The Value Perspective

Join Jonathan Boyar, Managing Director of the Boyar Group, a dynamic research-driven investment firm, as he shares his wealth of market wisdom. He discusses the unique challenges facing value investors over the past fifteen years and the importance of adaptability in changing investment views. Jonathan also illuminates the intersection of effective communication and investment research, showcasing his creativity through his Substack and podcasts. Dive into the psychology of investing and learn why the Boyar Group remains focused exclusively on U.S. equities.

Jamie Carter, Partner at Variis Partners and former CEO of Oldfield Partners, shares his inspiring journey in asset management. He discusses the challenges of launching boutique firms in a tough market and how UK regulations can hinder growth. Jamie reflects on his transition to Variis, the importance of diversity in investments, and strategies for raising capital in emerging markets. He also emphasizes the need for skilled teams and clear differentiation in navigating today's competitive investment landscape. A blend of experience and insight awaits!

This week we’re delighted to have Herb Greenberg with us on the Value Perspective. Herb is a veteran financial analyst and financial journalist with a massive following across media platforms. While he covers business broadly, he is best known for his expertise in uncovering corporate accounting frauds, red flags and short selling opportunities, though he is quick to point out that he is not just a short seller. Check out his website herbgreenberg.com to see all of his views. In this episode we discuss Herb’s journey into journalism; how social media and Substack are reshaping business news; the rules of engagement for financial reporting; the future of short-selling and why markets need it; and finally, his red flag alert radar. Enjoy! NEW EPISODES: We release main series episodes every two weeks on Mondays. You can subscribe via Podbean or use this feed URL (https://tvpschroders.podbean.com/feed.xml) in Apple Podcasts, Spotify, Google Podcasts and other podcast players. GET IN TOUCH: send us a tweet: @TheValueTeam  Important information. This podcast is for investment professionals only. Marketing material for Financial Professionals and Professional Clients only.  The material is not intended to provide, and should not be relied on for, accounting, legal or tax advice, or investment recommendations.  Reliance should not be placed on any views or information in the material when taking individual investment and/or strategic decisions.  Past Performance is not a guide to future performance and may not be repeated.  Diversification cannot ensure profits or protect against loss of principal.  The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested.  Exchange rate changes may cause the value of investments to fall as well as rise.  Investing in emerging markets and securities with limited liquidity can expose investors to greater risk.  Private assets investments are only available to Qualified Investors, who are sophisticated enough to understand the risk associated with these investments.  This material may contain “forward-looking” information, such as forecasts or projections. Please note that any such information is not a guarantee of any future performance and there is no assurance that any forecast or projection will be realised.  Reliance should not be placed on any views or information in the material when taking individual investment and/or strategic decisions. The views and opinions contained herein are those of the individuals to whom they are attributed and may not necessarily represent views expressed or reflected in other Schroders communications, strategies or funds.  Any reference to regions/ countries/ sectors/ stocks/ securities is for illustrative purposes only and not a recommendation to buy or sell any financial instruments or adopt a specific investment strategy. Any data has been sourced by us and is provided without any warranties of any kind. It should be independently verified before further publication or use. Third party data is owned or licenced by the data provider and may not be reproduced, extracted or used for any other purpose without the data provider’s consent. Neither we, nor the data provider, will have any liability in connection with the third party data.  

David Salem, Managing Director of Capital Allocation at Hedgeye, shares his impressive journey in finance and investment. He discusses the vital role of manager selection versus asset selection. Salem dives into the impact of tax reforms on educational endowments, reflecting on how these changes could affect their financial strategies. He also addresses the concentration of the U.S. equity market and its consequences on capital allocation. With insights drawn from personal experience, he emphasizes the importance of adaptability and learning from past mistakes.

