Created by the Value Team at Schroders, the Value Perspective podcast takes a look at decision making in complex and uncertain environments.
Episodes
Monday Dec 20, 2021
Monday Dec 20, 2021
As we slip into the festive period, we're going to release some fun episodes and a couple from our vault to celebrate the end of our first season. This week is the first 'quilt' episode we've made which looks back at some of our favourite episodes of the pod. Hear from each member of the Value Team discuss their favourite moments from the series and what they've learned from our guests and their decision making processes.
NEW EPISODES:
We release main series episodes every two weeks on Mondays. You can subscribe via Podbean or use this feed URL (https://tvpschroders.podbean.com/feed.xml) in Apple Podcasts, Spotify, Google Podcasts and other podcast players.
GET IN TOUCH:
send us a tweet: @TheValueTeam
Important information. This podcast is for investment professionals only.
This information is not an offer, solicitation or recommendation to buy or sell any financial instrument or to adopt any investment strategy.
Any data has been sourced by us and is provided without any warranties of any kind. It should be independently verified before further publication or use. Third party data is owned or licenced by the data provider and may not be reproduced, extracted or used for any other purpose without the data provider’s consent. Neither we, nor the data provider, will have any liability in connection with the third party data.
Reliance should not be placed on any views or information in the material when taking individual investment and/or strategic decisions. Any references to securities, sectors, regions and/or countries are for illustrative purposes only. The views and opinions contained herein are those of individual to whom they are attributed, and may not necessarily represent views expressed or reflected in other communications, strategies or funds.
The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested. Exchange rate changes may cause the value of any overseas investments to rise or fall.
Past Performance is not a guide to future performance and may not be repeated.
The forecasts included should not be relied upon, are not guaranteed and are provided only as at the date of issue. Our forecasts are based on our own assumptions which may change.
Monday Dec 06, 2021
Monday Dec 06, 2021
You may know Rob Gardner is the Director of Investments & Executive Board Director of St James's Place or the co-founder of Redington, but what you may know is that he's also a children's book author educating the next generation on financial concepts.
Juan Torres and Kevin Murphy sat down with Rob to learn more about how he made the decision to venture out on his own and create a very successful pension advisory, what types of structures and processes he implements in his everyday life to improve decision making and his book 'Save Your Acorns' and Redstart, his charity, which aim to teach budgeting, saving, investing and sharing to children and young people.
NEW EPISODES:
We release main series episodes every two weeks on Mondays. You can subscribe via Podbean or use this feed URL (https://tvpschroders.podbean.com/feed.xml) in Apple Podcasts, Spotify, Google Podcasts and other podcast players.
GET IN TOUCH:
send us a tweet: @TheValueTeam
Important information. This podcast is for investment professionals only.
This information is not an offer, solicitation or recommendation to buy or sell any financial instrument or to adopt any investment strategy.
Any data has been sourced by us and is provided without any warranties of any kind. It should be independently verified before further publication or use. Third party data is owned or licenced by the data provider and may not be reproduced, extracted or used for any other purpose without the data provider’s consent. Neither we, nor the data provider, will have any liability in connection with the third party data.
Reliance should not be placed on any views or information in the material when taking individual investment and/or strategic decisions. Any references to securities, sectors, regions and/or countries are for illustrative purposes only. The views and opinions contained herein are those of individual to whom they are attributed, and may not necessarily represent views expressed or reflected in other communications, strategies or funds.
The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested. Exchange rate changes may cause the value of any overseas investments to rise or fall.
Past Performance is not a guide to future performance and may not be repeated.
The forecasts included should not be relied upon, are not guaranteed and are provided only as at the date of issue. Our forecasts are based on our own assumptions which may change.
Monday Nov 22, 2021
Monday Nov 22, 2021
This week, our guest is professor, author, and investor Russell Napier. He is also the founder The Library of Mistakes in Edinburgh. You may be familiar with his most recent book The Asian Financial Crisis: Birth of the Age of Debt
Russell sat down with Vera German and Tom Dykes to discuss the use of journaling or diary keeping in the decision making process, how people respond to crises like the Asian Crisis of the 90s which Russell experienced while working in Hong Kong, and how people can get better at making macro predictions included future crises (including pandemics).
