Technological revolutions are by their nature rare events: the printing press, mobile telephony and the internet. The associated excitement can capture the imagination, spur a raft of associated breakthroughs, encourage investors to dream of extraordinary returns, yet their byproduct is often to create excessive short-term exuberance, and expectations that might be correct in time, but invariably expect too much, too soon. Scott Guthrie understands this space better than most, being a Microsoft lifer who has been at the epicentre of their success in Cloud and now AI, overseeing the development of both the Azure and Copilot products. Alongside Simon, the discussion is co-hosted by Rob Rooney.  Rob is the former CEO of Morgan Stanley International and was their Global Head of Technology and Operations. He now runs two fintech firms: HyperJar and Hyperlayer. Scott begins by explaining why investors & business alike should look beyond the typical 1-2 year timelines used in common AI narratives, and instead examine the potential 5-10 year outlook for the technology. He then shares some practical examples of how AI may cut costs & boost productivity for finance firms, why they’ve partnered with LSEG, and their reasons for building a staggering 500 new data centres globally! In the wide ranging interview recorded at the LSEG Tech Leaders Summit ,he covers the central questions surrounding AI: Is it really a new game changer? How will it play out? Will regulation stifle or stimulate progress? How does it recalibrate productivity? Do we even have the electricity to support it? And how is AI being integrated into the burgeoning cloud industry?  ​​The Money Maze Podcast is kindly sponsored bySchroders, IFM Investors and the World Gold Council. We’re pleased to now announce our fourth sponsor: LSEG! Sign up to our Newsletter | Follow us on LinkedIn | Watch on YouTube

Four years ago we had the chance to record a US election special ahead of the vote to determine whether Joe Biden or Donald Trump became President. We welcomed Anthony Scaramucci; Harvard Law, Goldman Sachs, political fundraiser and, for 11 dramatic days, Donald Trump‘s Director of Communications. Since then he has developed his finance business, run the SALT conferences, been a crypto evangelist and in addition - possibly inspired by his experience on the Money Maze Podcast - has become the co-host of the Rest is Politics US with Katy Kay (a high quality show which we recommend).  In this conversation he discusses Trump, including some candid thoughts on his character and what may lie ahead if he wins.  He then assesses the question of immigration, and if this election “will decide whether we continue to lead on freedom, economic innovation and multilateralism”. He assesses why crypto should rise tenfold, how the debt challenge could be addressed, how he has managed setbacks and what resilience means to him, all with a ton of energy! ​​The Money Maze Podcast is kindly sponsored by Schroders, IFM Investors and the World Gold Council.

This recording took place at the London Value Investor Conference over summer, where Simon hosted a discussion with Joel Greenblatt. Joel not only founded and runs Gotham Asset Management, but was also an adjunct professor at Columbia Business School for 20+ years. Joel previously ran Gotham Capital, where he achieved 50% annualised returns between 1985-1994 (34.4% net). Joel also helped Michael Burry set up Scion Capital in 2000. In this discussion, Joel offers some exceptionally valuable insights into the issues of active versus passive, if valuation works pays, the need for patience, thoughts on concentration, and learning from mistakes. He talks on the need for detailed valuation work in order to identify compelling valuation opportunities, but also of the need for patience for the market to recognise such situations. He advocates passive for those ill-equipped to undertake detailed valuation work, and also recognises the challenges of owning too many overvalued and insufficient undervalued companies when you are passively invested.  He then explains how the best way to learn from one’s investing mistakes is to lose amounts of money that matter. Joel goes on to acknowledge that he would have been fired several times over, had it not been his own firm! A treasure trove of advice from a pro! The interview is followed by a short Q&A. Thanks to the following for their contributions here: Steve Clapham of Behind the Balance Sheet, Mark Rubenstein of HPS Investment Partners, Ajit Dayal of Quantum Advisors India, and Cole Smead of Smead Capital Management. ​​The Money Maze Podcast is kindly sponsored by Schroders, IFM Investors, and the World Gold Council. Sign up to our Newsletter | Follow us on LinkedIn | Watch on YouTube