In this episode of the Value Perspective we’re joined by a very special guest, Barry Ritholtz. Barry launched The Big Picture, one of the first financial blogs, back in the 1990s and it is still going strong today. He is also a podcasting pioneer with Bloomberg’s Masters in Business, a successful investor and entrepreneur, and the founder of Ritholtz Wealth Management which oversees more than $5 billion in assets. His latest book is titled How Not to Invest. This episode was recorded the Friday after what some called Trump’s Liberation Day, a day that brought plenty of market volatility and strong investor reactions. In this conversation, we discuss one of the best definitions of investing; what Barry has learned from interviewing some of the top financial minds; how media affects investor behaviour; the challenge of saying ‘I don’t know’; and two key criticisms of passive investing. Enjoy! NEW EPISODES: We release main series episodes every two weeks on Mondays. You can subscribe via Podbean or use this feed URL (https://tvpschroders.podbean.com/feed.xml) in Apple Podcasts, Spotify, Google Podcasts and other podcast players. GET IN TOUCH: send us a tweet: @TheValueTeam  Important information. This podcast is for investment professionals only. Marketing material for Financial Professionals and Professional Clients only.  The material is not intended to provide, and should not be relied on for, accounting, legal or tax advice, or investment recommendations.  Reliance should not be placed on any views or information in the material when taking individual investment and/or strategic decisions.  Past Performance is not a guide to future performance and may not be repeated.  Diversification cannot ensure profits or protect against loss of principal.  The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested.  Exchange rate changes may cause the value of investments to fall as well as rise.  Investing in emerging markets and securities with limited liquidity can expose investors to greater risk.  Private assets investments are only available to Qualified Investors, who are sophisticated enough to understand the risk associated with these investments.  This material may contain “forward-looking” information, such as forecasts or projections. Please note that any such information is not a guarantee of any future performance and there is no assurance that any forecast or projection will be realised.  Reliance should not be placed on any views or information in the material when taking individual investment and/or strategic decisions. The views and opinions contained herein are those of the individuals to whom they are attributed and may not necessarily represent views expressed or reflected in other Schroders communications, strategies or funds.  Any reference to regions/ countries/ sectors/ stocks/ securities is for illustrative purposes only and not a recommendation to buy or sell any financial instruments or adopt a specific investment strategy. Any data has been sourced by us and is provided without any warranties of any kind. It should be independently verified before further publication or use. Third party data is owned or licenced by the data provider and may not be reproduced, extracted or used for any other purpose without the data provider’s consent. Neither we, nor the data provider, will have any liability in connection with the third party data.  

Ben Cossey, Managing Director for EMEA at Pinnacle, dives into the dynamic world of investment management. With a background in psychology and real estate finance, he discusses the pivotal role of emerging managers and contrarian strategies in today's landscape. He highlights common pitfalls for new investment managers, shares his insights on the differences between long-only strategies and hedge funds, and emphasizes the importance of trust and resilience in building successful teams. Plus, he offers compelling book recommendations that link personal growth and financial acumen.

Angela Wu from Artisan Partners highlights Shopify's pivotal role as a B2B e-commerce platform, addressing challenges entrepreneurs face like inventory management and returns. She discusses the growth potential enhanced by AI innovations, which could reshape online retail strategies. The conversation also dives into global investment opportunities, emphasizing the importance of diversifying portfolios beyond the U.S. market to capitalize on luxury brands and emerging market banks, fostering a deeper understanding of value versus quality investing.

In this episode in our Allocator’s Edge mini-series of the Value Perspective we’re joined by Erika Olson, a Managing Principal and Director of Public Markets Manager Research at Meketa Investment Group. Erika plays a central role in shaping Meketa’s public markets’ research, overseeing manager selection and delivering results for institutional investors. Meketa is an independent, employee-owned firm founded in 1978. It provides customised investment solutions for a diverse group of clients, including public pension plans, corporations and multi-employer funds. In this episode, we discuss Erika’s insights on the craft on fund manager selection; the lessons she has learnt over two decades in the field; and how Meketa balances qualitative judgement with quantitative rigour. We also explore current areas of focus withing public markets and Meketa’s perspective on Emerging Markets, amid growing pressure to exclude China from the asset class. Enjoy! NEW EPISODES: We release main series episodes every two weeks on Mondays. You can subscribe via Podbean or use this feed URL (https://tvpschroders.podbean.com/feed.xml) in Apple Podcasts, Spotify, Google Podcasts and other podcast players. GET IN TOUCH: send us a tweet: @TheValueTeam  Important information. This podcast is for investment professionals only. Marketing material for Financial Professionals and Professional Clients only.  The material is not intended to provide, and should not be relied on for, accounting, legal or tax advice, or investment recommendations.  Reliance should not be placed on any views or information in the material when taking individual investment and/or strategic decisions.  Past Performance is not a guide to future performance and may not be repeated.  Diversification cannot ensure profits or protect against loss of principal.  The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested.  Exchange rate changes may cause the value of investments to fall as well as rise.  Investing in emerging markets and securities with limited liquidity can expose investors to greater risk.  Private assets investments are only available to Qualified Investors, who are sophisticated enough to understand the risk associated with these investments.  This material may contain “forward-looking” information, such as forecasts or projections. Please note that any such information is not a guarantee of any future performance and there is no assurance that any forecast or projection will be realised.  Reliance should not be placed on any views or information in the material when taking individual investment and/or strategic decisions. The views and opinions contained herein are those of the individuals to whom they are attributed and may not necessarily represent views expressed or reflected in other Schroders communications, strategies or funds.  Any reference to regions/ countries/ sectors/ stocks/ securities is for illustrative purposes only and not a recommendation to buy or sell any financial instruments or adopt a specific investment strategy. Any data has been sourced by us and is provided without any warranties of any kind. It should be independently verified before further publication or use. Third party data is owned or licenced by the data provider and may not be reproduced, extracted or used for any other purpose without the data provider’s consent. Neither we, nor the data provider, will have any liability in connection with the third party data.  

