This week as part of the Allocator’s Edge mini-series of the Value Perspective, we have a masterclass in fund selection with two of the UK’s top fund selectors, Kelly Prior and Scott Spencer. With decades of experience, Kelly and Scott bring a wealth of knowledge from their roles at Columbia Threadneedle, BMO Global Asset Management and Credit Suisse. Together they offer over 45 years’ of expertise in fund research and portfolio management. In this episode, we: dive into the ABCs of fund selecti...
Jun 20, 2024•1 hr 3 min•Ep 121•Transcript available on Metacast This week on the Value Perspective we welcome author and consultant Luca Dellanna as our guest. Luca is the author of 10 books, but his latest on the topic of ergodicity has really caught our attention. Ergodicity is a revolutionary concept that challenges traditional thinking. It posits that by focusing on maximising short-term outcomes, we can ensure long-term success. Luca’s book breaks down this complex idea into an accessible and understandable format. Ergodicity is fundamentally about the ...
Jun 10, 2024•53 min•Ep 120•Transcript available on Metacast In this episode of our Allocator’s Edge mini-series we’re joined by Joe McDonnell, the CIO of Border to Coast Pensions Partnership, one of the UK’s largest pension pools. Joe’s career began in the 1990s on the sell side when he honed his skills and expertise in equities, derivatives and fixed income. He then spent a decade managing retirement funds for IBM and Shell, deepening his asset allocation knowledge. Joe then moved into asset management with roles at Morgan Stanley and Neuberger Berman b...
Jun 06, 2024•43 min•Ep 119•Transcript available on Metacast This week we have a special live episode, recorded at the recent London Value Investment Conference. This annual event attracts Value investors from around the world to discuss and present on this investing style. The Value Perspective’s Juan Torres Rodriguez and Vera German opened this year’s conference with a discussion on emerging markets. In this episode we catch up with eleven attendees, including some familiar guests from previous episodes of the Value Perspective. We discuss the current s...
May 28, 2024•1 hr 2 min•Ep 118•Transcript available on Metacast In this episode in our Allocator’s Edge series of the Value Perspective, we’re joined by Sonja Laud. Sonja is Chief Investment Officer (CIO) at Legal & General Investment Management (LGIM) where she leads the firm’s entire Investment and Trading teams, setting the firm’s Investment strategy, with a focus on leading LGIM’s responsible investment efforts. Before joining LGIM, Sonja held a range of senior positions at Fidelity International, Barings, Schroders and DWS. In this episode we discus...
May 16, 2024•38 min•Ep 116•Transcript available on Metacast In this episode of the Value Perspective, we’re joined by the legendary founder, manager, entrepreneur and capital allocator Henry Engelhardt. Henry founded Admiral Group, a Welsh car insurance group that grew to be one of the largest and most entrepreneurial businesses of the last generation. He is also the author of Be a Better Boss: Learn to build great teams and lead any organization to success. In this episode we discuss: Is capital allocation skill innate or learned; the best decision maki...
May 13, 2024•1 hr 4 min•Ep 117•Transcript available on Metacast In this episode of the Value Perspective, we’re thrilled to be joined by the legendary Emerging Markets investor Mark Mobius. Mark founded Mobius Capital Partners in 2018 following a three-decade tenure at Franklin Templeton where he managed over $40 billion in Emerging Markets’ portfolios. This episode is co-hosted by Vera German and Jade Zhang, who is part of the Emerging Markets Team at Schroders and used to work for Mark. The episode delves into: Mark’s experience of the opening up of variou...
Apr 29, 2024•45 min•Ep 114•Transcript available on Metacast In this episode in our Allocator’s Edge series of the Value Perspective, we’re joined by Chris Rule CEO of Local Pensions Partnership Investments, or LPPI, which oversees £25 billion in pension investments. Chris has been with LPPI since 2016, starting as CIO before moving to his current role. Before that, he was CIO at London Pensions Fund Authority (LPFA) and before that he held several senior positions including Head of Alternatives at SEB Investment Management, as well as founding and co-man...
Apr 25, 2024•52 min•Ep 115•Transcript available on Metacast In this episode, we’re joined by Russell Napier. Fans of the pod will recall that Russell first appeared on TVP in 2021, so this is a warm welcome back. For those not familiar, Russell is an independent market strategist, financial historian, an author and the co-founder of the Library of Mistakes. If you find yourself in Edinburgh, the Library is well worth a visit - check out their website for further details. Juan and Russell explore what has changed in the world from a monetary point of view...
Apr 15, 2024•58 min•Ep 113•Transcript available on Metacast Welcome to Allocator’s Edge, a Value Perspective podcast mini-series where we will be engaging in conversations with some of the world’s top capital allocators. In this everchanging landscape of heightened inflation and interest rates, we aim to unravel how and why capital allocators make the decisions that they do. Join us as we explore the nuances between healthcare foundations, examining the impact of inflation on endowments and the strategic choices between share buybacks and dividends for p...