Today we travel back to Melbourne, Australia, having had previous conversations with Ben Samild (now CIO of the AFF) & David Neal (CEO of IFM Investors).  AustralianSuper, Australia’s largest super fund, manages approximately USD $230bn for 3.4m members. Mark Delaney has been at its helm as CIO for almost 20 years.  Mark describes the goals, the organisation and its investment principles. He explains why Australia consolidated its pension industry and the benefits it has reaped for pensioners and the economy. He discusses approaching global equities, why infrastructure is the “ballast in the boat”, his favourable view of private equity and why he likes active over passive. He also covers how he accesses commodity exposure, and why you can’t worry about the markets when he’s on his surfboard trying to catch a wave! ​​The Money Maze Podcast is kindly sponsored by Schroders, IFM Investors and the World Gold Council. Sign up to our Newsletter | Follow us on LinkedIn | Watch on YouTube

Sovereign wealth funds, private equity, Hollywood actors; the world of sports has been undergoing an investing revolution.  The last few years have seen a quantum increase of new investors, investing both in sports and even their governing bodies, raising questions about potential returns, the investment thesis and competition. Arctos is one of world’s largest sports investors, counting amongst its investments, with 20+ portfolio companies, including: Baseball’s Boston Red Sox, Liverpool FC, Paris St. Germain, Atalanta,  New York Giants, and recently Aston Martin’s F1 racing team.   In this episode, Ian Charles, trained in the world of illiquid private investments and secondaries, discusses the size of the market, the investment logic, competition, regulation, building the brand, using data as well as exits and returns! From North American leagues to European football, he assesses the barriers to entry, the ability for growth capital to raise growth rates, historic returns, minority stakes, and how the fans impacted by these epochal changes. ​​The Money Maze Podcast is kindly sponsored by Schroders, IFM Investors and the World Gold Council. Sign up to our Newsletter | Follow us on LinkedIn | Watch on YouTube

In an interview we had especially looked forward to, and with the Credit Suisse acquisition behind us, the MMP went to Zurich to talk to Colm Kelleher. Described as one of the most influential and capable banking executives of the last several decades, he has been dubbed by the FT as 'Europe’s most powerful banker'. As Chairman of the UBS board, he helps manage an organisation with approximately $5.7 trillion in assets, employing 112,000 people. After discussing the early forces that shaped him, he explains why he realised US banks were better placed to outgun their UK rivals, why he joined Morgan Stanley, and the journey to CFO and President. He discusses the brutal intensity of fighting to keep Morgan Stanley alive from following Lehman, and the emotional scars it left. Colm describes the attraction of UBS, the preparation that made the Credit Suisse deal work in such an orderly manner as well as the business, the brand, and its position today. He explains what culture means to him, Europe’s position in financial services, disintermediation, and the likely shape of banking going forward and why banks shouldn’t seek to be entrepreneurial. ​​The Money Maze Podcast is kindly sponsored by Schroders, IFM Investors and the World Gold Council. Sign up to our Newsletter | Follow us on LinkedIn | Watch on YouTube

Thought-provoking, amusing, self-critical, rich with anecdotes, laced with good advice, and large servings of humility, you might not automatically assume I’m describing the book, titled 'On Leadership', just published and written by Sir Tony Blair. The discussion starts with the essential need for a leader to identify the priorities, to determine the plan, and to pursue its execution. Sir Tony Blair discusses meeting roadblocks and responses, and why the leader must stay resolute. He then opines on international affairs today; including thoughts on China, India, Russia and the Middle East. He covers higher education, lessons from Singapore’s ‘economic miracle’, and the challenges of immigration.  He shares perspectives from the Tony Blair Institute, which today advises over 40 countries, how technology can promote major leaps forward, reasons for optimism, why humility is key and why there’s no substitute for hard work! ​​The Money Maze Podcast is kindly sponsored by Schroders, IFM Investors and the World Gold Council. Sign up to our Newsletter | Follow us on LinkedIn | Watch on YouTube

