Investment Thinking Podcast

Brett is the CEO of Magellan and therefore works closely with Hamish Douglass, the lead fund manager on their global equity strategies.  Brett would never claim to be as good a fund manager as Hamish is, but his importance to the business - and therefore a key driver to its continued success - is unquestionable.  In our conversation, we touch on how he identifies leaders; what he would change if he were in charge of Australia's pension system; and why he is attracted to the development of active ETFs.

I am trying a different format this week.  Instead of interviewing a fund manager (or strategist), I've had a conversation with two members of the Somerset investment team focusing on two specific themes: inflation and sustainable investment as they relate to the opportunities in emerging markets.  In both respects, the impact in emerging markets is different to developed markets.

Sands Capital is a growth investment house and it has realised terrific results over recent years ahead even of its peer group.  So Sunil has been in the right place.  However he brings his own intelligence, discipline and motivation which ensure he stands out as a first class fund manager.  But the key question is, how will his approach stand up if the current style tailwind turns into a headwind?  It's worthwhile listening to hear how he responds.

This one is a cracker!  Michael was the Deputy Director of the CIA under President Obama and also worked with President George W. Bush.  Therefore his insights in the state of national security a week ahead of the US election are incredibly interesting to listen to.  It was a privilege for me to have a conversation with him

Andy has an extraordinary knowledge of China and an incredible pedigree.  He started his career in the US Foreign service working in their Beijing embassy before moving into the financial services industry. His understanding of how Chinese policy makers are thinking as well as his balance and objectivity make this a compelling conversation.

It's hard not to really like Richard.  He is very humble and extremely open & honest but yet very modest about his many talents.  During our conversation we discuss why it is still worthwhile investing in the UK and value stocks but also why he left the Bank of England to work in fund management.

Nick together with his colleague Kevin Murphy started working together 15 years ago running a value based strategy.  In this interview Nick puts forward a very reasonable and objective view as to why we shouldn't give up on this approach after a number of years of underperformance.  His rationality and thoughtfulness makes this interview important as many commentators are putting forward views that growth investing is the only way to manage assets in a low inflation, low interest rate environment.

Jim is a legend in UK fixed income markets and it's a real pleasure to speak to him.  Our conversation starts by reflecting on his background and development as a fund manager, describes the key milestones of his career and why biking has made lockdown bearable.

John Greenwood is Invesco's Chief Economist.  He describes himself as being well past retirement age but still fascinated by economics and markets.  He has had a distinguished career notably including being at the heart of the creation of the HK Dollar peg in 1983, still in existence today.  But he is also very forward looking considering the future implications of the pandemic, the monetary and fiscal response to it and Brexit.

Polina is an experienced investor in Emerging Markets debt.  There are important differences between investing in equities and bonds in EM that result in some surprising investment opportunities.  In our interview, we cover: what makes a good fund manager; where next with China; and why Argentina is an interesting investment opportunity.