In the final Value Perspective podcast of 2023 our guest is Ian Lance, a UK value fund manager at  Redwheel (formerly ‘RWC Partners’). Before joining Redwheel, 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.