Simon introduces Cliff Asness, Co-Founder and CIO of AQR (Applied Quantitative Research), highlighting the firm's systematic approach to investing in a variety of assets. Cliff Asness shared his background, mentioning that he was initially an underachiever in school but transitioned to a highly driven person during college at the University of Pennsylvania. He explained that market efficiency is a spectrum, and even Fama admitted that markets are not perfectly efficient, despite what many might assume. Discussing current markets, Asness emphasized the importance of global diversification and noted that the U.S.'s prolonged outperformance mostly stemmed from its increasing valuation premium over international markets. He highlighted "volatility laundering" in private assets, where the infrequent marking of private investments creates an illusion of lower volatility, cautioning that this could lead to misinformed investment decisions. Asness touched on philanthropy, saying he finds joy in charitable giving despite the difficulty in assessing the best use of funds and mentioned the importance of concentrating philanthropy for more impact. ​​ The Money Maze Podcast is kindly sponsored by Schroders, IFM Investors and the World Gold Council. Sign up to our Newsletter | Follow us on LinkedIn  | Watch on YouTube

In this episode we have the huge pleasure and privilege to talk to General Sir Patrick Sanders, who until June of this year served as Chief of the General Staff. As the professional head of the British Army he had responsibility for over 100,000 troops (including reserves), steering this key component of the UK’s defence apparatus through an increasingly fractured world. The mission in this interview is to orchestrate a rapid and highly effective tour of the key challenges on the minds of politicians, populations and the planet.  Patrick discusses Russia and assessing what next, China and how a peaceful co-existence can operate, as well as Iran, Israel & The Middle East; weighing up if a brighter future here is possible. He then covers North Korea and its unpredictability, as it moves from defense to offense. The General goes on to enlighten us on cyber threats, AI’s role on the battlefield, leadership & motivation, before answering some challenging questions from his peers and (possible) friends! General Sanders joins a wider squadron of Money Maze Podcast geopolitics speakers, such as General Petraeus, General Sir Nick Carter & Lieutenant General Sir Tom Beckett! ​​The Money Maze Podcast is kindly sponsored by Schroders,IFM Investors and the World Gold Council. Sign up to our Newsletter | Follow us on LinkedIn | Watch on YouTube

This episode comes from the SuperReturn conference in Berlin, with guest Victor Khosla, Founder of SVP. Set up in 2001, the firm manages $18 billion in credit, with an impressive long-term track record in identifying credit opportunities. Victor describes himself as the ‘Accidental Investor’, initially hired as a strategic consultant for a Citibank project in the 1990s, only then to join them to help develop their credit business. He recaps his journey from India through Citi, Cerberus, and Moore Capital, before founding his business with the assisted funding from Moore Capital, to identify and buy out-of-favour debt instruments whether distressed or mispriced. Victor describes today’s markets, the differences between the US and Europe, opportunities that are emerging from private equity indigestion and reduced exits, allied to significant refinancing needs. As the owner of Swissport, the world’s largest baggage handler, he recounts their post-COVID purchase and the debt/equity swap, and where ownership of the debt in this - and many other instances - means a further need for involvement on the business operations side. ​​The Money Maze Podcast is kindly sponsored by Schroders, IFM Investors and the World Gold Council. Sign up to our Newsletter | Follow us on LinkedIn | Watch on YouTube