Apr 11, 2024•55 min•Ep 112•Transcript available on Metacast In this episode in the Value Perspective ESG mini-series we’re joined by Kathryn Porter, founder of the consultant firm Watt-Logic. Kathryn started her career in the finance and energy sectors with a focus on structured products and new business development. She founded Watt-Logic in 2016 to advise energy companies across the EU and UK on how to best capture the commercial opportunities of the energy transition. She noted how traditional market frameworks in the sector are being rapidly replaced...
Apr 02, 2024•57 min•Ep 111•Transcript available on Metacast In this episode of Allocator’s Edge on the Value Perspective we’re joined by Jim Dunn. Jim is the CEO of Verger Capital Management and has been with the firm since 2014. Prior to this Jim was Vice-President and Chief Investment Officer at Wake Forest University, responsible for investment of the University’s endowment, working capital and life income assets. Verger caught our eye because they are an outsourced chief investment officer (OCIO) that exclusively serves non-profits including educatio...
Mar 25, 2024•53 min•Ep 110•Transcript available on Metacast In this episode, we revisit a favourite pet topic of ours on the Value Perspective, special situation investments, especially those that are driven by human biases. Our guest this week is Jim Royal, author of The Zen of Thrift Conversions. In our conversation we focus on decision making in a particularly niche field in America - thrift banks, which are also known as mutualised bank conversions. We discuss: what thrifts are and what types of thrift there are; what human biases are at play in this...
Mar 11, 2024•42 min•Ep 109•Transcript available on Metacast Welcome to a milestone episode for the Value Perspective podcast, marking our 100th episode. To help us celebrate, we’re delighted to be joined by Mark Walker for the latest instalment in our Allocator’s Edge mini-series, where we talk with some of the world’s top capital allocators. Mark is the CIO of Coal Pension Trustees Services (CPT), responsible for the £22bn of investments of the Mineworkers Pension Scheme and the British Coal Staff Superannuation Scheme. Prior to joining CPT, Mark was Ma...
Mar 07, 2024•58 min•Ep 108•Transcript available on Metacast This week we joined by Gary Sernovitz a Managing Director at Lime Rock, an oil and gas focused private equity firm, and the author of the Counting House, a novel about investment management. Gary started his career as an oil equity research analyst at Goldman Sachs before making the transition to the buy side. We’re delighted to have Gary on the podcast as we believe he is the first fiction writer that we have had on. His latest novel shines a light on what the university endowment world is like...
Feb 26, 2024•43 min•Ep 107•Transcript available on Metacast Welcome to Allocator’s Edge, a Value Perspective podcast mini-series where we will be engaging in conversations with some of the world’s top capital allocators. In an environment of heightened inflation and interest rates, we aim to unravel how and why capital allocators make the decisions that they do. The series will shed light on the inner workings of capital allocation to help listeners gain a better understanding of mandates and the intricate dance between strategy and reality. New episodes...
Feb 22, 2024•47 min•Ep 106•Transcript available on Metacast This week we welcome Merryn Somerset Webb to the Value Perspective podcast. Merryn is a columnist at Bloomberg and a host of their podcast Merryn Talks Money. Previously to Bloomberg she was the Editor in Chief at MoneyWeek following brokerage stints at SBC Warburg in Tokyo and BNP Paribas in London. She is also the bestselling author of two books on personal investing. Sean Peche returns to co-host the episode with Juan Torres-Rodriguez. They sat down to discuss Merryn’s thoughts on value inves...
Feb 12, 2024•46 min•Ep 105•Transcript available on Metacast Welcome to Allocator’s Edge, a Value Perspective podcast mini-series where we will be engaging in conversations with some of the world’s top capital allocators. In an environment of heightened inflation and interest rates, we aim to unravel how and why capital allocators make the decisions that they do. The series will shed light on the inner workings of capital allocation to help listeners gain a better understanding of mandates and the intricate dance between strategy and reality. New episodes...
Feb 08, 2024•52 min•Ep 104•Transcript available on Metacast In this instalment of our ESG series we welcome back a previous guest, Doomberg. We sat down with the green chicken to discuss what has happened in the eighteen months since we last had them on the show: why they moved to Substack and decided to leave X, formerly known as Twitter; changes in perceptions and narratives relating to ESG; the resurgence of nuclear and why it has a strong momentum this time; oil’s current and immediate future; AI’s role in the energy transition; and finally some comm...
Jan 29, 2024•1 hr•Ep 103•Transcript available on Metacast Welcome to Allocator’s Edge, a Value Perspective podcast mini-series where we will be engaging in conversations with some of the world’s top capital allocators. In an environment of heightened inflation and interest rates, we aim to unravel how and why capital allocators make the decisions that they do. The series will shed light on the inner workings of capital allocation to help listeners gain a better understanding of mandates and the intricate dance between strategy and reality. New episodes...
