Today’s guest is the new US Treasury Secretary, serving under Donald Trump. The role gives him immense responsibility for managing US obligations and finances, including circa. $7 trillion of annual US federal spending, the $35+ trillion fiscal debt pile and continued inflationary pressures on both US businesses and consumers. Prior to this he was a key player on the George Soros's team, who in 1992 helped the Quantum Fund make $1bn, shorting sterling ahead of the UK’s withdrawal from the ERM. A...
Oct 26, 2023•1 hr 3 min•Ep. 117
Today’s guest has performed with Pavarotti, but in his day job he is a financial commentator and author, who spent 29 years at the Financial Times , including as Global Head of the Lex Column , before moving to Bloomberg as Senior Markets Editor. He is responsible for ‘Points of Return’, the highly regarded and followed commentary, and has the unusual appeal of a career spanning geographies, asset classes and employers. John recaps on his investing lessons from years of writing ‘The Long View’ a...
Oct 19, 2023•1 hr•Ep. 116
There are certain geopolitical developments that need to be examined in an objective and timely manner for their profound strategic ramifications. After the attack by Hamas and the ensuing conflagration, we welcome two seasoned Middle East thinkers from the International Institute for Strategic Studies (IISS). We attempt to disentangle the key forces at work and the motives. In the context of the wider Abraham Accords and Biden’s push for a Saudi/Israeli détente, we discuss how international rel...
Oct 17, 2023•39 min•Ep. 115
In this bitesize feature, Amgen’s CEO explains why Iceland’s isolated population make it a useful sample for understanding how disease arises from a genetic standpoint, and what this means for the drug discovery pipeline. In the full interview Bob discusses timelines and priorities, the use of AI in accelerating drug development, biologics, facing setbacks on the road to approvals, and the challenge of running a company which has a presence in over 100 countries. Listen or watch here . Money Maz...
Oct 12, 2023•6 min
William Butler Yeats, the great poet, observed, “Education is not the filling of a pail, but the lighting of a fire.” It may be easy to agree that education is the passport to a better future, but in this episode we wanted to discuss how we should be thinking about education today and tomorrow, and are we failing? Our guest, Sir Anthony Seldon, is recognised as one of the most distinguished and respected figures in the world of education. He’s a headmaster who has led some of the UK's leading in...
Oct 05, 2023•54 min•Ep. 114
In this conversation with David Neal, CEO of IFM Investors, we explore the origins of this highly unusual institution, an ‘investor-owned global investment manager’. Set up around 30 years ago to invest on behalf of more than 600 like minded institutions worldwide, it now manages approximately $143 billion (USD, as of 30/06/23). David discusses what he believes makes for an effective CIO, lessons he drew from being CEO at the Australian Future Fund and why IFM was born. He explains their mission...
Sep 28, 2023•43 min•Ep. 113
In this episode of our Private Markets Miniseries, we explore a French firm, whose growth has now firmly established it as a major force in the global alternatives industry. Started in 2004 in Paris by Mathieu Chabran and Antoine Flamarion, then aged 28 and 31 respectively, with €4m of assets compiled from personal savings, friends and family, today it manages over €40 billion. Mathieu explains their motivation to leave leading investment banks to build a business specialising in private credit,...
Sep 21, 2023•54 min•Ep. 112
In this conversation we discuss both the changing nature of demand for alternative assets as well as their supply. Matt explains how CAIS is creating the bridge between the alternative investment firms and the wealth management community, whose portfolio allocations to these investments are a fraction of their institutional counterparts. Matt discusses the size of the market opportunity, how technology is enabling this rapid transition, and helping solve the problem of unequal access to alternat...
Sep 12, 2023•44 min•Ep. 112
In the world of alternative assets, TPG almost needs no introduction. Founded in 1992 by Jim Coulter and David Bonderman, today they manage a towering $139bn in alternative assets (as of 30/06/23). Less well-known is their significant push into backing and investing in the next generation of underrepresented alternative asset managers. In this conversation, Pamela Pavkov (Partner & Head of TPG NEXT) and Anilu Vazquez-Ubarri (COO), discuss the opportunity to invest with and address what CEO J...
Sep 07, 2023•50 min•Ep. 110
Just as the Nasdaq was launched in 1971 to automate the market for securities which were not exchange-listed, so in 2013 the Nasdaq Private Market was created to help solve private company liquidity. Tom discusses how the introduction of the JOBS Act during Obama’s reign accelerated the need to have a market place for buyers and sellers to meet, as well as supporting price discovery & settlement. Tom explains their growth, rationale, technology and trajectory and why they were spun off in 20...
