Podcast terbaik Behind The Balance Sheet (2024)

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#41 The Composer 1:20:40

8d ago1:20:40

1:20:40

Anthony Bolton is best known for Fidelity Special Situationsfund’s 19.5% pa returns, 6% above his benchmark, over a 28 year period. He was not only a highly accomplished investor but was both revered and liked by his colleagues. Pragmatic, unfailingly courteous, courageous, and universally popular, he exhibits none of the arrogance that is sometime…

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#40 The Chronicler 57:34

2M ago57:34

57:34

Lionel Barber is the former editor of the Financial Timesand probably the only journalist on the planet to have interviewed Presidents Obama, Trump and Putin. Under his stewardship, the FT metamorphosed from a newspaper into a digital subscription business, and was sold to the Japanese company Nikkei for 44xearnings. And as editor, Barber fully bac…

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#39 The Optimizer 1:06:20

2M ago1:06:20

1:06:20

Bill Nygren has been at Harris Associates for over 40 years and considers himself a value investor. Yet his portfolio has owned Netflix, Amazon and Meta recently, while Alphabet is his largest position. Bill explains his unusual but highly effective approach to value investing. Harris has also constructed a unique organisational methodology to hand…

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#38 The Cyclist 1:13:17

4M ago1:13:17

1:13:17

Peter Oppenheimer is chief global equity strategist and head of Macro Research at Goldman Sachs in Europe and the author of two books on market cycles. His first book, the Long Good Buy is sub-titled Analysing Cycles in Markets. His follow-up book Any Happy Returns, is sub-titled Structural Changes and Super Cycles in Markets and looks at longer te…

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#37 The Analyst 59:13

5M ago59:13

59:13

John Armitage is a giant in the hedge fund world and in the world of investing more broadly. His firm, Egerton Capital, celebrates its 30th anniversary this year. Inthis conversation, John explains how he started with $10m, and why you couldn’t do that today. He touches on his portfolio, talks about his approach to investing, explaining why he requ…

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#36 The Runner 1:18:25

5M ago1:18:25

1:18:25

John Huber is an investor with a small fund managing his family assets and outside capital in a concentrated portfolio. John has written an excellent blog, Base Hit Investing, for many years, explaining his investing principles. We discuss these in this episode, including what John looks for in an investment, why he emphasises capital allocation ev…

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E3 Carine Smith Ihenacho of Norges Bank IM 48:12

6M ago48:12

48:12

Carine Smith Ihenacho is Chief Governance and Compliance Officer at Norges Bank Investment Management, the Norwegian wealth fund. It’s the largest single equity owner in the world and sets out to be the most transparent. She is therefore likely the most powerful person in the world of ESG. In our podcast episode, Huw van Steenis and I discussed: Ho…

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#35 The 100 Bagger Hunter 57:33

7M ago57:33

57:33

Chris Mayer is the founder of Woodlock House Family Capital and the author of 100 Baggers: Stocks that Return 100-to-1 and How to Find Them. He has written several other books and formerly wrote an investingnewsletter which led him to travel the world seeking investment ideas. Studying the universe of 100 Baggers has led Chris to a clear set of inv…

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#34 The Letter Reader 1:03:48

7M ago1:03:48

1:03:48

Lawrence Cunningham is the author of 20 books; an academic with over 60 publications; a legal expert; an accounting expert; a governance expert; a director on 3 quoted company boards; and a company adviser. His most famous book is the Essays of Warren Buffett in which he extracts sections from the sage’s letters over decades and orders them by subj…

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#33 The Stoic 52:07

8M ago52:07

52:07

Peter Cowley is a successful angel investor. But it was histragic private life which prompted this interview. Two of his three children lost to suicide; their mother died unexpectedly; his sister lost to alcoholism; his brother died aged 21 from cancer; two decades in recovery from alcoholism; and he has now been diagnosedwith terminal Stage 4c can…

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E2 Barry Norris explains why offshore wind economics are unsustainable. 57:14

8M ago57:14

57:14

Steve Clapham and climate finance expert Huw van Steenis talk to Barry Norris, climate sceptic and founder and CIO of Argonaut Capital. Barry explains why he believes the economics of offshore wind are unsound. He likens wind and solar to unreliableworkers and thinks nuclear and fossil fuel generation are the reliable workers. You can't have a fact…

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#32 The “Do-Gooder” 58:41

9M ago58:41

58:41

Jonathan Ruffer is the founder of the eponymous assetmanagement firm, a bold and successful investor (a combination unusual to survive, let alone thrive) and considers himself a financial historian. He remains the figurehead of the firm although has stepped back somewhat from the daily combat with markets. In this episode, he explains why he thinks…

