The Value Perspective

Joe Wiggins is the excellent author of the Behavioural Investment blog and the newest guest on the TVP Pod. He's interviewed by Andy Evans and Liam Nunn who discuss how Joe's background in sociology and behavioural science has helped him advise investment managers. He stresses how behavioural issues are important to investment outcomes and being conscious of those behaviours and biases can help all investors - from retail to professional.  Minutes:  1:08 Episode Intro 1:50 Joe's background 3:47 What are the most common behavioural issues?  5:57 Are there any biases that are unique to investing?  7:22 Outcome Bias and thinking in probabilities  10:14 The prevalence of overconfidence - what can fix it? 12:33 Process v. outcome - how can investors learn more from mistakes?  15:19 The consideration of time - why do we struggle with time horizons?  20:17 Do professional investors feel the need to be constantly active?  23:42 Has the approach to behaviour bias in finance evolved at all in recent times?  26:28 How can we improve decision making? 28:13 Examining decision making in other industries 32:49 A bad outcome that came from bad process and book recommendations   Book recommendations: The dog and the frisbee by Andrew Haldane  Gut Feelings by Gerd Gigerenzer   NEW EPISODES: We release a new episodes every three weeks on Mondays. You can subscribe via Podbean or use this feed URL (https://tvpschroders.podbean.com/feed.xml) in Apple Podcasts, Spotify 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.      

Ajmal Ahmady is the former Governor of the Central Bank of Afghanistan, Da Afghanistan Bank, and the latest guest on the Value Perspective. Juan and Emily had the opportunity to talk with Ajmal about the work he accomplished during his tenure including inflation stabilisation and digitised money wallet. They also discussed decision making as a central bank during times of crisis and conflict, including how the DAB made decisions as the Taliban encroached towards the capital.    MINUTES: 1:05 Episode Intro 1:43 Ajmal's background 4:04 Providing stability through central bank tools 8:03 How did the central bank affect areas with different levels of development?  10:30 How do you build trust in formalised finance?  13:40 How did military conflict affect your decision making process? 16:38 Increased financial inclusion 20:39 The role of opium within the Afghan economy 25:21 How did the bank help in anti-Taliban efforts?  27:29 What lead to you make the decision to leave the country? 31:07  As the events were unfolding, how did you process information when making decisions?  34:07 Is there a 'checklist' for a Governor of a bank when they're under threat?  36:40 What does the future of the DAB look like?  39:39 Book recommendation an outcome that was a result of a bad process Book recommendations: The Silk Roads: A New History of the World by Peter Frankopan For further information, please see the following links. Please note that Schroders is not responsible for content on external sites:  Highlights of an FT subscriber webinar with Ajmal Ahmady on Afghanistan, 2021-08-26 ^Foreign Affairs (2022-03-30). “Ajmal Ahmady: Why Afghanistan Fell" ^Financial Times (2021-08-24). “Ajmal Ahmady: Afghanistan faces an economic crisis, as well as a humanitarian one" (actual link: https://www.ft.com/stream/75ed5ed6-883f-402c-b04b-4d1ddd5ab670) ^“Ajmal Ahmady: The Taliban Can't Print Cash and Other Afghan Business Challenges". com. 2021-09-07 ^Matt Egan. "Former Afghan central banker Ajmal Ahmady describes 'complete chaos' of fleeing the country, with one shoe and no bags". CNN ^"Afghanistan's central bank governor Ajmal  Ahmady tells of his escape as the Taliban closed in on Kabul". Sky News ^"US left too quickly, says Afghanistan bank governor Ajmal Ahmady". BBC News. 2021-08-17 ^"GZERO Media with Ajmal Ahmady". GZERO Media ^"Odd Lots: A Conversation With Ajmal Ahmady, Afghanistan's Former Central Bank Chief on Apple Podcasts". Apple Podcasts ^"A Conversation With Ajmal Ahmady, Afghanistan's Former Central Bank Chief". com. 2021-08-23 ^Mercatus Macro Musings: Ajmal Ahmady on the Afghan Economy and the Challenges Facing the Nation’s Future. 2021-11-15 ^“Ajmal Ahmady: Afghanistan's economy is in trouble after the Taliban took control". wbur.org ^"Afghanistan's Money Problem : Planet Money with Ajmal Ahmady". org ^Nelson, Eshe; Rappeport, Alan (2021-08-18). "U.S. and I.M.F. Apply a Financial Squeeze on the Taliban, with comments by Ajmal Ahmady". The New York Times ^Wechsler, Josh Lipsky and William F. (2021-08-18). "Opinion | Will the IMF Bankroll the Taliban, with comments by Ajmal Ahmady?". Wall Street Journal ^Afghan Central Bank Chief Ajmal Ahmady Warns of Economic CrisisBloomberg ^Filseth, Trevor (2021-09-15). "Afghanistan Headed for Financial Collapse, Former Bank Chief Ajmal Ahmady Warns". The National Interest ^Franck, Thomas (2021-08-18). "U.S. won't let Taliban access Afghanistan's financial assets held in America, with comments by Ajmal Ahmady". CNBC ^Marino, Kate (2021-09-13). "Afghanistan's cash problem is intensifying a humanitarian crisis, with comments by Ajmal Ahmady". Axios. Retrieved 2022-04-19. NEW EPISODES: We release a new episodes every three weeks on Mondays. You can subscribe via Podbean or use this feed URL (https://tvpschroders.podbean.com/feed.xml) in Apple Podcasts, Spotify 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.