In this episode of The Value Perspective, we’re joined by Harvey Sawikin, founder of the American hedge fund Firebird. Harvey and his team were among the first Americans to venture into the Russian market during the voucher auctions of 1993 and 1994. Beyond his impressive financial career, Harvey is also an accomplished writer, having penned a novel Rick Green, Esquire in the 1990s that received positive reviews in the New York Times. He currently shares his views on his Substack, The Falling Knife. In this episode, we delve into the inception of the first Emerging Markets hedge fund; strategies for raising capital for a novel asset class; Harvey’s perspective on the likelihood of Russia invading Ukraine back in January 2022, given his 30 years of experience in the region; predictions for the region’s short to medium term future; and finally, the moral implications of achieving short term peace without consequences for Russia. Enjoy! NEW EPISODES: We release main series episodes every two weeks on Mondays. You can subscribe via Podbean or use this feed URL (https://tvpschroders.podbean.com/feed.xml) in Apple Podcasts, Spotify, Google Podcasts and other podcast players. GET IN TOUCH: send us a tweet: @TheValueTeam  Important information. This podcast is for investment professionals only. Marketing material for Financial Professionals and Professional Clients only.  The material is not intended to provide, and should not be relied on for, accounting, legal or tax advice, or investment recommendations.  Reliance should not be placed on any views or information in the material when taking individual investment and/or strategic decisions.  Past Performance is not a guide to future performance and may not be repeated.  Diversification cannot ensure profits or protect against loss of principal.  The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested.  Exchange rate changes may cause the value of investments to fall as well as rise.  Investing in emerging markets and securities with limited liquidity can expose investors to greater risk.  Private assets investments are only available to Qualified Investors, who are sophisticated enough to understand the risk associated with these investments.  This material may contain “forward-looking” information, such as forecasts or projections. Please note that any such information is not a guarantee of any future performance and there is no assurance that any forecast or projection will be realised.  Reliance should not be placed on any views or information in the material when taking individual investment and/or strategic decisions. The views and opinions contained herein are those of the individuals to whom they are attributed and may not necessarily represent views expressed or reflected in other Schroders communications, strategies or funds.  Any reference to regions/ countries/ sectors/ stocks/ securities is for illustrative purposes only and not a recommendation to buy or sell any financial instruments or adopt a specific investment strategy. Any data has been sourced by us and is provided without any warranties of any kind. It should be independently verified before further publication or use. Third party data is owned or licenced by the data provider and may not be reproduced, extracted or used for any other purpose without the data provider’s consent. Neither we, nor the data provider, will have any liability in connection with the third party data.  

In this episode of the Value Perspective, co-hosted by Arjun Murti, we’re honoured to welcome Niall MacDowell. Niall is a professor at Imperial College London, a Chartered Engineer and a Fellow of the Royal Society of Chemistry. He is a public and private sector consultant and recently contributed to the UK’s Net Zero strategy. In this episode, we explore the growing sense of exhaustion in the climate change debate and unpack how Net Zero targets were established despite being nearly impossible to achieve. We take a closer look at the decision-making frameworks guiding solar energy adoption and discuss why economic prosperity and human welfare, especially in the developing world, must be part of the climate conversation. Finally, we examine the true cost of adaptation in the rapidly changing world. Enjoy! NEW EPISODES: We release main series episodes every two weeks on Mondays. You can subscribe via Podbean or use this feed URL (https://tvpschroders.podbean.com/feed.xml) in Apple Podcasts, Spotify, Google Podcasts and other podcast players. GET IN TOUCH: send us a tweet: @TheValueTeam  Important information. This podcast is for investment professionals only. Marketing material for Financial Professionals and Professional Clients only.  The material is not intended to provide, and should not be relied on for, accounting, legal or tax advice, or investment recommendations.  Reliance should not be placed on any views or information in the material when taking individual investment and/or strategic decisions.  Past Performance is not a guide to future performance and may not be repeated.  Diversification cannot ensure profits or protect against loss of principal.  The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested.  Exchange rate changes may cause the value of investments to fall as well as rise.  Investing in emerging markets and securities with limited liquidity can expose investors to greater risk.  Private assets investments are only available to Qualified Investors, who are sophisticated enough to understand the risk associated with these investments.  This material may contain “forward-looking” information, such as forecasts or projections. Please note that any such information is not a guarantee of any future performance and there is no assurance that any forecast or projection will be realised.  Reliance should not be placed on any views or information in the material when taking individual investment and/or strategic decisions. The views and opinions contained herein are those of the individuals to whom they are attributed and may not necessarily represent views expressed or reflected in other Schroders communications, strategies or funds.  Any reference to regions/ countries/ sectors/ stocks/ securities is for illustrative purposes only and not a recommendation to buy or sell any financial instruments or adopt a specific investment strategy. Any data has been sourced by us and is provided without any warranties of any kind. It should be independently verified before further publication or use. Third party data is owned or licenced by the data provider and may not be reproduced, extracted or used for any other purpose without the data provider’s consent. Neither we, nor the data provider, will have any liability in connection with the third party data.