MMP Network

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1天前

Private Credit: Hype, Hazard, or the Next Big Thing in Long-Term Growth? With Huw Van Steenis, Vice Chair of Oliver Wyman.

When someone speaks with a deep of understanding of the banking and finance systems, is widely respected, and then expresses a strong but debatable view, about a developing asset class, we think it’s important to hear that voice and to challenge and distil its key messages. So in this episode we welcome back a former guest who appeared on the MMP in March 2023 during the banking storm, during with Silicon Valley Bank and then Credit Suisse. His conclusion was unequivocally that this was no repeat of the 2008 GFC, as has been proven. In addressing his recent report from Oliver Wyman, titled “private credit is reshaping wealth portfolios”, we wanted to challenge him on several issues, including; Is it that innocuous? Is this a trend which will serve big private asset firms at the expense of individuals? How about bad times and souring loans? Does the loss of liquidity matter? Are we swapping risks from the regulated banking sector to the unregulated world of the giant private market firms? And so Huw and I face off in a discussion on the risks and opportunities that are the hallmarks of this fast-growing slice of the investing world. The Money Maze Podcast is kindly sponsored by Schroders, IFM Investors, World Gold Council and LSEG. Sign up to our Newsletter | Follow us on LinkedIn | Watch on YouTube

1天前

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52 分钟
8月14日

Wisdom From the Battle Hardened: Timeless Life & Career Insights from Top Global Executives

Enjoy a variety of career tips & life lessons from finance leaders in this compilation special. This episode brings together some of the most insightful lessons and perspectives we’ve gleaned from past guests, covering everything from life wisdom to industry-specific strategies. You’ll hear from an extraordinary lineup, including Peter Frankopan, Ron Biscardi, Luba Nikulina, and James Anderson. But that’s not all—we’ve also included insights from Michael Manning, Stephen Roberts, Marcie Frost, Mark Boggett, and Chrsitina McGuire. We hope you find this useful! The Money Maze Podcast is kindly sponsored by Schroders, IFM Investors, World Gold Council and LSEG. Sign up to our Newsletter | Follow us on LinkedIn | Watch on YouTube

8月14日

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12 分钟
2024/03/14

Wine, Whisky and Champagne: Buy, Sell or Hold? With Gary Boom, Founder and CEO of Bordeaux Index

In May 2021, we turned our attention to an investor dilemma – Should we view wine as a proper asset class? And how should we think about the wine industry, unmodernised for so long, but ripe for change! A disrupter emerged in 1997, in the shape of Bordeaux Index, set up by Michael Spencer and Gary Boom. In this conversation we learn about the shifting sands of supply and demand. We discuss global climate impact and some of its advantages for the wine industry. We discuss wealth creation and the continued thirst for luxury wines, champagnes and whiskies. Gary also explains where new and exciting wines are emerging, why he’s re-assessed the emerging English opportunity set, and how they’re embracing digital transformation via their new LiveTrade platform (which was rebranded & expanded this year). Gary discusses the impact of their technology in helping bring liquidity and transparency to wine trading - reflecting on his previous life at ICAP - and why increasing numbers of investors are building portfolios in the wine & spirits world. We then assess the key question; where might there be money to be made in this fast-evolving market? And aside from the investment implications, who doesn’t like to sample lovely wine?! No one wants to finish their lives observing wistfully, as Ernest Hemingway once did, that “my only regret in life is that I didn’t drink more wine!” NOTE - This episode was recorded in late 2023, prior to the re-launch of their LiveTrade product in early 2024. The Money Maze Podcast is kindly sponsored by Schroders, Bremont Watches and IFM Investors. Sign up to our Newsletter | Follow us on LinkedIn | Watch on YouTube

2024/03/14

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45 分钟
7月17日

Unlocking Global Real Estate Opportunities: Perspectives on Risks & Returns (With Brian Kingston, CEO of Brookfield Real Estate)

