The Value Perspective

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.

This episode is the second part of our conversation with Willian Green. William is the bestselling author of Richer, Wiser, Happier and one of the most respected voices in the world of investing. If you missed part one, we encourage you to check it out at we covered some thought-provoking topics, from the challenges of writing a new book to the value of independent thinking. This episode picks up right where we left off, continuing our dive into the wisdom Wiliam has gleaned over decades of interviewing some of the world’s greatest investors. We discuss the role of luck, not just in investing, but in life as a whole, and explore whether William would be interested in interviewing someone as polarising as Cathie Wood, an anti-value investor. Co-hosting again is Harald Berlinicke, a partner at Sarnia Asset Management and the investment manager for a family office. Harald’s extensive experience as an investor and his passion for sharing his experience on LinkedIn make him the perfect co-pilot for this episode. Together, we discuss everything from the importance of stoicism and the success of great investors, to the ongoing battle between active and passive management. 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 a captivating discussion, bestselling author William Green, a seasoned journalist, shares his journey interviewing the titans of value investing. He explores the challenges of writing a book and the essence of independent thinking. Together with co-host Harald Berlinicke, they reflect on the deeper dimensions of wealth and the need for adaptability in writing and investing. Green highlights the philosophy of contrarian investing, emphasizing the courage to defy mainstream opinions, and reveals memorable insights from influential investors.

This week on the Value Perspective, we’re joined by a lovely but anonymous guest, who, for legal reasons, we’re going to call Lionel Hutz. Lionel is the author of the Substack Valorem Research, where he provides research for investors on uncorrelated legal special situations, covering issues such as merger arbitrage, patent litigation and international arbitration. By day, he is a legal expert who specialises in special situations. In this episode, we discuss: what legal special situations are and how you screen for these types of investment ideas; how to access legal special situations without a deep understanding of the US legal system; what legal situations tend to be most complex; accounting for the variable of time when looking at this type of investing; and finally, the game theory aspect involved in special situations investments. 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.

Andrew McDermott from Mission Value, an expert in market trends and investment strategies, dives deep into the recent shifts in the Japanese market. He sheds light on recency bias and discusses how to build resilient portfolios in turbulent times. The conversation also covers the effects of the yen's depreciation on local investors and highlights the contrasts between big corporations and smaller sectors. Additionally, McDermott explores the impact of geopolitical tensions on investments in both Japan and China, emphasizing Japan's significance.

Andrew McDermott and Yohei Yamada from Mission Value discuss the intricacies of value investing in Japan. They delve into the impact of human biases and the long cycles that characterize this market. The duo challenges the myth of "cigar butt" investing and highlights cultural differences in corporate governance between Japan and the West. They also stress the importance of effective communication with potential investors to spotlight Japanese investment opportunities. This conversation provides rich insights for anyone interested in the Japanese market.

In this engaging discussion, Anthony Cheung, the Chief Content and Culture Officer at AmplifyME, shares his journey from macro researcher to enhancing finance education through immersive simulations. He delves into balancing research with short-term market noise and whether silencing distractions could improve outcomes. The conversation explores AI's growing role in finance, the significance of fostering a growth mindset, and how resilience can be cultivated for successful investing. Cheung's insights bridge traditional finance and modern innovation.

Django Davidson, a portfolio manager and founding partner at Hosking Partners with a unique geography background from Oxford, shares his fascinating journey from banking to value investing. He delves into the Capital Cycle framework, explaining how it counters human biases in decision-making. Django contrasts active and passive investing strategies, emphasizing the need for long-term perspectives, especially in the tech sector. He also highlights the impact of market cycles and the importance of aligning client's goals with asset longevity to optimize investments.

This week on the Value Perspective, we’re joined by Cole Smead, the CEO and portfolio manager at Smead Capital. We recently caught up with Cole at the London Value Investor Conference. Smead Capital advises investors on building wealth through a low turnover value-focused approach. Cole is also the host of the podcast A Book with Legs, so be sure to add that to your listening list. In this episode we discuss: Cole’s journey with Smead Capital; how the firm’s checklist processes human biases and integrates them into their investment philosophy; the importance of communication in client engagement and how they ease investors’ concerns when it comes to difficult sectors; whether the shift towards passive investing has made markets less efficient; and finally, the business of running a value boutique like Smead Capital. 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.