The Value Perspective

The Value Perspective with Doomberg This week we welcome another Rockstar from finance Twitter as our guest. Doomberg is an anonymous account, famous for its green chicken brand, which has attracted almost 142,000 followers on Twitter since it was founded in May 2021. Doomberg is actually a small team of industry consultants from the commodities sector that specialises in distilling complexity. They write predominantly about energy but they are also interested in the news of the day. So they have written about crypto, meme stocks and bankruptcy court among other things. They sat down with us to discuss the difference between physics and platitudes; flows payback in the context of energy and climate change; fossil fuels and the future of cement, steel, ammonia and plastic; hydrogen and nuclear in the context of emerging markets; and accessing raw materials. 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. This information is not an offer, solicitation or recommendation to buy or sell any financial instrument or to adopt any 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. Reliance should not be placed on any views or information in the material when taking individual investment and/or strategic decisions. Any references to securities, sectors, regions and/or countries are for illustrative purposes only. The views and opinions contained herein are those of individual to whom they are attributed, and may not necessarily represent views expressed or reflected in other communications, strategies or funds. 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 any overseas investments to rise or fall. Past Performance is not a guide to future performance and may not be repeated. The forecasts included should not be relied upon, are not guaranteed and are provided only as at the date of issue. Our forecasts are based on our own assumptions which may change.  

The Value Perspective with Bethany McLean We’re very excited about our guest this week on the Value Perspective podcast. Bethany McLean is a financial journalist who was contacted by the short seller Jim Chanos when working for Fortune Magazine and advised to look into a company called Enron. Bethany’s column entitled ‘Is Enron overpriced?’ was published in 2001, starting the unravelling of the company and she went on to write a book entitled The Smartest Guys in the Room: The Amazing Rise and Scandalous Fall of Enron. She is also author of the titles Shaky Ground: The Strange Saga of the US Mortgage Giants, All the Devils are Here: The Hidden History of the Financial Crisis, and Saudi America: The Truth About Fracking and How It’s Changing the World. Bethany has also been working at Vanity Fair as a contributor for over a decade now and has pretty much covered all of the famous corporate frauds for the last twenty years. Her background is as a mathematician and she started her career at Goldman Sachs as part of their M&A department. Our conversation references a previous Value Perspective podcast with Carson Block, exploring the nature of the people who are committing these frauds; the difference between the visionary and the fraudster; what is needed on the other side of the ledger to uncover these frauds and withstand the pressure from believers; and finally the role of short sellers in today’s markets. Please 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. This information is not an offer, solicitation or recommendation to buy or sell any financial instrument or to adopt any 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. Reliance should not be placed on any views or information in the material when taking individual investment and/or strategic decisions. Any references to securities, sectors, regions and/or countries are for illustrative purposes only. The views and opinions contained herein are those of individual to whom they are attributed, and may not necessarily represent views expressed or reflected in other communications, strategies or funds. 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 any overseas investments to rise or fall. Past Performance is not a guide to future performance and may not be repeated. The forecasts included should not be relied upon, are not guaranteed and are provided only as at the date of issue. Our forecasts are based on our own assumptions which may change.

This week on the Value Perspective podcast we welcome two investment professionals with many years’ experience of investing in Eastern European markets, Rollo Roscow, Head of EMEA at Schroders and Steve Gorelik Head of Research at Firebird Management. They join us to discuss how they made decisions in the weeks before the 24th of February when Russia invaded Ukraine. You’ll learn how they sourced and processed different information feeds and how, working with their teams, they sought to understand and react to rapidly unfolding events. We hope you find their reflections on investing at a time of impending crisis as absorbing as we did.   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. This information is not an offer, solicitation or recommendation to buy or sell any financial instrument or to adopt any 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. Reliance should not be placed on any views or information in the material when taking individual investment and/or strategic decisions. Any references to securities, sectors, regions and/or countries are for illustrative purposes only. The views and opinions contained herein are those of individual to whom they are attributed, and may not necessarily represent views expressed or reflected in other communications, strategies or funds. 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 any overseas investments to rise or fall. Past Performance is not a guide to future performance and may not be repeated. The forecasts included should not be relied upon, are not guaranteed and are provided only as at the date of issue. Our forecasts are based on our own assumptions which may change.