NEW EPISODES:
We release main series episodes every two weeks on Mondays. You can subscribe via Podbean or use this feed URL (https://tvpschroders.podbean.com/feed.xml) in Apple Podcasts, Spotify, Google Podcasts and other podcast players.
GET IN TOUCH:
send us a tweet: @TheValueTeam
Important information. This podcast is for investment professionals only.
This information is not an offer, solicitation or recommendation to buy or sell any financial instrument or to adopt any investment strategy.
Any data has been sourced by us and is provided without any warranties of any kind. It should be independently verified before further publication or use. Third party data is owned or licenced by the data provider and may not be reproduced, extracted or used for any other purpose without the data provider’s consent. Neither we, nor the data provider, will have any liability in connection with the third party data.
Reliance should not be placed on any views or information in the material when taking individual investment and/or strategic decisions. Any references to securities, sectors, regions and/or countries are for illustrative purposes only. The views and opinions contained herein are those of individual to whom they are attributed, and may not necessarily represent views expressed or reflected in other communications, strategies or funds.
The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested. Exchange rate changes may cause the value of any overseas investments to rise or fall.
Past Performance is not a guide to future performance and may not be repeated.
The forecasts included should not be relied upon, are not guaranteed and are provided only as at the date of issue. Our forecasts are based on our own assumptions which may change.
Thursday Nov 11, 2021
Thursday Nov 11, 2021
In our third episode of our mini series, we're welcoming Jim McDermott. Jim got his start in the Dot Com-era when he founded Stamps.com. Since selling that, he's focused on a different types of cutting edge tech like desalination, electric and natural gas markets, solar energy and waste streams. He also has an interest in clean, domestic biofuels. In this episode, Juan and Jim dive into carbon emission and management, developed v. emerging markets approaches to energy and hydrocarbon.
NEW EPISODES:
We release main series episodes every two weeks on Mondays and ESG mini-series every Thursday through COP26. You can subscribe via Podbean or use this feed URL (https://tvpschroders.podbean.com/feed.xml) in Apple Podcasts, Spotify and other podcast players.
GET IN TOUCH:
send us a tweet: @TheValueTeam
Important information. This podcast is for investment professionals only.
This information is not an offer, solicitation or recommendation to buy or sell any financial instrument or to adopt any investment strategy.
Any data has been sourced by us and is provided without any warranties of any kind. It should be independently verified before further publication or use. Third party data is owned or licenced by the data provider and may not be reproduced, extracted or used for any other purpose without the data provider’s consent. Neither we, nor the data provider, will have any liability in connection with the third party data.
Reliance should not be placed on any views or information in the material when taking individual investment and/or strategic decisions. Any references to securities, sectors, regions and/or countries are for illustrative purposes only. The views and opinions contained herein are those of individual to whom they are attributed, and may not necessarily represent views expressed or reflected in other communications, strategies or funds.
The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested. Exchange rate changes may cause the value of any overseas investments to rise or fall.
Past Performance is not a guide to future performance and may not be repeated.
The forecasts included should not be relied upon, are not guaranteed and are provided only as at the date of issue. Our forecasts are based on our own assumptions which may change.
Tuesday Nov 09, 2021
Tuesday Nov 09, 2021
Our second interview with Tobias was much more recent and in honour of the 1 year anniversary of the Covid 19 vaccine announcement. In this episode, he and Juan discuss the role of data in investment strategy, forecasting probabilities and looking back at a year in Value since the announcement of the vaccination for Covid 19.
NEW EPISODES:
We release main series episodes every two weeks on Mondays and ESG mini-series every Thursday through COP26. You can subscribe via Podbean or use this feed URL (https://tvpschroders.podbean.com/feed.xml) in Apple Podcasts, Spotify and other podcast players.