If you write a widely followed weekly piece for nearly 30 years, assessing investment risks & rewards, geopolitical implications, and extracting signals from noise, you need experience, good instincts, market nous, and the ability to talk to the right people. The weekly piece in question is GREED & FEAR, and its author, our guest Christopher Wood, Global Head of Equity Strategy for Jefferies, in Hong Kong. He has been ranked No. 1 Equity Strategist in the Asia Money Polls 18 times since 1996, and prior to that worked for The Economist between 1984 to 1994, during which period he was both the New York and Tokyo Bureau Chief. We begin with Chris’s interpretation of China’s ambitions and appetite, where he explains why he sees China as less set on making territorial gains. He discusses the tectonic shifts underway which he describes as “as great as the collapse of the Soviet Union in 1991… and which are driving  global military spending to record highs.” He also covers Japan, the Yen & bond yields, widening the discussion to explain why he wants to avoid all G7 Government bonds. He goes on to explain why he thinks good quality US Corporates will trade with lower yields than US Government bonds as their risk is lower. He assesses the opportunity in EM debt, and their greater adherence to orthodox monetary policy. He also explains how both gold and bitcoin feature in his long term endowment portfolio. Recorded in June 2024.  ​​The Money Maze Podcast is kindly sponsored by Schroders, IFM Investors and the World Gold Council. Sign up to our Newsletter | Follow us on LinkedIn | Watch on YouTube

In this shorter interview, recorded at Berlin SuperReturn, Rachel Arnold, Co-Head of Vista’s Endeavour strategy, a fund focused on small-cap private software companies, offers insights that echo Bill Gates comment that “software is the magic thing whose importance only goes up over time” Amazingly, over 90% of software companies are private, and as a former tech operator and CEO, Rachel brings hard-earned expertise to explain their investing approach. She discusses portfolio make up, the drivers behind software’s growth and how they assist their portfolio companies on operational transformation.  She discusses the urgency and applications resulting from AI’s adoption, the likely trajectory of this investing space, software’s economic resilience and the runway ahead. ​​The Money Maze Podcast is kindly sponsored by Schroders, IFM Investors and the World Gold Council. Sign up to our Newsletter | Follow us on LinkedIn | Watch on YouTube

If you wrote a business plan in the 1990s that was way ahead of its time - a 20th century idea that needed 21st century technology to work - then put it aside and instead built an enterprise software firm that achieved a Goldman Sachs backed blockbuster IPO in 1999, you might say “bravo”. If then, several years later you return to this earlier idea, build it and today have over 100 million athletes in 195 countries using it, you’ll know why we’re exceptionally excited about this conversation! Mike has helped grow Strava into one of the world’s leading activity tracking apps, employing about 400 people and achieving a valuation of approximately $1.5bn (as of its last funding round in 2020). The seeds of Strava were planted during Mike’s time as captain of the Harvard rowing team, which helped him develop an appreciation of the benefits of sport, both personally & professionally. Mike then earned a PhD at Harvard, before becoming an economics professor at Stanford and Dartmouth (and along the way he was also a CFO of a biotech firm).   In this longer-than-usual interview, Michael discusses what it takes to build a brand. He explains why they went “an inch wide and a mile deep” and why it’s best to “listen to your customers, not your investors”. He also shares how he’s confronted setbacks, concentrating on excellence over growth, why they’ve stayed private, and why patience, persistence and perspective are central ingredients for success. One of my favourite interviews! ​​The Money Maze Podcast is kindly sponsored by Schroders, IFM Investors and the World Gold Council. Sign up to our Newsletter | Follow us on LinkedIn | Watch on YouTube

Rob Arnott has published over 100 academic papers, co-authored several books, and his firm Research Affiliates developed the strategies behind approximately $147bn in AUM (as of March 2024). He has earned a reputation as a highly respected, value-orientated investor with clarity about unrealistic valuations, mean-reversion and where the investment opportunities may lie. In this interview he shares a timely analysis of Nvidia, which achieved a valuation of over $3tn last week (surpassing Microsoft as the world’s most valuable business). We thought it was timely to listen to his perspectives given today’s highly skewed, AI obsessed, passive-besotted investing world! Rob describes his approach to evaluating risks and returns, why he believes the US current fiscal path is unsustainable, and how his firm, Research Affiliates, have developed indices to allow investors to access more compelling opportunities. He unpicks his view as to why narratives around much-loved tech companies may already be reflected in their share prices, why the value opportunities are profound, especially outside of the US and particularly in emerging markets. Furthermore, he points out the disconnect between unloved value stocks and their underlying businesses (which have often been performing just fine).  Rob also discusses portfolio allocations today, building resilience in your portfolio to allow for geopolitical turbulence, and the asymmetry of owning US inflation-linked Treasuries (TIPS) vs straight treasuries. ​​The Money Maze Podcast is kindly sponsored by Schroders, IFM Investors and the World Gold Council. Sign up to our Newsletter | Follow us on LinkedIn | Watch on YouTube | *CNBC, June 2024

