxury is changing and widening [06:13] Defining luxury [07:53] Sizing the luxury market [09:10] Characteristics of a luxury shopper [10:59] The role of gaming and online in attracting younger consumers [13:37] Why European companies dominate the luxury industry [16:28] Chinese consumption [20:16] Trend of buying less but buying better [22:10] Importance of supply chain transparency [23:24] How the rules of the game differ to the broader consumer goods sector [25:30] Luxury companies can't simply rest on their laurels [28:21] US brands typically haven't built as much brand equity [29:29] How big can luxury brands become before they fail to deliver promise of exclusivity [30:42] Gaining confidence in the brand permanence of younger companies [33:19] Family ownership and the benefits of taking a long-term view [34:47] Online has supported rather than disrupted luxury brands [36:31] Luxury resale hurts aspirational luxury brands but helps top tier brands [37:42] Have luxury companies been too aggressive with pricing? [39:50] Valuations and the opportunity set today [42:28] Are luxury goods companies now more sensitive to recession? [43:50] There's no such thing as a stupid question

Ben Rogoff, Co-head of Polar Capital's Global Technology team, talks about his early career, navigating the tech bubble, investment themes, importance of not missing out on big winners, benefits of diversification, false sell signals, and similarities and differences with the tech bubble.

Gerard Minack has a wealth of experience as a macro strategist and founded Minack Advisors in 2013.  Gerard has been particularly prescient over the last 18 months, highlighting the probability of rising inflation and higher interest rates well before many others.  We discuss how the pandemic changed Gerard's macro views, why he believes secular stagnation has come to an end and what implications that has for investors in the years ahead.  Gerard also talks about why he believes a recession in the US next year is more likely than not.Show notes:[1:19] Gerard talks about joining the industry on Black Monday in 1987[2:17] Founding Minack Advisors after a successful career in big investment banks[6:49] The end of secular stagnation [11:34] The implications of such a change[14:06] Most investors still underestimate the possibility of secular change[15:52] The risk of recession isn't adequately priced by markets[17:25] Why Gerard believes this will be a two part bear market with a recession hitting earnings next year[20:35] Equities usually trough a few months before the end of a recession[25:00] Labour inflation and why the Federal Reserve's job is so hard[27:08] The winners of the next decade[33:11] Private assets and why it is becoming harder to generate alpha[35:27] Why Gerard thinks US government bonds may now be a good place to hide[37:28] The credit cycle[40:20] Do a job that you enjoy

Andrew Brenton co-founded Turtle Creek, a Toronto-based asset manager, in the late 1990s.  Since its inception, Turtle Creek has delivered outstanding returns by investing in mid-sized companies in the US and Canada.  We discuss Andrew's formative experiences and evolution from private to public market investor, as well as the team's focus on unique companies and exceptional operators.  We also talk about the emphasis Turtle Creek place on continuous portfolio optimisation, and other aspects of their process that make them a different kind of value investor.Show notes:[1:24] Andrew discusses his career and taking inspiration from John Maynard Keynes[4:35] The benefits of public market vs private market investing[7:59] Appreciating complexity in an uncertain world[11:54] Competitive advantages[15:01] The benefits of fragmented industries[17:01] Focusing on unique companies[19:49] Trusting great operators[20:46] Getting the future right in a balanced way rather than being overly conservative[23:38] Behavioural biases and collectively making intelligent decisions[27:03] Valuing acquisitive companies[29:27] Focusing on episodic rather than programmatic acquirers[31:08] Portfolio construction and optimisation[34:21] Appreciating qualitative factors and a human touch[38:19] Turnover[38:52] Have confidence in your views and act more quickly

