In this episode we speak to Robbie Robertson.  Robbie is on the Board of Personal Assets Trust and spent a nearly 40-year career in the investment trust industry.  We discuss the evolution of the investment trust industry, the advantages of a closed-end structure and the role Personal Assets Trust can play in a portfolio.    Show notes:  [01:28] A different world  [03:17] Observations from a career in the investment trust industry  [06:42] Characteristics of successful investors  [08:03] How...

In this episode we speak to Jim Strang, Chairman of HGCapital Trust.  The Trust has an outstanding track record investing in business-to-business software companies.  We discuss the evolution in private markets over Jim’s career, the benefits of specialisation and the reasons behind Hg Capital’s success. Show notes: [01:15] Jim discusses his early career [02:12] HgCapital Trust’s history [03:41] The benefits of specialisation [05:56] The importance of controlling the capital...

Stuart Widdowson founded Odyssean Capital, is co-manager of the Odyssean Investment Trust, and has a wealth of experience investing in UK-listed smaller companies.  We discuss the lessons Stuart has applied to public equity investing from his days in private equity, the rewards derived from investing in good quality companies that can be improved, and the overall state of the UK market.  Show notes: [01:28] Stuart discusses his early career [04:12] Swapping private equity for public equity...

In this episode we speak to Oddbjørn Dybvad, co-founder of REQ Capital, an Oslo-based investment firm.  Oddbjørn manages REQ’s Global Compounders and Nordic Compounders funds, which focus on acquisition-driven businesses.  We discuss the entrepreneurial energy within these companies, why they are able to reinvest capital at attractive rates for a long period of time and how their diversified and decentralised nature makes them both resilient and adaptable.  Show notes: [01:22] Oddbjørn...

Kiril Sokoloff founded 13D Research in 1983 and is a leading global investment strategist who has presciently called a number of major paradigm shifts over the last 40 years.  We discuss Kiril’s career, why the current investment backdrop is so challenging and how the geopolitical landscape is evolving. Show notes: [01:23] Kiril talks about the start of his career [04:18] Getting the big picture right [07:48] The impact of algorithmic trading and passive investing on price discovery  [09:57]...

Prashant Khemka has a strong track record managing capital in India and global emerging markets. He established Goldman Sachs Asset Management’s India franchise in 2006, was lead portfolio manager of Goldman’s India Equity and Global Emerging Market Equity strategies, and in 2017 founded White Oak Capital Management, where he has continued to deliver impressive returns.  We discuss Prashant’s investment philosophy, how to build a high performing team, why investing is similar to elite sport,...

Paul Major co-manages the Bellevue Healthcare Trust and has a wealth of experience of the healthcare industry.  We discuss how healthcare has evolved, why existing healthcare systems are fundamentally challenged, and the approach Paul takes to investing in the industry as a result. Show notes: [01:15] Paul discusses how he got into finance [03:15] Bellevue [04:31] General lessons for healthcare investing [06:01] Delivering innovation and why R&D doesn’t scale [10:07] Focusing on the key...

Blake Hutchins manages the Trojan Income Fund and is co-manager of the Troy Income & Growth Trust.  We discuss the changing investment environment, why it could be good for high-quality, dividend-paying companies, and where Blake is finding value in the UK market today. Show notes: [1:16] Being deliberate and patient during tough times [3:30] Equity income investing in a different environment [6:50] Striking the right balance between yield and dividend growth [9:38] Why Blake doesn’t...

Swetha Ramachandran manages GAM's luxury brand strategy and knows the luxury industry inside out. We discuss Swetha's definition of luxury, the pre-eminence of European brands, the rise of China and how the industry is evolving.    [01:05] Swetha discusses her early career  [03:01] Luxury is changing and widening  [06:13] Defining luxury  [07:53] Sizing the luxury market  [09:10] Characteristics of a luxury shopper  [10:59] The role of gaming and online in attracting younger...

Ben Rogoff is co-head of Polar Capital's Global Technology team.  Having joined the industry just before the technology bubble of the late 1990's and early 2000's, Ben has a wealth of experience navigating different market cycles.  We discuss the environment today, the similarities and differences with the TMT bubble and what it takes to be a successful tech investor.  We also dive into Ben's investment themes, the benefits of being diversified and the importance of not missing out on big...

Gerard Minack has a wealth of experience as a macro strategist and founded Minack Advisors in 2013.  Gerard has been particularly prescient over the last 18 months, highlighting the probability of rising inflation and higher interest rates well before many others.  We discuss how the pandemic changed Gerard's macro views, why he believes secular stagnation has come to an end and what implications that has for investors in the years ahead.  Gerard also talks about why he believes a recession...

Andrew Brenton co-founded Turtle Creek, a Toronto-based asset manager, in the late 1990s.  Since its inception, Turtle Creek has delivered outstanding returns by investing in mid-sized companies in the US and Canada.  We discuss Andrew's formative experiences and evolution from private to public market investor, as well as the team's focus on unique companies and exceptional operators.  We also talk about the emphasis Turtle Creek place on continuous portfolio optimisation, and other aspects...

