In this instalment of our ESG series we welcome back a previous guest, Doomberg. We sat down with the green chicken to discuss what has happened in the eighteen months since we last had them on the show: why they moved to Substack and decided to leave X, formerly known as Twitter; changes in perceptions and narratives relating to ESG; the resurgence of nuclear and why it has a strong momentum this time; oil’s current and immediate future; AI’s role in the energy transition; and finally some comments on the geopolitical landscape. 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. Marketing material for Financial Professionals and Professional Clients only.  The material is not intended to provide, and should not be relied on for, accounting, legal or tax advice, or investment recommendations.  Reliance should not be placed on any views or information in the material when taking individual investment and/or strategic decisions.  Past Performance is not a guide to future performance and may not be repeated.  Diversification cannot ensure profits or protect against loss of principal.  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 investments to fall as well as rise.  Investing in emerging markets and securities with limited liquidity can expose investors to greater risk.  Private assets investments are only available to Qualified Investors, who are sophisticated enough to understand the risk associated with these investments.  This material may contain “forward-looking” information, such as forecasts or projections. Please note that any such information is not a guarantee of any future performance and there is no assurance that any forecast or projection will be realised.  Reliance should not be placed on any views or information in the material when taking individual investment and/or strategic decisions. The views and opinions contained herein are those of the individuals to whom they are attributed and may not necessarily represent views expressed or reflected in other Schroders communications, strategies or funds.  Any reference to regions/ countries/ sectors/ stocks/ securities is for illustrative purposes only and not a recommendation to buy or sell any financial instruments or adopt a specific 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.  

Welcome to Allocator’s Edge, a Value Perspective podcast mini-series where we will be engaging in conversations with some of the world’s top capital allocators. In an environment of heightened inflation and interest rates, we aim to unravel how and why capital allocators make the decisions that they do. The series will shed light on the inner workings of capital allocation to help listeners gain a better understanding of mandates and the intricate dance between strategy and reality. New episodes of the Allocator’s Edge will be released on alternating Thursdays. In this first episode, we welcome Greg Schuler, CIO of Geisinger, a regional healthcare foundation in the US. Greg started out in the oil and gas industry, which he credits with helping him shape his view on risk. He then moved into venture capital during the tech bubble, another formative influence on his current outlook. After this he took a series of CIO roles: first with Jerry Kohlberg, one of the Ks in KKR; then BJC, a large hospital system in Missouri; then as CIO of the University of Pittsburgh endowment; before starting at Geisinger. The episode is hosted by Andy Evans, a fund manager on Schroders’ Global Value Team. Andy co-manages UK Income, European Income, European Recovery, and European Sustainable strategies. Greg and Andy discuss: what Geisinger is and how it was set up; what cashflow requirements look like for a hospital foundation and how they differ from a university; how Greg thinks about time in the fundamentals of the assets Geisinger are looking to materialise; the importance of communication with your investment committee; and how to apply the way surfers understand waves to how we invest. 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. Marketing material for Financial Professionals and Professional Clients only.  The material is not intended to provide, and should not be relied on for, accounting, legal or tax advice, or investment recommendations.  Reliance should not be placed on any views or information in the material when taking individual investment and/or strategic decisions.  Past Performance is not a guide to future performance and may not be repeated.  Diversification cannot ensure profits or protect against loss of principal.  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 investments to fall as well as rise.  Investing in emerging markets and securities with limited liquidity can expose investors to greater risk.  Private assets investments are only available to Qualified Investors, who are sophisticated enough to understand the risk associated with these investments.  This material may contain “forward-looking” information, such as forecasts or projections. Please note that any such information is not a guarantee of any future performance and there is no assurance that any forecast or projection will be realised.  Reliance should not be placed on any views or information in the material when taking individual investment and/or strategic decisions. The views and opinions contained herein are those of the individuals to whom they are attributed and may not necessarily represent views expressed or reflected in other Schroders communications, strategies or funds.  Any reference to regions/ countries/ sectors/ stocks/ securities is for illustrative purposes only and not a recommendation to buy or sell any financial instruments or adopt a specific 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.

