Behind The Balance Sheet podcast

#Trading #Business #stephen clapham

37:03

“I could be walking in Central Park and come up on one of these horse and buggies. I don't think twice about it because I see it as part of the New York attraction. You know, you have the Statue of Liberty, you have Times Square, and you have these romantic horse and buggy things where people get married in the park and they ride these carriages. And tourists, they take these rides in Central Park. It's romantic, it's something beautiful to see. But I never thought for one second that these horses are abused.” – Tracy Winston, juror from Ryder’s trial New York City has a big, visible animal cruelty issue: horses forced to pull carriages, carrying heavy loads for long hours in all types of weather in the middle of chaotic traffic. Three years ago, a carriage horse named Ryder was a victim of this cruelty. He collapsed on a Manhattan street after being worked for hours in the summer heat. Two months later, he was euthanized. His story sparked global outrage. Ryder’s driver, Ian McKeever, was charged with animal cruelty The trial took place a few weeks ago, but McKeever was ultimately acquitted. This conversation is with Edita Birnkrant, the Executive Director of NYCLASS and Tracy Winston, one of the jurors from Ryder's trial. New York’s weak and outdated animal protection laws have not changed since Ryder died— and because of this, another avoidable death that occurred just a week after we recorded this interview. On August 5th, a horse named Lady died while pulling a carriage in Manhattan. This conversation is about accountability, about corruption and about what happens when justice fails the most vulnerable. It's too late for Ryder and Lady. But it is not too late to act. If you live in New York, please call your City Council members and tell them it’s time to bring Ryder’s Law, Intro 967, up for a vote and pass this vital bill to protect carriage horses from suffering and death on the city’s streets. To find your council member, go to: https://www.speciesunite.com/ny-horse-carriage-petition NYCLASS: https://nyclass.org/…

Behind the Balance Sheet

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Our objective 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 meet leading investors and commentators and educate ourselves not just about the world of investing but also about the world. Our goal is to inform, educate, entertain and make you a better investor. We feature famous guests and some you may not know. But we can learn from them all, whether you are one of our core audience of professional investors, a student looking to enter the industry or a private investor.

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Behind the Balance Sheet

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57 επεισόδια

#Trading #Business #stephen clapham

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Behind the Balance Sheet

1
#50 The Art Lover 1:17:55

πριν 8 μέρες1:17:55

1:17:55

Christopher Tsai is a deeply thoughtful growth investor. He became one of the foremost collectors of the works of Ai Weiwei, recognising their implicit value and deeply studying the artist. His concentrated portfolio reflects his attraction to growth stocks with Tesla his largest position. In our conversation, he explains why he believes Tesla has deep moats across multiple verticals; why he thinks many of the growth stocks in his portfolio have optically inflated valuations as they invest now to create future value; why the second largest position in his portfolio is QXO, with his father, also a famous investor, being one of Brad Jacobs’ original backers; and what he looks for in managers. I am trying to meet more growth investors to understand their strategy better. Christopher’s portfolio is too racy for me, at over a 60x P/E multiple on my estimates when we recorded and probably higher today, but he makes an interesting case for holding long-term compounders.…

Behind the Balance Sheet

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#49 The $50bn Man 1:22:27

πριν 6 weeks1:22:27

1:22:27

David Samra has been in the investment business for over 30years. He specialises in international value and has beaten his index by over 4% pa for over 20 years, in a period when traditional value has been doing poorly. That may be why his fund, which has been closed to new investors for most of the last 14 years, has reached $50bn. In this conversation David explains his focus on four factors: owning good companies, buying them at a discount of at least 30% to intrinsic value, and ensuring they have excellent management and a strong balance sheet. And he discusses several of his stocks, sharing some impressively detailed knowledge.…

Behind the Balance Sheet

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#48 The Independent Thinker 1:02:58

πριν 10 weeks1:02:58

1:02:58

Dave Iben is the founder and CIO of Kopernik GlobalInvestors, a $6bn global value investment shop which prides itself on independent thought and is comfortable with contrarian positions. Steve invited Dave on the podcast because at a recent NewYork conference, Dave was cheerleading that value was back, and Steve wanted to discuss the rationale for his enthusiasm, given value’s massive underperformance in the last 15 years. Luckily Dave was spending the summer in London looking for cheap UK stocks, and they could record in person.…

Behind the Balance Sheet

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#47 The Relentless Improver 1:24:48

πριν 15 weeks1:24:48

1:24:48

Gary Channon is one of the UK’s better known valueinvestors. He runs a value fund, a closed-end fund and a private equity vehicle. He runs a highly concentrated portfolio. The top 5 positions are over 50%, and he holds no more than 15 stocks. I asked him on the podcast because he is really thoughtful about his process – he only buys stocks selling for <50% of intrinsic value, and if he can monitor the business performance independently of the company's communications. He is then prepared to hold them for extended periods, as long as they remain cheap. His framework for evaluating a stock includes parameterslike the depth of work completed and confidence levels, he has instructed his entire research team to become AI experts and he has already seen significant benefits; he thinks AI means sellside analysts will be more or less gone in twoyears; and we talked about his techniques for interviewing management which include spending 4-6 hours preparing for a 1 hour meeting.…

Behind the Balance Sheet

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#46 The Numbers Lady 1:01:13

πριν 18 weeks1:01:13

1:01:13

Jennifer Wallace is a value investor. She learned her tradefrom a series of luminaries, studying under Bruce Greenwald at Columbia, before going to work for famed value investor Bob Bruce (who used to hang out with Warren Buffett). Today she is the CIO of Summit Street Capital Management, and only invests in high quality companies with modest leverage when they are super cheap. This means she will often find stocks with issues that are hopefully temporary. But she has found a winning formula, having delivered a 7.8x return to investors since 2009. Around a quarter of her investee companies have been acquired. She explains why, her rationale for having a 25-30 stock equally-weighted portfolio and why you should not befriend CEOs - "if you want a friend, get a dog”.…