Value Capital Partners are joining us on the podcast this week. Sam Sithole, Co-founder and CEO, and Antony Ball, Co-Founder and Non-Executive Director, are activist investors based out of Johannesburg who have a value lean. By becoming active shareholders and board members, Value Capital Partners seek to improve the value of companies through governance and management guidance. We chatted with them about what it’s like to be an activist investor in an emerging market and some of the processes they use once they join the board of a company. Juan was joined by co-host Rollo Roscow, a fund manager at Schroders. MINUTES: 1:07 Episode Intro 1:48 Sam and Antony’s backgrounds 5:08 How do you think of the processes of activist investors in South Africa? How does it differ from the American model of activism? 10:03 What type of personality do you think lends itself well to private assets or activist investing? 13:14 Is an activist nature’s skill set natural or nurtured? 14:39 When you select a company to invest in, is there a sense that some are more receptive than others? 18:30 How has the value approach changed over the past 5 years in comparison to previous private equity approaches? 21:52 With a more concentrated investment community, how do you work with other asset managers? 25:23 How do you manage the uncertainty of convincing other stake holders that you, as an activist investor, add value? How do you gain entry to the board? 31:36 The exit process: do you ever leave the company after turning it around? 33:30 How much does price dictate your process? 35:40 When you identify the company you’d like to invest in, what team dynamic do you have when setting up an approach? 38:40 How do maintain perspective and objectivity? How do you acknowledge a short coming? 41:08 Book Recommendations 47:17 A bad decision from process rather than luck Book recommendations: Dear Chairman - Casey Graham Nelson Mandela - Long Road to Freedom NEW EPISODES: We release a new episodes every three weeks on Mondays. You can subscribe via Podbean or use this feed URL (https://tvpschroders.podbean.com/feed.xml) in Apple Podcasts, Spotify 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.

On this podcast, we speak with people from all walks of life to understand how they make decisions in uncertain circumstances. This week, we’ve taken this prompt a bit closer to our day-to-day jobs by speaking with Tom Slater, Head of US Equities and a decision maker for the Long Term Global Growth Strategy at Baillie Gifford. Tom works in similar circumstances as the Value Team but takes a very different approach to decision making. His team focuses on high growth companies both in listed equity markets and in private companies. Nick Kirrage and Vera German hosted this episode which explores the fundamental differences between the growth and value styles, but also some surprising overlaps between the two teams’ approaches.   Minutes: 1:06 Intro from Nick 1:46 Intro from Tom Slater 2:58 The basics: Value v Growth 3:44 Why are humans bad at imagining different outcomes? How does Growth approach this? 6:49 What happens when everything goes right? 8:12 How does Tom identify Growth opportunities? 11:49 Do you focus on a ‘hit rate’ to validate your process? 13:47 Long-termism is and being benchmark agnostic 17:21 How does a fund manager behave when they are greatly out- or under-performing the benchmark? 21:20 Making decisions in a team environment and how to foster a environment for decision making 27:19 How do you handle disagreements? 30:20 Using pre-mortems 33:02 How do make the decision to sell a stock? 36:53 What do you set out to learn from management meetings? 41:35 Book recommendations: How Nature Works by Per Bak 45:38 Tell us about a time when a bad decision that came about from bad process and not bad luck   NEW EPISODES: We release a new episodes every three weeks on Mondays. You can subscribe via Podbean or use this feed URL (https://tvpschroders.podbean.com/feed.xml) in Apple Podcasts, Spotify 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.