GET IN TOUCH:
send us a tweet: @TheValueTeam
Important information. This podcast is for investment professionals only.
This information is not an offer, solicitation or recommendation to buy or sell any financial instrument or to adopt any investment strategy.
Any data has been sourced by us and is provided without any warranties of any kind. It should be independently verified before further publication or use. Third party data is owned or licenced by the data provider and may not be reproduced, extracted or used for any other purpose without the data provider’s consent. Neither we, nor the data provider, will have any liability in connection with the third party data.
Reliance should not be placed on any views or information in the material when taking individual investment and/or strategic decisions. Any references to securities, sectors, regions and/or countries are for illustrative purposes only. The views and opinions contained herein are those of individual to whom they are attributed, and may not necessarily represent views expressed or reflected in other communications, strategies or funds.
The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested. Exchange rate changes may cause the value of any overseas investments to rise or fall.
Past Performance is not a guide to future performance and may not be repeated.
The forecasts included should not be relied upon, are not guaranteed and are provided only as at the date of issue. Our forecasts are based on our own assumptions which may change.
Tuesday Nov 09, 2021
Tuesday Nov 09, 2021
Tobias Carlisle is joining us this week for a two part interview. This first one we recorded in 2019 so consider this a 'replay' although it only surfaced back then as some blog posts. You may know Toby as the host of The Acquirers Podcast and Value: After Hours or as the managing director of Acquirers Funds. He and Juan discuss why value shouldn’t be declared ‘dead’, what might act as a catalyst for a recovery in value investing and whether reversion to the mean still has a key role to play in value investing.
NEW EPISODES:
We release main series episodes every two weeks on Mondays and ESG mini-series every Thursday through COP26. You can subscribe via Podbean or use this feed URL (https://tvpschroders.podbean.com/feed.xml) in Apple Podcasts, Spotify and other podcast players.
GET IN TOUCH:
send us a tweet: @TheValueTeam
Important information. This podcast is for investment professionals only.
This information is not an offer, solicitation or recommendation to buy or sell any financial instrument or to adopt any investment strategy.
Any data has been sourced by us and is provided without any warranties of any kind. It should be independently verified before further publication or use. Third party data is owned or licenced by the data provider and may not be reproduced, extracted or used for any other purpose without the data provider’s consent. Neither we, nor the data provider, will have any liability in connection with the third party data.
Reliance should not be placed on any views or information in the material when taking individual investment and/or strategic decisions. Any references to securities, sectors, regions and/or countries are for illustrative purposes only. The views and opinions contained herein are those of individual to whom they are attributed, and may not necessarily represent views expressed or reflected in other communications, strategies or funds.
The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested. Exchange rate changes may cause the value of any overseas investments to rise or fall.
Past Performance is not a guide to future performance and may not be repeated.
The forecasts included should not be relied upon, are not guaranteed and are provided only as at the date of issue. Our forecasts are based on our own assumptions which may change.
Thursday Nov 04, 2021
Thursday Nov 04, 2021
Welcome back to the second episode in our ESG mini series. We’re joined this week by Arjun Murti. Arjun is a member of the ConocoPhillips board, a senior adviser to the energy sector, and a former partner at Goldman Sachs.
Alex Monk and Juan Torres discuss with Arjun the history of energy transitions, the role oil and gas has within the climate change debate and his outlook for oil companies of the future.
Episode notes:
1:13 Episode intro
1:52 Arjun’s background
4:02 Cyclical energy- from a major influence in the S&P to a minority
7:07 Are traditional energy majors becoming irrelevant in this energy transition?
14:37 Strict positions - is there a parallel between nuclear in the past and gas in the present
18:47 Traditional energy companies are currently vilified - what role should they play in the climate change debate?
23:43 European energy majors are investing in renewable projects - are oil companies obligated to invest in these technologies for their longevity?
28:39 Why are cash-rich oil majors seemingly slow in investing in future technologies?
32:39 Should oil should transition to renewables?