Robert Bryce is an American author and journalist in Austin, Texas. His articles on energy, politics, and other topics have appeared in numerous publications, including the New York Times, Washington Post, Wall Street Journal and Forbes. 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. This information is not an offer, solicitation or recommendation to buy or sell any financial instrument or to adopt any 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. Reliance should not be placed on any views or information in the material when taking individual investment and/or strategic decisions. Any references to securities, sectors, regions and/or countries are for illustrative purposes only. The views and opinions contained herein are those of individual to whom they are attributed, and may not necessarily represent views expressed or reflected in other communications, strategies or funds. 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 any overseas investments to rise or fall. Past Performance is not a guide to future performance and may not be repeated. The forecasts included should not be relied upon, are not guaranteed and are provided only as at the date of issue. Our forecasts are based on our own assumptions which may change.

As the Premier League football season gets underway more than nine million people around the world will be picking their own teams as part of the $22 billion fantasy football industry. But who are the best players to pick and what makes a successful fantasy football manager? Az Phillips, an official pundit for the Barclays Fantasy Premier League (FPL), joins the pod to reveal the best players to pick, the most successful strategies, the common mistakes people make, and why he won't be buying Erling Haaland anytime soon. 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. This information is not an offer, solicitation or recommendation to buy or sell any financial instrument or to adopt any 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. Reliance should not be placed on any views or information in the material when taking individual investment and/or strategic decisions. Any references to securities, sectors, regions and/or countries are for illustrative purposes only. The views and opinions contained herein are those of individual to whom they are attributed, and may not necessarily represent views expressed or reflected in other communications, strategies or funds. 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 any overseas investments to rise or fall. Past Performance is not a guide to future performance and may not be repeated. The forecasts included should not be relied upon, are not guaranteed and are provided only as at the date of issue. Our forecasts are based on our own assumptions which may change.

We’re back from a short holiday and we’re also back with our guest Jake Taylor. You may know Jake as one of the hosts of the podcast Value: After Hours or as the CEO of Farnam Street Investments. In this episode he gives an update on Journalytic the decision making software he made reference to in his last appearance on the Value Perspective and discusses how steadying the returns from the S&P 500 over the past decade has given him a new framework to think about the future. It wouldn’t be a Value Perspective conversation without some Bayesian probabilities chat and finally Jake touches on investing in climate change from the perspective of a former electrical engineer and gives his observations from the West Coast. 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. This information is not an offer, solicitation or recommendation to buy or sell any financial instrument or to adopt any 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. Reliance should not be placed on any views or information in the material when taking individual investment and/or strategic decisions. Any references to securities, sectors, regions and/or countries are for illustrative purposes only. The views and opinions contained herein are those of individual to whom they are attributed, and may not necessarily represent views expressed or reflected in other communications, strategies or funds. 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 any overseas investments to rise or fall. Past Performance is not a guide to future performance and may not be repeated. The forecasts included should not be relied upon, are not guaranteed and are provided only as at the date of issue. Our forecasts are based on our own assumptions which may change.

This week we revisit our original podcast with Jake Taylor in anticipation of his upcoming second appearance on the Value Perspective. Jake is a value investor,  CEO of Farnam Street Investments and author of The Rebel Allocator. He also contributes to various web series and podcasts including Five Good Questions, The Hikecast, and Value: After Hours, which he co hosts with investors Tobias Carlisle and Bill Brewster. In a past life, Jake worked as a power system operator running the grid for the State of California. 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. This information is not an offer, solicitation or recommendation to buy or sell any financial instrument or to adopt any 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. Reliance should not be placed on any views or information in the material when taking individual investment and/or strategic decisions. Any references to securities, sectors, regions and/or countries are for illustrative purposes only. The views and opinions contained herein are those of individual to whom they are attributed, and may not necessarily represent views expressed or reflected in other communications, strategies or funds. 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 any overseas investments to rise or fall. Past Performance is not a guide to future performance and may not be repeated. The forecasts included should not be relied upon, are not guaranteed and are provided only as at the date of issue. Our forecasts are based on our own assumptions which may change