In a world where competitive survival has become rarer, one UK retail institution has survived for 175 years, remains a trusted brand, with over 50,000 employees, 2,000 stores and 4,000 pharmacists. Today Boots is part of the US Walgreens Boots Alliance, an entity with sales of $140 billion (2023/24) and one of the world’s largest purchasers of prescription drugs.  In this episode we aim to explore the future of retail, the big drivers of change, the overload of the health systems, how pharmacies may play a vital role, technology, data, and what customers really want. Seb James also discusses the demise of the department store, increasing specialisation, how data allows for tailoring of customer preferences and what AI might offer. He goes on to cover the notable rise in theft since COVID-19, the decline of the UK High Street, and how they’re competing with both the US tech giants and China-affiliated e-commerce challengers.  ​​The Money Maze Podcast is kindly sponsored by Schroders, IFM Investors and the World Gold Council. Sign up to our Newsletter | Follow us on LinkedIn | Watch on YouTube

Whether you’re a believer in the timelines, or sceptical about its urgency, the energy transition is underway, and its ramifications are immense. Both for the climate and for investors, the new order is challenging the old. In this conversation, Per Lekander, a veteran of the energy and utility space, discusses the failings of the wind and solar industries but also the opportunities which exist for investment. He evaluates competing energy sources, the rising temperature challenge, the runway ahead for electrification and the changes ahead for autos.  He expands on his negative view on Tesla, why Mercedes has such a technological edge, changes in battery technology and how he navigates the long and short worlds in his funds. Clean Energy Transition LLP is a thematic alternative investment management firm focused on fundamental equity investing across global long/short and long only investment strategies. Its funds were first launched by Partner, Portfolio Manager and CEO, Per Lekander, at Lansdowne Partners (UK) LLP in 2015. Today, the Firm manages c. US$2.7bn in assets for a diversified institutional client base, seeking to capitalise on the transformational changes occurring in the global energy sector, with a primary goal of delivering superior risk-adjusted returns.  ​​The Money Maze Podcast is kindly sponsored by Schroders, IFM Investors and the World Gold Council.  Sign up to our Newsletter | Follow us on LinkedIn | Watch on YouTube | *McKinsey Report, 2022

In this interview, we welcome the CEO of Novo Holdings, which manages the assets and wealth of the Novo Nordisk Foundation, one of the world’s largest enterprise foundations. Novo Holdings is part of the Novo Group, which also incorporates Novo Nordisk and Novonesis (who combined are responsible for much of Novo Holdings’ inflows). Novo Nordisk is a leading global healthcare company, founded in 1923 and headquartered in Denmark. Their purpose is to drive change to defeat serious chronic diseases, built upon their heritage in diabetes.  Novonesis, also part of Novo Group, serves 130 markets with enzymatic, microbial and advanced protein solutions. As of year-end 2023, Novo Holdings had total assets under management of €149bn (DKK 1,114 bn). In addition to managing a broad portfolio of equities, bonds & other assets, it also has a substantial allocation into life sciences.  In this illuminating discussion, Kasim shares Novo Holding’s asset allocation, their corporate structure, the European regulatory context, their long term mission and the importance of the foundation’s life-saving work. Kasim also covers balancing disbursements to the Novo Nordisk Foundation & re-investment in the fund, some criteria for working with external managers, their engaged ownership approach (especially in life sciences) and why they’re comfortable as a public firm. He also discusses the challenge of increasing antibiotic resistance, how biology is assisting in the green transition and the breathtaking development of medical research (including the revolutionary role of AI in diagnostics). ​​The Money Maze Podcast is kindly sponsored by Schroders, IFM Investors and the World Gold Council. Sign up to our Newsletter | Follow us on LinkedIn | Watch on YouTube