Economist John Stuart Mill observed that “landlords grow rich in their sleep". Yet, as evidenced by the failure over the years of many real estate businesses, success is also highly dependent on entry price, debt levels and execution. Brookfield, based in Toronto, has developed over 120 years into one of the world’s largest alternative investment management companies, with over $1 trillion of assets under management. It is also one of the world’s largest real estate operators, and in this conversation, Brian starts by tackling the questions of “how you buy well” and “what goes wrong”? He then discusses the most significant geographical opportunities, from hospitality in Spain to student accommodation in the UK. He elaborates on the themes that unify the world of real estate, the blurring of lines between real estate and infrastructure and the “chronic shortage of housing” that is common to the US, Australia, the UK and Korea. The Money Maze Podcast is kindly sponsored by Schroders, IFM Investors, World Gold Council and LSEG. Sign up to our Newsletter | Follow us on LinkedIn | Watch on YouTube

7月17日

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49 分钟
2023/03/23

The World of Champagne - With Étienne Bizot, CEO of Bollinger Group

‘I drink my Champagne when I’m happy and when I’m sad. Sometimes I drink it when I’m alone. When I have company I consider it obligatory. I trifle with it when I’m not hungry and drink it when I am. Otherwise I never touch it – unless I’m thirsty!‘ This famous quote can be attributed to Madam Lady Bollinger in a 1961 interview with the Daily Mail. In this episode we explore the world of Champagne with Groupe Bollinger’s CEO & Chairman, whose family have been central to the sustained success of both the brand and product since 1869. In a rare public interview, he discusses the firm’s history, associations with James Bond and key markets. He also covers vintage and non-vintage, Ayala (its sister brand), climate impact, expansion into Burgundy, the Loire and Oregon, and the opportunity to become closer to consumers via technology. He then discusses their investment in Bordeaux Index and their LiveTrade platform, why Rosé is not a fad and the optimal temperature to serve champagne! The Money Maze Podcast is kindly sponsored by LiveTrade, Bordeaux Index’s award-winning fine wine trading platform. Groupe Bollinger currently has a minority stake in Bordeaux Index, and increased its investment into the firm in May 2022. The Money Maze Podcast is also sponsored Schroders, Bremont Watches and Mintus.

2023/03/23

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49 分钟
2023/10/26

What Makes a Great Macro Fund Manager? Meet Scott Bessent, Trump's Treasury Secretary

Today’s guest is the new US Treasury Secretary, serving under Donald Trump. The role gives him immense responsibility for managing US obligations and finances, including circa. $7 trillion of annual US federal spending, the $35+ trillion fiscal debt pile and continued inflationary pressures on both US businesses and consumers. Prior to this he was a key player on the George Soros's team, who in 1992 helped the Quantum Fund make $1bn, shorting sterling ahead of the UK’s withdrawal from the ERM. As Soros’s CIO, he was also dubbed ‘The Man Who Broke the Bank of Japan’ by the Wall Street Journal after making approximately $3.5bn on the Abenomics trade from 2012-2015. Scott is widely acknowledged to be one of the world’s most highly respected macro hedge fund managers, and currently runs Key Square Capital Management. He has also taught financial history at Yale and is a prominent philanthropist. In this episode, Scott explains the key ingredients in being a macro manager. He charts his journey, working with legendary investors such as Stan Druckenmiller and George Soros. He opines on a range of key investment themes, including his thoughts on de-dollarisation, debt, commodities, the Ukraine rebuild, and AI. He also shares his analysis of the fast-evolving markets in both China and Japan. Scott goes on to discuss risk, when and how he sizes positions, signposts that influence conviction, and dealing with information overload. A tour de force! Recorded in September 2023. Sign up to our Newsletter | Follow us on LinkedIn | Watch us on YouTube The Money Maze Podcast is kindly sponsored by Schroders, Bremont Watches, LiveTrade and IFM Investors.