We kick off 2024 with a fun episode featuring some of our favourite guests.  Author and Director of Research at St James Place, Joe Wiggins, plays host and moderator in a Quality vs Value debate between Simon Hallett, the former CIO of Harding Loevner and owner of Plymouth Argyle football club, and Andy Evans, a portfolio manager at Schroders. The episode explores how two different investors think about markets and assets, the pain points in being a Quality or Value investor and the temperament you need for each style. The debate covers: how Simon and Andy define their own way of investing; how to assess a manager’s style by looking at their top 10 holdings as well as their emotional reactions; difficulties in extending time horizons; how each manager would manage money on the other side of the style spectrum; and finally how to deal with an investable universe that has become unusually expensive and whether to compromise on quality or valuation. 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. Marketing material for Financial Professionals and Professional Clients only.  The material is not intended to provide, and should not be relied on for, accounting, legal or tax advice, or investment recommendations.  Reliance should not be placed on any views or information in the material when taking individual investment and/or strategic decisions.  Past Performance is not a guide to future performance and may not be repeated.  Diversification cannot ensure profits or protect against loss of principal.  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 investments to fall as well as rise.  Investing in emerging markets and securities with limited liquidity can expose investors to greater risk.  Private assets investments are only available to Qualified Investors, who are sophisticated enough to understand the risk associated with these investments.  This material may contain “forward-looking” information, such as forecasts or projections. Please note that any such information is not a guarantee of any future performance and there is no assurance that any forecast or projection will be realised.  Reliance should not be placed on any views or information in the material when taking individual investment and/or strategic decisions. The views and opinions contained herein are those of the individuals to whom they are attributed and may not necessarily represent views expressed or reflected in other Schroders communications, strategies or funds.  Any reference to regions/ countries/ sectors/ stocks/ securities is for illustrative purposes only and not a recommendation to buy or sell any financial instruments or adopt a specific 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.

In the final Value Perspective podcast of 2023 our guest is Ian Lance, a UK value fund manager at RWC Partners. Before joining RWC, he was a fund manager here at Schroders, where he worked very closely with Nick Purves. Nick Purves was a mentor to Nick Kirrage and Kevin Murphy in their early careers and coined a saying that has been passed on to every value investor at Schroders, that if no companies in a portfolio are going bankrupt on a yearly basis, then you’re not taking enough risk. While working at Schroders in 2010, Ian had the very bright idea to start a blog that went on to become the Value Perspective. Ian discusses with us; what it was like to work with Nick Purves at the start of the Value Perspective; what has changed and what has stayed the same in the City of London over his four-decade career; co-management and the risk of confirmation bias; what is the most difficult thing about value investing in today’s market; and finally, is the UK a dead asset class? 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.

This week we welcome value investing heavyweight Mohnish Pabrai to the Value Perspective. Mohnish is the founder and Managing Partner of Pabrai Investment Funds, the founder of the Dakshana Foundation, a close friend of Warren Buffet, and a frequent bridge opponent of Charlie Munger. He joins us to discuss how his father’s entrepreneurialism shaped his understanding of risk; his commitment to giving everything away to Dakshana during his lifetime following the great example of Chuck Feeney; the rationale behind cloning as a strategy; why he never went for the insurance model; and concentration and ergodicity. 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.  

As we near the end of the ten-year birthday celebrations of the Schroder Value Team we welcome two guests who were with us at the beginning of those ten years. Jamie Lowry and Ian Kelly are former members of the Value Team at Schroders, who departed to work for Prem Watsa, known as the Canadian Warren Buffett, managing the European investment book of Fairfax Financial. They left a lasting legacy with the Value Team with one of Ian’s TVP pieces, Hot Iron Trial by Ordeal: A Thirteenth Century Lesson for Investors, remaining one of our most read articles for many years after his departure. Kevin Murphy is the host for this episode, which covers: the journey from Schroders’ Value Team to Fairfax Financial; the difference between working for a long only fund and investing as part of a large insurance organisation; underperformance as part of a value team within an insurance company during the very tough years of 2019 and 2020; the beliefs they formed during their time with the Value Team and how these have been tested working at Fairfax Financial; and finally, their thoughts on private versus public investments. 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.  

