Episodes

  • 154: Sport Meets Finance! Investing in Liverpool FC, PSG, Boston Red Sox and F1 - With Ian Charles, Co-Founder of Arctos

    154: Sport Meets Finance! Investing in Liverpool FC, PSG, Boston Red Sox and F1 - With Ian Charles, Co-Founder of Arctos
    Sep 26 2024
    Sovereign wealth funds, private equity, Hollywood actors; the world of sports has been undergoing an investing revolution.

    The last few years have seen a quantum increase of new investors, investing both in sports and even their governing bodies, raising questions about potential returns, the investment thesis and competition.

    Arctos is one of world’s largest sports investors, counting amongst its investments, with 20+ portfolio companies, including: Baseball’s Boston Red Sox, Liverpool FC, Paris St. Germain, Atalanta, New York Giants, and recently Aston Martin’s F1 racing team.

    In this episode, Ian Charles, trained in the world of illiquid private investments and secondaries, discusses the size of the market, the investment logic, competition, regulation, building the brand, using data as well as exits and returns!

    From North American leagues to European football, he assesses the barriers to entry, the ability for growth capital to raise growth rates, historic returns, minority stakes, and how the fans impacted by these epochal changes.

    ​​The Money Maze Podcast is kindly sponsored by Schroders, IFM Investors and the World Gold Council.

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    1 hr and 13 mins
  • 153: Colm Kelleher, Chairman of UBS & Former President of Morgan Stanley, Discusses Culture, Leadership, Surviving the Great Financial Crisis and UBS Today

    153: Colm Kelleher, Chairman of UBS & Former President of Morgan Stanley, Discusses Culture, Leadership, Surviving the Great Financial Crisis and UBS Today
    Sep 19 2024
    In an interview we had especially looked forward to, and with the Credit Suisse acquisition behind us, the MMP went to Zurich to talk to Colm Kelleher.

    Described as one of the most influential and capable banking executives of the last several decades, he has been dubbed by the FT as 'Europe’s most powerful banker'. As Chairman of the UBS board, he helps manage an organisation with approximately $5.7 trillion in assets, employing 112,000 people.

    After discussing the early forces that shaped him, he explains why he realised US banks were better placed to outgun their UK rivals, why he joined Morgan Stanley, and the journey to CFO and President. He discusses the brutal intensity of fighting to keep Morgan Stanley alive from following Lehman, and the emotional scars it left.

    Colm describes the attraction of UBS, the preparation that made the Credit Suisse deal work in such an orderly manner as well as the business, the brand, and its position today.

    He explains what culture means to him, Europe’s position in financial services, disintermediation, and the likely shape of banking going forward and why banks shouldn’t seek to be entrepreneurial.

    ​​The Money Maze Podcast is kindly sponsored by Schroders, IFM Investors and the World Gold Council.

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    43 mins
  • 152: Sir Tony Blair, Former UK Prime Minister, on Leadership, Immigration, the Middle East & More!

    152: Sir Tony Blair, Former UK Prime Minister, on Leadership, Immigration, the Middle East & More!
    Sep 10 2024
    Thought-provoking, amusing, self-critical, rich with anecdotes, laced with good advice, and large servings of humility, you might not automatically assume I’m describing the book, titled 'On Leadership', just published and written by Sir Tony Blair.

    The discussion starts with the essential need for a leader to identify the priorities, to determine the plan, and to pursue its execution.

    Sir Tony Blair discusses meeting roadblocks and responses, and why the leader must stay resolute. He then opines on international affairs today; including thoughts on China, India, Russia and the Middle East.

    He covers higher education, lessons from Singapore’s ‘economic miracle’, and the challenges of immigration.

    He shares perspectives from the Tony Blair Institute, which today advises over 40 countries, how technology can promote major leaps forward, reasons for optimism, why humility is key and why there’s no substitute for hard work!

    ​​The Money Maze Podcast is kindly sponsored by Schroders, IFM Investors and the World Gold Council.

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    42 mins
  • 151: Volatility Laundering in Private Equity, the Merits of International Diversification, Value Vs Growth and Systematic Investing - With Cliff Asness

    151: Volatility Laundering in Private Equity, the Merits of International Diversification, Value Vs Growth and Systematic Investing - With Cliff Asness
    Aug 27 2024
    Simon introduces Cliff Asness, Co-Founder and CIO of AQR (Applied Quantitative Research), highlighting the firm's systematic approach to investing in a variety of assets.

    Cliff Asness shared his background, mentioning that he was initially an underachiever in school but transitioned to a highly driven person during college at the University of Pennsylvania.

    He explained that market efficiency is a spectrum, and even Fama admitted that markets are not perfectly efficient, despite what many might assume.

    Discussing current markets, Asness emphasized the importance of global diversification and noted that the U.S.'s prolonged outperformance mostly stemmed from its increasing valuation premium over international markets.

    He highlighted "volatility laundering" in private assets, where the infrequent marking of private investments creates an illusion of lower volatility, cautioning that this could lead to misinformed investment decisions.

    Asness touched on philanthropy, saying he finds joy in charitable giving despite the difficulty in assessing the best use of funds and mentioned the importance of concentrating philanthropy for more impact.
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    The Money Maze Podcast is kindly sponsored by Schroders, IFM Investors and the World Gold Council.

