Brewin Dolphin Podcast

In this week’s podcast Guy Foster, Group Head of Research, approaches Howard Marks, co-founder of Oaktree Capital and writer of ‘The Most Important Thing: Uncommon Sense for the Thoughtful Investor’. Howard is one of the most influential investors in the world despite being far from a household name. Warren Buffett said about him “"When I see memos from Howard Marks in my mail, they're the first thing I open and read.” We’re delighted, therefore, to get his perspective on the topic of risk in its many guises and, in particular, how he marries the threats and opportunities of investing in current challenging market conditions. Howard also discusses the controversial topic of whether high frequency traders help markets function and passes judgement on the Fed’s recent decision to keep interest rates on hold.

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 show, Guy Foster and Ben Gutteridge discuss the latest upbeat US payroll report, the subsequent reaction of markets and how it has increased the probability of a first hike in interest rates in June. They then look at the finer details of how the ECB plan to execute their imminent QE program. In particular, how the ECB are to tackle the issue of buying negatively yielding assets. They then join forces to quiz John Greenwood, Chief Economist at Invesco Perpetual, on where the world’s major trading blocks are in the cycle of ‘balance sheet repair’ and, as a result, their potential for credit expansion and future sustainable growth.

Make sure to tune in next week's show which features special guest Tim Bond from Odey Asset Management.

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.

This week Luke Newman, co-lead manager of the Henderson UK Absolute Return Fund, joins our Head of Fund Research, Ben Gutteridge, to discuss the threats and opportunities in the UK stock market. In an up to the minute discussion Luke highlights the dynamism of the fund’s investment strategy, along with the manager’s pragmatism, revealing how the fund is responding to latest developments in news flow. This includes the ongoing challenges facing Greece and China, but the majority of the debatecentres on this week’s ‘Budget’, and the impact this has had on the affected UK companies.

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.

On this week’s show Ben Gutteridge, Head of Fund Research, analyses the ECB’s ‘underwhelming’ policy announcement along with Paul Wild, the lead manager on the JOHCM Continental European fund. After some closer scrutiny, along with a look at the geopolitical environment, Wild concludes the investment case for European equity markets remains intact.

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 week’s podcast Guy Foster, Head of Research talks to Roger Bootle, founder of Capital Economics and author of recently released: The Trouble with Europe. The podcast was recorded at our Edinburgh investment conference and kicks off by discussing last week’s underwhelming US and UK GDP figures.

Roger shares our concerns that the UK’s current account deficit, which currently stands at about 5.5% of real GDP, shows the real fragility of the UK economy. Roger maintains the way to reduce the current account deficit would be a rise in consumption which could come about as real incomes grow. However, without a revival in the eurozone or a weaker pound it seems unlikely that there will be a significant reduction.

We then explore the UK’s exchange rate policy and whether or not this needs to change to improve the economic situation. Roger, an advocator of a managed exchange rate, explains that a stable weaker pound would instil the confidence needed by many manufacturers to increase production and thus lower the current account deficit. Meanwhile, there isn’t much likely to cause the pound to fall a long way.

To finish with a slightly more positive note seems appropriate and Europe fits the bill. The revival seemed inevitable, given lower oil prices, a weaker exchange rate and the ongoing quantitative easing. However, in the midst of this there is still a Greek crisis bubbling away recent figures pointing to a Greek deterioration. Yet, if this were to be resolved, for the short term at least, the eurozone would see a further pick up. This would be of particular benefit to the UK given both the eurozone are each other’s biggest export markets.

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

Special guest Rob Burnett of Neptune Asset Management joins Ben Gutteridge and Guy Foster to discuss the outlook for Europe in the week that Mario Draghi attempted to reclaim the ECB’s credibility.

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

An update on both the major and best performing markets so far this year, as well as a review of the UK Tech sector.

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

While the political situation in the UK remains tense, the situation abroad is even more strained. That Greece is at loggerheads with Germany is well-known but investors should be looking at the situation from the perspective of all of Greece’s trading partners explains our guest, Alastair Newton. Alastair is Senior Political Analyst at Nomura. He spent 20 years as career diplomat with the British Diplomatic Service and produces a periodical which he calls issues which keep me awake at night which is essential, reading for those who want to explore the impact of politics on financial markets.

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

This week investors are facing war in the Ukraine and price wars in food retail. We discuss the prevailing deflationary influences and their impact on markets. From over capacity in metals markets to completion in retail and excess supply in the energy markets. What should investors and policymakers be doing about this not-so-new-normal.

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

This week, Stephen Williams and Iain Armstrong explore Carillion’s proposed and rejected offer for Balfour Beatty. Our analysts explain that Balfour’s management team will now have six months to prove that they have made the right decision. Nik Stanojevic discusses the recent news in the mining sector and Ben reveals the long awaited listener numbers. Brewin Dolphin wish you a great bank holiday weekend.

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