Richard de Lisle, founder of De Lisle Partners, has significantly outperformed US equity markets over the last 27 years by investing in US small-cap value stocks.  We discuss what value investing means to Richard, his focus on themes and the advantages of taking a sociological perspective.  We also explore the current environment, Richard’s investments in primary producers and why investing is the greatest game. Show notes: [1:05] Richard talks about how his father’s misfortune inspired him...

Katie Potts founded Herald Investment Management and has managed the Herald Investment Trust since 1994, generating strong returns by investing in smaller companies across the telecom, multimedia and technology sectors.  We discuss Katie's evolution as an investor, the differences between the UK and US markets, and the importance of being a patient and long-term provider of primary capital.  We also explore the benefits of meeting lots of companies and running winners in a diversified...

Charlotte Yonge manages the Trojan Ethical Fund and is assistant fund manager of the Trojan Fund and Personal Assets Trust.  We discuss the risks of higher inflation and ways to preserve and grow the real value of investors' capital.  We also explore ESG in a multi-asset context, and why Charlotte co-founded Girls Are INvestors (GAIN). Show notes: [0:59] Charlotte talks about how she got into the industry [2:39] Recognising that emotions play an important role in investing [4:34] Catching...

Nick Train founded Lindsell Train, alongside Michael Lindsell, in 2000 and has generated outstanding returns by investing in a concentrated portfolio of exceptional companies.  In a rich and varied discussion, Nick talks about the power of optimism, the rewards of being patient, and the value of semi-eternal brands in a rapidly changing world. Show notes: [1:13] Nick talks about how he got into the investment profession [3:48] GT Management [6:18] Learning from Warren Buffett and Alex...

Ashish Swarup is an experienced emerging market investor and the founder of Aikya, a boutique focused on high-quality and durable companies managed by competent and trustworthy people.  Ashish discusses some of the pitfalls of investing in emerging markets and why aligning oneself with trusted stewards, who have 'soul in the game', is a winning strategy for long-term investors. Show notes: [1:02] Ashish talks about his career so far [5:11] Keeping things simple [6:26] Common pitfalls for...

James Harries has a wealth of experience as a global income investor and manages the Trojan Global Income Fund and Securities Trust of Scotland.  James talks about his journey from Royal Military Academy Sandhurst to a career in investing, how he has evolved as an investor and why income investing remains highly relevant in today's world. Show notes: [1:05] James talks about the start of his career and the lessons learnt at Sandhurst [5:23] Being disciplined and allowing good habits to...

Sanjay Ayer is a portfolio manager at WCM Investment Management, a California-based asset manager investing in good quality companies with strong cultures and improving competitive moats.  Sanjay talks about his evolution as an investor, how a good culture can reinforce a company's competitive advantage, and why it is so important for investors to learn from mistakes and compound knowledge to sustain success. Show notes: [1:15] Sanjay talks about his early career and moving from Morningstar...

Brinton Johns is a co-founder of NZS Capital, a US-based investment boutique applying lessons from nature to invest in companies with the capacity to thrive in a complex adaptive world.  As the future is inherently unpredictable, Brinton and his colleagues believe it is best to focus on adaptable and innovative businesses that create more value than they take, whilst structuring the portfolio to exhibit both resilience and optionality. Those interested in learning more about NZS's Complexity...

In this episode of Far From The Finishing Post we speak to Gabrielle Boyle.  Gabrielle heads up Troy's investment research and manages the Trojan Global Equity Fund and Electric & General Investment Fund.  Gabrielle discusses her evolution as an investor and how being an outsider has helped her recognise and adapt to change to deliver strong compound returns.  Show notes: [1:09] Gabrielle talks about how she got into the industry [3:23] The wild west of Europe [5:50]Learning at...

In this episode of Far From The Finishing Post we speak to Gary Channon. Gary founded Phoenix Asset Management in 1998 and is one of the UK's leading value investors. Gary discusses his early career as an investor and the development of Phoenix’s distinct investment philosophy and approach. He emphasises the importance of instilling a culture of continuous learning and improvement, as well as more recent initiatives to apply digital tools in the transformation of analogue businesses. Show...

In this episode of Far From The Finishing Post we speak to Nick Martin.  Nick manages Polar Capital's Global Insurance strategy and has been investing in the insurance industry for 20 years.  Nick does a great job of demystifying a complex industry and explaining why the best property & casualty insurers are strong and durable compounding machines.   Show notes: [ 1:30] Nick talks about becoming an investor and joining Hiscox [4:08] Thinking about the downside and not taking excessive...

In this episode of Far From The Finishing Post we speak to Anthony Kingsley.  Anthony is Chief Investment Officer at Findlay Park and has a wealth of experience investing in the US.  Anthony discusses a range of topics; his career as an investor, Findlay Park's evolved approach of investing in higher quality businesses, and an investment philosophy that emphasises the avoidance of steep losses in the generation of strong long-term compound returns.  Show notes: [1:10] Anthony talks about...