Investors' Chronicle

To be a successful stock picker over a long period of time, not only do you have to be a scrupulous researcher, you also have to guard against powerful human emotions.In this podcast, famed value investor Guy Spier talks through how his investment process has developed over the past two and half decades and why he’s feeling more optimistic in the current market rout than he has in previous crises. In conversation with the IC’s Mary McDougall, he talks through his investment thesis in some key holdings, explains why he bought and sold Twitter and questions whether fear and concern over China has sparked more critical stories about the investment case, or if it reflects a genuine underlying reality. They discuss the benefits that can be gleaned from studying your heroes, the challenges and opportunities presented by feelings of envy and the extent to which fund management is an attractive way to live a life. Guy has managed Aquamarine Fund since 1997, achieving annualised returns of 9.5 per cent since its launch, compared with 8.1 per cent for the S&P 500 Index and 3.6 per cent for the FTSE 100 Index.Investors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities. Investors' Chronicle is a service by the Financial Times. Hosted on Acast. See acast.com/privacy for more information.

On this week's episode Alex Newman and Mitchell Labiak join Dan Jones to discuss our result of the week, housebuilder Crest Nicholson, before turning to the potential of house prices falling for the first time since 2012.Finally Julian Hofmann joins the pod to talk through his long read asking how modern value investing can mitigate risk for investors.Investors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities. Investors' Chronicle is a service by the Financial Times. Hosted on Acast. See acast.com/privacy for more information.

Scottish Mortgage Investment Trust's (SMT) shareholders have had a rollercoaster ride in recent years. The trust's share price has more than halved since its peak last November, following a spectacular run throughout most of 2020 and 2021. It’s now the UK’s second largest investment trust with net assets of £13.7bn.In this interview, the trust’s deputy manager Lawrence Burns explains why he and lead manager Tom Slater are sticking to their philosophy of trying to own high-growth long-term winners, despite changing macroeconomic conditions. Speaking with the IC’s Mary McDougall, he talks through how he approaches valuing companies, the earnings and cash position of the portfolio’s holdings and whether the valuation of the trust’s private companies might have grounds for concern.He also explains how the team’s thinking has evolved in relation to its Chinese holdings, what he has been buying and selling recently and which long-term themes he’s most excited about.  Burns joined Baillie Gifford in 2009 and has been deputy manager of Scottish Mortgage since March last year. Investors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities. Investors' Chronicle is a service by the Financial Times. Hosted on Acast. See acast.com/privacy for more information.

Passenger numbers may be up at Wizz Air but the losses keep on coming, so what's the story? Madeleine Taylor joins the pod to decipher our result of the week, before looking at the aviation industry as a whole following chaotic airport scenes over the last week.Afterwards Christopher Akers talks us through his long-read on the future of food, specifically focusing on meat alternatives as an area for long-term optimism despite recent stalling of some big names...Investors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities. Investors' Chronicle is a service by the Financial Times. Hosted on Acast. See acast.com/privacy for more information.

The lesser-spotted Bearbull columnist has agreed that if ever there was a time IC listeners needed to hear his views, it might be now. In this interview with the IC’s Mary McDougall, he shares his thoughts on the current outlook for the economy, the extent to which UK equities might continue to mean revert, why he’s cautious on emerging markets and why Bearbull’s income portfolio hasn’t performed as well as he might have hoped over the past five years. They also discuss how much more deflating growth stocks might have to do, what is a reasonable yield for income investors to expect and the extent to which investors prioritising financial returns need to take ESG metrics seriously.  Bearbull has been regenerating at Investors' Chronicle since the 1950s. Its current incarnation has been in place since the 1990s. Investors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities. Investors' Chronicle is a service by the Financial Times. Hosted on Acast. See acast.com/privacy for more information.

The first five months of the year have been terrible for tech investors, but over the past week performance has improved. Are we in a bear market rally? Or might performance improve from here?On the podcast this week, Polar Capital Technology Trust’s (PCT) manager Ben Rogoff tells the IC’s Mary McDougall how current valuations compare with history, what parts of the market he’s currently buying into and why recent performance has been disappointing for the trust compared with its benchmark. They discuss the areas of tech likely to suffer most in a recession, why he’s looking more closely at fintech, how to analyse the major cloud providers and why he’s glad he doesn’t own private companies.  Polar Capital Technology Trust had net assets of £3bn and was trading at a discount of 13.4 per cent on 1 June. Since the start of 2022, its share price has fallen 28 per cent. Investors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities. Investors' Chronicle is a service by the Financial Times. Hosted on Acast. See acast.com/privacy for more information.

A government U-turn has seen a windfall tax finally imposed on oil and gas companies, but what are the implications for investors? Also retail writer Madeleine Taylor joins the show to take a deep dive into M&S as the 'result of the week', and the IC's resident personal finance guru Leonora Walters talks through the magazine's feature on SIPPS.Dan Jones hosts Alex Newman, Mark Robinson, Madeleine Taylor, and Leonora WaltersInvestors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities. Investors' Chronicle is a service by the Financial Times. Hosted on Acast. See acast.com/privacy for more information.

With UK inflation reaching a 40-year high of 9 per cent, the Bank of England base rate lagging at just 1 per cent and the global stock market falling over 15 per cent since the start of the year, investors' priorities have turned to how to preserve the value of their wealth.On the pod this week, Peter Spiller, manager of Capital Gearing Trust (CGT), tells Mary McDougall how he has approached investing to preserve and grow wealth over the past 40 years, and talks through the key challenges facing the economy today, how it compares with history and what it means for investors.Spiller explains why he is cautious on the outlook for most global equities and the role that index-linked bonds, property and infrastructure can play in providing inflation protection - as well as the associated risks. Investors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities. Investors' Chronicle is a service by the Financial Times. Hosted on Acast. See acast.com/privacy for more information.

Arthur Sants returns to the Companies and Markets show to breakdown results for Vodafone and BT, before the panel ask what next for supply chains amid the ongoing inflationary crisis.Finally, private equity is under the spotlight, as their appetite for UK plc's doesn't show signs of slowing down.Dan Jones hosts Alex Newman, Arthur Sants and Julian Hofmann.Investors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities. Investors' Chronicle is a service by the Financial Times. Hosted on Acast. See acast.com/privacy for more information.

As Investors' Chronicle struggles to come to terms with losing its veteran economist Chris Dillow to retirement, he shares the most important lessons he’s learned over his 35-year career. Hint: experts know less than you think.  Chatting to the IC’s Mary McDougall, he also reflects on what country music can tell us about the state of the US economy, whether former Arsenal captain Tony Adams would be a monetarist or a Keynesian and why being left handed caused him to be an economist.  Chris has penned the pages of Investors’ Chronicle since September 1995, having previously been UK economist at the Japanese bank Nomura. When not learning Italian, going to the gym or playing his guitar, he promises to continue to write his blog at stumblingandmumbling.typepad.com Godspeed Chris - and thank you!Investors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities. Investors' Chronicle is a service by the Financial Times. Hosted on Acast. See acast.com/privacy for more information.