Brewin Dolphin Podcast

In this week’s podcast Brewin Dolphin’s Head of Research, Guy Foster, is joined by Samuel Tombs of Capital Economics and Iain Anderson of Cicero Group to discuss the political and economic background to the forthcoming UK budget. It will be the second this year and the Chancellor’s seventh budget in total but is still being regarded as an emergency budget. That certainly implies a great change is coming but at the same time pledges made during the election campaign have tied the government’s hands. So what can we expect to see from the chancellor? Who will it be designed to please and appease? How secure will the UK’s economic success be during the remaining parliament and beyond?

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.

In this podcast Head of Research Guy Foster discusses a the geopolitical challenges facing policymakers and the world today with former Foreign Secretary David Miliband. Following the loss of the 2010 general election David narrowly missed out on becoming leader of the Labour Party to his brother, despite having received the most first round votes. He subsequently resigned his seat as MP for South Shields in order to take up a role as CEO of the International Rescue Committee which is extremely active in providing humanitarian relief within Syria and other war-torn regions. In policymaking and operational terms he has a uniquely well-informed perspective on the current difficulties.

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.

After seven years of zero interest rates, yesterday the US Federal Reserve made the historic move to take interest rates 25bps higher. The market reaction has, so far, been pretty benign. To discuss the motivations behind the move and whether, ultimately, this will prove to be the correct policy choice, the Podcast welcomes Caroline Miller, Chief Strategist of Bank Credit Analyst (BCA).

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, Ben Gutteridge, the Head of Funds returns to the hosts chair to restore order to the recording studio and discuss all things economic. Ruiaridh Finlayson, with wounds still fresh following a poorly received badger joke last time out, is back to his explosive best – discussing the joys that the Life Insurance sector can bring. Our new analyst, Michael Paul, makes his hotly anticipated debut in the guest chair to recommend a fund with its focus on the slightly-more-in-favour but still-not-in-favour Emerging Markets.

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

On this week’s podcast Brewin’s Head of Research Guy Foster talks to famed author and strategist Russell Napier. Up for discussion is the perennial issue of the challenges facing the Chinese economy and whether currency devaluation forms part of the solution?

Russell goes further with his economic analysis revealing some very non-consensus views on Emerging Market and the US. Only time will tell, however, if his conclusions make for remarkable foresight, or will be filed neatly in the location of the recording – The Library of Mistakes.

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.

Back from their Easter breaks and with so much news to cover that the team have enlisted the help of James Hay - Equity Analyst to discuss the health care sector. Regular contributors Ben Gutteridge – Head of Fund Research, Guy Foster – Head of Research and Ruairidh Finlayson – Equity Analyst also discuss US technologies and the week’s economic news in the UK, Japan and the US.

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 the final part of our series of podcasts on value investing, Guy Foster, Head of Research is joined by Dr Sandy Nairn, founder of Edinburgh Partners. Before setting up the firm, Sandy amassed an impressive CV including working at Templeton Partners under the wing of the legendary investor and philanthropist, Sir John Templeton, who was labelled “arguably the greatest global stock picker of the century” by Money Magazine in 1999.

During the podcast, Sandy discusses his interpretation of value investing and how working with John Templeton inspired him to use many of the techniques still used in his own funds today. Of particular importance to Sandy’s investment ethos is to keep the investment case as simple as possible by making things like price earnings ratios useful.

Looking globally Sandy remains cautious of the stretched valuations most stock markets today currently offer. This has fed through to his own investment trust which has removed any gearing. Despite remaining wary on America and cautious of Europe, he still sees pockets of value within the Japanese stock market.

Previous Value investing podcasts covered:

Gervais Williams – The future is small

Alistair Mundy – Hairy, scary and quite contrary

Berkshire Hathaway - A message from Omaha

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 our second consecutive one-off mid-week special Brewin Dolphin’s Guy Foster and Ben Gutteridge get the chance to interview none other than the experienced Asia Pacific fund manager Angus Tulloch with his senior equity analyst Chris McGoldrick.

Angus has just returned from a trip to China and so is full of insight into the world’s second largest economy. China’s markets have experienced a bit of a sugar-rush rally, while India’s recovery has been somewhat more sustained. Both are renowned as undergoing reforms and have controversial monetary histories (decade of currency manipulation in China, decades of depreciation and double deficits in India). In fact India went seamlessly from being one of the fragile five countries with budget and current account deficits until its spectacular turnaround last year. For overseas investors returns from India have been heavily influenced by the performance of the Rupee. But then in the past India had high inflation to contend with.One of the reasons for becoming more positive on Asia as a whole is that monetary policy will be loose stimulating more demand. Relative to the developed world, food and world energy prices form a larger share of consumers’ household expenditure and so the fall in prices should benefit Asian consumers more than other regions. Both China and India have subsidised fuel prices in the past, however recent falls have given governments an opportunity to reduce or remove those subsidies.

The question is whether the cyclical benefits of lower energy prices are transient or whether there will be more lasting benefits from the reforms being imposed by the latest governments in both countries.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.