Richard de Lisle, founder of De Lisle Partners, has significantly outperformed US equity markets over the last 27 years by investing in US small-cap value stocks.  We discuss what value investing means to Richard, his focus on themes and the advantages of taking a sociological perspective.  We also explore the current environment, Richard’s investments in primary producers and why investing is the greatest game.Show notes:[1:05] Richard talks about how his father’s misfortune inspired him to start investing[3:09] Don’t follow others as experts can be self-serving[4:00] Richard’s career on the sell-side[7:01] Equities were an unloved asset class in the 1970’s and early eighties[8:18] Getting hooked on the American market’s intricacies[9:13] Transitioning from the sell-side to the buy-side[12:12] Why Richard focuses on US small cap value[13:26] Small cap value’s outperformance between 1975 and 1983[14:38] Ducking and weaving in difficult environments[16:25] Taking a top down approach[17:48] There is value in the least worst[18:40] Looking backwards not forwards[20:18] Identifying investment themes[23:05] People often underestimate that value stocks can become growth stocks[24:02] Reading broadly and taking a sociological perspective[24:39] The advantage of being detached[25:39] Investing is the greatest game[26:51] Investing in primary producers in an inflationary environment[29:46] Complacency around wage inflation[31:21] Short duration stocks[33:05] Work out what you want and set a plan to achieve it

Katie Potts, Founder of Herald Investment Management, discusses her evolution as an investor, the differences between the UK and US markets, and the benefits of being a patient and long-term provider of primary capital. They also explore the advantages of meeting lots of companies and running winners in a diversified portfolio.

Charlotte Yonge manages the Trojan Ethical Fund and is assistant fund manager of the Trojan Fund and Personal Assets Trust.  We discuss the risks of higher inflation and ways to preserve and grow the real value of investors' capital.  We also explore ESG in a multi-asset context, and why Charlotte co-founded Girls Are INvestors (GAIN).Show notes:[0:59] Charlotte talks about how she got into the industry[2:39] Recognising that emotions play an important role in investing[4:34] Catching the investing bug [6:01] Inflationary risks are growing[9:13] Balancing inflationary and disinflationary forces[11:41] Are higher prices the cure for higher prices?[13:49] The Fed is reactive rather than proactive[14:46] Protecting against a broad range of potential inflationary outcomes[17:35] The role of cash in an inflationary world[20:08] Index-linked bonds[22:22] The importance of common values[25:30] How the portfolio has evolved[28:07] Spaghetti mapping with Dr Pepper[30:28] Payment networks[33:39] ESG in a multi-asset context[37:52] Engaging for positive change[40:03] Girls Are INvestors (GAIN)[44:18] Back yourself

Nick Train, co-founder of Lindsell Train, discusses his investment approach and the power of optimism. He emphasizes the value of being patient and investing in exceptional companies. Topics include the benefits of being a boutique, the importance of support from like-minded individuals, and the rewards for corporate success in the 21st century. Train also discusses the value of technology businesses, the enduring nature of digital brands, and the growth, risks, and opportunities among staples companies like Unilever.

Ashish Swarup is an experienced emerging market investor and the founder of Aikya, a boutique focused on high-quality and durable companies managed by competent and trustworthy people.  Ashish discusses some of the pitfalls of investing in emerging markets and why aligning oneself with trusted stewards, who have 'soul in the game', is a winning strategy for long-term investors.Show notes:[1:02] Ashish talks about his career so far[5:11] Keeping things simple[6:26] Common pitfalls for emerging market investors[9:15] Needing a different toolkit[10:33] The importance of having a stable temperament[11:50] Investing with quality people [13:46] Having soul in the game[15:08] Appreciating the nuances associated with family ownership[16:41] The advantage of having a deep network of local contacts[19:20] Building lasting relationships with local contacts[21:22] Investing in companies with a clear purpose and good governance[24:14] Chinese education companies[27:00] Governance standards are not improving[27:27] Purposefully having a narrow investment universe[28:23] Constantly questioning your assumptions[29:55] India and China[33:05] Competitive intensity and investing in companies that build trust in China[34:22] The role of valuation[35:29] Backing predictable businesses with a strong right to win[37:18] The rise of local consumer staples companies[40:14] Aikya and ESG[43:14] The investment structure matters