Created by the Value Team at Schroders, the Value Perspective podcast takes a look at decision making in complex and uncertain environments.
Episodes
Thursday Aug 31, 2023
Thursday Aug 31, 2023
Hi and welcome back to the Meet the Manager mini series. Today we have the tale of two Nicks for you – our first Nick is our host Nick Wood. Mr. Wood is the Head of Investment Research at Quilter Cheviot. Before this role, he spent the first ten years of his career at Capital Group as a Quantitative Analyst and he then spent five years at Stamford Associates in the Fund Research team. You’ll notice that Mr. Wood is a natural host on the TVP as he is the host of his own podcast – Fund Buyer – which covers the world of fund research. Find it on your favourite podcast platform.
Our second Nick is Nick Kirrage, the Co-Head of the Global Value Team at Schroders. Mr. Kirrage’s career started at Schroders over 20 years ago as a pan-Euro researcher before he co-founded the Global Value Team in 2013.
In this episode Mr. Wood and Mr. Kirrage will discuss Kirrage’s journey and the opportunity to run a 50 year-old fund, putting a team together and how to get the best out of people, new emerging themes impacting the value team’s process and philosophy, has value investing as a business changed, and finally the art of telling clients when not to invest in your fund – 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 Aug 21, 2023
Monday Aug 21, 2023
This week on the Value Perspective we’re joined by Josh Wolfe, the co-founder of Lux Capital and one of the most successful venture capitalists of the last generation. Josh couldn’t be more different that the Value Team because he invests in cutting-edge technology and things that may not even exist in five or ten years down the line. Even though what he invests in is in stark contrast to the Value Team, we found that he has a similar mindset, especially in how he applies probabilistic thinking to his craft and how he utilises behavioural science. We also greatly enjoy his mantra ‘Believe before others understand’. During the episode we cover: pitching without a previous track record or experience as a venture capitalist, and the importance of experience; how to deal with information anxiety; the mindset of a Value investor in a VC world; using nuclear as an example of something with low acceptability in beliefs and narratives; the privileges and challenges of co-investing with Bill Gates; and finally why we are making such small incremental progress in the defence industry and the usefulness of risk gaming. 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.
Thursday Aug 17, 2023
Thursday Aug 17, 2023
In this episode of our Meet the Manager series, Arjun Murti returns to the Value Perspective podcast to interview fund manager Andrew Lyddon. Arjun is a partner at Veriten, a knowledge and media platform with a focus on energy, technology and environmental trends, a director on the board of ConocoPhillips, a senior adviser to the Energy Group at Warburg Pincus, and an advisory board member at Columbia University’s Center on Global Energy Policy. He is also author of one of our favourite Substacks Super-Spiked. Andrew Lyddon was one of the co-founders of the Value Team at Schroders back in 2013. He started his investment career at Schroders in 2005 and was previously part of a pan-European research team focused on the telecoms, construction and support services sectors. On top of the CFA, Andrew has degrees in intellectual property law and chemistry. Arjun and Andrew discuss the debate between value and growth dynamics and what it really means to be a value investor; an argument for growth using recent examples of growth companies, that could have been value had one been able to accept their growth potential; energy and the pros and cons of the sector; and finally Arjun takes the devil’s advocate stance on energy, around the position of oil majors in Europe, the war in Ukraine and the challenges of ESG in the context of investing. 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 Aug 07, 2023
Monday Aug 07, 2023
If you listened to our recent episode featuring Sean Peche, you might recall that he said he’d like to meet James Montier, the author of one of his favourite books. Well today, that dream is coming true. Sean and Andy Evans welcome James to the Value Perspective podcast. James Montier is an author and member of GMO’s asset allocation team and a partner at the firm. Previous to his tenure at GMO, he was co-head of global strategy at Societe Generale. He is also a visiting fellow at Durham University and a Fellow of the Royal Society of Arts. Andy, Sean and James discuss James’ piece on the Seven Sins of Fund Management, James’ thought on his latest piece explaining why he was wrong to predict that corporate margins were supposed to come down and why they had stuck above their respected median for so long, and Andy’s favourite investment piece, If it Makes you Happy, which was also authored by James many years ago when he worked at Dresdner Kleinwort. This was a delightful episode to make and we hope you enjoy it just as much. 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.
