Created by the Value Team at Schroders, the Value Perspective podcast takes a look at decision making in complex and uncertain environments.
Episodes
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.
Monday Nov 30, 2020
Monday Nov 30, 2020
This week, the Value Team met with Hannah Mills, Olympic Sailor for Team GB who brought home the Silver in the 2012 Olympics and then the Gold in 2016 from Rio. Simon Adler, a fund manager in the Value Team and Sophie Ainsworth, a Team GB sailor and Schroders employee discuss with Hannah decision making on and off the water.
RUNNING ORDER:
01:07 Intro
01:37 Why decision making is integral in Olympic planning
03:57 How accurate to you think your decisions making is and how its changed over time?
04:55 What process have you put in place to improve your decision making in race environment?
06:06 What type of biases affect your decision making?
07:05 How does data inform your decisions?
08:26 Decision making in pairs
12:27 Adapting from solo sailing to team sailing
14:40 Sports psychology and how it helps open up viewpoints
17:51 Are you better at decision making in risky or safe environments?
19:38 What skills have you learned from psychology that help with decision making in races?
20:50 Are there any decisions that haunt you?
26:06 Have you found the decision making learned from sailing has followed you into everyday life?
28:28 Book recommendations: Thinking Fast and Slow by Daniel Kahneman
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 Nov 10, 2020
Tuesday Nov 10, 2020
Annie Duke returns for her second appearance on the The Value Perspective. Juan Torres Rodriguez sat down to discuss with Annie more about the probabilistic mind-set. Annie shows how using probabilities to observe your everyday actions can help you to understand the decisions that you make and recognise how and why you make guesses. Her new book ‘How to Decide: Simple Tools for Making Better Choices’ is available now.
Minutes:
01:06 Intro to Annie
02:03 How can you help people to think about probabilities? How can use it to express uncertainty?
11:36 Using ranges to understand uncertainty – The Archer’s Mindset
17:10 How can you get better at understanding base rates?
27:28 Overcoming dispersion within a team
35:22 Making decisions under time pressure
41:06 Are outcomes only interesting when they weren’t what you expected?
53:43 How do you avoid “resulting” in reaction to bad outcomes?
01:01:26 Can you give an example of a decision that resulted in a bad outcome?
This episode's book recommendations:
- The Psychology of Money: Timeless lessons on wealth, greed, and happiness by Morgan Housel
- The Biggest Bluff: How I Learned to Pay Attention, Take Control and Master the Odds by Maria Konnikova
-
How to Change: the Science of Getting From Where You Are To Where You Want to Be by Katy Milkman (available for pre-order)
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.
Monday Sep 14, 2020
Monday Sep 14, 2020
In this episode, Juan and Andy speak with Taylor Pearson, a fund manager with a particular interest in creating research-backed systems to make decisions in an uncertain world, thus making people more ‘antifragile’.
One of these systems included ergodicity which can be explained as a scenario where the average outcome of the group is the same as the average outcome of the individual over time. An example of an ergodic systems would be the outcomes of a coin toss (heads/tails). If 100 people flip a coin once or 1 person flips a coin 100 times, you get the same outcome. Taylor discusses how this theory can help people make decisions in uncertain environments.
Minutes:
01:10 Intro to Taylor
01:35 Notable days in history and their volatility
03:59 How do you define risk?
05:43 What is ergodicity?
08:23 Where is ergodicity relevant in our everyday life?
16:42 What is the best advice to give someone who may be succumbing to non-ergodic systems?
18:53 How does ergodicity apply in stock market scenarios?
23:53 How does diversification play a part?
26:25 Does diversification need to be oppositional?
29:52 How do you communicate probability in a way clients easily understand?
31:45 The Kelly Criterion: utilising a theory to size your decisions
34:36 An example of a bad decision
36:08 Book Recommendations – The Three Body Problem by Liu Cixin and The Origins of Political Order by Francis Fukuyama
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.
Monday Aug 10, 2020
Monday Aug 10, 2020
Juan and Andrew met with Sean Sutcliffe, the CEO of Oxford Space Systems, to learn how he deals with uncertainty not only in a start up business but also in a complex environment like space.
RUNNING ORDER:
01:12 Introduction
01:47 How does uncertainty impact a space start up?
03:41 Balancing market and technical uncertainties
05:33 Start-ups vs incumbents: Finding success through exploiting niches
08:14 How do you instil patience in investors over long timelines in a short-term focus environment?
12:30 Utilising milestones to help investors understand the component of time.
14:15 How the scientific approach to engineering testing aligns with market testing
17:49 Coping with failure and unexpected surprises
20:21 Understanding when you need to make a change in direction
24:33 Removing bias from investment cases – the human element in company management
26:51 When a good decision has a bad outcome
29:16 How do you build a successful team?
32:07 Book recommendation
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.