Aug 24, 2023•47 min•Ep. 109
We are delighted to welcome KKR, and its Co-Head of European Private Equity, Philipp Freise, onto the show. Philipp discusses his wide and impressive education, his journey through management consulting at McKinsey, and a dotcom adventure as an entrepreneur, before joining KKR over 20 years ago. KKR today is a leading global investment firm with $510 billion of assets (as of 31/03/23), invested across multiple alternative asset classes, including private equity, infrastructure, real estate and c...
Aug 17, 2023•47 min
In today’s episode, the Money Maze Podcast takes a short trip back to summer 2022 in light of the upcoming release of our second Private Markets Miniseries! Last year, we released our first season, delving deep into the far reaching ramifications of the industry, and sharing fascinating conversations with guests from the likes of Schroders Capital, Petershill Partners, KKR, Bain Capital, Permira, and CD&R. We have compiled together some of the highlights from those episodes, discussing alter...
Aug 10, 2023•40 min•Ep. 108
We last spoke about gold on the show 3 years ago, with Evy Hambro, who runs the BlackRock natural resources team. The discussion highlighted that paper currencies have a 100% track record of losing purchasing power, whereas gold has a 100% record of permanence. In this conversation, we ask Randy Smallwood to address several important issues around gold. His perspectives on supply and demand, lessons from history, current central bank actions and why he recently observed that “gold is in a perfec...
Aug 03, 2023•49 min•Ep. 107
In the third and final episode of our 'July With Jen Series', guest hosted by Jen Prosek, we welcome Mike Pompeo onto the show. Mike is the only man to ever have served as both the US Secretary of State (2018-21) and CIA Director (2017-18). In this episode, Mike and Jen have a riveting conversation, discussing a range of key geopolitical topics, such as; US-China relations, what to expect from the Ukraine/Russia conflict in light of the recent mutiny, and his hopes for the future of the United S...
Jul 27, 2023•41 min•Ep. 106
In the second episode of our ‘July With Jen’ miniseries, we welcome two leading entrepreneurs on the show for a varied discussion on the US economy, geopolitics, tech and more. The episode brings together Joe Lonsdale, Managing Partner of 8VC and Co-Founder of Palantir, and Thomas Tull, Founder of Tulco LLC and Former CEO of Legendary Entertainment. The discussion is moderated by Jen Prosek, Founder of Prosek Partners, who is kindly guest hosting the podcast this month. The two entrepreneurs off...
Jul 20, 2023•46 min•Ep. 105
In this episode, we welcome Lynn Martin, the second woman in history to run the New York Stock Exchange (NYSE). The session is moderated by Jen Prosek, Founder of Prosek Partners, who is kindly guest hosting the podcast this month. Lynn enlightens Jen on her experience as the 68th President of the NYSE, and her navigation of an often-male dominated field. The two also discuss the IPO market, what makes a company ready for public markets, ESG, and board diversity. Lynn also offers insights into e...
Jul 13, 2023•40 min•Ep. 104
Oscar Wilde defined a cynic as someone who knew the price of everything, and the value of nothing. In today’s episode, we discuss value investing with David Einhorn, Founder and President of Greenlight Capital. David talks about the irreparable damage caused to the value investment industry, passive investing, returns, and bonds trading. He also discusses index and short investments, as well as undervalued products. This episode is an excerpt from the session recorded at the London Value Investo...
Jul 11, 2023•18 min•Ep. 103
General Sir Nick Carter, former Chief of the Defence Staff returns for a short discussion on the Ukraine War. He addresses the current situation from a military perspective, political interpretations, and gives further strategic insights. He then also discusses his predictions for how the war may end, and the impact recent events could have on Putin’s waning support and reputation. Finally, General Carter offers us a concise assessment of the US-China relations, as well as the rapid re-ordering ...
Jul 06, 2023•28 min•Ep. 102
The late Steve Jobs of Apple said “I think the biggest innovation of the 21st century will be at the intersection of biology and technology, a new era is beginning”. If you want see how biotech can change the world of health, whilst potentially being capable of creating extraordinary value for investors, there are few better places to look than Amgen, one of the world’s leading independent biotech companies. With a market capitalisation of approximately $130bn, Amgen has been an extraordinary su...
Jun 29, 2023•40 min•Ep. 101
In a wide-ranging episode we have the opportunity to hear from Ben Goldsmith, a seasoned investor, with a particular focus on environmental opportunities, discussing how his passion in this field has led him to engage on a number of fronts. Ben explains his activities, which span from running a UK listed investment trust and its focus on the efficient use of energy and resources, to having advised the government on the replacement to the EU’s C.A.P agricultural policy. From there he discusses be...