Juan and Roberta welcome Andrew Elliott onto the podcast. Andrew, an actuary and author, specialises in how we use numbers to create benchmarks that allow us to process and contextualise different scenarios. We start out with a quiz to see how good the Value Team is at estimating the world around them and then we move on to discus how to create benchmarks, see how the relationship between words and numbers shapes our perceptions and how difficult it is to communicate probabilities. Feel free to test yourself on Andrew’s website: Isthatabignumber.com Episode Minutes: 1:05 Intro 2:20 Andrew’s background 7:19 Andrew quizzes the Value Team 13:10 The Value Team quizzes Andrew 15:37 How a base level of benchmarks can help you create accurate ranges when making estimated guesses 20:52 Building out your mental models to create more confident conclusions 22:55 The links between numbers and words  - why do words matter so much when they’re not very precise? 27:50 Where does the word benchmark come from? 28:45 Why do human beings struggle so much with big numbers and what tools can we develop to better handle them? 34:34 The use of the average: are they misleading? 39:20 How can this apply to insurmountably large problems like climate change? 43:39 How do we get people to understand the role that luck plays in everyday life? 49:14 Two notable chances 53:32 Book Recommendations and a time when a poor outcome came through poor process, not bad luck   Book recommendations: Is that a big number? By Andrew Elliot Factfulness: Ten Reasons We're Wrong About the World--and Why Things Are Better Than You Think by Hans Rosling The First Scientist: Anaximander and His Legacy by Carlo Rovelli   NEW EPISODES: We release a new episodes every three weeks on Mondays. You can subscribe via Podbean or use this feed URL (https://tvpschroders.podbean.com/feed.xml) in Apple Podcasts, Spotify 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.

Michael Mauboussin joins Andy and Kevin on this episode to discuss techniques for improving investment decision-making. They cover topics such as the three most important tools for investors, tracking decisions, the use of base rates, decision journaling, updating base theorems, ideal decision-making environments, probabilistic thinking, assigning numbers to risk, differentiating skill and luck, the Santa Fe Institute approach, and the impact of bad decisions over time. Additionally, they recommend the book 'Range: Why Generalists Triumph in a Specialized World' by David Epstein.

Ben and Juan welcome Dan Rasmussen, the founder of Verdad Capital, to the podcast this week. Dan is a deep value investor and a history buff who discusses his learning from the Covid Crisis from the past year, how he utilises base rates in investment and how his interest in history (and not just financial) helps him make decisions. You can find Dan on Twitter at @verdadcap   EPISODE NOTES: 1:06 : Summary 2:07: Dan's background 4:28: What is your style of value investing? What is your definition of deep value?  7:17 Companies can be cheap for a reason. How do you incorporate pessimism into your analysis?  10:29 After 10 years of a Growth dominated market, how should we consider value in relation to growth?  18:00 Dan wrote a research piece on crises in Jan of 2020. Since the last crisis has occurred, has it changed his approach?  23:10 How do you make sure that you learn from history, but account for future unpredictability?  28:34 How can you incorporate meta analysis in investing?  32:50 How can you communicate long term analysis? 36:33 How do you source base rates?  41:58 Outside v. Inside views: do you allow for any inside views?  44:19 Clients' reactions to base rate-driven decisions  46:48 How do you think about the issue of market timing and the avoidance of value traps?  50:14 A bad decision that came from bad process   Book Recommendations: American Uprising: The Untold Story of America's Largest Slave Revolt by Daniel Rasmussen The Passions and the Interests by A. O. Hirschman   NEW EPISODES: You can subscribe via Podbean or use this feed URL (https://tvpschroders.podbean.com/feed.xml) in Apple 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.  

