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 02, 2023
Tuesday May 02, 2023
This week we’re joined by Sean Peche, who you may know as a founder and portfolio manager at Ranmore Fund Management here in London, or from his popular content on LinkedIn.
From either, you’ll know that Sean is not afraid to share his mind through thought-provoking commentary in his signature slightly cheeky style. Sean is also passionate about value investing so it was natural for us to grab him on the pod. Sean’s investment career began in South Africa in 1997 when he joined Old Mutual as an equity analyst. In 1999 he then joined Decillion Capital as one of its founding members and co-managed their successful Big Rock fund – a South African based hedge fund. In 2001 he relocated to London with Decillion to co-manage a US European hedge fund. He left them in 2003 to join Orbis Investment Advisory, before then leaving again to establish Ranmore Fund Management in 2008.
In today’s episode Juan and Simon Adler sat down with Sean to discuss the art of communication and building a first-class LinkedIn following, including going toe-to-toe with other thought leaders like Terry Smith, the importance of numbers before narrative, the characteristics of a value manager in today’s world, recency bias in today’s market and how market participants get financial concepts like diversification wrong, and the future of active and passive.
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 Apr 17, 2023
Monday Apr 17, 2023
This week we’re joined by Ben Inker from GMO, where he’s the Co-Head of Asset Allocation. He joined the firm right after graduation from college in 1992 and has worked very closely with finance legend Jeremy Grantham. He is also an active contributor to GMO’s most extensive research library. You can find some of Ben’s recent investment insights with the following links:
https://www.gmo.com/americas/research-library/3q-2022-gmo-quarterly-letter_gmoquarterlyletter/
https://www.gmo.com/americas/research-library/growth-traps-snap-shut_insights/
We’d like to thank Robert Hunter for introducing us to Ben. Robert organises the London Value Investor Conference each year, which we suspect fans of this podcast would be interested in. This year’s conference is coming up on the 18th of May and Ben will be speaking. We sat down with Ben to discuss; his experiences working closely with Jeremy Grantham and James Montier; answering the question, ‘is mean reversion dead?’; how to help clients break from old habits and move into the uncomfortable; where he thinks value is in today’s cycle; and the difference between value and growth traps. Enjoy!
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 Apr 03, 2023
Monday Apr 03, 2023
This week, we welcome Professor Steven Koonin to the Value Perspective podcast. Steve is a nuclear physicist by training and has a CV a mile long but highlights including being Undersecretary of Science during the first Obama administration, a professor at NYU School of Engineering and BP’s Chief Scientist. He is also the author of Unsettled: What Climate Science Tells Us, What It Doesn't, and Why It, a book that has provoked much debate since its publication in 2021. During the episode we discuss: how the world has changed since Steve was at BP 20 years ago; the difference between weather change and climate change; how Steve would tell Rishi Sunak if he was his adviser; science communication and the use of ‘red teaming’; and science-based targets for companies. Enjoy!
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.
Monday Mar 20, 2023
Monday Mar 20, 2023
This week, we are delighted to have retired General Sir Nick Carter as our guest on the Value Perspective podcast. General Sir Nick Carter served as the UK’s Chief of the Defence Staff from 2018 to 2021. This was the culmination of an illustrious military career spanning over four decades, which included commanding 55,000 Nato troops during the Afghan surge, and in his last tour leading the transition process with former Afghan president Ashraf Ghani as the deputy commander of the Nato mission. He is now a senior adviser at Schroders. Our conversation follows on from the previous conversations we have had with former senior military figures. We discuss decision making in the throes of military action, how to process mistakes, both past and potential, what gambling means in decision making, especially in the context of war and finally his thoughts concerning the current geopolitical landscape, especially in Eastern Europe . Enjoy!
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 Mar 06, 2023
Monday Mar 06, 2023
This week famous historian Simon Sebag Montefiore joins us for the second of our two episodes marking the anniversary of Russia’s invasion of Ukraine. Simon is a bestselling and prizewinning author of history and fiction books, which have been published in 48 languages. His latest book is The World: A Family History. Simon has also written extensively on the history of Russia. We sat down to discuss: looking at history through the viewpoint of certain families; historical examples of gambling; Simon’s read on the current geopolitical sphere from a historical perspective; how Russia may be judged by future historians, especially over the last twelve months; possible solutions to current conflicts; and an amazing story about Simon’s access to the Kremlin archives in his research for his first book on Stalin. Enjoy!
