Brewin Dolphin Podcast

This week Ben Gutteridge, Head of Fund Research, talks to Henderson’s Chief Economist Simon Ward. In a call that is now some distance from the consensus, Ward reveals why he thinks China is set for a rebound. Discussions also cover the general outlook for the global economy and what this means for the US and UK monetary policy agenda.

Please review the podcast on iTunes and if you have any particular requests for topics to be covered then please post them on our website or on Twitter using the tag #BrewinPodcast.

The value of investments can fall and you may get back less than you invested. Past performance is not a guide to future performance. All information within this publication is for illustrative purposes only and is not intended as investment advice. No investment is suitable in all cases and you have any doubts as to an investment’s suitability then you should contact your financial adviser. The opinions expressed in this podcast are not necessarily the views held throughout Brewin Dolphin Ltd. We or a connected person may have positions in or options on the securities mentioned herein or may buy, sell or offer to make a purchase or sale of such security mentioned in this podcast. For further information, please refer to our conflicts policy which is available on the footer below. If you invest in currencies other than your own, fluctuations in currency value will mean that the value of your investment will move independently of the underlying asset.

This week Neil Williams, Chief Economist of Hermes, discusses the economic prospects for all the major trading blocks. Williams begins by revealing the key pillars of his investment framework which, ultimately, looks supportive for taking risk. Indeed Williams is remarkably chipper, especially given the Halfpenny and Webb casualties last weekend. The other key takeaways are that China retains a great deal of flexibility to ameliorate its growth challenges, and that the Federal Reserve is certain to move only at a gradual pace as they attempt to normalise interest rates – with December being the likely lift off date.

Please review the podcast on iTunes and if you have any particular requests for topics to be covered then please post them on our website or on Twitter using the tag #BrewinPodcast

The value of investments can fall and you may get back less than you invested. Past performance is not a guide to future performance. All information within this publication is for illustrative purposes only and is not intended as investment advice. No investment is suitable in all cases and you have any doubts as to an investment’s suitability then you should contact your financial adviser. The opinions expressed in this podcast are not necessarily the views held throughout Brewin Dolphin Ltd. We or a connected person may have positions in or options on the securities mentioned herein or may buy, sell or offer to make a purchase or sale of such security mentioned in this podcast. For further information, please refer to our conflicts policy which is available on the footer below. If you invest in currencies other than your own, fluctuations in currency value will mean that the value of your investment will move independently of the underlying asset.

In the latest in our “…on Bonds” series, Ben Gutteridge, Head of Fund Research, talks to Fidelity’s Ian Spreadbury. Ian is a veteran with 30 years’ experience in the ever-evolving bond markets.

At a time when government bond volatility has surpassed that of equities for longer maturities, Ian discusses the recent behaviour of interest rates and credit spreads. He highlights an increasing risk for global financial markets which stems from colossal outstanding debt. Discussions then lead into the contentious matter of liquidity, and finally Ian’s flagship fund, MoneyBuilder Income.

Previous “On Bonds” editions include 24 Asset Managements’ Chris Bowie and M&G’s Richard Woolnough.

Please review the podcast on iTunes and if you have any particular requests for topics to be covered then please post them on our website or on Twitter using the tag #BrewinPodcast

The value of investments can fall and you may get back less than you invested. Past performance is not a guide to future performance. All information within this publication is for illustrative purposes only and is not intended as investment advice. No investment is suitable in all cases and you have any doubts as to an investment’s suitability then you should contact your financial adviser. The opinions expressed in this podcast are not necessarily the views held throughout Brewin Dolphin Ltd. We or a connected person may have positions in or options on the securities mentioned herein or may buy, sell or offer to make a purchase or sale of such security mentioned in this podcast. For further information, please refer to our conflicts policy which is available on the footer below. If you invest in currencies other than your own, fluctuations in currency value will mean that the value of your investment will move independently of the underlying asset.

In this episode, the research team explore a selection of this week’s main events. Starting with the recent change in the fortune of the FTSE 100 as it seems to have rebounded from recent troughs. James Box discusses the much anticipated results of the EU wide stress test on the financial sector, that will be available next week. While Nik Stanojevic talks about Tesco’s recent third-quarter announcement and the options that they have left to try to revamp the ailing company.

The value of investments can fall and you may get back less than you invested. All information within this publication is for illustrative purposes only and is not intended as investment advice. No investment is suitable in all cases and you have any doubts as to an investment’s suitability then you should contact your financial adviser. The opinions expressed in this podcast are not necessarily the views held throughout Brewin Dolphin Ltd. We or a connected person may have positions in or options on the securities mentioned herein or may buy, sell or offer to make a purchase or sale of such security mentioned in this podcast. For further information, please refer to our conflicts policy which is available on our website: www.brewin.co.uk

This week the team look at the recent legislation to affect pubs, with Ruairidh assessing the impact of this law. Whilst Iain looks at Serco, explaining some issues with outsourcing companies and what they can do to be more successful in the future, quoting G4S as an example.

The value of investments can fall and you may get back less than you invested. Past performance is not a guide to future performance. All information within this publication is for illustrative purposes only and is not intended as investment advice. No investment is suitable in all cases and you have any doubts as to an investment’s suitability then you should contact your financial adviser. The opinions expressed in this podcast are not necessarily the views held throughout Brewin Dolphin Ltd. We or a connected person may have positions in or options on the securities mentioned herein or may buy, sell or offer to make a purchase or sale of such security mentioned in this podcast. For further information, please refer to our conflicts policy which is available on the footer below.

Guy Foster, Head of Research at Brewin Dolphin spent his bank holiday weekend hot-footing it from the Brewin Investment Conference in Edinburgh to Omaha, Nebraska in time to catch the 50th annual general meeting of Berkshire Hathaway Inc.