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    1 hr and 18 mins
  • 150: War or Peace? Why the World May Be More Dangerous than the 1930s - With General Sir Patrick Sanders, Former UK Chief of the General Staff

    150: War or Peace? Why the World May Be More Dangerous than the 1930s - With General Sir Patrick Sanders, Former UK Chief of the General Staff
    Aug 8 2024
    In this episode we have the huge pleasure and privilege to talk to General Sir Patrick Sanders, who until June of this year served as Chief of the General Staff.

    As the professional head of the British Army he had responsibility for over 100,000 troops (including reserves), steering this key component of the UK’s defence apparatus through an increasingly fractured world.

    The mission in this interview is to orchestrate a rapid and highly effective tour of the key challenges on the minds of politicians, populations and the planet.

    Patrick discusses Russia and assessing what next, China and how a peaceful co-existence can operate, as well as Iran, Israel & The Middle East; weighing up if a brighter future here is possible. He then covers North Korea and its unpredictability, as it moves from defense to offense.

    The General goes on to enlighten us on cyber threats, AI’s role on the battlefield, leadership & motivation, before answering some challenging questions from his peers and (possible) friends!

    General Sanders joins a wider squadron of Money Maze Podcast geopolitics speakers, such as General Petraeus, General Sir Nick Carter & Lieutenant General Sir Tom Beckett!

    ​​The Money Maze Podcast is kindly sponsored by Schroders,IFM Investors and the World Gold Council.

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    52 mins
  • 149: The $5 Trillion High Yield Debt Markets: Trouble Ahead or Compelling Returns? - With Victor Khosla, Founder & CIO of Strategic Value Partners

    149: The $5 Trillion High Yield Debt Markets: Trouble Ahead or Compelling Returns? - With Victor Khosla, Founder & CIO of Strategic Value Partners
    Aug 1 2024
    This episode comes from the SuperReturn conference in Berlin, with guest Victor Khosla, Founder of SVP. Set up in 2001, the firm manages $18 billion in credit, with an impressive long-term track record in identifying credit opportunities.

    Victor describes himself as the ‘Accidental Investor’, initially hired as a strategic consultant for a Citibank project in the 1990s, only then to join them to help develop their credit business.

    He recaps his journey from India through Citi, Cerberus, and Moore Capital, before founding his business with the assisted funding from Moore Capital, to identify and buy out-of-favour debt instruments whether distressed or mispriced.

    Victor describes today’s markets, the differences between the US and Europe, opportunities that are emerging from private equity indigestion and reduced exits, allied to significant refinancing needs.

    As the owner of Swissport, the world’s largest baggage handler, he recounts their post-COVID purchase and the debt/equity swap, and where ownership of the debt in this - and many other instances - means a further need for involvement on the business operations side.

    ​​The Money Maze Podcast is kindly sponsored by Schroders, IFM Investors and the World Gold Council.

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    33 mins
  • 148: Greed & Fear! What to Own, What to Avoid and Are We Wrong About China? With Chris Wood, Global Head of Equity Strategy, Jefferies (Hong Kong)

    148: Greed & Fear! What to Own, What to Avoid and Are We Wrong About China? With Chris Wood, Global Head of Equity Strategy, Jefferies (Hong Kong)
    Jul 25 2024
    If you write a widely followed weekly piece for nearly 30 years, assessing investment risks & rewards, geopolitical implications, and extracting signals from noise, you need experience, good instincts, market nous, and the ability to talk to the right people.

    The weekly piece in question is GREED & FEAR, and its author, our guest Christopher Wood, Global Head of Equity Strategy for Jefferies, in Hong Kong.

    He has been ranked No. 1 Equity Strategist in the Asia Money Polls 18 times since 1996, and prior to that worked for The Economist between 1984 to 1994, during which period he was both the New York and Tokyo Bureau Chief.

    We begin with Chris’s interpretation of China’s ambitions and appetite, where he explains why he sees China as less set on making territorial gains. He discusses the tectonic shifts underway which he describes as “as great as the collapse of the Soviet Union in 1991… and which are driving global military spending to record highs.”

    He also covers Japan, the Yen & bond yields, widening the discussion to explain why he wants to avoid all G7 Government bonds.

    He goes on to explain why he thinks good quality US Corporates will trade with lower yields than US Government bonds as their risk is lower.

    He assesses the opportunity in EM debt, and their greater adherence to orthodox monetary policy. He also explains how both gold and bitcoin feature in his long term endowment portfolio. Recorded in June 2024.

    ​​The Money Maze Podcast is kindly sponsored by Schroders, IFM Investors and the World Gold Council.

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    42 mins
  • 147: Vista Equity Partners: The $100 Billion Private Equity Software Group - With Rachel Arnold, Co-Head of Vista Equity Partners’ Endeavor Fund

    147: Vista Equity Partners: The $100 Billion Private Equity Software Group - With Rachel Arnold, Co-Head of Vista Equity Partners’ Endeavor Fund
    Jul 18 2024
    In this shorter interview, recorded at Berlin SuperReturn, Rachel Arnold, Co-Head of Vista’s Endeavour strategy, a fund focused on small-cap private software companies, offers insights that echo Bill Gates comment that “software is the magic thing whose importance only goes up over time”

    Amazingly, over 90% of software companies are private, and as a former tech operator and CEO, Rachel brings hard-earned expertise to explain their investing approach.

    She discusses portfolio make up, the drivers behind software’s growth and how they assist their portfolio companies on operational transformation.

    She discusses the urgency and applications resulting from AI’s adoption, the likely trajectory of this investing space, software’s economic resilience and the runway ahead.

    ​​The Money Maze Podcast is kindly sponsored by Schroders, IFM Investors and the World Gold Council.

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    24 mins