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E1 Emmanuel Lagarrigue explains the opportunity for KKR and private equity in the energy transition 53:22

9M ago53:22

53:22

Emmanuel Lagarrigue is the Co-Head of Climate at KKR and in this fascinating discussion, he explains why he joined the firm and what they are seeking to achieve in financing the energy transition. He explains how KKR sees a gap in the huge $7tn pa investment needed to fund the transition between the early stage investments and the mature infrastruc…

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Beyond the Balance Sheet Podcast Trailer 5:33

9M ago5:33

5:33

Explaining what to expect from a new series of podcasts focusing on the investment opportunities (and risks) in the energy transition. With co-host, climate finance expert Huw van Steenis. Sign up for the newsletter.

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#31 The Justice Warrior 1:04:12

10M ago1:04:12

1:04:12

Bill Browder is a human rights activist who championed the Magnitsky Act, signed into law by President Obama. It not only sanctions Russians, but others around the world. Similar legislation is now in place in over 30 countries. He is also a bestselling author and former hedge fund manager. In this episode, we talk about his career, about how he co…

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#30 The Japanophile 1:34:23

11M ago1:34:23

1:34:23

Grant Williams is a former hedge fund manager who nowpublishes the monthly newsletter Things that Make You Go Hmmm and a subscription-only investing podcast channel that incredibly is one of the top 0.5% of all podcasts globally. In this fascinating discussion, Grant explains his fascination for Japan and why we should all pay attention. We discuss…

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#29 The Plumber 1:20:41

12M ago1:20:41

1:20:41

James Aitken is an expert in the plumbing of the financial system. We go on a world tour of the hotspots in global finance. You will learn why James is relaxed about the US; why the Japanese government will Make Japan Great Again and why this could have serious repercussions for global bond markets; and why China will likely muddle through, in spit…

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#28 The Continuous Learner 1:08:51

1y ago1:08:51

1:08:51

Sebastian Lyon is a conservative investor who manages two highly successful multi asset funds. His motto is simple over complex and he is intent on protecting the downside. In this interview, we discuss his views on markets (spoiler: not super bullish); how he built Troy into a significant asset management business from scratch; how he has managed …

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#27 The Handicapper 1:08:55

1y ago1:08:55

1:08:55

Bill Smead has been in the investing business for over 40 years and has seen multiple cycles. He has an idiosyncratic investing philosophy which seeks to buy high quality stocks when they are out of favour. He has a concentrated portfolio of 26 stocks with 45-50% in the top 10 positions. Yet his holding period averages over 6 years. He explains why…

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#26 The Pragmatist 1:19:17

1y ago1:19:17

1:19:17

Alec Cutler runs one of the best performing low risk global funds and has a pragmatic investing approach. In this interview, we discuss inflation and markets and what this means for stock selection. Alec explains his views on what makes for a successful investment team. And he explains the principles of investing he learned as a child from his gran…

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#25 The Celebrity Investor 1:34:27

1+ y ago1:34:27

1:34:27

Guy Spier is a successful value investor and has spentconsiderable time creating an environment which will protect him and his fund from making mistakes through his own temperamental idiosyncrasies. He talks much more about environment design than valuation which is refreshingly different. We discuss why the best ideas are simple, yet analysts alwa…

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#24 The Family Office CIO 1:04:46

1+ y ago1:04:46

1:04:46

Beth Lilly is a highly successful value investor and an amazing woman. She has set up two asset management firms, worked with and learned from some of the most famous and some of the most successful valueinvestors in the world, and now runs money for the multi-billion Pohlad family in Minnesota. We discuss the power of compounding, Beth’s research …

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#23B The Best Selling Author Part 2 44:16

1+ y ago44:16

44:16

William Green is the author of Richer Wiser Happier, an outlier in investing books as a best-seller. He is a craftsman and a perfectionist and having interviewed 40 of the world’s top investors for the book, has some fascinating perspectives on investing and on life. We split this interview into two parts. Last time we heard Green explain that the …

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#23A The Best Selling Author Part 1 45:26

1+ y ago45:26

45:26

William Green is the author of Richer Wiser Happier, an outlier in investing books as a best-seller. He is a craftsman and a perfectionist and having interviewed 40 of the world’s top investors for the book, has some fascinating perspectives on investing and on life. William spent five years painstakingly crafting the book and distilling his learni…