The inauspicious sounding meeting draws crowds that most premier league football clubs would be lucky to attract as it offers the opportunity for 40,000 common stock holders to quiz the company’s management and has now become known as Woodstock for Capitalists.

Delivering a mixture of entertainment and insight Berkshire Hathaway’s investment legends, Warren Buffett (84) and his right hand man Charlie Munger (91) face questions from journalists, analysts and ordinary shareholders over six hours. What is clear is that despite their advanced years these two individuals could well be the sharpest people in a room which contains Bill Gates, Bill Ackmann and more than 39,000 other people.

This week’s podcast reveals Guy’s thoughts as he and his companion John (an equity analyst) deliver emerge from the meeting. Hot topics for investors were succession planning, the ethics of partnering with 3G Capital Partners, the advanced level of equity valuations, and the outlook for sugary foods.Please review the podcast on iTunes and if you have any particular requests for topics to be covered then please post them on our website or on Twitter using the tag #BrewinPodcast

The value of investments can fall and you may get back less than you invested. Past performance is not a guide to future performance. All information within this publication is for illustrative purposes only and is not intended as investment advice. No investment is suitable in all cases and you have any doubts as to an investment’s suitability then you should contact your financial adviser. The opinions expressed in this podcast are not necessarily the views held throughout Brewin Dolphin Ltd. We or a connected person may have positions in or options on the securities mentioned herein or may buy, sell or offer to make a purchase or sale of such security mentioned in this podcast. For further information, please refer to our conflicts policy which is available on the footer below

A dedicated macro economic podcast with Brewin’s Head of Research, Guy Foster.

The value of investments can fall and you may get back less than you invested. Past performance is not a guide to future performance. All information within this publication is for illustrative purposes only and is not intended as investment advice. No investment is suitable in all cases and you have any doubts as to an investment’s suitability then you should contact your financial adviser. The opinions expressed in this podcast are not necessarily the views held throughout Brewin Dolphin Ltd. We or a connected person may have positions in or options on the securities mentioned herein or may buy, sell or offer to make a purchase or sale of such security mentioned in this podcast. For further information, please refer to our conflicts policy which is available on our website: www.brewin.co.uk

The Brewin Dolphin Research Team provide their latest thoughts on the week’s major economic and corporate developments. In this edition we discuss the performance and progress of the UK banking sector, as well as a review of recent data out of the UK, Europe and Asia.

The value of investments can fall and you may get back less than you invested. Past performance is not a guide to future performance. All information within this publication is for illustrative purposes only and is not intended as investment advice. No investment is suitable in all cases and you have any doubts as to an investment’s suitability then you should contact your financial adviser. The opinions expressed in this podcast are not necessarily the views held throughout Brewin Dolphin Ltd. We or a connected person may have positions in or options on the securities mentioned herein or may buy, sell or offer to make a purchase or sale of such security mentioned in this podcast. For further information, please refer to our conflicts policy which is available on our website: www.brewin.co.uk

In an extended edition of the Brewin Podcast, this week we discuss emerging markets (and emerging market debt) with Michael Hugman, an EM strategist at Investec. Despite the additional length we would encourage you to give this recording an airing. We are are sure you will find it a very useful insight into the challenges that have plagued and continue to plague the developing world. In a very honest appraisal from Hugman, he covers capital flows, Chinese policy, the ongoing challenges in Brazil and the scale of the opportunity that EM debt now presents. Indeed Hugman’s integrity is qualified by the conclusion that the best buying opportunity is likely still to come.

Please review the podcast on iTunes and if you have any particular requests for topics to be covered then please post them on our website or on Twitter using the tag #BrewinPodcast

The value of investments can fall and you may get back less than you invested. Past performance is not a guide to future performance. All information within this publication is for illustrative purposes only and is not intended as investment advice. No investment is suitable in all cases and you have any doubts as to an investment’s suitability then you should contact your financial adviser. The opinions expressed in this podcast are not necessarily the views held throughout Brewin Dolphin Ltd. We or a connected person may have positions in or options on the securities mentioned herein or may buy, sell or offer to make a purchase or sale of such security mentioned in this podcast. For further information, please refer to our conflicts policy which is available on the footer below. If you invest in currencies other than your own, fluctuations in currency value will mean that the value of your investment will move independently of the underlying asset.

On this week’s podcast the focus is the UK stock market as Brewin Dolphin’s Head of Fund Research, Ben Gutteridge, tackles Columbia Threadneedle’s Head of Equities, and star fund manager of the UK Equity Income fund, Leigh Harrison.

The podcast is split neatly into the three parts. First Leigh offer his views on where the market is in relation to the valuation and profit cycle, revealing a cautiously optimistic tone. We then move onto stock specifics, where Leigh is challenged on his favourable view on Health Care and Food Retailers, as well his more uncertain view on the UK banking sector. Finally we discuss some of the corporate news at Columbia Threadneedle, including the formal merger with Columbia as well as recent personnel changes.

Please review the podcast on iTunes and if you have any particular requests for topics to be covered then please post them on our website or on Twitter using the tag #BrewinPodcast

The value of investments can fall and you may get back less than you invested. Past performance is not a guide to future performance. All information within this publication is for illustrative purposes only and is not intended as investment advice. No investment is suitable in all cases and you have any doubts as to an investment’s suitability then you should contact your financial adviser. The opinions expressed in this podcast are not necessarily the views held throughout Brewin Dolphin Ltd. We or a connected person may have positions in or options on the securities mentioned herein or may buy, sell or offer to make a purchase or sale of such security mentioned in this podcast. For further information, please refer to our conflicts policy which is available on the footer below.