34:39 Hydrogen’s role in the energy transition
36:46 Will a transition make cost of capital rise for fossil fuel companies?
41:47 Supply disruption - will we see more energy price spikes and volatility in the future?
46:24 If you could persuade every investor into their process, what would it be? If you were the CEO of an oil major, what you do to secure the business?
NEW EPISODES:
We release main series episodes every two weeks on Mondays and ESG mini-series every Thursday. You can subscribe via Podbean or use this feed URL (https://tvpschroders.podbean.com/feed.xml) in Apple Podcasts, Spotify and other podcast players.
GET IN TOUCH:
send us a tweet: @TheValueTeam
Important information. This podcast is for investment professionals only.
This information is not an offer, solicitation or recommendation to buy or sell any financial instrument or to adopt any investment strategy.
Any data has been sourced by us and is provided without any warranties of any kind. It should be independently verified before further publication or use. Third party data is owned or licenced by the data provider and may not be reproduced, extracted or used for any other purpose without the data provider’s consent. Neither we, nor the data provider, will have any liability in connection with the third party data.
Reliance should not be placed on any views or information in the material when taking individual investment and/or strategic decisions. Any references to securities, sectors, regions and/or countries are for illustrative purposes only. The views and opinions contained herein are those of individual to whom they are attributed, and may not necessarily represent views expressed or reflected in other communications, strategies or funds.
The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested. Exchange rate changes may cause the value of any overseas investments to rise or fall.
Past Performance is not a guide to future performance and may not be repeated.
The forecasts included should not be relied upon, are not guaranteed and are provided only as at the date of issue. Our forecasts are based on our own assumptions which may change.
Thursday Oct 28, 2021
Thursday Oct 28, 2021
In honour of COP26 this month, welcome to our mini series where we're exploring ESG or environmental, social, and governance factors within the industry. In this series, which we're releasing every Thursday during the conference, we're interviewing old and new guests on their approach to ESG within the industry. We've sought to speak to a wide range of guests with a variety of perspectives on this well-known topic.
To begin, we're thrilled to have Erik Kobayashi-Solomon back on the pod. Erik penned an article called Science doesn't care what trading desks are saying which caught our eye. From there, we discussed how trading desks motivations could be aligned with climate change issues, how investors can put a sustainability lens on industries outside of oil and gas, and what changes to an investor's framework can be made when thinking about the future.
Minutes:
00:33 Series intro
01:12 Guest intro
01:55 Episode term glossary
03:12 Episode intro
06:34 Will trading desks ever care about climate change?
11:31 Bill Gate's 75% Problem
15:23 The weight of a phone
19:31 What role should oil and gas play in climate change?
22:42 Is nuclear's role unfairly diminished?
29:00 If you could persuade every investor who listens to this podcast to add one extra step into their investment process, what would it be?
NEW EPISODES:
We release main series episodes every two weeks on Mondays and ESG mini-series every Thursday. You can subscribe via Podbean or use this feed URL (https://tvpschroders.podbean.com/feed.xml) in Apple Podcasts, Spotify and other podcast players.
GET IN TOUCH:
send us a tweet: @TheValueTeam
Important information. This podcast is for investment professionals only.
This information is not an offer, solicitation or recommendation to buy or sell any financial instrument or to adopt any investment strategy.
Any data has been sourced by us and is provided without any warranties of any kind. It should be independently verified before further publication or use. Third party data is owned or licenced by the data provider and may not be reproduced, extracted or used for any other purpose without the data provider’s consent. Neither we, nor the data provider, will have any liability in connection with the third party data.
Reliance should not be placed on any views or information in the material when taking individual investment and/or strategic decisions. Any references to securities, sectors, regions and/or countries are for illustrative purposes only. The views and opinions contained herein are those of individual to whom they are attributed, and may not necessarily represent views expressed or reflected in other communications, strategies or funds.
The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested. Exchange rate changes may cause the value of any overseas investments to rise or fall.
Past Performance is not a guide to future performance and may not be repeated.