This week on the Value Perspective, we’re delighted to be joined by Joe Peta. Joe is the author of Moneyball for the Money Set, which explains how techniques gleaned from sport analytics can help to predict the returns of portfolio managers with startling accuracy. Before putting pen to paper, Joe started his career at Lehman Brothers before moving to Nomura. He then moved over to the buy side, working for Novus Partners, Kingsford Capital Management and Point72. To chat with Joe, Andy Evans from the Value Team is joined by Robert Donald, Chief Investment Officer of Schroder GAIA Helix. Robert’s quant skills make him an ideal co-presenter for this episode. Robert, like Joe started on the sell side as an equity analyst before moving to GLG Partners where he ran a long-short strategy. He also worked for Soros Fund Management and Brummer and Partners before joining us as Schroders in 2017. In this episode we discuss: Joe’s method for breaking down performance in a way that assesses skill, including hit rates, explosiveness, magnitude, scaling, and sizing; parallels with sports analytics and applicability for assessing skills for different types of investors; Goddard’s Law; Managers’ deficiency at sizing decisions; and finally, prediction tools and predicting power. 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.  

This week on the Value Perspective, we are joined by value stalwart Richard Oldfield. Richard founded Oldfield Partners in 2004, where he managed global funds until 2016, before finally retiring from the firm in 2021. Richard started his career back in the 70s at Warburg Investment Management, which later became Mercury Asset Management. Then he had a stint at a family office before founding Oldfield Partners. He is also the author of Simple but not Easy: a Practitioners Guide to the Art of Investing. The second edition of this book was printed in 2021 after a very successful first run back in 2007. Richard is joined by Simon Adler from the Value Team to discuss: Richard’s learnings over his 30 year career; what can be done in today’s markets to instill a long term view of performance; risk defined as permanent loss of capital or active risk; how much should one hold in Value at any one point in time; and finally, Richard’s experience outside of fund management and how that helped him throughout his career as a fund manager. 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.  

In this episode of our Value Perspective ESG mini-series we’re joined by Arvind Sanger, founder and Managing Director of a hedge fund that focuses on sensible energy transition. We share a mutual friend with Arvind in former guest Arjun Murti. We sat down with Arvind to discuss: what has changed in the energy and material markets in the thirty plus years of his career; how the uranium market works; uranium’s demand and supply impact on the nuclear power sector; and finally nuclear’s main challenges, based on another recent piece on the matter by another former past guest Robert Brice. 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.

This week we're replaying a podcast episode with Carson Block, founder of Muddy Waters Research, from June 2022. Carson joined us to discuss the contentious topic of short selling. Short selling is an investment or trading strategy that speculates on the decline in a stock or other security’s price. Carson takes an activist approach to short selling, founded on exposing fraudulent practices in publicly traded companies. This challenges the view that short selling, by its nature, is an exploitative practice. We talked to Carson about the probabilistic thinking and psychological framework needed by a contrarian thinker as well as the cross disciplinary collaboration that lies behind exposing unethical financial practices. 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  

This week in the final episode of our Meet the Manager series to celebrate the 10th anniversary of the Value Team at Schroders, Tobias Carlisle returns to interview the steadfast host of the Value Perspective, Juan Torres Rodriguez. You may know Tobias as the host of the Acquirer’s Multiple Podcast, from the Value: After Hours Podcast or indeed as a frequent guest on this podcast. He is a deep value investor at heart and is the founder of Acquirers Funds. He is also a frequent author on the topic having published four books and has a new one out soon, so keep your eyes peeled. Juan is the host of the Value Perspective but he is also an emerging markets value investor at Schroders and has been with the company since 2017. Previous to Schroders he had stints at Pictet, Credit Suisse and Bank Columbia. In their conversation, Tobias and Juan focus on emerging markets. They cover: Juan’s journey from Columbia to the Value Team in London; emerging markets’ tough decade and what it means to be a value investor in these markets; cyclical businesses and the opportunity set in emerging markets; and finally how the Value Team embraces behavioural biases and has built a process to help cope with them. 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.  

