Created by the Value Team at Schroders, the Value Perspective podcast takes a look at decision making in complex and uncertain environments.
Episodes
Monday Aug 16, 2021
Monday Aug 16, 2021
Juan and Roberta welcome Andrew Elliott onto the podcast. Andrew, an actuary and author, specialises in how we use numbers to create benchmarks that allow us to process and contextualise different scenarios.
We start out with a quiz to see how good the Value Team is at estimating the world around them and then we move on to discus how to create benchmarks, see how the relationship between words and numbers shapes our perceptions and how difficult it is to communicate probabilities.
Feel free to test yourself on Andrew’s website: Isthatabignumber.com
Episode Minutes:
1:05 Intro
2:20 Andrew’s background
7:19 Andrew quizzes the Value Team
13:10 The Value Team quizzes Andrew
15:37 How a base level of benchmarks can help you create accurate ranges when making estimated guesses
20:52 Building out your mental models to create more confident conclusions
22:55 The links between numbers and words - why do words matter so much when they’re not very precise?
27:50 Where does the word benchmark come from?
28:45 Why do human beings struggle so much with big numbers and what tools can we develop to better handle them?
34:34 The use of the average: are they misleading?
39:20 How can this apply to insurmountably large problems like climate change?
43:39 How do we get people to understand the role that luck plays in everyday life?
49:14 Two notable chances
53:32 Book Recommendations and a time when a poor outcome came through poor process, not bad luck
Book recommendations:
Is that a big number? By Andrew Elliot
Factfulness: Ten Reasons We're Wrong About the World--and Why Things Are Better Than You Think by Hans Rosling
The First Scientist: Anaximander and His Legacy by Carlo Rovelli
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 Jul 05, 2021
Monday Jul 05, 2021
Michael Mauboussin joins Andy and Kevin on this episode of the Value Perspective. Michael, a market strategist, professor and author, highlights techniques to help investors improve the quality of their decisions.
EPISODE NOTES:
1:09 Intro
2:37 What are the three most important tools an investor can have in decision making?
7:40 Tracking your decisions with precision
8:57 Do you think base rates are less usable than in the past due to mean regression?
11:44 How successfully have people integrated decision making tools into their process?
14:35 What should you capture in your 'decision journal'?
17:18 Updating your base theorems - how do balance the long and short term noise?
22:14 What does the ideal decision making environment look like?
27:20 Probabilistic thinking
31:14 What is risk?
35:09 How to overcome the fear of assigning numbers to risk
38:06 How to determine the difference between skill and luck?
44:41 The Santa Fe Institute approach
53:07 A bad decision being made over time
Book Recommendations:
Range: Why Generalists Triumph in a Specialized World by David Epstein
NEW EPISODES:
You can subscribe via Podbean or use this feed URL (https://tvpschroders.podbean.com/feed.xml) in Apple 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 Jun 14, 2021
Monday Jun 14, 2021
Ben and Juan welcome Dan Rasmussen, the founder of Verdad Capital, to the podcast this week. Dan is a deep value investor and a history buff who discusses his learning from the Covid Crisis from the past year, how he utilises base rates in investment and how his interest in history (and not just financial) helps him make decisions.
You can find Dan on Twitter at @verdadcap
EPISODE NOTES:
1:06 : Summary
2:07: Dan's background
4:28: What is your style of value investing? What is your definition of deep value?
7:17 Companies can be cheap for a reason. How do you incorporate pessimism into your analysis?
10:29 After 10 years of a Growth dominated market, how should we consider value in relation to growth?
18:00 Dan wrote a research piece on crises in Jan of 2020. Since the last crisis has occurred, has it changed his approach?
23:10 How do you make sure that you learn from history, but account for future unpredictability?
28:34 How can you incorporate meta analysis in investing?
32:50 How can you communicate long term analysis?
36:33 How do you source base rates?
41:58 Outside v. Inside views: do you allow for any inside views?
44:19 Clients' reactions to base rate-driven decisions
46:48 How do you think about the issue of market timing and the avoidance of value traps?
50:14 A bad decision that came from bad process
Book Recommendations:
American Uprising: The Untold Story of America's Largest Slave Revolt by Daniel Rasmussen
The Passions and the Interests by A. O. Hirschman
NEW EPISODES:
You can subscribe via Podbean or use this feed URL (https://tvpschroders.podbean.com/feed.xml) in Apple 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 May 24, 2021
Monday May 24, 2021
Erik Kobayashi-Solomon, author of The Intelligent Option Investor and Forbes contributor, joins Juan and Andy this week to discuss value investing and options. They discuss put options in the context of value, risks retail investors take with options and a dissection of the Black-Scholes Model.
EPISODE MINUTES:
01:08 Introduction
01:52 Erik's background
04:31 What is an option? How do they fit into value investing?
11:46 What is the Black-Scholes model and why isn't it the end-all-be-all for pricing options?
