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•Ep 27•Transcript available on Metacast 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•Ep 26•Transcript available on Metacast 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•Ep 25•Transcript available on Metacast 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•Ep 24•Transcript available on Metacast 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•Ep 23•Transcript available on Metacast 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•Ep 22•Transcript available on Metacast 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•Ep 21•Transcript available on Metacast 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•Ep 20•Transcript available on Metacast 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•Ep 19•Transcript available on Metacast 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•Ep 17•Transcript available on Metacast 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•Ep 16•Transcript available on Metacast 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•Ep 15•Transcript available on Metacast This week on the TVP pod, Juan and Kondi welcome David Holland of Fractual Value Advisors and the author of “Beyond Earnings”. We discuss David’s musical background , the intersection of finance and strategy including valuation, and the importance of language when discussing probabilities. MINUTES: 1:06 Intro 2:04 David’s background - From engineering to an MBA in South Africa to valuation guru 7:08 Music - what role can non-fungible tokens have in the music industry? 12:13 Strategic decision ma...
May 04, 2021•58 min•Ep 14•Transcript available on Metacast We are very excited to welcome Ted Seides to The Value Perspective podcast for this episode. You many know Ted as the host of the Capital Allocators podcast and the author of So You Want to Start a Hedge Fund and Capital Allocators: How the world's elite money managers lead and invest. Previous to starting podcasting, Ted began his career working on external public equity managers, internal fixed income portfolio management and in an alternative investment firm that invested in and seeded small ...
Apr 13, 2021•53 min•Ep 13•Transcript available on Metacast Professor Aswath Damodaran joins us for this episode on The Value Perspective. The author of a dozen books and considered the preeminent Valuation Guru by many, Aswath is a professor at the NYU's Stern School of Business teaching corporate finance and valuation. Juan and Aswath discuss valuation's impact on historical events, how valuation is one of the most powerful tools in investment and how to keep a level head in the face of inflated valuations. EPISODE MINUTES: 01:11 Intro: who is Aswath? ...
Mar 22, 2021•51 min•Ep 12•Transcript available on Metacast This week we're joined by Maria Konnikova. She is an author, a professional poker player, and psychologist. Maria shares with us how she utilised different techniques during her poker career that shaped how she thought about probabilities like the description-experience gap, weighing risk vs. reward and communicating and framing risk. She has found these mindsets have helped in a wide variety of situation from Covid-19 to analysing Presidential Election pundits. Maria's newest book The Biggest B...
Feb 22, 2021•28 min•Ep 11•Transcript available on Metacast In the first episode of 2021, we have Jake Taylor, CEO of Farnam Street Investments, author of The Rebel Allocator and host of the Five Good Questions podcast and Value: After Hours series on YouTube. Jake, like us, seeks to apply learnings from other professions and perspectives to value investing. Committed to value investing since he had lunch with Warren Buffet while in business school, Jake shares with us his passion for learning from others and discussing the value style with potential con...
Jan 11, 2021•49 min•Ep 10•Transcript available on Metacast Marvin Barth, Head of FX and EM Macro Strategy at Barclays, joins Andy Evans and Juan Torres Rodriguez on this episode of the Value Perspective. In July, Marvin wrote a piece called 'Managing Uncertainty' which explores how, in this current time of uncertainly, we can look back to other instances like the Great Depression and Dot Com Burst, to learn how people behave under these circumstances and how you can avoid common behaviour traps. RUNNING ORDER: 01:07 Intro 01:36 Managing Uncertainty - wh...
Dec 14, 2020•44 min•Ep 9•Transcript available on Metacast This week, the Value Team met with Hannah Mills, Olympic Sailor for Team GB who brought home the Silver in the 2012 Olympics and then the Gold in 2016 from Rio. Simon Adler, a fund manager in the Value Team and Sophie Ainsworth, a Team GB sailor and Schroders employee discuss with Hannah decision making on and off the water. RUNNING ORDER: 01:07 Intro 01:37 Why decision making is integral in Olympic planning 03:57 How accurate to you think your decisions making is and how its changed over time? ...
Nov 30, 2020•30 min•Ep 8•Transcript available on Metacast Annie Duke returns for her second appearance on the The Value Perspective. Juan Torres Rodriguez sat down to discuss with Annie more about the probabilistic mind-set. Annie shows how using probabilities to observe your everyday actions can help you to understand the decisions that you make and recognise how and why you make guesses. Her new book ‘ How to Decide: Simple Tools for Making Better Choices ’ is available now. Minutes: 01:06 Intro to Annie 02:03 How can you help people to think about p...
Nov 10, 2020•1 hr 8 min•Ep 7•Transcript available on Metacast In this episode, Juan and Andy speak with Taylor Pearson, a fund manager with a particular interest in creating research-backed systems to make decisions in an uncertain world, thus making people more ‘antifragile’. One of these systems included ergodicity which can be explained as a scenario where the average outcome of the group is the same as the average outcome of the individual over time. An example of an ergodic systems would be the outcomes of a coin toss (heads/tails). If 100 people flip...
Sep 14, 2020•39 min•Ep 5•Transcript available on Metacast Juan and Andrew met with Sean Sutcliffe, the CEO of Oxford Space Systems, to learn how he deals with uncertainty not only in a start up business but also in a complex environment like space. RUNNING ORDER: 01:12 Introduction 01:47 How does uncertainty impact a space start up? 03:41 Balancing market and technical uncertainties 05:33 Start-ups vs incumbents: Finding success through exploiting niches 08:14 How do you instil patience in investors over long timelines in a short-term focus environment...
Aug 10, 2020•35 min•Ep 4•Transcript available on Metacast This week Nick and Juan meet Maj Nics Wetherill and LSgt Sophie Montagne, members of the Ice Maiden Expedition, the first all-female team to ski coast-to-coast across Antarctica by muscle power alone, to discuss making risk decisions as a team in the most extreme of environments. RUNNING ORDER: 01:00 Introduction 03:20 How do you assemble a team? 08:00 Identifying what characteristics make for a strong, cohesive team in difficult conditions 10:45 The ‘human element’ versus technical skills 13:20...
Jul 27, 2020•41 min•Ep 3•Transcript available on Metacast In this episode, we have the opportunity to sit down with Hector Ibarra, the CEO of Global Parametrics. Hector has worked for over 20 years in innovating the financial industry's approach to disaster risk financing products. We discuss how his company creates products that help people hedge their risks against natural disasters and increase their chances of survival. RUNNING ORDER: 00:52 Introduction 01:57 What are parametrics? 03:37 Hedging products vs. Insurance products 06:55 How do you defin...
Jul 16, 2020•33 min•Ep 2•Transcript available on Metacast The Value Perspective team sit down with former professional poker player and author of Thinking Bets, Annie Duke to discuss probabilistic thinking, base rates, and outcome focus thinking. RUNNING ORDER: 01:26 Why thinking probabilistically is helpful in decision making 03:30 How do we scale probabilistic thinking in line with more complex situations? 08:30 Working with incomplete information 10:46 How to utilise reference classes to sharpen your probabilistic thinking 13:30 Using outside perspe...
Jul 06, 2020•51 min•Ep 1•Transcript available on Metacast 
