Adam Rozencwajg, co-founder of Goehring & Rozencwajg, and Django Davidson, founding partner of Hosking Partners, dive into deep value investing in materials and commodities. They discuss integrating real option value and Bayesian thinking into investment strategies. The conversation highlights the importance of commodities in the electric vehicle landscape and the cyclical nature of markets. Special focus is placed on inventory analysis, particularly in the uranium sector, and the complexities of the Platinum Group Metals industry.

Khaled Said, co-founder of Capital Generation Partners, brings a wealth of expertise in managing family and endowment capital. He dives into the dynamics of family offices and the importance of teamwork and trust in wealth management. Khaled shares insights on balancing wealth preservation with growth, the psychological biases that impact investment decisions, and the nuances of Eastern versus Western family office practices. His unique client perspective advocates for high standards in investment strategies, aiming to empower families across generations.

In this discussion, Alex Roepers, Founder and Portfolio Manager at Atlantic Investment Management, shares his vast experience in value investing spanning nearly four decades. He reflects on his journey from the Netherlands to New York, highlighting the evolution of his investment strategy. Alex contrasts his concentrated portfolio approach with broader market trends and emphasizes the importance of engaging constructively with company management. His memorable analogies to sailing and the Tour de France bring a unique perspective on patience and strategic decision-making in investing.

Dan Zwirn, CEO and CIO of Arena Investors, shares his journey in value investing and the evolution of alternative credit. He discusses the unique merits of credit markets and today's opportunities in distressed debt. Zwirn highlights recent monetary policies and their impact on investment strategies. He emphasizes the importance of restructuring to uncover hidden value in investments and reflects on the historical context of current economic challenges, offering insights into navigating this complex financial landscape.

Join Harry Crane, a renowned Professor of Statistics at Rutgers University, and Luca Dellanna, author of 'Ergodicity,' as they explore the intricate dance of probability and statistics. They discuss the challenges of teaching these concepts effectively and the role of prediction markets in forecasting. Delve into the significance of base rates in investment strategies and discover the Kelly Criterion for optimal betting. The conversation also touches on cognitive biases and the interconnectedness of market behavior and political outcomes, offering valuable insights for decision-making.

This week in an Allocator’s Edge episode of the Value Perspective we’re joined by John Husselbee, Head of Multi-Asset at Liontrust. John last joined us for our Meet the Manager series and it’s good to have him back. With 38 years of experience, John is a seasoned fund manager and analyst, specialising in multi-asset, multi-manager funds. He leads a team managing target risk portfolios and bespoke investment solutions. Before joining Liontrust in 2013, John co-founded North Investment Partners and served as the Director of Multi-Manager Investments at Henderson Global Investors. In this episode we discuss: how John’s experience as an investor and business leader has shaped his career; the challenges of founding businesses in asset management today; the balance between active and passive strategies; and the role fees play in decision making. There is also insight from John’s work with leading investment managers over the years. Enjoy! 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 Profesusionals 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 engaging discussion, Nick Kirrage, Head of the Value Team at Schroders, and Jacob Mitchell, CIO at Antipodes Partners, explore the dynamic world of value investing. They dive into their contrasting strategies for identifying undervalued stocks, emphasizing the importance of macroeconomic understanding. The duo candidly shares lessons from their most painful mistakes, navigates the complexities of investing in China, and examines the balance between client expectations and robust portfolio construction. Tune in for valuable insights!

Join Jacob Mitchell, Chief Investment Officer at Antipodes Partners, as he discusses the intriguing contrasts in value investing strategies with fellow expert Nick Kirrage from Schroders. They dive into how their distinct methods help them avoid classic value traps and the critical lines they won’t cross in portfolio building. Jacob's journey from aspiring pilot to finance guru adds a personal touch, highlighting the importance of understanding one’s strengths and the proactive mindset necessary for successful investing.

Recently we attended the London Quality Growth Conference and we’ve put together a special quilt episode, featuring many of the key speakers at the event. One of the things we love about recording this podcast and attending this type of conference, is it gives us a chance to step outside of our usual circle and have conversations with people who think differently. Whether it’s Value, Growth or Quality it’s all investing at the end of the day, and hearing new perspectives sharpens our own thinking. We’re joined by an incredible line-up of investors and allocators from the Quality Growth world. You’ll hear from the likes of Nick Train, from Lindsell Train, Anthony Brenton, from Turtle Creek, Richard Warne, from Copia Capital, Christopher Rossbach, from J. Stern, Oliver Wayne, from Redington, Stephen Clapham, from Behind the Balance Sheet, David Shapiro, from Sustainable Growth Advisers, Fabio Cecutto, from Willis Towers Watson, Kunal Desai, from GIB Asset Management, Simon Brewer, from the Money Maze podcast, Stephen Yiu, from Blue Whale Capital, Stephanie Niven from Ninety One, and Ronald Chan, from Chartwell Capital. We think there’s something powerful about walking across the proverbial aisle and we hope you enjoy these conversations as much as we did. 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 Profesusionals 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.  

Andrew Walker, a portfolio manager at Rangeley Capital and host of Yet Another Value Podcast, dives into the nuances of value investing. He discusses whether this investment philosophy remains relevant today, exploring behavioral challenges in investing. Andrew shares his unique filtering techniques for investment ideas and stresses the importance of effective communication with investors. Plus, he offers captivating book recommendations, revealing his love for fantasy literature, especially highlighting the innovative works of a renowned fantasy author.