Behind the Balance Sheet Stephen Clapham, Behind the Balance Sheet

Carine Smith Ihenacho is Chief Governance and Compliance Officer at Norges Bank Investment Management, the Norwegian wealth fund. It’s the largest single equity owner in the world and sets out to be the most transparent. She is therefore likely the most powerful person in the world of ESG.

In our podcast episode, Huw van Steenis and I discussed:


How you can combine sustainability with the
pursuit of returns
The difference between the US and Europe when it
comes to the energy transition
How the fund takes action to divest and exclude
companies on climate, enviromental and even tax grounds
How NBIM conduct their reviews
Issues with ESG ratings and how they can be
improved
Why companies pushing back targets paradoxically
may be a sign of progress



Carine is uniquely placed to comment on the
energy transition and all things relating to governance and this was a fascinating conversation.


Show Notes

Chris Mayer is the founder of Woodlock House Family Capital and the author of 100 Baggers: Stocks that Return 100-to-1 and How to Find Them. He has written several other books and formerly wrote an investing
newsletter which led him to travel the world seeking investment ideas. 

Studying the universe of 100 Baggers has led Chris to a clear set of investing principles which mean his universe of investible ideas is extremely limited and his fund owns just 11 stocks.



Our discussion covers his respect for family owned businesses, his emphasis on corporate culture and his focus on the very long term. He even rejected an
institutional investor as a client because they wanted monthly performance.



Show notes

Lawrence Cunningham is the author of 20 books; an academic with over 60 publications; a legal expert; an accounting expert; a governance expert; a director on 3 quoted company boards; and a company adviser.

His most famous book is the Essays of Warren Buffett in which he extracts sections from the sage’s letters over decades and orders them by subject. In our conversation, he tells how he first met Mr Buffett, how the books came about, how he sends Mr Buffett a draft of each publication, and explains how and why the letters are so carefully crafted.

Few have studied Berkshire and
particularly the letters as closely and he has some fascinating perspectives.

Peter Cowley is a successful angel investor. But it was his
tragic private life which prompted this interview.  Two of his three children lost to suicide; their mother died unexpectedly; his sister lost to alcoholism; his brother died aged 21 from cancer; two decades in recovery from alcoholism; and he has now been diagnosed
with terminal Stage 4c cancer and statistically has 9 months to live.

In this interview, Peter calls himself fortunate. Since
meeting Peter, not a day has passed that Steve has not thought about this remarkable man and day felt grateful for his lot. Hopefully the podcast will also make people aware of how common suicide is among young men.

Show Notes

Steve Clapham and climate finance expert Huw van Steenis talk to Barry Norris, climate sceptic and founder and CIO of Argonaut Capital.
Barry explains why he believes the economics of offshore wind are unsound. He likens wind and solar to unreliable
workers and thinks nuclear and fossil fuel generation are the reliable workers. You can't have a factory staffed only by unreliable workers he argues.
Barry has made good money out of shorting Orsted, the Danish offshore wind company which fell 60% from the peak. Barry explains why he thinks there may be more to go.
We think you will find some of his arguments compelling and encourage you to read the shownotes and the newsletter accompanying the podcast to learn more.

Jonathan Ruffer is the founder of the eponymous asset
management firm, a bold and successful investor (a combination unusual to survive, let alone thrive) and considers himself a financial historian. He remains the figurehead of the firm although has stepped back somewhat from the daily combat with markets. In this episode, he explains why he thinks the Yen could double, why the equities age is behind us, why inflation is here to stay
and much more. And in a first for this podcast, Jonathan turns the tables and asks me the most difficult interview question of all time.