Behind the Balance Sheet

James Aitken, an expert in the plumbing of the financial system, takes us on a world tour of hotspots in global finance. Topics include why he is relaxed about the US, Japan's program for greatness and its possible effects on global bond markets, and the challenges faced by China's property sector.

Sebastian Lyon, conservative investor and manager of two highly successful multi asset funds, shares his views on markets, building a significant asset management business, managing funds for consistent performance, investing in quality companies, and why he owns gold.

Bill Smead, an experienced investor, shares his philosophy of buying high-quality stocks that are undervalued. He predicts a downturn in the stock market and discusses out-of-favor sectors and demographic trends. He also offers insights on greyhound handicapping and the challenges of working with family members in the industry.

Alec Cutler, a successful investor, discusses inflation, markets, and stock selection. He also shares his investing principles learned from his grandmother. The podcast covers topics like losing capital, living away from financial centers, impact of greenflation, timing in investing, Mifford II's negative impact, diversity in investing, moving to Bermuda, and qualities of a successful contrarian portfolio manager.

Guy Spier, successful value investor, discusses the importance of environment design in investing and how simplicity is key. He shares stories about his university connections, including David Cameron and Chris Hohn, and explains why his father trusted him with his life savings. The highlight is his lunch with Warren Buffett.

Beth Lilly, a successful value investor, discusses compounding, research methods, and wealth management. Topics include inter-generational wealth, cash management, private equity, and auto dealership industry. Insights on investing, female investors, and passing on financial wisdom.

William Green is the author of Richer Wiser Happier, an outlier in investing books as a best-seller. He is a craftsman and a perfectionist and having interviewed 40 of the world’s top investors for the book, has some fascinating perspectives on investing and on life. We split this interview into two parts. Last time we heard Green explain that the great investors are such thoughtful practical philosophers because they are students of life. Green quotes Munger who says that he watches what works and what doesn’t work and learns from it. In this second half, you will learn what Charlie Munger said about Green’s book (Spoiler – he liked it, a lot); how to be a good interviewer, this is instruction from one of the best practitioners of the art; and why William thinks that no matter the endeavour, being just a little weird helps in life. Show Notes

William Green is the author of Richer Wiser Happier, an outlier in investing books as a best-seller. He is a craftsman and a perfectionist and having interviewed 40 of the world’s top investors for the book, has some fascinating perspectives on investing and on life. William spent five years painstakingly crafting the book and distilling his learnings from interviewing the world’s top investors. This was a labour of love for him – he didn’t take a vacation in that time – and he went to extraordinary lengths. The love and careful craftmanship shines through and is what made the book a best-seller. Green always wanted to be a writer and studied English Literature at Oxford. He fell in love with markets, partly as he saw it as “a smart alec short cut way of making a living without doing too much work”. He had his first article published almost by accident and ended up as a journalist. Interviews with great investors followed. ⁠Show Notes⁠

Mario Gabelli is the billionaire founder of GAMCO and still managing money in his 80s. He believes in an in-depth research process, limiting his investments to the sectors he feels he understands. He believes in visiting companies – not just investees but their competitors and their whole value chain; in reading trade journals; and in monitoring the results of the sector. The day after we spoke he was due to visit a company he first visited in 1967! Few investors active today were investing back in the 1970s and this long history is just one reason why Gabelli is a fascinating interviewee. He likes to recruit PhDs, not from Ivy League schools, but Bronx PHDs - Poor, Hungry and Driven. He is a value investor, rooted in fundamentals and is incredibly driven, part of the reason for his success. See the website for full show notes.

Gavyn Davies is an economist and a former partner of Goldman, Sachs. He is the Chairman and co-founder of macro asset manager Fulcrum Asset Management and a co-founder of 3 other multi-billion asset managers. He is a former Government adviser and was Chairman of the BBC, the UK public service broadcaster. Of course we talk about economics, about investing, and about financial services; but we also cover public service broadcasting, streaming and politics. See the ⁠website⁠ for full show notes.