2023/10/26

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1 小时 3 分钟
2022/05/17

Wine - To Invest or Consume? Gary Boom, Founder & CEO of Bordeaux Index [REPLAY]

Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn To celebrate our new sponsorship with LiveTrade, Bordeaux Index's new world-leading fine wine trading platform, we're pleased to be replaying our episode with Gary Boom. Originally recorded last summer, he discusses why he started the business and examines the investment opportunities in the fine wine and spirits market. In this episode Gary Boom, CEO of Bordeaux Index starts by explaining how the poorly organised, past its sell-by- date old model of wine trading has been revolutionised by Bordeaux Index over the last 20 years, with the introduction of scale, liquidity and expertise underscoring the investment attributes of fine wines and whiskies. The conversation examines long term data provided by Credit Suisse who found that post-World War Two, collectible wines have delivered returns of circa 10% nominal, and real returns of around 7% USD (per annum) . Gary discusses the composition of returns and the indices used to measure them, and explains why consumption creates a virtuous circle, where replacement and scarcity provide strong tailwinds. He talks about the liquidity provided by Live Trade, which they established and which provides narrow bid/ask spreads in over 500 wines. He talks about the Chinese influence in buying high-end Bordeaux wines, the Champagne and Burgundy markets’ evolution as well as how challenges around counterfeiting are being met. With reference to the late Stephen Spurrier, he discusses the rise of some of the great new world wines which wines he believes will prove good investments and how family offices and wealthy individuals can build significant portfolios of wine to take advantage of its lower correlation to other assets. He speaks about climate impact on wine producing regions, his gloomy view on UK wines and why Bollinger Group has taken a stake in their business. Finally he talks about why wine has proved and continues to be a great career for both sexes, some advice for today’s youth, and whose wines and their owners he would most like to meet and drink.

2022/05/17

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50 分钟
2月6日

Reinventing Equity Investing: James Anderson's Journey, From Scottish Mortgage Investment Trust to Managing Partner & CIO of Lingotto's Innovation Strategy

In today’s episode we have the chance to talk to one of the most successful investors of his generation, James Anderson, Former Partner at Baillie Gifford. I'm joined by Mark Wallace, MD of Rothschild & Co, who brings his expertise on US tech equities to this discussion. From 1987 until 2022 he led their flagship fund, the Scottish Mortgage Investment Trust. His early investments in Google through to Tesla paid handsome returns to investors, and have made him both highly respected and widely admired. Now he is at Lingotto, the independent investment management company wholly owned by Exor N.V.. James discusses how his approach to evaluating companies has evolved and what he means by “the normal ways of looking at companies is no longer valid”. He discusses companies’ life cycles and why such a small percentage of listed companies actually deliver the big returns. He then reflects on the importance of the academic community in sourcing, as well as validating investment ideas before moving on to the vision exhibited by founders and vested principals in newer businesses, from Amazon to Tesla. He describes his investing priorities thematically, including risks, mistakes, accessing long-term capital and why Europe seems to lack ambition in both seizing and scaling the opportunities. Finally, he reflects on the public versus private debate, asking and answering the question as to which of those two may be the better sources of return. The Money Maze Podcast is kindly sponsored by Schroders, IFM Investors, World Gold Council and LSEG. Sign up to our Newsletter | Follow us on LinkedIn | Watch on YouTube

2月6日

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1 小时 14 分钟
2024/10/24

Joel Greenblatt: Legendary Investor and Author on Patience in the Investing Business

This recording took place at the London Value Investor Conference over summer, where Simon hosted a discussion with Joel Greenblatt. Joel not only founded and runs Gotham Asset Management, but was also an adjunct professor at Columbia Business School for 20+ years. Joel previously ran Gotham Capital, where he achieved 50% annualised returns between 1985-1994 (34.4% net). Joel also helped Michael Burry set up Scion Capital in 2000. In this discussion, Joel offers some exceptionally valuable insights into the issues of active versus passive, if valuation works pays, the need for patience, thoughts on concentration, and learning from mistakes. He talks on the need for detailed valuation work in order to identify compelling valuation opportunities, but also of the need for patience for the market to recognise such situations. He advocates passive for those ill-equipped to undertake detailed valuation work, and also recognises the challenges of owning too many overvalued and insufficient undervalued companies when you are passively invested. He then explains how the best way to learn from one’s investing mistakes is to lose amounts of money that matter. Joel goes on to acknowledge that he would have been fired several times over, had it not been his own firm! A treasure trove of advice from a pro! The interview is followed by a short Q&A. Thanks to the following for their contributions here: Steve Clapham of Behind the Balance Sheet, Mark Rubenstein of HPS Investment Partners, Ajit Dayal of Quantum Advisors India, and Cole Smead of Smead Capital Management. The Money Maze Podcast is kindly sponsored by Schroders, IFM Investors, and the World Gold Council. Sign up to our Newsletter | Follow us on LinkedIn | Watch on YouTube