The forecasts included should not be relied upon, are not guaranteed and are provided only as at the date of issue. Our forecasts are based on our own assumptions which may change.
Monday Oct 25, 2021
Monday Oct 25, 2021
Joe Wiggins is the excellent author of the Behavioural Investment blog and the newest guest on the TVP Pod. He's interviewed by Andy Evans and Liam Nunn who discuss how Joe's background in sociology and behavioural science has helped him advise investment managers. He stresses how behavioural issues are important to investment outcomes and being conscious of those behaviours and biases can help all investors - from retail to professional.
Minutes:
1:08 Episode Intro
1:50 Joe's background
3:47 What are the most common behavioural issues?
5:57 Are there any biases that are unique to investing?
7:22 Outcome Bias and thinking in probabilities
10:14 The prevalence of overconfidence - what can fix it?
12:33 Process v. outcome - how can investors learn more from mistakes?
15:19 The consideration of time - why do we struggle with time horizons?
20:17 Do professional investors feel the need to be constantly active?
23:42 Has the approach to behaviour bias in finance evolved at all in recent times?
26:28 How can we improve decision making?
28:13 Examining decision making in other industries
32:49 A bad outcome that came from bad process and book recommendations
Book recommendations:
The dog and the frisbee by Andrew Haldane
Gut Feelings by Gerd Gigerenzer
NEW EPISODES:
We release a new episodes every three weeks on Mondays. You can subscribe via Podbean or use this feed URL (https://tvpschroders.podbean.com/feed.xml) in Apple Podcasts, Spotify and other podcast players.
GET IN TOUCH:
send us a tweet: @TheValueTeam
Important information. This podcast is for investment professionals only.
This information is not an offer, solicitation or recommendation to buy or sell any financial instrument or to adopt any investment strategy.
Any data has been sourced by us and is provided without any warranties of any kind. It should be independently verified before further publication or use. Third party data is owned or licenced by the data provider and may not be reproduced, extracted or used for any other purpose without the data provider’s consent. Neither we, nor the data provider, will have any liability in connection with the third party data.
Reliance should not be placed on any views or information in the material when taking individual investment and/or strategic decisions. Any references to securities, sectors, regions and/or countries are for illustrative purposes only. The views and opinions contained herein are those of individual to whom they are attributed, and may not necessarily represent views expressed or reflected in other communications, strategies or funds.
The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested. Exchange rate changes may cause the value of any overseas investments to rise or fall.
Past Performance is not a guide to future performance and may not be repeated.
The forecasts included should not be relied upon, are not guaranteed and are provided only as at the date of issue. Our forecasts are based on our own assumptions which may change.
Monday Oct 11, 2021
Monday Oct 11, 2021
Ajmal Ahmady is the former Governor of the Central Bank of Afghanistan, Da Afghanistan Bank, and the latest guest on the Value Perspective. Juan and Emily had the opportunity to talk with Ajmal about the work he accomplished during his tenure including inflation stabilisation and digitised money wallet. They also discussed decision making as a central bank during times of crisis and conflict, including how the DAB made decisions as the Taliban encroached towards the capital.
MINUTES:
1:05 Episode Intro
1:43 Ajmal's background
4:04 Providing stability through central bank tools
8:03 How did the central bank affect areas with different levels of development?
10:30 How do you build trust in formalised finance?
13:40 How did military conflict affect your decision making process?
16:38 Increased financial inclusion
20:39 The role of opium within the Afghan economy
25:21 How did the bank help in anti-Taliban efforts?
27:29 What lead to you make the decision to leave the country?
31:07 As the events were unfolding, how did you process information when making decisions?
34:07 Is there a 'checklist' for a Governor of a bank when they're under threat?
36:40 What does the future of the DAB look like?
