Behind the Balance Sheet

Peter Oppenheimer is chief global equity strategist and head of Macro Research at Goldman Sachs in Europe and the author of two books on market cycles.

His first book, the Long Good Buy is sub-titled Analysing Cycles in Markets. His follow-up book Any Happy Returns, is sub-titled Structural Changes and Super Cycles in Markets and looks at longer term secular trends and the future outlook for economies and markets. Our discussion covers both.

Our episode title refers to Peter’s study of cycles in

John Armitage is a giant in the hedge fund world and in the world of investing more broadly. His firm, Egerton Capital,  celebrates its 30th anniversary this year. In

And Nicolai Tangen, CEO of Norges Bank Investment Management, the largest single equity owner in the world, explains why John is so highly regarded by his peers.

John is our first podcast guest to return for a second episode.

John Huber is an investor with a small fund managing his family assets and outside capital in a concentrated portfolio.

John has written an excellent blog, Base Hit Investing, for many years, explaining his investing principles.

We discuss these in this episode, including what John looks for in an investment, why he emphasises capital allocation even more today, where he sees the sweet spot in revenue growth, why he likes Alphabet, why he is focused in North American stocks but is now looking at Japan and US small caps and why Floor & Décor is one of his major positions.

Show Notes

Carine Smith Ihenacho is Chief Governance and Compliance Officer at Norges Bank Investment Management, the Norwegian wealth fund. It’s the largest single equity owner in the world and sets out to be the most transparent. She is therefore likely the most powerful person in the world of ESG.

In our podcast episode, Huw van Steenis and I discussed:

Carine is uniquely placed to comment on the

Show Notes

Chris Mayer is the founder of Woodlock House Family Capital and the author of 100 Baggers: Stocks that Return 100-to-1 and How to Find Them. He has written several other books and formerly wrote an investing

Studying the universe of 100 Baggers has led Chris to a clear set of investing principles which mean his universe of investible ideas is extremely limited and his fund owns just 11 stocks.

Our discussion covers his respect for family owned businesses, his emphasis on corporate culture and his focus on the very long term. He even rejected an

Show notes

Lawrence Cunningham is the author of 20 books; an academic with over 60 publications; a legal expert; an accounting expert; a governance expert; a director on 3 quoted company boards; and a company adviser.

His most famous book is the Essays of Warren Buffett in which he extracts sections from the sage’s letters over decades and orders them by subject. In our conversation, he tells how he first met Mr Buffett, how the books came about, how he sends Mr Buffett a draft of each publication, and explains how and why the letters are so carefully crafted.

Few have studied Berkshire and

Peter Cowley is a successful angel investor. But it was his

In this interview, Peter calls himself fortunate. Since

Show Notes

Jonathan Ruffer is the founder of the eponymous asset

Emmanuel Lagarrigue is the Co-Head of Climate at KKR and in this fascinating discussion, he explains why he joined the firm and what they are seeking to achieve in financing the energy transition. He explains how KKR sees a gap in the huge $7tn pa investment needed to fund the transition between the early stage investments and the mature infrastructure-like renewables area.

Show notes