Research demonstrates that diverse companies outperform their less diverse peers. The 30% Club’s mission, led by Chairs and CEOs, is to increase gender diversity at board and executive committee levels.  In this episode, current 30% Club Global Chair Hanneke Smits, assesses the shifts underway to increase female representation across the corporate landscape, why PE lags public investing in this regard and what still needs to be done. She also reflects on working in both PE and public markets, the future trajectory of passive & active, and the challenges each presents to investors. She then discusses the qualities needed as a leader and mentor, including the difference between “being liked and being respected”.  ​​The Money Maze Podcast is kindly sponsored by Schroders, IFM Investors and the World Gold Council. Sign up to our Newsletter | Follow us on LinkedIn | Watch on YouTube

If you were asked ‘What is the London Stock Exchange Group, (LSEG)?’, most investors would answer, ‘the London Stock Exchange, of course.’ Yet, the correct answer would be, “well that’s only 5% of revenues today”, and then you might pause and wonder what the rest is… In this conversation with David Schwimmer, a veteran of Goldman Sachs, and CEO of the LSEG since 2018, we examine an organisation that today has revenues of £8bn, an operating income of £2.8bn and a market capitalisation of approximately £50bn. LSEG is the 14th largest company in the UK, employing 25,000 people in 70 countries, and is now 4% owned by Microsoft (as of May 2024).  David explains the LSEG business today, how they are the no.1 globally in real time financial data, how they serve customers in areas from risk-analytics, FX, bond trading, KYC, ALM verification. He discusses the partnership with Microsoft, and the rapid shifts in technology, as well as their impact on business execution and enhancing productivity. Finally we have an earnest conversation about the UK, which has the second largest pension market in the world, London’s enviable position, and why persistent negative press around delisting may have created a stronger narrative than the facts would suggest. ​​The Money Maze Podcast is kindly sponsored by Schroders, IFM Investors and the World Gold Council. Sign up to our Newsletter | Follow us on LinkedIn | Watch on YouTube

Armed with a degree, MBA, MPA, and a PhD, the author of 5 bestselling books, a trained economist, a previous employee of Goldmans Sachs, a life peerage in the House of Lords, sought after board member, one of Time Magazine’s 100 Most Influential People in the World, and on Oprah Winfrey’s “O” Power List, our guest today seems to have it all! Dambisa Moyo has written about why development aid to Africa isn’t working, the economic vulnerability of the West, China’s single minded-focus, why democracies are under threat, and how company boards can work more effectively.  In this conversation we laser in on her assessment of developed markets’ economic growth, or lack thereof, and where she sees the investment opportunities. She discusses where the UK and Germany are failing, why excessive regulation is a problem, how she weighs up bonds versus stocks, EM versus DM equities.  She also covers why Warren Buffett may be spot on with his energy investments, and how the US economic boom masks a more stagnant picture in emerging markets (home to 90% of the world population).  She finishes with some fabulous advice for young people: “No doesn’t mean never!” ​​The Money Maze Podcast is kindly sponsored by Schroders, IFM Investors and the World Gold Council. Sign up to our Newsletter | Follow us on LinkedIn | Watch on YouTube

Through direct, entertaining & insightful interviews with masters of the real life money maze, we hope to learn about different approaches to allocating capital, making business decisions and navigating the pitfalls that line the paths to prosperity.  Each episode, with invite leading figures from the investment management and finance sector onto the show, who share their investment insights and career tips with our community. We're driven by a commitment to opening up the industry, which can often be shrouded in the fog of jargon and apparent complexity.  To provide listeners with a wider perspective, we also occasionally feature guests from the arts or wider business world. The interviews is available completely free on all major podcast apps, on YouTube and via www.moneymazepodcast.com If you have any questions or guest ideas, feel free to email us at [email protected]. Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn ​​The Money Maze Podcast is kindly sponsored by Schroders, IFM Investors and the World Gold Council.