This week we’re delighted to be joined by Tom Gayner, CEO of Markel Group, which some have drawn comparisons to Berkshire Hathaway. After university, Tom got his start at Markel, a holding company with operations in insurance, services and industrial operations as an analyst in 1990. Tom’s talent was quickly recognised by Markel’s founder Steve Markel and Tom climbed the ladder before becoming Co-CEO in 2016 and then CEO in 2023. In addition to this role, Tom is a director of the Coca Cola Company. We sat down with Tom to cover the strengths and weaknesses of co-management; how culture and narrative impact decision making; applied probabilistic thinking from a master decision maker himself; the 25 year locked in student fund; and the dollar cost average vs going passive when it comes to capital allocation. 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.  

This week in our Meet the Manager series, guest host John Husselbee interviews the co-head of the Value Team, Kevin Murphy. John is head of the Multi-Asset Team at Liontrust and has 38 years of experience managing multi-asset and multi-manager funds and portfolios. Before Liontrust he was a co-founder and CIO of North Investment Partners, a specialist boutique that provided bespoke outsourced managed solutions. Before that he was Head of Multi-Asset Solutions at Henderson.   Kevin Murphy has been managing portfolios since 2006 having joined Schroders in 2000 as a UK equity analyst focused on the construction and building materials sector. John and Kevin discuss Kevin’s background from childhood to co-founding the Value Team; the decisions and challenges in building a franchise in value investing ten years ago; the challenges of value investing through a hard 2019 straight into Covid in 2020 and the worst decline in the value style in 100 years; how the Value Team avoided style drift even in the worst bits of the pandemic; and finally, how to keep an investment framework loyal to its underlying philosophy while evolving as markets change. 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.  

Welcome back to another episode in our ESG series. This week we’re welcoming guest Matthew L Wald to the pod. Matthew was a reporter for the New York Times from 1977 – 2014, where he wrote extensively on various energy topics, but specialised in civilian nuclear power after the Three Mile Island accident in Pennsylvania in 1979. He’s also written extensively on the production of materials for nuclear weapons and its resulting environmental problems. Today he is a senior adviser for the Nuclear Energy Institute. Juan was joined by Andrew Lyddon for this episode and they covered the following with Matthew – where nuclear has it wrong, the biggest modern misconception around nuclear power, what are some issues around nuclear waste and how do different countries handle it, what exactly is levelized cost of electricity and why is it useful when discussing energy infrastructure, and finally a real world live experiment – California – in more ways than you may think! 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.

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.      

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.  

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.

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.

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.

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.

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.  

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.

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.

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.  

In the second episode of our Meet the Manager mini series, we welcome back Stacy Havener to the podcast, who turns the table to interview Andrew Williams and Ben Arnold, the Value Team’s investment directors. Stacy is the founder of Havener Capital, an agency dedicated to helping boutique asset managers build, launch and grow funds. She is the host of her own podcast Billion Dollar Back Story, where she interviews founders, portfolio managers and investors who  have launched, seeded and scaled billion dollar businesses. Stacy discusses with Andrew and Ben; how they came to join the Value Team; the story of the Value Team’s flagship product; a recent period of underperformance and a trend of value investors giving up; the importance of defining what the team is not and not to define what makes it different; and finally, what it’s like to be a specialist inside a large organisation, or a boutique inside a large asset manager in this case.  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.  

This week we're replaying a master class with 10K Diver from March 2022. 10k runs an anonymous Twitter account which you may be familiar if you're a fan of financial Twitter like us. Over the past few years he's sky rocketed in popularity reaching over 200,000 followers who tune in for his incredible threads which explain complex decision making and financial theories in engaging and digestible ways. 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