2024/10/24

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46 分钟
2022/03/24

Sir Chris Hohn: Billionaire Hedge Fund Manager and Philanthropist [REPLAY]

To celebrate our two year anniversary, we're resharing some of the most popular episodes of 2021. In this episode, Simon spoke to one of the world's most successful hedge fund managers, Sir Chris Hohn. He discusses his career, charity and his climate initiative (originally released in March 2021). In this episode we have the rare opportunity to talk to Sir Chris Hohn, founder of TCI, one of the world’s most successful hedge funds and benefactor of the $6 billion children’s charity (CIFF) and now agitator against corporations who are failing to properly address their climate change transition plans. The conversation starts with an insight into Chris’s upbringing, the sharpened appetite he believes accompanied being a child of immigrants, his journey from school to Harvard Business School and then to the world of investing, first in private equity and then to public equity markets. He discusses key mentors as he was learning the investment business, his early experience investing before launching The Children’s Investment Fund and its evolving investment approach. Chris talks of the work undertaken at his charity (CIFF) which highlighted to him the impact climate change was having on poverty, child destitution and destruction of the planet. This evidence has driven Chris to the creation of “Say on Climate” given that companies are responsible for 35% of global emissions, yet typically lack climate transition plans. Chris identifies the corporate behaviours that need addressing most urgently, what corporations must do the effect proper change, and the potential consequences of inaction. He describes the Say on Climate AGM resolution which requires annual disclosure of emissions, the plan to manage them, and how they will be judged going forward. Chris talks about the dangers of passive investing with regard to this issue, the global variations in response, and the environmental downsides of bitcoin euphoria. Finally, he talks about the examples set by Bill Gates and Warren Buffett, lessons for those early in their careers, and sound advice involving following your passion and thinking about who you want to become.

2022/03/24

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31 分钟

The world of finance has a huge impact on all of us. These shows aim to explore and unravel some of the mysteries surrounding the investing business, via interviews with industry leaders! Each episode we talk to a leading figure from the finance and investment management industry. Sometimes, we’re also joined by distinguished figures from the wider business world. In each dissecting interview our host Simon Brewer draws out helpful advice and insights from leaders in the real life money maze.

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MMP Network

热门节目排行

Private Credit: Hype, Hazard, or the Next Big Thing in Long-Term Growth? With Huw Van Steenis, Vice Chair of Oliver Wyman.

Wisdom From the Battle Hardened: Timeless Life & Career Insights from Top Global Executives

Wine, Whisky and Champagne: Buy, Sell or Hold? With Gary Boom, Founder and CEO of Bordeaux Index

Unlocking Global Real Estate Opportunities: Perspectives on Risks & Returns (With Brian Kingston, CEO of Brookfield Real Estate)

The World of Champagne - With Étienne Bizot, CEO of Bollinger Group

What Makes a Great Macro Fund Manager? Meet Scott Bessent, Trump's Treasury Secretary

Wine - To Invest or Consume? Gary Boom, Founder & CEO of Bordeaux Index [REPLAY]

Reinventing Equity Investing: James Anderson's Journey, From Scottish Mortgage Investment Trust to Managing Partner & CIO of Lingotto's Innovation Strategy

Joel Greenblatt: Legendary Investor and Author on Patience in the Investing Business

Sir Chris Hohn: Billionaire Hedge Fund Manager and Philanthropist [REPLAY]

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