In this show, David interviews the leading minds in Wealth Management. David Clark is an experienced and respected Financial Services Professional. As a Partner and Advisor at Koda Capital, David advises some of Australia most successful families on Wealth Management.
David is also a successful entrepreneur that has exited two financial services businesses. He is a director of the St Josephs College Foundation and sits on the investment committee, as well as being a founder of ZamBzee a software application development company.
Ep 128: Justin Borus - Israel's once in a cycle opportunity
Justin again joins the podcast to provide an insight into the current strategy and outlook for the Ibex Israel fund considering the recent economic environment. Justin is the Founder and Chief Executive Officer of Ibex Investors, an investment firm that focuses on niche and differentiated strategies, primarily through Israeli start-ups and growth companies. Prior to Ibex, Justin worked at Bear, Stearns & Co. Inc, while also serving on the Board of Directors of various non-profits.
During the episode, Justin and David discuss the recent revaluations of fast-growing technology companies around the world and how this has presented great opportunities for the Israel fund. Justin explains the minimal impact that inflation has had on the strategy due to the pricing power that its companies possess. He also compares the current outlook for the public and private markets in Israel, emphasising the fund’s recent focus on publicly listed companies that have had significant revaluations. Justin then highlights the tremendous opportunities that will arise on the private side in the next 6-18 months, when the fund plans to shift its focus toward these companies.
Ep 127: Izzy Jensen - Investing in our future through carbon projects
Izzy Jensen is the founder and portfolio manager at Kakariki Capital, a specialist environmental and carbon commodities asset manager. After completing a Bachelor of Commerce at the Victoria University of Wellington, Izzy returned to Sydney to begin at the leading infrastructure manager, Morrison & Co, where she worked for seven years and was responsible for research and origination in carbon and environmental markets.
Throughout the episode, Izzy and David discuss the founding of Kakariki Capital and more specifically, the Kakariki Carbon Fund 1.0. Izzy explains the unique value proposition of the fund, aiming to help decarbonise the planet while also delivering exceptional returns by investing in carbon credits. She highlights the recent switch that has occurred in the last 18 months, which has seen corporates get on the front foot regarding emissions reductions. Izzy and David also analyse and outline their outlook for the carbon space, comparing the markets for compliance and voluntary offsets. Izzy then responds to potential risks associated with the strategy and how the fund plans to combat these if they arise.
Ep 126: Adrian Redlich - Private debt in a rising rate environment
Adrian again joins the podcast to discuss the current economic environment and in particular, how it is impacting private debt and Merricks’ Partners Fund. Adrian is the CEO and CIO of Merricks Capital, responsible for the overall running of the business, acting as a group director and Chairman of the Investment Committee. Merricks has an impressive track record and has solidified itself as a leader in the private debt space in Australia.
During the episode, Adrian discusses the current impact on and outlook for the private debt market in an environment of inflation, higher interest rates and a potential recession. He highlights the current valuation issue that exists in Australia, whilst explaining why there is not a simultaneous supply issue. Adrian and David also compare the private debt market in Australia to markets overseas and discuss the advantages that private debt lenders possess in relation to banks. Adrian then gives his outlook for the current development and building industry and how it is likely to play out given rising costs, fixed contracts and a consequent difficulty to deliver profits.
Ep 125: Grant McCarthy - Seed first investing with a Yahoo veteran
Grant McCarthy spent the early years of his career at Yahoo observing and working across several of Yahoo's investments in some of Australia's early SAAS (Software As A Service) success stories such as Seek and CarSales. Today Grant runs Tidal Ventures, a seed-first venture capital investor primarily focused on SAAS businesses that he founded back in 2016. Performance for the initial funds has been impressive, with Fund 1 producing a money-on-money return of 3.6x since inception.
Grant joins David to discuss the learnings through his career as well as the history behind Tidal Ventures. Grant also highlights the benefits of investing in what he considers high growth trajectory SAAS businesses when compared to traditional industrial-focused companies. He also touches on why he believes seed first is the most compelling area of venture capital to focus on.
Grant leverages a background in digital media and 20+ years of experience investing in seed companies in Asia & Australia and advising early-stage founders on their most critical challenges.
Episode 124: Frank Macindoe - The impact of bond markets on equity valuations
In what has been a challenging quarter for growth companies, fellow Koda Partner Frank Macindoe joins David in another episode of Inside the Rope to provide an update on the recent performance of the Koda Enduring Equities Portfolio (KEEP), along with his outlook on markets, broad market concerns such as inflation, the risk-free rate, and company valuations.
Frank highlights the rise of 10-year government bond rates and the implications this move has had on equity markets. He also touches on several companies that he currently likes, and why in his view their share prices don't accurately reflect the future prospects of their businesses. Finally, Frank and David also cover the areas of the market that Frank is currently finding attractive and those that Frank is pro-actively trying to avoid.
Over the twelve months to 31 May 2022, the Koda Enduring Equities Portfolio is down -0.76% compared to the ASX200's return of 4.84%. Over 10 years though, the reference portfolio has returned 17.42% p.a. compared to the ASX200's return of 10.36% p.a.
Ep 123: Damon Petrie - Enhancing the food chain with disruptive technologies
Damon Petrie a consultant investment director at ADM Capital and joins David to discuss the Cibus fund that is focused on investing in food businesses whose profitability can be enhanced through the development and implementation of disruptive strategies that create and capture value in the food supply chain.
Damon is a Consultant Investment Director at ADM Capital responsible for implementing the Australian and New Zealand agricultural strategy. Damon is a Member of the Institute of Chartered Accountants of Australia and New Zealand and holds a Bachelor of Business from The University of New England. He has spent the last 12 years working in Audit, Financial Reporting and Taxation in both public practice and commercial enterprises, predominately in the agricultural sector. In his previous role, Damon was responsible for the formation, integration and sale of a beef supply chain, comprising of Sanger Australia and Bindaree Beef.