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#22 The Octogenarian 54:32

1+ y ago54:32

54:32

Mario Gabelli is the billionaire founder of GAMCO and still managing money in his 80s. He believes in an in-depth research process, limiting his investments to the sectors he feels he understands. He believes in visiting companies – not just investees but their competitors and their whole value chain; in reading tradejournals; and in monitoring the…

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#21 The Economist 58:53

1+ y ago58:53

58:53

Gavyn Davies is an economist and a former partner of Goldman, Sachs. He is the Chairman and co-founder of macro asset manager Fulcrum Asset Management and a co-founder of 3 other multi-billion asset managers. He is a former Government adviser and was Chairman of the BBC, the UK public service broadcaster. Of course we talk about economics, about in…

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#20 The Data Scientist 50:30

1+ y ago50:30

50:30

Tian Yang was a fascinating guest and we covered a wide range of subjects. He explains why ChatGPT may be useful in solving accounting problems, but it produces gibberish when asked about investing. We talk about his work on the commodity super cycle, looking at rubber, whaling and fur. He explains how he applies quantitative techniques to the capi…

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#19 The Value Investor 1:10:21

1+ y ago1:10:21

1:10:21

Chris Bloomstran is best known for his incredibly detailed analysis of the valuation of Berkshire Hathaway. Not only is he an outstanding value investor, he is a highly accomplished analyst. His Semper Augustus annual letter runs at over 100 pages and in recent years, it has included an evaluation of Berkshire Hathaway – his analysis of the stock i…

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#18 Damsel in Distressed 56:10

2y ago56:10

56:10

Dominique Mielle had an illustrious career as a distressed debt hedge fund manager, including building a $5bn CLO business from scratch at Canyon Advisors. She retired from hedge funds, wrote a book, amusingly titled Damsel in Distressed (it was too good not to borrow), about her story to inspire women to follow her lead. In this interview, she tal…

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#17 The Writer 1:16:04

2y ago1:16:04

1:16:04

Vitaliy Katsenelson is an investor and writer. Born in Russia, he now runs an investment adviser in Denver which specialises in picking individual stocks and eschews the usual 60:40 portfolio with equities indexed. In this podcast we talk about investing, about his third book and about his life philosophy. Vitaliy has a wisdom beyond his years and …

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#16 The Podcast Host 1:26:21

2y ago1:26:21

1:26:21

Barry Ritholtz hosts Bloomberg’s Masters in Business, one of the most popular business podcasts in the world. He rather modestly says he was one of the first. Ritholtz not only has managed to interview investing heroes like Ed Thorpe, Ray Dalio (twice) and Michael Lewis (four times) but also has built a $3bn wealth manager in just ten years. In thi…

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#15 The Short Seller 1:28:05

2y ago1:28:05

1:28:05

Carson Block is one of the world’s top short sellers, and one of few still managing a specialist fund. In this interview, Carson explains the business of short selling; the difference between fundamental shorting and his business of shorting and exposing frauds; how he spots these fraudulent companies; where to find frauds; and why it takes Muddy W…

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#14 The Coach 1:04:45

2y ago1:04:45

1:04:45

Sir Clive Woodward is a winner. He is best known for managing the England rugby team, taking them from world #6 to a world cup win. In this revealing interview, he explains that there is no difference between managing a sports team, a business or an investment team. It’s all about managing people. Winning teams are made up of winning individuals - …

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#13 The Contrarian 56:09

2+ y ago56:09

56:09

Richard Oldfield is a true value investor. Author of the delightful commonsense investing book, Simple but not easy, in this interview he recites several wonderful anecdotes from his long experience as a value investor. We even get a song (while Steve recites one of Richard's investment poems). Richard has an innate belief in the cyclical nature of…

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#12 The Value Architect 1:18:40

2+ y ago1:18:40

1:18:40

Chris Pavese, President and CIO of Broyhill Asset Management, is a seriously thoughtful investor. We talk about how investing straddles left and right brain thinking, about whether the advantage of being located outside the bustling environment of a New York or London will continue to confer the same benefit in the days of Zoom, and about the benef…

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#11 The Investigator 1:08:32

2+ y ago1:08:32

1:08:32

We speak to Dan McCrum, the award winning FT journalist who exposed Wirecard as a fraud. Once a stockmarket darling valued at over €25bn, Wirecard crashed to worthless in June 2020, when its auditors could not confirm €1.9bn of cash. Dan pursued the story for six years and has now written a book about the saga. “Money Men” is an amazing account of …