Simon Evan-Cook joins us this week for the 50th episode of the Value Perspective podcast to discuss the lessons that he has learnt on his journey to becoming a better investor that you can apply in everyday life to help solve problems. Simon is a successful multi-asset, fund-of-funds manager with over 25 years’ experience in financial services.  He currently works for Downing Fund Managers, having built his reputation at Fidelity, Rothschild Asset Management, Gartmore and Premier Asset Management. Simon combines his fund management role with his second passion, which is writing. In this capacity he produces ‘the Fund-of-Funds Insider’ column for Citywire and the ‘Never Mind the Silver Bullets’ blog. He describes this as a journey through the world of complex problems, looking at how to solve these when there aren’t simple ‘silver bullet’ solutions. Enjoy! Liked what you've heard? For more from Simon click on these links: https://www.trustnet.com/news/704403/simon-evan-cook-should-you-invest-with-indiana-jones https://www.trustnet.com/news/4867770/butch-cassidy-and-the-sundance-kid--should-you-invest/   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. This information is not an offer, solicitation or recommendation to buy or sell any financial instrument or to adopt any 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. Reliance should not be placed on any views or information in the material when taking individual investment and/or strategic decisions. Any references to securities, sectors, regions and/or countries are for illustrative purposes only. The views and opinions contained herein are those of individual to whom they are attributed, and may not necessarily represent views expressed or reflected in other communications, strategies or funds. 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 any overseas investments to rise or fall. Past Performance is not a guide to future performance and may not be repeated. The forecasts included should not be relied upon, are not guaranteed and are provided only as at the date of issue. Our forecasts are based on our own assumptions which may change.

Carson Block, founder of Muddy Waters Research, joins us this week on the Value Perspective podcast to discuss the contentious topic of short selling. Short selling is an investment or trading strategy that speculates on the decline in a stock or other security’s price. Carson takes an activist approach to short selling that's founded on exposing fraudulent practices in publicly traded companies. This challenges the view that short selling, by its nature, is an exploitative practice. We talk to Carson about the probabilistic thinking and psychological framework needed by a contrarian investor as well as the cross disciplinary collaboration that lies behind exposing unethical financial practices. 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. This information is not an offer, solicitation or recommendation to buy or sell any financial instrument or to adopt any 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. Reliance should not be placed on any views or information in the material when taking individual investment and/or strategic decisions. Any references to securities, sectors, regions and/or countries are for illustrative purposes only. The views and opinions contained herein are those of individual to whom they are attributed, and may not necessarily represent views expressed or reflected in other communications, strategies or funds. 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 any overseas investments to rise or fall. Past Performance is not a guide to future performance and may not be repeated. The forecasts included should not be relied upon, are not guaranteed and are provided only as at the date of issue. Our forecasts are based on our own assumptions which may change

Nick Hodler joins us this week on the Value Perspective podcast as part of our turn-around Mini Series. Nick is the President and CEO of Arc, the world's largest manufacturer of glass tableware. We are excited to have Nick on the pod as Arc has been in the midst of a positive turnaround story under his helm. As value investors these are exactly the type of situations that interest us. Nick discusses how he has approached the turnaround situation from his background as a management consultant and how he has adapted his decision making practices at a global company with operations in quite distinct and different markets in France, America and the Middle East. 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. This information is not an offer, solicitation or recommendation to buy or sell any financial instrument or to adopt any 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. Reliance should not be placed on any views or information in the material when taking individual investment and/or strategic decisions. Any references to securities, sectors, regions and/or countries are for illustrative purposes only. The views and opinions contained herein are those of individual to whom they are attributed, and may not necessarily represent views expressed or reflected in other communications, strategies or funds. 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 any overseas investments to rise or fall. Past Performance is not a guide to future performance and may not be repeated. The forecasts included should not be relied upon, are not guaranteed and are provided only as at the date of issue. Our forecasts are based on our own assumptions which may change