Erik Kobayashi-Solomon, author of The Intelligent Option Investor and Forbes contributor, joins Juan and Andy this week to discuss value investing and options. They discuss put options in the context of value, risks retail investors take with options and a dissection of the Black-Scholes Model.  EPISODE MINUTES:  01:08 Introduction 01:52 Erik's background 04:31 What is an option? How do they fit into value investing?  11:46 What is the Black-Scholes model and why isn't it the end-all-be-all for pricing options? 17:10 How can price forecasting be used in value investing? How does it fit in with valuations? 23:09 Why does the industry appear to be obsessed with pinpointing valuations to a certain figure rather than a range? 25:30 How do tail events work within option investing? 29:56 Selling put options instead of buying an underlying stock 37:30  Should retail investors have access to options? 42:30 Book recommendations and a unfavourable outcome that was a result of poor decisions Book recommendations: The Intelligent Option Investor by Erik Kobayashi-Solomon The Essays of Warren Buffet NEW EPISODES: You can subscribe via Podbean or use this feed URL (https://tvpschroders.podbean.com/feed.xml) in Apple 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 TVP pod, Juan and Kondi welcome David Holland of Fractual Value Advisors and the author of “Beyond Earnings”. We discuss David’s musical background, the intersection of finance and strategy including valuation, and the importance of language when discussing probabilities.   MINUTES: 1:06 Intro 2:04 David’s background - From engineering to an MBA in South Africa to valuation guru 7:08 Music - what role can non-fungible tokens have in the music industry? 12:13 Strategic decision making - what can be taught about decision making that can have real world applications? 16:23 What is more difficult to correct: over-precision or over-estimation biases? 19:38 Can probabilistic thinking be introduced through non-technical language? 23:08 How can you make a decision when the range of possibilities is too large? 25:52 Integrating good decision making in a workplace culture 30:57 How do these type of MBA lessons apply outside of business? 33:51 The purpose of averages rather than more precise figures in large scale decisions 38:30 “Growth is the most misunderstood word in the investment community” 43:01 When does the pursuit of growth come at the cost of value to a company? 45:35 ESG and Sustainability frameworks in valuation - What’s their role in emerging markets? 48:13 Book Recommendation and a bad process decision example Book recommendations: • Beyond Earnings by David Holland and Bryant Matthews • Calling Bullsh*t: the Art of Scepticism in a Data-Driven World by Carl Bergstrom and Jevin D. West • Stoked! By Chris Bertish • Supernatural Strategies for Making a Rock ‘n’ Roll Group by Ian F. Svenonius • Thinking Fast and Slow by Daniel Kahneman • Decision Analysis for the Professional by Peter McNamee   NEW EPISODES: You can subscribe via Podbean or use this feed URL (https://tvpschroders.podbean.com/feed.xml) in Apple Podcasts, Spotify, 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 are very excited to welcome Ted Seides to The Value Perspective podcast for this episode. You many know Ted as the host of the Capital Allocators podcast and the author of So You Want to Start a Hedge Fund and Capital Allocators: How the world's elite money managers lead and invest. Previous to starting podcasting, Ted began his career working on external public equity managers, internal fixed income portfolio management and in an alternative investment firm that invested in and seeded small hedge funds. In this episode, Ted sits down with Juan and Nick to discuss what Ted has learned through his podcast's 200+ episodes, a bet he made with Warren Buffet on hedge funds vs. S&P 500, and his views on analysing investment processes including probabilistic thinking, the importance of diversity and recognising biases. EPISODE MINUTES:    01:08 Introduction 02:10 Ted's background 05:49 What has Ted learned through his podcast? 07:30 Learning from other industries 10:52 A bet with Warren Buffet: good process, bad outcome 16:18 What was the rationale behind the bet? 18:58 Probabilistic thinking - can we take historical averages to help us make decisions? 22:33 Do the best capital allocators factor in 'pot stakes' into their process? 25:47 What's the importance of diversification?  28:51 Is there a value-add to meeting managers, capitol allocators, etc. face-to-face? 31:48 Why is confirmation bias the prevalent bias? Is it the riskiest? 37:17 Cognitive diversity: how to develop this in your team? 41:01 How does the origin of capital affect investment decisions? 45:10 Has 2020 changed the way institutional investors think of absolute and relative returns? 48:18 Is ESG making a significant impact? 50:24 A decision where the outcome was unwanted due to bad process. Book recommendations: The Psychology of Money: Timeless Lessons on Wealth, Greed, and Happiness by Morgan Housel So You Want to Start a Hedge Fund and Capital Allocators: How the world's elite money managers lead and invest by Ted Seides NEW EPISODES: You can subscribe via Podbean or use this feed URL (https://tvpschroders.podbean.com/feed.xml) in Apple 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.