Jan 25, 2024•44 min•Ep 102•Transcript available on Metacast We kick off 2024 with a fun episode featuring some of our favourite guests. Author and Director of Research at St James Place, Joe Wiggins, plays host and moderator in a Quality vs Value debate between Simon Hallett, the former CIO of Harding Loevner and owner of Plymouth Argyle football club, and Andy Evans, a portfolio manager at Schroders. The episode explores how two different investors think about markets and assets, the pain points in being a Quality or Value investor and the temperament y...
Jan 08, 2024•48 min•Ep 101•Transcript available on Metacast In the final Value Perspective podcast of 2023 our guest is Ian Lance, a UK value fund manager at Redwheel (formerly ‘RWC Partners’). Before joining Redwheel, he was a fund manager here at Schroders, where he worked very closely with Nick Purves. Nick Purves was a mentor to Nick Kirrage and Kevin Murphy in their early careers and coined a saying that has been passed on to every value investor at Schroders, that if no companies in a portfolio are going bankrupt on a yearly basis, then you’re not ...
Dec 18, 2023•35 min•Ep 100•Transcript available on Metacast This week we welcome value investing heavyweight Mohnish Pabrai to the Value Perspective. Mohnish is the founder and Managing Partner of Pabrai Investment Funds, the founder of the Dakshana Foundation, a close friend of Warren Buffet, and a frequent bridge opponent of Charlie Munger. He joins us to discuss how his father’s entrepreneurialism shaped his understanding of risk; his commitment to giving everything away to Dakshana during his lifetime following the great example of Chuck Feeney; the ...
Dec 04, 2023•1 hr 12 min•Ep 99•Transcript available on Metacast As we near the end of the ten-year birthday celebrations of the Schroder Value Team we welcome two guests who were with us at the beginning of those ten years. Jamie Lowry and Ian Kelly are former members of the Value Team at Schroders, who departed to work for Prem Watsa, known as the Canadian Warren Buffett, managing the European investment book of Fairfax Financial. They left a lasting legacy with the Value Team with one of Ian’s TVP pieces, Hot Iron Trial by Ordeal: A Thirteenth Century Less...
Nov 20, 2023•59 min•Ep 98•Transcript available on Metacast This week on the Value Perspective, we’re delighted to be joined by Joe Peta. Joe is the author of Moneyball for the Money Set, which explains how techniques gleaned from sport analytics can help to predict the returns of portfolio managers with startling accuracy. Before putting pen to paper, Joe started his career at Lehman Brothers before moving to Nomura. He then moved over to the buy side, working for Novus Partners, Kingsford Capital Management and Point72. To chat with Joe, Andy Evans fro...
Nov 06, 2023•1 hr 8 min•Ep 97•Transcript available on Metacast The 2023 Rugby World Cup final is set as South Africa take on New Zealand for glory on Saturday 28 October in Paris. So, we thought this would be great time to replay the Value Perspective episode that we recorded with professional rugby referee Wayne Barnes back in 2021. Wayne will be in the thick of the action in Paris this weekend as he has been honored with selection as the match referee for the final. But back in 2021 we spoke to him when the Lions were in the midst of their South Africa to...
Oct 24, 2023•58 min•Ep 18•Transcript available on Metacast This week on the Value Perspective, we are joined by value stalwart Richard Oldfield. Richard founded Oldfield Partners in 2004, where he managed global funds until 2016, before finally retiring from the firm in 2021. Richard started his career back in the 70s at Warburg Investment Management, which later became Mercury Asset Management. Then he had a stint at a family office before founding Oldfield Partners. He is also the author of Simple but not Easy: a Practitioners Guide to the Art of Inve...
Oct 23, 2023•42 min•Ep 96•Transcript available on Metacast In this episode of our Value Perspective ESG mini-series we’re joined by Arvind Sanger, founder and Managing Director of a hedge fund that focuses on sensible energy transition. We share a mutual friend with Arvind in former guest Arjun Murti. We sat down with Arvind to discuss: what has changed in the energy and material markets in the thirty plus years of his career; how the uranium market works; uranium’s demand and supply impact on the nuclear power sector; and finally nuclear’s main challen...
Oct 09, 2023•53 min•Ep 95•Transcript available on Metacast This week we're replaying a podcast episode with Carson Block, founder of Muddy Waters Research, from June 2022. Carson joined us to discuss the contentious topic of short selling. Short selling is an investment or trading strategy that speculates on the decline in a stock or other security’s price. Carson takes an activist approach to short selling, founded on exposing fraudulent practices in publicly traded companies. This challenges the view that short selling, by its nature, is an exploitati...
Oct 02, 2023•1 hr 20 min•Ep 94•Transcript available on Metacast This week in the final episode of our Meet the Manager series to celebrate the 10th anniversary of the Value Team at Schroders, Tobias Carlisle returns to interview the steadfast host of the Value Perspective, Juan Torres Rodriguez. You may know Tobias as the host of the Acquirer’s Multiple Podcast, from the Value: After Hours Podcast or indeed as a frequent guest on this podcast. He is a deep value investor at heart and is the founder of Acquirers Funds. He is also a frequent author on the topi...
Sep 28, 2023•58 min•Ep 93•Transcript available on Metacast 
