The Value Perspective

This week we're replaying a master class with 10K Diver from March 2022. 10k runs an anonymous Twitter account which you may be familiar if you're a fan of financial Twitter like us. Over the past few years he's sky rocketed in popularity reaching over 200,000 followers who tune in for his incredible threads which explain complex decision making and financial theories in engaging and digestible ways. 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 year is our tenth birthday, believe it or not, not as a podcast but as a value franchise here at Schroders. We wanted to celebrate this on the podcast by having a sort of party with some of our longest standing clients and past podcast guests, by inviting them in and flipping the table. Usually on the podcast we interview people from all walks of life on their expertise. But on this mini series called Meet the Manager our guests and clients are going to introduce us instead and finally ask those burning questions that have been brewing over the past ten years. We’ll be releasing this mini series on the off weeks from our regular content, which we will continue to publish as normal. We hope you enjoy this limited series where we place the value franchise in the interviewee seat as a birthday treat. Our first guest in the Meet the Manager mini series is Pete Drewienkiewicz, the CIO of global assets at Redington. Pete advises a range of wealth managers, insurance companies and public sector pension schemes with combined assets of more than £400 billion. He also has oversight of Redington’s 25 person research platform across both manager and asset class research and is ultimately accountable for the asset class implementations that are recommended to clients. In this episode he interviews Simon Adler, Portfolio Manager on the Value Team who joined Schroders 15 years’ ago. Pete asks about Simon’s journey to becoming a value investor; value investing’s landscape and challenges today; the challenges of price discovery and the drivers of return; Simon’s oft-used fashion statement analogies like using a snorkel mask while cutting the grass as an example of being willing to be different; and finally, making money out of terrible businesses and how this is an analogy to understanding value. 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. 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're replaying a podcast episode we recorded with Simon Hallett in January 2022. Simon is a professional investor who spent a majority of his career at Harding Loevner as a fund manager and their CIO. In 2019, he began investing in the Plymouth Argyle FC and found many parallels between his career in investing and the management of a football club. Andy Evans and Joe Wiggins chatted with Simon about how he brings decision making processes and approaches to behavioural biases that he used in asset management to English football.   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 welcome Dan Rasmussen back to the Value Perspective podcast. Dan is the founder of Verdad Research and we last spoke with him in June 2021 to discuss his passion for history and how it helps him as a value investor. This time we discuss how reviled value is today relative to when we last spoke, how memory and probability work together, his contrarian view on Michael Porter’s five forces and quality investing, ergodicity and how volatility is not the best measure of risk but does matter in certain circumstances, and finally the Europe opportunity. 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.  

Dan Rasmussen, founder of Verdad Capital, a deep value investor and history buff, discusses his learning from the Covid Crisis, the importance of base rates in investment analysis, and strategies for navigating paradigm shifts in financial markets

This week we’re joined by Sean Peche, who you may know as a founder and portfolio manager at Ranmore Fund Management here in London, or from his popular content on LinkedIn. From either, you’ll know that Sean is not afraid to share his mind through thought-provoking commentary in his signature slightly cheeky style. Sean is also passionate about value investing so it was natural for us to grab him on the pod. Sean’s investment career began in South Africa in 1997 when he joined Old Mutual as an equity analyst. In 1999 he then joined Decillion Capital as one of its founding members and co-managed their successful Big Rock fund – a South African based hedge fund. In 2001 he relocated to London with Decillion to co-manage a US European hedge fund. He left them in 2003 to join Orbis Investment Advisory, before then leaving again to establish Ranmore Fund Management in 2008. In today’s episode Juan and Simon Adler sat down with Sean to discuss the art of communication and building a first-class LinkedIn following, including going toe-to-toe with other thought leaders like Terry Smith, the importance of numbers before narrative, the characteristics of a value manager in today’s world, recency bias in today’s market and how market participants get financial concepts like diversification wrong, and the future of active and passive. 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’re joined by Ben Inker from GMO, where he’s the Co-Head of Asset Allocation. He joined the firm right after graduation from college in 1992 and has worked very closely with finance legend Jeremy Grantham. He is also an active contributor to GMO’s most extensive research library. You can find some of Ben’s recent investment insights with the following links: https://www.gmo.com/americas/research-library/3q-2022-gmo-quarterly-letter_gmoquarterlyletter/ https://www.gmo.com/americas/research-library/growth-traps-snap-shut_insights/ We’d like to thank Robert Hunter for introducing us to Ben. Robert organises the London Value Investor Conference each year, which we suspect fans of this podcast would be interested in.  This year’s conference is coming up on the 18th of May and Ben will be speaking.  We sat down with Ben to discuss; his experiences working closely with Jeremy Grantham and James Montier; answering the question, ‘is mean reversion dead?’; how to help clients break from old habits and move into the uncomfortable; where he thinks value is in today’s cycle; and the difference between value and growth traps. 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 welcome Professor Steven Koonin to the Value Perspective podcast. Steve is a nuclear physicist by training and has a CV a mile long but highlights including being Undersecretary of Science during the first Obama administration, a professor at NYU School of Engineering and BP’s Chief Scientist.  He is also the author of Unsettled: What Climate Science Tells Us, What It Doesn't, and Why It, a book that has provoked much debate since its publication in 2021. During the episode we discuss: how the world has changed since Steve was at BP 20 years ago; the difference between weather change and climate change; how Steve would tell Rishi Sunak if he was his adviser;  science communication and the use of ‘red teaming’; and science-based targets for companies. 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.

This week, we are delighted to have retired General Sir Nick Carter as our guest on the Value Perspective podcast. General Sir Nick Carter served as the UK’s Chief of the Defence Staff from 2018 to 2021. This was the culmination of an illustrious military career spanning over four decades, which included commanding 55,000 Nato troops during the Afghan surge, and in his last tour leading the transition process with former Afghan president Ashraf Ghani as the deputy commander of the Nato mission. He is now a senior adviser at Schroders. Our conversation follows on from the previous conversations we have had with former senior military figures. We discuss decision making in the throes of military action, how to process mistakes, both past and potential, what gambling means in decision making, especially in the context of war and finally his thoughts concerning the current geopolitical landscape, especially in Eastern Europe . 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 famous historian Simon Sebag Montefiore joins us for the second of our two episodes marking the anniversary of Russia’s invasion of Ukraine. Simon is a bestselling and prizewinning author of history and fiction books, which have been published in 48 languages. His latest book is The World: A Family History. Simon has also written extensively on the history of Russia. We sat down to discuss: looking at history through the viewpoint of certain families; historical examples of gambling; Simon’s read on the current geopolitical sphere from a historical perspective; how Russia may be judged by future historians, especially over the last twelve months; possible solutions to current conflicts; and an amazing story about Simon’s access to the Kremlin archives in his research for his first book on Stalin. 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.