Thursday Aug 03, 2023
Thursday Aug 03, 2023
This Week Rob Gardner returns to the Value perspective podcast to interview Roberta Barr from the Value Team as part of our Meet the Manager miniseries. Both Roberta and Rob have a passion for ESG investing. Since his last appearance on the podcast, Rob has departed St James Place to start his new venture, Rebalance Earth, the world’s first holistic natural capital solution. The vision is to offset over a gigaton of carbon through nature based solutions, protecting and improving biodiversity and generating daily income for millions worldwide. He aims to achieve this through piloting several projects in the UK and worldwide that provide the flow of income for nature’s ecosystem services. Roberta is the Head of ESG Investing in the Value Team and she joined Schroders as part of the grad scheme six years ago. In this episode Rob and Roberta discuss: how the Value Team integrates ESG factors into their investment process; how the Value Team engage with companies on ESG issues; the tools and frameworks that Schroders and the Value Team use to manage ESG risks, including those related to biodiversity; and finally, how biodiversity risks have played a significant role in the Value Team’s decision making. 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 Jul 24, 2023
Monday Jul 24, 2023
This week we’re delighted that Rich Howe joins us on the Value Perspective podcast. Rich specialises in special situation investing, mainly corporate spin-offs, hence the name of his popular blog Stock Spin-off Investing. You can also find him on Twitter. If you’re not familiar with spin-off stocks, a spin-off is a new and separate company that’s created when a parent company distributes shares in a subsidiary or business division to the parent company shareholders. Many famous investors have made terrific track records by following this type of investing and probably the most famous is Joel Greenblatt who managed Gotham through the end of the 80s into the 90s, investing in special situations with some great results. Greenblatt them went on to immortalise this journey and teach other investors when he wrote his book You Can Be a Stock Market Genius. We touch on that title later in the episode, where we also discuss: special situation investing, particularly in the role of spin-offs; how behavioural biases impact special situations; what special situations look like outside of the US; and finally, the challenge of special situation investing in a world where there is a lack of price discovery. 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.
Thursday Jul 20, 2023
Thursday Jul 20, 2023
In the fourth episode of our Meet the Manager series – Simon Hallett returns to the Value Perspective podcast to interview Fund Manager Andy Evans. Football fans will remember Simon’s last appearance on the podcast because not only has he had an illustrious career as a professional investor, spending the majority of his time at Harding Loevner first as a fund manager and then finally as their CIO, he is also the Chairman of Plymouth Argyle F.C.. Since he last appeared on the podcast in January 2022, we have two rounds of congratulations to offer Simon; the first for the birth of his latest grandchild and the second for his team Plymouth Argyle winning the League One Championship. Andy Evans joined Schroders and the Value Team in 2015 and was a sell side analyst for eleven years before that. We love an investment recommendation on the Value Perspective, and Andy’s favourite investment book is The Psychology of Happiness by James Montier, who has also been a guest on the podcast. Simon and Andy discuss: investing trying to take advantage of human behaviour by humans themselves; the role of luck and judgement in investing; how to learn from past mistakes; and how to build a team with psychological and emotional resilience. 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 Jul 10, 2023
Monday Jul 10, 2023
For this episode of our ESG series, we welcome Professor Robert Hayes who is an expert in all things nuclear. Robert is an Associate Professor of Nuclear Energy at North Carolina State University. He is also a certified health physicist and a licensed nuclear engineer. It is also worth noting that Robert has started a TikTok account to help younger generations understand all things nuclear and to fight back against the most common myths and misconceptions. That’s how we came across his work. During the episode we cover: the myths that surround nuclear energy both amongst younger and older generations; modern power plant nuclear design versus old designs; thorium versus uranium; the great analogy of pasteurisation as applied to nuclear; and finally, the role of social media in nuclear energy. 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.
Thursday Jul 06, 2023
Thursday Jul 06, 2023
In the third episode in our Meet the Managers series, Scott Spencer, a partner within the Columbia Threadneedle Multi Manager Team interviews Vera German, one of the fund managers in the Value Team at Schroders. Scott has over twenty years of experience in researching funds. Before joining Columbia Threadneedle, he did turns at Aberdeen and Credit Suisse. Scott manages the deal activity of the funds in addition to his broader fund selection role. He leads the sector research teams for the US, Asia and Emerging Markets and is also a member of the Specialist Investment Team. Vera joined Schroders in 2018 from Baillie Gifford. That is where the interview starts as Baillie Gifford is one of the best known Growth shops in the UK, and for Vera to join the Value Team is exemplary of what is sometimes quoted as Warren Buffett’s line, that you’re not made into a Value investor, you’re born a Value investor. Scott and Vera discuss: Vera’s journey to becoming a Value investor; how literature and legendary Value investors have influenced her and shaped her investment style; international value investing and a focus on emerging markets; and how she thinks of macro in the context of Value investing. 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 Jun 26, 2023
Monday Jun 26, 2023
This week we’re joined by Amit Wadhwaney on the Value Perspective podcast. Amit started his career working for legendary value investor Martin J Whitman in the 1980s when Whitman was investing in bankruptcies. Amit followed Whitman to Third Avenue where he managed the boutique’s international strategies, including Emerging Markets. Amit is considered one of the earliest and longest-standing value investors in Emerging Markets. In 2014, Amit left Third Avenue to launch Moerus Capital Management which opened in 2015 and started serving clients in 2016. In this episode we discuss: Amit’s background and career including his experiences working with Martin J Whitman; what he has learnt from 30 years of value investing, including what has helped him and his team to avoid style drift over the last seven years; why Emerging Markets have historically been good hunting grounds for value investors; why balance sheet risk is so important now and how important it was 30 years ago; and finally, what is the best way to communicate with clients when investing in international funds or uncertain territories. 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.