Behind the Balance Sheet

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#45 The Chess Master 1:17:06

πριν 23 weeks1:17:06

1:17:06

In his youth, George Michelakis, was a top 3 global under-20chess player. No surprise he is pretty good at investing too and runs a $2bn long short equity hedge fund out of London. Since 2006, he has compounded capital at a rate of 5.35x vs 3.43k for the MSCI world, on net exposure of 30-45%. That’s an impressive record but astonishingly, he entered his longest-running short position 10 years ago. We talked about his investing philosophy, his theory about alifestyle recession, why shorting is critical to performance, how he manages the fund and the team, why he focuses on management and why, as in chess, man plus machine or analyst plus AI will beat the lone human, which has profoundimplications for investors.…

Behind the Balance Sheet

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#44 The Think Tank Manager 1:12:16

πριν 27 weeks1:12:16

1:12:16

Dan Rasmussen is the founder and CIO of Verdad Advisers, an unconventional quantitative investment boutique. In this conversation, Steve and Dan agree that private equity and credit look highly risky for the next decade. They debate the value of forecasting, where they have very different views. They similarly disagree on forecast horizons, with Dan favouring near term accuracy and Steve thinking longer term forecasts are more likely to be accurate. They also debate the persistence of growth and discuss Dan’s favourite financial metric. Steve and Dan have different perspectives on many issueswhich leads to apparently contradictory conclusions but in reality, they don’t disagree – the issue is base rates versus marginal opportunities. Steve and Dan view markets through different lenses, which makes for an interesting discussion.…

Behind the Balance Sheet

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#43 The Growth Investor 1:18:47

πριν 31 weeks1:18:47

1:18:47

In this episode with Tom Slater of Baillie Gifford, manager of the £10bn Scottish Mortgage investment trust, we cover a lot of ground. Of course, we discuss his current thoughts on China and the Mag 7, including why he has trimmed Nvidia but still likes Meta and his thoughts on Elon Musk. Tom explainshis investing philosophy, what growth managers do differently from traditional value managers and how the firm’s culture has made Baillie Gifford such a successful manager. Tom explains how he remains calm in the roller coaster rides of many of his stocks, with drawdowns of 60-70% common, notably Nvidia in 2022 on its way to that $3tn capitalisation; why he favours technical founders who can advantage their companies in the AI age; what Elon Musk said to him in 2013 and why that has stayed with him; the difference between investing in quoted companies and those in private markets; and why he and colleagues don’t pitch stocks to the team, which he believes gives them an important behavioural advantage.…

Behind the Balance Sheet

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#42 The Credit Expert 1:15:39

πριν 36 weeks1:15:39

1:15:39

When it comes to credit, few people have better credentials than Greg Peters, co-CIO of PGIM, with AUM of $700bn. In this fascinating conversation, we discuss the differences between investing in equities and credit, the legacy of the zero interest rate period, why PGIM uses scenario based forecasting in preference to single point estimates, why covenants have gone out of fashion and why that’s dangerous, ad much more. Listen to the end for an update on the outlook for markets in 2025.…

Behind the Balance Sheet

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#41 The Composer 1:20:40

πριν 40 weeks1:20:40

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 sometimes exhibited by successful investors with far inferior performance. In a first for this podcast, this interview was recorded live at the Library of Mistakes in Edinburgh on November 21, 2024, in front of an audience of investors, professional and amateur.…

Behind the Balance Sheet

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#40 The Chronicler 56:20

πριν 45 weeks56:20

56:20

Lionel Barber is the former editor of the Financial Times and 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 44x earnings. And as editor, Barber fully backed up former guest Dan McCrum in his investigation of Wirecard. I was delighted when Lionel agreed to come on the show to talk about his new book, Gambling Man, a biography of Masa Son, founder of Softbank and creator of the $100bn Vision Fund. I have long been curious about Son, who for 3 days at the peak of the dot.com boom was the richest man in the world. Barber spent 3 years writing his meticulously researched book for which he interviewed 150 subjects, including Bill Gates and Warren Buffett, as he explains in our discussion. Some of his stories, including his description of Son’s inner sanctum, are marvellous. If you enjoy this episode, head over to our Substack, (sign up button on https://behindthebalancesheet.com/), take the monthly paid option and get exclusive additional content, including Steve's interview with Alok Sama, former CFO of Softbank International.…

Behind the Balance Sheet

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#39 The Optimizer 1:06:20

πριν 49 weeks1:06:20

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 handle investing mistakes – I have never encountered a process in which the analyst is changed when the stock doesn’t go to plan. Bill explains why and other techniques in this fascinating discussion. Steve was so looking forward to this conversation and Bill didn’t disappoint.…

Behind the Balance Sheet

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#38 The Cyclist 1:13:17

πριν 1 year1:13:17

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 term secular trends and the future outlook for economies and markets. Our discussion covers both. Our episode title refers to Peter’s study of cycles in markets, but amusingly for a partner at Goldman Sachs, he arrived for our recording on a bike, not their usual mode of transport.…

Behind the Balance Sheet

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#37 The Analyst 59:13

πριν 1 year59:13

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. In this 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 requires his analysts to follow more than one sector, and why he doesn’t employ data scientists. We discuss Elon Musk, AI, and geopolitics and John gives advice to a young person contemplating a career choice. And Nicolai Tangen, CEO of Norges Bank Investment Management, the largest single equity owner in the world, explains why John is so highly regarded by his peers. John is our first podcast guest to return for a second episode.…

Behind the Balance Sheet

1
#36 The Runner 1:18:25

πριν 1 year1:18:25