This week we have Meredith Angwin on the podcast. She was a chemist that worked on projects that lowered pollution and increased reliability on the weakening electric grid. She is also a massive advocate for nuclear energy and more recently she's the author of Shorting the Grid: the Hidden Fragility of our Electric Grid . Andrew and Juan sit down with Meredith to discuss the role nuclear has in the modern energy transition discussion and its relation with solar, wind, hydro, and fossil-based ene...
May 03, 2022•54 min•Season 2Ep. 45
We're delighted to have Charlotte Thorne as our guest this week. Charlotte is a founding partner at Capital Generation Partners, an asset manager that specialises in ultra high net worth individuals and family offices after starting her career at HM Treasury. What captured us about CapGen is the 'decision factory' Charlotte spearheaded which allows them to best service their clients.She sat down with Juan and Andy to discuss family offices - what are they, what do they achieve, what unique needs...
Apr 19, 2022•1 hr 5 min•Season 2Ep. 44
We're a bit starstruck this week to have Meb Faber of the Meb Faber Show on the Value Perspective this week. Meb is a fantastic podcaster, author, and the CIO of Cambria Investment Management in LA. In this episode, he discusses valuations in the US as a risk and why they should allocate internationally (especially in emerging markets), value investor Seth Klarman and the use of cyclically adjusted price-to-earnings ratio or CAPE. Also, completely unprompted, Meb mentioned our Global Investor St...
Apr 04, 2022•53 min•Season 2Ep. 43
Tim Davies joins us on the pod this week. Tim spent 20 years flying with the Royal Navy and RAF as a fast jet pilot and instructor. Emily and Juan chat with Tim about the performance psychology surrounding fast jet pilots, the importance of failure when training and what biases instructors should be aware of as they teach the next generation of decision makers. You can find Tim on Twitter @timdavies_uk NEW EPISODES: We release main series episodes every two weeks on Mondays. You can subscribe vi...
Mar 21, 2022•55 min•Season 2Ep. 42
This is a special one-off episode to address the implications that the war in Ukraine has had on energy markets. We've invited back Arjun Murti, a private equity adviser and board member at ConocoPhilips to join us and discuss the effects the ban on Russian oil and gas have had on a global scale, what energy security means in the wider energy transition movement, and how different supplies of energy must react to the war. NEW EPISODES: We release main series episodes every two weeks on Mondays. ...
Mar 17, 2022•49 min•Season 2Ep. 41
This week we're delighted to have Vitaliy Katsenselson on the podcast. Vitaliy is an author and value investor who has also taught at the University of Colorado and has written articles for Barron’s, the FT, Forbes, Business Insider, and CNBC amongst others alongside his blog, Contrarian Edge and its accompanying podcast, The Intellectual Investor . He is also the CEO and CIO of Investment Management Associates in Colorado. Juan and Vitaliy discuss the mental models that Vitaliy uses in his ever...
Mar 07, 2022•56 min•Season 2Ep. 40
Joe Sweeney, the executive director of the Alliance for Decision Education is our guest this week. The Alliance for Decision Making aims to improve lives by teaching students K-12 essential skills and dispositions for making better decisions. Members of the Alliance also include Annie Duke, Daniel Kahneman, Michael Mauboussin, and Ted Seides. In this episode, Joe speaks with Juan and Andy about how the Alliance was formed, how they create decision making modules for students of all ages, and som...
Feb 21, 2022•48 min•Season 2Ep. 39
This week we have Dominique Mielle on the podcast. She recently published her memoir Damsel in Distressed, a look back at her time in hedge funds trading in distressed securities and high yield bonds. Nick Kirrage sits down with Dominique to discuss the differences between decision making styles and risk tolerances seen in men and women in finance, the unique qualities unique to distressed investors including how to balance the needs of a wider range of stakeholders – judges, regulators, credito...
Feb 07, 2022•50 min•Season 2Ep. 38
Recently, the co-head of the Value Team, Nick Kirrage, appeared on our sister podcast, the Investor Download. Hear his full interview on value v. growth and his outlook for 2022. You can find Investor Download on Apple Podcasts, Spotify, Google and any other podcast platform if you'd like to hear more. 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, Spotif...
Jan 31, 2022•22 min•Season 2Ep. 37
This week we're joined by Simon Hallett, 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 chat 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 r...
Jan 24, 2022•45 min•Season 2Ep. 36
Michael Mitchell is joining Juan on the pod this week. Mike specialised in special situations investing within hedge funds and was mentored by famed value investor, Micheal Price. Mike and Juan discuss the nuances of special situations and how decision making processes adapt to this style, the new approaches Mike has taken as a private investor as opposed to when he was professional, corporate actions such as rights issues and finally the psychology of an investor. You can follow Mike on Twitter...
Jan 10, 2022•1 hr 10 min•Season 2Ep. 33
Welcome back to our second part of our quilt episode which brings our first season of the podcast to a conclusion. We will be continuing on to a second series, of course, but please enjoy what we think are the highlights of the pod so far. 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...
Jan 03, 2022•35 min•Season 1Ep. 32
Our guest for this episode is Marshall Elliott – a former captain in the British Army, who joined Schroders in 2017 through the company’s armed forces programme and now works in its operational excellence team - has the fantastic ability to discuss with Andy and Juan where investment and the military overlap in their decision making processes including if and how the military thinks probabilistically and, when reviewing a plan’s outcome, how much does it distinguish between skill and luck. NEW E...