Jun 22, 2023•42 min•Ep. 100
When Picasso’s Les femmes d’Alger was bought for $179 million, at that time, a world record for an artwork sold at auction, the spotlight shone on the world of art valuations, and this episode’s guest, Brett Gorvy. Having enjoyed an extraordinary career at Christie’s, as Chairman and International Head of Post War and Contemporary Art & leading the auction house to its first billion-dollar auction week in 2015, he is synonymous with auction expertise, deep knowledge and a passion for great w...
Jun 15, 2023•1 hr•Ep. 99
If diamonds are forever, then the organisation most associated with them is, of course, De Beers. From inception in 1888, their leadership in the diamond market has been unrivalled, and even today they sell around 30% of the world's rough diamond production. In this conversation we discuss the concept of diamonds as collectibles and a store of value. We hear about the shifting supply and demand factors influencing prices, the geopolitical forces at play, the rise of synthetics and the importance...
Jun 01, 2023•53 min•Ep. 98
In our recent discussions with some of the world’s super allocators, we have heard about their investment objectives and varying approaches to asset allocation. In tandem with the growth in complexity, responsibility and sheer size of global investable assets, we’ve witnessed the growth of the role of the pension consultant firms, Mercer, WTW, Aon, assisting investing organisations around the world. In this episode, Joanne Holden, their Global Head of Investment Research & Consulting, explai...
May 25, 2023•45 min•Ep. 97
Our exploration of the world’s super allocators would be incomplete without touching down in France, who have a lesser known but still significant SWF. In this conversation, Nicolas Dufourcq, at the helm of the fund since its creation in 2013, explains its genesis, evolution and ambitions. He discusses its principal activities and purpose to drive financing, innovation and “doing its utmost to galvanize the French economy”. He describes the emergence of a strong entrepreneurial culture in France...
May 18, 2023•40 min•Ep. 96
In this podcast, we have an enlightening conversation with Nicolai Tangen, CEO of the Norwegian Sovereign Wealth Fund, which manages over $1.2 trillion in assets (as of 31/12/22), making it the second largest SWF globally. Norway’s great wealth is in large part courtesy of its oil riches, discovered in 1969. With great vision, the Government’s response to the discovery was the decision to create a separate, segregated fund, away from politicians’ grasp, to serve Norway’s current and future citiz...
May 11, 2023•43 min
As we continue exploring the world’s “super-allocators”, we’re learning how different they are in approach and dispersed in investment decisions. In this episode we examine these questions through the prism of one of the largest US public pension plans, The New York State Common Retirement Fund, with over $250 billion in assets and more than one million members (as of 31/03/22). Anastasia explains her switch, after several years, from sell-side to buy-side, and from private to public. She discus...
May 04, 2023•36 min•Ep. 95
In this episode we travel to Canada as we continue our journey around the world to discuss investment approaches with the leading figures at some of the world’s top institutional allocators, dubbed the “super allocators”. OTPP, well known for its investments from international airports to apple orchards in the US, commercial property globally, autonomous vehicles in Asia, and even Elon Musk’s Space X, has shown that size need not be the enemy of agility and risk comes in a variety of forms. Jo T...
Apr 27, 2023•51 min•Ep. 94
In 2002, the Australian Federal Treasurer, Peter Costello, commissioned the Australian Treasury to look at the long-term issues facing the nation and how adequately current generations were preparing for future ones. The message was bleak; “Australia’s ageing population would put immense stress on public finances, especially on health and aged care spending, over the next four decades”. To help address this, the Future Fund was created, and it now looks after six public asset funds (totalling AU...
Apr 20, 2023•46 min•Ep. 93
In this miniseries we are interviewing a group of the largest institutional investors (the ‘super allocators’), to understand how these immense pools of capital think about the assets they invest in, shifting asset allocations, passive versus active, public versus private, and steering through turbulent waters. This first conversation is with CalSTRS, the $300+ billion California State Teachers’ Retirement System. It is the largest educator-only pension fund in the world and the second largest p...
Apr 13, 2023•54 min•Ep. 92
‘Over the past decade, about 80 cents of every dollar that has gone into the US investment industry has ended up at Vanguard, State Street, and BlackRock. As a result, the combined stake in S&P 500 companies held by the Big Three has quadrupled, from about 5 percent in 1998 to north of 20 percent today.' These are the opening lines to the book, Trillions, by Robin Wigglesworth, Editor of FT Alphaville and a friend of the show. Today, we further unpack the world of ETFs to understand their ev...
Apr 06, 2023•48 min•Ep. 91