39:39 Book recommendation an outcome that was a result of a bad process
Book recommendations:
The Silk Roads: A New History of the World by Peter Frankopan
For further information, please see the following links. Please note that Schroders is not responsible for content on external sites:
- Highlights of an FT subscriber webinar with Ajmal Ahmady on Afghanistan, 2021-08-26
- ^Foreign Affairs (2022-03-30). “Ajmal Ahmady: Why Afghanistan Fell"
- ^Financial Times (2021-08-24). “Ajmal Ahmady: Afghanistan faces an economic crisis, as well as a humanitarian one" (actual link: https://www.ft.com/stream/75ed5ed6-883f-402c-b04b-4d1ddd5ab670)
- ^“Ajmal Ahmady: The Taliban Can't Print Cash and Other Afghan Business Challenges". com. 2021-09-07
- ^Matt Egan. "Former Afghan central banker Ajmal Ahmady describes 'complete chaos' of fleeing the country, with one shoe and no bags". CNN
- ^"Afghanistan's central bank governor Ajmal Ahmady tells of his escape as the Taliban closed in on Kabul". Sky News
- ^"US left too quickly, says Afghanistan bank governor Ajmal Ahmady". BBC News. 2021-08-17
- ^"GZERO Media with Ajmal Ahmady". GZERO Media
- ^"Odd Lots: A Conversation With Ajmal Ahmady, Afghanistan's Former Central Bank Chief on Apple Podcasts". Apple Podcasts
- ^"A Conversation With Ajmal Ahmady, Afghanistan's Former Central Bank Chief". com. 2021-08-23
- ^Mercatus Macro Musings: Ajmal Ahmady on the Afghan Economy and the Challenges Facing the Nation’s Future. 2021-11-15
- ^“Ajmal Ahmady: Afghanistan's economy is in trouble after the Taliban took control". wbur.org
- ^"Afghanistan's Money Problem : Planet Money with Ajmal Ahmady". org
- ^Nelson, Eshe; Rappeport, Alan (2021-08-18). "U.S. and I.M.F. Apply a Financial Squeeze on the Taliban, with comments by Ajmal Ahmady". The New York Times
- ^Wechsler, Josh Lipsky and William F. (2021-08-18). "Opinion | Will the IMF Bankroll the Taliban, with comments by Ajmal Ahmady?". Wall Street Journal
- ^Afghan Central Bank Chief Ajmal Ahmady Warns of Economic CrisisBloomberg
- ^Filseth, Trevor (2021-09-15). "Afghanistan Headed for Financial Collapse, Former Bank Chief Ajmal Ahmady Warns". The National Interest
- ^Franck, Thomas (2021-08-18). "U.S. won't let Taliban access Afghanistan's financial assets held in America, with comments by Ajmal Ahmady". CNBC
- ^Marino, Kate (2021-09-13). "Afghanistan's cash problem is intensifying a humanitarian crisis, with comments by Ajmal Ahmady". Axios. Retrieved 2022-04-19.
NEW EPISODES:
We release a new episodes every three weeks on Mondays. You can subscribe via Podbean or use this feed URL (https://tvpschroders.podbean.com/feed.xml) in Apple Podcasts, Spotify and other podcast players.
GET IN TOUCH:
send us a tweet: @TheValueTeam
Important information. This podcast is for investment professionals only.
This information is not an offer, solicitation or recommendation to buy or sell any financial instrument or to adopt any investment strategy.
Any data has been sourced by us and is provided without any warranties of any kind. It should be independently verified before further publication or use. Third party data is owned or licenced by the data provider and may not be reproduced, extracted or used for any other purpose without the data provider’s consent. Neither we, nor the data provider, will have any liability in connection with the third party data.
Reliance should not be placed on any views or information in the material when taking individual investment and/or strategic decisions. Any references to securities, sectors, regions and/or countries are for illustrative purposes only. The views and opinions contained herein are those of individual to whom they are attributed, and may not necessarily represent views expressed or reflected in other communications, strategies or funds.
The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested. Exchange rate changes may cause the value of any overseas investments to rise or fall.
Past Performance is not a guide to future performance and may not be repeated.
The forecasts included should not be relied upon, are not guaranteed and are provided only as at the date of issue. Our forecasts are based on our own assumptions which may change.