17:10 How can price forecasting be used in value investing? How does it fit in with valuations?
23:09 Why does the industry appear to be obsessed with pinpointing valuations to a certain figure rather than a range?
25:30 How do tail events work within option investing?
29:56 Selling put options instead of buying an underlying stock
37:30 Should retail investors have access to options?
42:30 Book recommendations and a unfavourable outcome that was a result of poor decisions
Book recommendations:
- The Intelligent Option Investor by Erik Kobayashi-Solomon
- The Essays of Warren Buffet
NEW EPISODES:
You can subscribe via Podbean or use this feed URL (https://tvpschroders.podbean.com/feed.xml) in Apple 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.
Tuesday May 04, 2021
Tuesday May 04, 2021
This week on the TVP pod, Juan and Kondi welcome David Holland of Fractual Value Advisors and the
author of “Beyond Earnings”. We discuss David’s musical background, the intersection of finance and
strategy including valuation, and the importance of language when discussing probabilities.
MINUTES:
1:06 Intro
2:04 David’s background - From engineering to an MBA in South Africa to valuation guru
7:08 Music - what role can non-fungible tokens have in the music industry?
12:13 Strategic decision making - what can be taught about decision making that can have real world
applications?
16:23 What is more difficult to correct: over-precision or over-estimation biases?
19:38 Can probabilistic thinking be introduced through non-technical language?
23:08 How can you make a decision when the range of possibilities is too large?
25:52 Integrating good decision making in a workplace culture
30:57 How do these type of MBA lessons apply outside of business?
33:51 The purpose of averages rather than more precise figures in large scale decisions
38:30 “Growth is the most misunderstood word in the investment community”
43:01 When does the pursuit of growth come at the cost of value to a company?
45:35 ESG and Sustainability frameworks in valuation - What’s their role in emerging markets?
48:13 Book Recommendation and a bad process decision example
Book recommendations:
• Beyond Earnings by David Holland and Bryant Matthews
• Calling Bullsh*t: the Art of Scepticism in a Data-Driven World by Carl Bergstrom and Jevin D. West
• Stoked! By Chris Bertish
• Supernatural Strategies for Making a Rock ‘n’ Roll Group by Ian F. Svenonius
• Thinking Fast and Slow by Daniel Kahneman
• Decision Analysis for the Professional by Peter McNamee
NEW EPISODES:
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 Apr 13, 2021
Tuesday Apr 13, 2021
We are very excited to welcome Ted Seides to The Value Perspective podcast for this episode. You many know Ted as the host of the Capital Allocators podcast and the author of So You Want to Start a Hedge Fund and Capital Allocators: How the world's elite money managers lead and invest. Previous to starting podcasting, Ted began his career working on external public equity managers, internal fixed income portfolio management and in an alternative investment firm that invested in and seeded small hedge funds.
In this episode, Ted sits down with Juan and Nick to discuss what Ted has learned through his podcast's 200+ episodes, a bet he made with Warren Buffet on hedge funds vs. S&P 500, and his views on analysing investment processes including probabilistic thinking, the importance of diversity and recognising biases.
EPISODE MINUTES:
01:08 Introduction
02:10 Ted's background
05:49 What has Ted learned through his podcast?
07:30 Learning from other industries
10:52 A bet with Warren Buffet: good process, bad outcome
16:18 What was the rationale behind the bet?
18:58 Probabilistic thinking - can we take historical averages to help us make decisions?
22:33 Do the best capital allocators factor in 'pot stakes' into their process?
25:47 What's the importance of diversification?
28:51 Is there a value-add to meeting managers, capitol allocators, etc. face-to-face?
31:48 Why is confirmation bias the prevalent bias? Is it the riskiest?
37:17 Cognitive diversity: how to develop this in your team?
41:01 How does the origin of capital affect investment decisions?
45:10 Has 2020 changed the way institutional investors think of absolute and relative returns?
48:18 Is ESG making a significant impact?
50:24 A decision where the outcome was unwanted due to bad process.
Book recommendations:
- The Psychology of Money: Timeless Lessons on Wealth, Greed, and Happiness by Morgan Housel
- So You Want to Start a Hedge Fund and Capital Allocators: How the world's elite money managers lead and invest by Ted Seides
NEW EPISODES:
You can subscribe via Podbean or use this feed URL (https://tvpschroders.podbean.com/feed.xml) in Apple 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 Mar 22, 2021
Monday Mar 22, 2021
Professor Aswath Damodaran joins us for this episode on The Value Perspective. The author of a dozen books and considered the preeminent Valuation Guru by many, Aswath is a professor at the NYU's Stern School of Business teaching corporate finance and valuation. Juan and Aswath discuss valuation's impact on historical events, how valuation is one of the most powerful tools in investment and how to keep a level head in the face of inflated valuations.
EPISODE MINUTES:
01:11 Intro: who is Aswath?
08:43 Is there a check list that analysts can use to sound check a valuation?
