Alex and Lord Lee sit down with the CEO of one of the holdings in Lord Lee’s portfolio: James Gundy of the shipping service company, Braemar (BMS).

James has been group CEO since 2021 and he unpacks the ins and outs of running a shipbroker on London’s main market, how it compares to its competitors and its navigation of some complicated geopolitical waters.

As always, the episode closes with an update on Lord Lee’s portfolio changes, including why he’s buying a new real estate investment trust and why he’s focusing on the changes to capital gains tax.

Timestamps

00:59 What the company does

04:23 Lead indicators

07:24 Compared to Clarksons 

08:57 How Lord Lee got involved

12:51 Pricing intangibles

16:43 Why shipbroking is dominated by UK-based companies

18:20 Why Lord Lee thought it was a good investment

19:55 Is volatility good for business?

20:59 The sale to Russian oil producer Lukoil

27:16 Is Braemar under investigation? 

29:39 Financials

31:58 Dividends

35:10 Lord Lee’s portfolio 

38:00 Takeovers 

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