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 Feb 27, 2023
Monday Feb 27, 2023
This week we welcome Steve Gorelik back to the podcast. Steve is Head of Research and a Portfolio Manager at Firebird Value Fund, a fund that specialises in investing in Russia and Eastern Europe. Back in September of 2022 Steve was our guest on an Eastern European special episode. As we reach the anniversary of Russia’s invasion of Ukraine, Steve has returned to the Value Perspective podcast as part of a two part series that continues with next week’s episode featuring well known historian Simon Sebag-Montifiore. Steve has returned to talk about Firebird’s decision to start investing in Russia in the very early 90s, just a few years after the fall of the USSR, which included buying companies for cents in the dollar; why Firebird transitioned from the Benjamin Graham school of Value to Warren Buffet’s; lessons learned looking back from the invasion of Russia into Ukraine; the impact previous crises in the region had on decision making processes and probabilities when faced by the invasion; the fact that there is nothing new under the sun and this is not the first time or last time that a market gets closed; and finally, how to transfer applications of investing in emerging markets to developed markets. Enjoy!
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 Feb 06, 2023
Monday Feb 06, 2023
This week we have another entry in our Value Perspective ESG miniseries. We sat down with Bob Brackett, a Managing Director and Senior Research Analyst at Alliance Bernstein, based in New York and covering the North American oil and gas sector. He started his career working for Exxon Mobile and before joining equity research he worked for McKinsey. In 2018, he also wrote a short novella of sorts entitled How Tech Will End The Oil Age: A Tale of Whales, Wheels, Sails, Fails, Faeces, Fortunes, Madness, Crashes, Travails, Retreats, Charge and Charging, a fascinating tale that explores the history and destruction of commodity and extractive industries. We cover off: what has changed since he published his book in 2018; historical analogies between the fur trade, tobacco and the oil and gas industries; the past, present and future of coal; and lesser known materials that are key to human survival. Enjoy!
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 Jan 23, 2023
Monday Jan 23, 2023
This episode is part of out turnaround mini-series. This week, we’re pleased to have Andrew Schemmel as our guest on the Value Perspective podcast. Andrew is the co-founder and director of Eisvogel Group, the private equity firm that specialises in companies providing software, business services, industrial applications and technical products throughout Europe. Notably, Eisvogel is not a company that seeks to invest in turnaround situations, but in the case of one of their investments, due to a multitude of factors, they found themselves working with a company that had to apply for bankruptcy protection. In this episode we discuss: accounting for uncertainty during modelling through scenario analysis; two variables that are difficult for the investor to appreciate from the outside, time and margin for error; communication with all stakeholders, including employees; and finally, human capital as the most important variable in any turnaround. On a final note, this episode was recorded in the summer of 2022, which you might note from some of the weather chat, but we delayed the release in deference to some negotiations with the case study stakeholders. Enjoy!
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 Jan 09, 2023
Monday Jan 09, 2023
Happy New Year and welcome back to the Value Perspective podcast. We’re kicking off 2023 with historian Edward Chancellor. You may know him as the author of Devil Take the Hindmost: A History of Financial Speculation, written in 1999, two years before the dotcom bubble burst, or as the author of Crunch Time for Credit? written in 2005, right before the global financial crisis. You might be sensing a pattern here. We sat down with Edward to discuss his newest book, The Price of Time: The Real Story of Interest. This episode covers: Edward’s background in investment banking and his transition into writing, after some time in capital markets’ research; biases that impact central bankers; why even historically minded people miss teachings from the past; excess capacity and its impact on investment styles; and finally the topic du jour, Sam Bankman-Fried and the FTX case study from a human behaviour point of view. Enjoy!
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 19, 2022
Monday Dec 19, 2022
This week we have a quick Christmas treat for you. It’s an episode with our returning guest Simon-Evan-Cook. Simon recently wrote a blog post called Solving Christmas: How to Make it Better Next Year which caught our eye. Simon sat down with us to discuss his piece which explains how Christmas is a complex adaptive system and to tell us about his mythical Merry Christmas tree. In this festive season we would also like to remind you of the quiz we are running on the blog with a prize for the winner. We will be taking a short break to celebrate the end of the year and will be back with some new episodes in January. Enjoy!
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.