11:59 Valuation's biggest enemy is the human; recognising preconceptions and bias
15:15 The role of a devil's advocate when discussing valuation
17:23 What is 'good' data management when it comes to valuing a business?
23:05 Finding risks in the footnotes
25:58 There are still resistors to valuation - are we doomed to repeat history?
30:51 The power of words and company description in valuation
37:18 How do you think about valuations in the context of value investing?
43:07 Monte Carlo simulations - yea or nay?
44:46 A time when bad process produced an unwanted outcome
49:27 Book recommendation: The Psychology of Money: Timeless Lessons on Wealth, Greed, and Happiness by Morgan Housel and The Success Equation: Untangling Skill and Luck in Business, Sports and Investing by Michael Mauboussin
NEW EPISODES:
You can subscribe via Podbean or use this feed URL (https://tvpschroders.podbean.com/feed.xml) in Apple 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 Feb 22, 2021
Monday Feb 22, 2021
This week we're joined by Maria Konnikova. She is an author, a professional poker player, and psychologist. Maria shares with us how she utilised different techniques during her poker career that shaped how she thought about probabilities like the description-experience gap, weighing risk vs. reward and communicating and framing risk. She has found these mindsets have helped in a wide variety of situation from Covid-19 to analysing Presidential Election pundits.
Maria's newest book The Biggest Bluff: How I Learned to Pay Attention, Master Myself and Win is available now.
Episode minutes:
01:07 Intro
03:36 Thinking in probability: nature or nurture?
07:29 How can thought processes learned in poker be used in everyday life?
10:25 What is the best way to better communicate complex messages about risk?
15:18 The Power of Variance: why probability doesn't care about history or the past
20:57 Streamlining and optimising your thought processes under pressure
25:01 What is a bad decision you made?
27:29 Book Recommendations: The Data Detective by Tim Harford
NEW EPISODES:
You can subscribe via Podbean or use this feed URL (https://tvpschroders.podbean.com/feed.xml) in Apple 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 Jan 11, 2021
Monday Jan 11, 2021
In the first episode of 2021, we have Jake Taylor, CEO of Farnam Street Investments, author of The Rebel Allocator and host of the Five Good Questions podcast and Value: After Hours series on YouTube. Jake, like us, seeks to apply learnings from other professions and perspectives to value investing. Committed to value investing since he had lunch with Warren Buffet while in business school, Jake shares with us his passion for learning from others and discussing the value style with potential converts.
You can find Jake on Twitter @farnamjake1
Episode minutes:
01:07 Intro
01:53 Jake’s background
03:36 How Jake became involved in value investing
04:49 Value investing in financial education
07:45 The role of accounting in value investing
08:38 Jake’s podcast, YouTube series, and book
13:15 A call from Charlie Munger
16:00 How do we know if something is True?
20:05 How to implement base rates and other ‘best practices’
24:39 How do you deal with uncertainly and maintain long term focus in an industry that is increasingly short term?
28:08 How do you make decisions when faced by a litany of individual probabilities with the visible and invisible webs?
34:03 The power of saying ‘no’
37:42 Reflecting on reasons why you said no
41:25 What is a bad decision you made?
45:40 Book Recommendations: Nature of Value by Nick Gogerty, Nonzero: History, Evolution, and Human Cooperation by Robert Wright and The Essays of Warren Buffett
NEW EPISODES:
You can subscribe via Podbean or use this feed URL (https://tvpschroders.podbean.com/feed.xml) in Apple 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 14, 2020
Monday Dec 14, 2020
Marvin Barth, Head of FX and EM Macro Strategy at Barclays, joins Andy Evans and Juan Torres Rodriguez on this episode of the Value Perspective. In July, Marvin wrote a piece called 'Managing Uncertainty' which explores how, in this current time of uncertainly, we can look back to other instances like the Great Depression and Dot Com Burst, to learn how people behave under these circumstances and how you can avoid common behaviour traps.
RUNNING ORDER:
01:07 Intro
01:36 Managing Uncertainty - what do people do during times of uncertainty?
06:55 Defining risk and uncertainty - in quantifiable and un-quantifiable terms
11:58 Is this the most uncertain time we've been through in the modern era?
16:01 Has the greater availability of information increased or decreased uncertainty?
18:17 How can measurements of uncertainty be factored into risk models?
21:30 How is asset pricing affected by uncertainty?
24:53 What behaviours changes can be observed during times of uncertainty - chronic stress vs. acute stress
27:46 Marvin's five step framework for making better decisions
33:52 Does a framework give us false confidence when dealing with uncertainty?
35:44 An example of a bad decision that was due to luck or process and book recommendations: Calling Bulls**t: the Art of Scepticism in a Data-Driven Work by Carle T Bergstrom and Jevin D West
NEW EPISODES:
You can subscribe via Podbean or use this feed URL (https://tvpschroders.podbean.com/feed.xml) in Apple 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.