Dec 27, 2021•54 min•Season 1Ep. 35
Juan and Andy were joined by Air Marshal Sir Graham Stacey to learn about how decisions are taken at the very highest levels of the UK military. Stacey – who joined the RAF in 1980 and has served in numerous theatres of conflict, including Afghanistan, Bosnia, the Gulf, Iraq and Kosovo – accompanies us on a diverse conversation that, in addition to a great overview of military decision-making, takes in ideas such as dealing with ‘catastrophic success’ (when things go unexpectedly well) and ‘red-...
Dec 27, 2021•54 min•Season 1Ep. 33
As we slip into the festive period, we're going to release some fun episodes and a couple from our vault to celebrate the end of our first season. This week is the first 'quilt' episode we've made which looks back at some of our favourite episodes of the pod. Hear from each member of the Value Team discuss their favourite moments from the series and what they've learned from our guests and their decision making processes. NEW EPISODES: We release main series episodes every two weeks on Mondays. ...
Dec 20, 2021•32 min•Season 1Ep. 32
You may know Rob Gardner is the Director of Investments & Executive Board Director of St James's Place or the co-founder of Redington, but what you may know is that he's also a children's book author educating the next generation on financial concepts. Juan Torres and Kevin Murphy sat down with Rob to learn more about how he made the decision to venture out on his own and create a very successful pension advisory, what types of structures and processes he implements in his everyday life to i...
Dec 06, 2021•48 min•Season 1Ep. 30
This week, our guest is professor, author, and investor Russell Napier. He is also the founder The Library of Mistakes in Edinburgh. You may be familiar with his most recent book The Asian Financial Crisis: Birth of the Age of Debt Russell sat down with Vera German and Tom Dykes to discuss the use of journaling or diary keeping in the decision making process, how people respond to crises like the Asian Crisis of the 90s which Russell experienced while working in Hong Kong, and how people can get...
Nov 22, 2021•53 min•Season 1Ep. 29
In our third episode of our mini series, we're welcoming Jim McDermott. Jim got his start in the Dot Com-era when he founded Stamps.com. Since selling that, he's focused on a different types of cutting edge tech like desalination, electric and natural gas markets, solar energy and waste streams. He also has an interest in clean, domestic biofuels. In this episode, Juan and Jim dive into carbon emission and management, developed v. emerging markets approaches to energy and hydrocarbon. NEW EPISOD...
Nov 11, 2021•50 min•Season 1Ep. 28
Our second interview with Tobias was much more recent and in honour of the 1 year anniversary of the Covid 19 vaccine announcement. In this episode, he and Juan discuss the role of data in investment strategy, forecasting probabilities and looking back at a year in Value since the announcement of the vaccination for Covid 19. NEW EPISODES: We release main series episodes every two weeks on Mondays and ESG mini-series every Thursday through COP26. You can subscribe via Podbean or use this feed UR...
Nov 09, 2021•58 min•Season 1Ep. 27
Tobias Carlisle is joining us this week for a two part interview. This first one we recorded in 2019 so consider this a 'replay' although it only surfaced back then as some blog posts . You may know Toby as the host of The Acquirers Podcast and Value: After Hours or as the managing director of Acquirers Funds. He and Juan discuss why value shouldn’t be declared ‘dead’, what might act as a catalyst for a recovery in value investing and whether reversion to the mean still has a key role to play in...
Nov 09, 2021•44 min•Season 1Ep. 26
Welcome back to the second episode in our ESG mini series. We’re joined this week by Arjun Murti. Arjun is a member of the ConocoPhillips board, a senior adviser to the energy sector, and a former partner at Goldman Sachs. Alex Monk and Juan Torres discuss with Arjun the history of energy transitions, the role oil and gas has within the climate change debate and his outlook for oil companies of the future. Episode notes: 1:13 Episode intro 1:52 Arjun’s background 4:02 Cyclical energy- from a maj...
Nov 04, 2021•53 min•Season 1Ep. 25
In honour of COP26 this month, welcome to our mini series where we're exploring ESG or environmental, social, and governance factors within the industry. In this series, which we're releasing every Thursday during the conference, we're interviewing old and new guests on their approach to ESG within the industry. We've sought to speak to a wide range of guests with a variety of perspectives on this well-known topic. To begin, we're thrilled to have Erik Kobayashi-Solomon back on the pod. Erik pen...
Oct 28, 2021•33 min•Season 1Ep. 24
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 Wh...
Oct 25, 2021•38 min•Season 1Ep. 23
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 Episod...
Oct 11, 2021•42 min•Season 1Ep. 22
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 t...
Sep 27, 2021•50 min•Season 1Ep. 21
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 equit...
Sep 06, 2021•48 min•Season 1Ep. 20
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 ...
Aug 16, 2021•1 hr•Season 1Ep. 19
Michael Mauboussin joins Andy and Kevin on this episode of the Value Perspective. Michael, a market strategist, professor and author, highlights techniques to help investors improve the quality of their decisions. EPISODE NOTES: 1:09 Intro 2:37 What are the three most important tools an investor can have in decision making? 7:40 Tracking your decisions with precision 8:57 Do you think base rates are less usable than in the past due to mean regression? 11:44 How successfully have people integrate...
Jul 05, 2021•56 min•Season 1Ep. 17
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...
Jun 14, 2021•54 min•Season 1Ep. 16
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 pri...
May 24, 2021•48 min•Season 1Ep. 15