This year is our tenth birthday, believe it or not, not as a podcast but as a value franchise here at Schroders. We wanted to celebrate this on the podcast by having a sort of party with some of our longest standing clients and past podcast guests, by inviting them in and flipping the table. Usually on the podcast we interview people from all walks of life on their expertise. But on this mini series called Meet the Manager our guests and clients are going to introduce us instead and finally ask those burning questions that have been brewing over the past ten years. We’ll be releasing this mini series on the off weeks from our regular content, which we will continue to publish as normal. We hope you enjoy this limited series where we place the value franchise in the interviewee seat as a birthday treat. Our first guest in the Meet the Manager mini series is Pete Drewienkiewicz, the CIO of global assets at Redington. Pete advises a range of wealth managers, insurance companies and public sector pension schemes with combined assets of more than £400 billion. He also has oversight of Redington’s 25 person research platform across both manager and asset class research and is ultimately accountable for the asset class implementations that are recommended to clients. In this episode he interviews Simon Adler, Portfolio Manager on the Value Team who joined Schroders 15 years’ ago. Pete asks about Simon’s journey to becoming a value investor; value investing’s landscape and challenges today; the challenges of price discovery and the drivers of return; Simon’s oft-used fashion statement analogies like using a snorkel mask while cutting the grass as an example of being willing to be different; and finally, making money out of terrible businesses and how this is an analogy to understanding value. Enjoy!  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.  

This week we're replaying a podcast episode we recorded with Simon Hallett in January 2022. Simon is a professional investor who spent a majority of his career at Harding Loevner as a fund manager and their CIO. In 2019, he began investing in the Plymouth Argyle FC and found many parallels between his career in investing and the management of a football club. Andy Evans and Joe Wiggins chatted with Simon about how he brings decision making processes and approaches to behavioural biases that he used in asset management to English football.   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  

This week we welcome Dan Rasmussen back to the Value Perspective podcast. Dan is the founder of Verdad Research and we last spoke with him in June 2021 to discuss his passion for history and how it helps him as a value investor. This time we discuss how reviled value is today relative to when we last spoke, how memory and probability work together, his contrarian view on Michael Porter’s five forces and quality investing, ergodicity and how volatility is not the best measure of risk but does matter in certain circumstances, and finally the Europe opportunity. 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.  

Next week, we welcome Dan Rasmussen, the founder of Verdad Capital, back to the podcast for a second time. So we thought it would be worthwhile replaying our previous conversation back in June 2021 in case you may have missed it or would like to listen to it again. Dan is a deep value investor and a history buff who discussed his learning from the Covid Crisis over the previous year, how he utilises base rates in investment and how his interest in history (and not just financial) helps him make decisions. You can find Dan on Twitter at @verdadcap  NEW EPISODES: You can subscribe via Podbean or use this feed URL (https://tvpschroders.podbean.com/feed.xml) in Apple 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.  

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.

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.

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.

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.  

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.

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.

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.

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.

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.

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.

This week we have friend of the Value Perspective podcast Joe Wiggins back for his third appearance. He has been both a guest and a co-host but this time we’re going to highlight him as an author. Joe has just published his newest book The Intelligent Fund Investor: Practical steps for better results in active and passive funds. We sat down with Joe to cover: the case for active fund management; what sort of things fund investors should be looking out for; why time is the greatest investor advantage; why a broad investment universe without restrictions is so important; and what away from fund performance should fund investors be thinking about when picking a fund. Also, as a nod to the festive season the Value Perspective Christmas quiz will soon be back on the blog. If you answer the most questions correctly, you could find yourself the lucky winner of Joe’s book. Check out the blog for more info. 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.

Believe it or not, it’s our third birthday here on the Value Perspective podcast. To celebrate, we are delighted to welcome back Annie Duke, our first guest when we kicked off this whole project three years ago. Coincidentally, this is also her third appearance on the podcast. We caught up with Annie to discuss her newest book Quit – The Power of Knowing When to Walk Away. Our wide ranging conversation covers: why it’s so difficult to walk away; why quitting is a powerful tool for any decision maker; the difficulties of thinking in expected values over time; what age children can be taught the importance of quitting; and to contextualise all of this, what sorts of tool, if any, could help Putin in quitting from what looks like a very bad decision. 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.  