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#10 Mr BRICs 58:31

2+ y ago58:31

58:31

Former Goldman, Sachs partner, Jim O’Neill (more properly, Baron O’Neill of Gatley), is best known as the man who coined the term BRICs. He correctly identified that this group of emerging markets would drive global growth and published a paper on it over 20 years ago. In this wide discussion, we talk about the BRICs, about why for the first time i…

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#9 Two Capital Cyclists 1:18:55

2+ y ago1:18:55

1:18:55

Russell Napier and Jeremy Hosking discuss how the capital cycle will become an even more important driver of equity returns as we move into an age of financial repression. This series of macro episodes focuses on the changes we should expect in the new era, as we exit a 40-odd year period of falling rates, globalisation, cheap energy and disinflati…

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#8 GREED & Fear 1:03:40

2+ y ago1:03:40

1:03:40

In this wide-ranging interview, recorded before Russia’s invasion of Ukraine, Chris Wood, Global Head of Equity Strategy at investment bank Jefferies, talks about his route to success, why he is bullish on energy stocks, some of his fun trades (long Ryanair, short Zoom), why he doesn’t use Zoom, how the pandemic has altered his approach and why his…

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#7 A Scotsman and an Englishman 1:26:47

3y ago1:26:47

1:26:47

In this interview, Dylan Grice and Rob Crenian discuss how markets work, how “stupid” investors have been winning of late but will not do so for much longer, how quants think, how real alpha will be more difficult to come by, and how this will likely be found not by being smarter but by doing something different; and they explain how they are seeki…

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#6 The Existentialist: Hugh Hendry 1:07:46

3y ago1:07:46

1:07:46

Former hedge fund manager Hugh Hendry is best known as the man who made 30% in 2008, when others crashed, including many so-called hedge funds. He described his cockroach mandate as being a survivor no matter what. He closed the fund in 2017 after a period of lackustre but far from shocking performance and has become a property developer and landlo…

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Bonus Episode - Financial Literacy 19:15

3y ago19:15

19:15

I interviewed Patrick Jenkins, Deputy Editor of the Financial Times, about the paper's new charity, the Financial Literacy and Inclusion Campaign. We discuss why Patrick decide to set up the charity, its aims and objectives, and why this is such an important cause. My take: this is less important than curing cancer, but it's a lot easier. This is o…

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#5 The Pianist 1:05:58

3y ago1:05:58

1:05:58

Lucy Macdonald is the former CIO of Global Equities at Allianz Global Investors where she worked for almost 20 years and managed £5bn or $8bn of assets. She is currently a NED on JP Morgan GEM Income Trust and taking care of a new puppy. Lucy has 30 years of experience in financial markets and is exactly the sort of guest we are hoping to have on t…

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#4 The Not Quite Trillion Dollar Man 1:13:38

3y ago1:13:38

1:13:38

Until 2015, Quintin Price was Global Head of BlackRock’s Alpha Strategies business where he was responsible for nearly $1 trillion of assets under management and was a member of the Global Executive Committee, working closely with Larry Fink. Quintin has 30 years of experience in financial markets and is exactly the sort of guest we seek to have on…

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#3 Two UK Venture Leaders 1:18:00

3y ago1:18:00

1:18:00

Pete Davies has long been widely considered one of the greatest long term thinkers in the hedge fund world. He was early to recognise the opportunities to provide venture capital to UK academia and his firm, Lansdowne Partners, was instrumental in setting up Oxford Science Innovation. Spencer Crawley is the co-founder of FirstMinute Capital, a UK s…

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#2 The Risk Taker 1:20:29

3y ago1:20:29

1:20:29

In this fascinating interview, Stuart Roden, former Chairman of Lansdowne Partners, explains the 5 keys to a successful fund, how his 25 year partnership with Pete Davies produced one of the most successful hedge funds in the UK and how now managing venture capital is a different, yet similar, game. I have known Stuart for over 25 years but I learn…

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#1 Two Titans 48:23

3+ y ago48:23

48:23

Two investors who went to the same school, then to Oxbridge, and have been awarded the CBE (*). They are both titans in their fields but through very different routes. One has run his hedge fund firm for 27 years, has been incredibly successful as evidenced by $28bn AUM, yet is so under the radar that few have heard of him. The other has started mu…

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Podcast Trailer 1:02

3+ y ago1:02

1:02

Our new podcast is focused on equity investing. We shall meet leading investors and commentators and educate ourselves about the world of investing and the world. Our mission is to remove some of the mystique around investing and improve our understanding of what makes a successful investment, or indeed an unsuccessful one. We shall look in particu…

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