This week we have Ian Leslie on the show. Ian started his career in advertising but now writes and presents about human behaviour including psychology, culture, tech and business for publications like The New Statesman, The Economist, The Guardian and The FT. Most recently he wrote a book called Conflicted: Why Arguments Are Tearing Us Apart and How They Can Bring Us Together. He is also the author of the Substack The Ruffian where he covers everything from politics to decision making. We were delighted to chat with him about some of the topics covered in his book including: why being passive aggressive is the worst behaviour with no outcome; the power of humour in dealing with conflict; low versus high contact societies; devil’s advocates and their weaknesses; and the answer to the question on all of our minds, what is the most important rule in dealing with conflict. 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.

This week we have Stacy Havener on the show. Stacy is the founder and CEO of Havener Capital Partners, which is one of the leading independent sales and marketing agencies in financial services specialising in helping boutiques to raise capital. In fact, they have raised over 8 billion dollars for new, undiscovered or start-up funds that has led to over 30 billion dollars in follow on AUM. Please check out Stacy’s LinkedIn page where there’s great advice for sales and marketing in the industry. To chat with Stacy, we were delighted to be joined by former guest and friend of the pod Charlotte Thorne of Capital Generation Partners who co-hosts this episode with Andrew Williams. Charlotte, Andrew and Stacy discuss the power of narrative storytelling and the importance of communicating well in a numbers driven industry.  They also talk about common misconceptions around narrative, what successful stories have in common and the ethics of storytelling. Finally, they showcase how storytelling can help individuals stand out, even in a big firm. 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.

The Value Perspective with Dan Mikulskis Our guest this week is Dan Mikulskis. Dan is an investment partner at Lane Clark & Peacock or LCP. He is also the co-host of a very good podcast called Investment Uncut. He couples this work with a fortnightly newsletter with commentary on what has been happening in markets around the world, which you can subscribe to via LinkedIn. Dan is also particularly well versed with the LDI or liability driven investment crisis and why it caught the pension funds off-guard. It can be a technical topic, so if you would like to understand more of what’s happened, check out his Twitter account @danmikulskis. In this episode we cover topics including: what can be learnt from co-hosting a podcast which can then be applied to the decision making process; accounting for one’s own biases when meeting fund managers; how Dan goes about helping clients deal with uncertainty; the building of models, what makes a good model and when, if at all, one should overrule a model with qualitative insights; and finally how do you learn the right lessons from your process and not learn the wrong lessons.  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.

The Value Perspective with Doomberg This week we welcome another Rockstar from finance Twitter as our guest. Doomberg is an anonymous account, famous for its green chicken brand, which has attracted almost 142,000 followers on Twitter since it was founded in May 2021. Doomberg is actually a small team of industry consultants from the commodities sector that specialises in distilling complexity. They write predominantly about energy but they are also interested in the news of the day. So they have written about crypto, meme stocks and bankruptcy court among other things. They sat down with us to discuss the difference between physics and platitudes; flows payback in the context of energy and climate change; fossil fuels and the future of cement, steel, ammonia and plastic; hydrogen and nuclear in the context of emerging markets; and accessing raw materials. 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.  

The Value Perspective with Bethany McLean We’re very excited about our guest this week on the Value Perspective podcast. Bethany McLean is a financial journalist who was contacted by the short seller Jim Chanos when working for Fortune Magazine and advised to look into a company called Enron. Bethany’s column entitled ‘Is Enron overpriced?’ was published in 2001, starting the unravelling of the company and she went on to write a book entitled The Smartest Guys in the Room: The Amazing Rise and Scandalous Fall of Enron. She is also author of the titles Shaky Ground: The Strange Saga of the US Mortgage Giants, All the Devils are Here: The Hidden History of the Financial Crisis, and Saudi America: The Truth About Fracking and How It’s Changing the World. Bethany has also been working at Vanity Fair as a contributor for over a decade now and has pretty much covered all of the famous corporate frauds for the last twenty years. Her background is as a mathematician and she started her career at Goldman Sachs as part of their M&A department. Our conversation references a previous Value Perspective podcast with Carson Block, exploring the nature of the people who are committing these frauds; the difference between the visionary and the fraudster; what is needed on the other side of the ledger to uncover these frauds and withstand the pressure from believers; and finally the role of short sellers in today’s markets. Please 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.

This week on the Value Perspective podcast we welcome two investment professionals with many years’ experience of investing in Eastern European markets, Rollo Roscow, Head of EMEA at Schroders and Steve Gorelik Head of Research at Firebird Management. They join us to discuss how they made decisions in the weeks before the 24th of February when Russia invaded Ukraine. You’ll learn how they sourced and processed different information feeds and how, working with their teams, they sought to understand and react to rapidly unfolding events. We hope you find their reflections on investing at a time of impending crisis as absorbing as we did.   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.

Robert Bryce is an American author and journalist in Austin, Texas. His articles on energy, politics, and other topics have appeared in numerous publications, including the New York Times, Washington Post, Wall Street Journal and Forbes. 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.

As the Premier League football season gets underway more than nine million people around the world will be picking their own teams as part of the $22 billion fantasy football industry. But who are the best players to pick and what makes a successful fantasy football manager? Az Phillips, an official pundit for the Barclays Fantasy Premier League (FPL), joins the pod to reveal the best players to pick, the most successful strategies, the common mistakes people make, and why he won't be buying Erling Haaland anytime soon. 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.

We’re back from a short holiday and we’re also back with our guest Jake Taylor. You may know Jake as one of the hosts of the podcast Value: After Hours or as the CEO of Farnam Street Investments. In this episode he gives an update on Journalytic the decision making software he made reference to in his last appearance on the Value Perspective and discusses how steadying the returns from the S&P 500 over the past decade has given him a new framework to think about the future. It wouldn’t be a Value Perspective conversation without some Bayesian probabilities chat and finally Jake touches on investing in climate change from the perspective of a former electrical engineer and gives his observations from the West Coast. 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.

This week we revisit our original podcast with Jake Taylor in anticipation of his upcoming second appearance on the Value Perspective. Jake is a value investor,  CEO of Farnam Street Investments and author of The Rebel Allocator. He also contributes to various web series and podcasts including Five Good Questions, The Hikecast, and Value: After Hours, which he co hosts with investors Tobias Carlisle and Bill Brewster. In a past life, Jake worked as a power system operator running the grid for the State of California. 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

Simon Evan-Cook joins us this week for the 50th episode of the Value Perspective podcast to discuss the lessons that he has learnt on his journey to becoming a better investor that you can apply in everyday life to help solve problems. Simon is a successful multi-asset, fund-of-funds manager with over 25 years’ experience in financial services.  He currently works for Downing Fund Managers, having built his reputation at Fidelity, Rothschild Asset Management, Gartmore and Premier Asset Management. Simon combines his fund management role with his second passion, which is writing. In this capacity he produces ‘the Fund-of-Funds Insider’ column for Citywire and the ‘Never Mind the Silver Bullets’ blog. He describes this as a journey through the world of complex problems, looking at how to solve these when there aren’t simple ‘silver bullet’ solutions. Enjoy! Liked what you've heard? For more from Simon click on these links: https://www.trustnet.com/news/704403/simon-evan-cook-should-you-invest-with-indiana-jones https://www.trustnet.com/news/4867770/butch-cassidy-and-the-sundance-kid--should-you-invest/   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.

Carson Block, founder of Muddy Waters Research, joins us this week on the Value Perspective podcast to discuss the contentious topic of short selling. Short selling is an investment or trading strategy that speculates on the decline in a stock or other security’s price. Carson takes an activist approach to short selling that's founded on exposing fraudulent practices in publicly traded companies. This challenges the view that short selling, by its nature, is an exploitative practice. We talk to Carson about the probabilistic thinking and psychological framework needed by a contrarian investor as well as the cross disciplinary collaboration that lies behind exposing unethical financial practices. 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

Nick Hodler joins us this week on the Value Perspective podcast as part of our turn-around Mini Series. Nick is the President and CEO of Arc, the world's largest manufacturer of glass tableware. We are excited to have Nick on the pod as Arc has been in the midst of a positive turnaround story under his helm. As value investors these are exactly the type of situations that interest us. Nick discusses how he has approached the turnaround situation from his background as a management consultant and how he has adapted his decision making practices at a global company with operations in quite distinct and different markets in France, America and the Middle East. 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