Back in September 2021, we met with Nic Cary of Blockchain.com, which was already well on its way to becoming one of the world’s leading digital asset platforms.  Since then cryptocurrency volatility has been extraordinary, and witness to wild gyrations, the imprisonment Sam Bankman-Fried, SEC action, regulatory hand wringing and then this year, BlackRock’s launch of one of several crypto ETFs (approved by the SEC), and Bitcoin's halving last weekend. In this conversation Nic makes the case for crypto to a sceptical Simon, discussing the importance of blockchain technology, the growth of the crypto markets, scarcity, risk, speculation, institutional versus retail participation, and of course, the merits of gold vs crypto. Blockchain has now grown to be one of the world’s largest crypto infrastructure providers, enabling both institutions and individuals to buy, sell, utilise, understand and exchange crypto products. Since being co-founded by Nic in 2011, they’ve facilitated about a third of all bitcoin network transactions, processing over $1tn in transaction volume for 37m users. Also joining this conversation was Will Campion of Campion Capital (who set up the podcast with Simon), making his debut appearance on the show! ​​The Money Maze Podcast is kindly sponsored by Schroders, and IFM Investors.  Sign up to our Newsletter | Follow us on LinkedIn | Watch on YouTube

In this interview, we return to Canada. Having interviewed Jo Taylor of OTPP last year, this time we sought out one of the most well-known and successful women in private equity, someone who is also proving to be a huge role model for young women pursuing careers in the investment industry.  Suyi Kim, educated at the University of Seoul and then Stanford, explains the attraction PE had for her as she pivoted from consultancy. She discusses sourcing the deals, when they entered and exited Alibaba, the differences in the opportunities in PE investing across continents, and importantly, how they approach China.  She discusses how PE has changed, why it remains a bottom-up process, the potential for high returns, and why it is an attractive business for young people to consider. Finally; she shares her two most important words: “Be Curious”! ​​The Money Maze Podcast is kindly sponsored by Schroders and IFM Investors Sign up to our Newsletter | Follow us on LinkedIn | Watch on YouTube

It’s not every day that one of our guests from the world of finance has successfully scaled Everest 5 times, been awarded an MBE by the Queen, raised millions for charity, and is a vocal ambassador for the NSPCC. For his day job, he led trading desks at Goldmans, CS, UBS and Bluecrest. If that wasn’t enough for most people, he then became sufficiently intrigued by the changing world of gold to become CEO of the World Gold Council (WGC). In this fascinating conversation, David explains how the WGC is bringing gold bullion into the digital age from regulatory, provenance, ESG, and tokenisation angles. He assesses growing institutional demand (gold prices have hit record highs in recent weeks), describes the supply side dynamics, examines why gold improves the risk/return characteristics in a portfolio, why gold mining companies may be too cheap, and how the future may look for gold. Finally, David reflects on his childhood as a victim of child sexual abuse, the agony and therapy of the film about him, Sulphur & White, and the priorities which need addressing (in the UK alone, 1 in 20 children suffer sexual abuse). ​​The Money Maze Podcast is kindly sponsored by Schroders and IFM Investors Sign up to our Newsletter | Follow us on LinkedIn | Watch on YouTube

In this Easter special we explore a slightly different realm: religion! Very occasionally one individual can have a disproportionately powerful impact on a collection of people, but very rarely does that person’s impact grow in time and reach, and expand beyond anyone’s expectations and for millions, be responsible for enhancing their lives. Our guest, the Reverend Nicky Gumbel, talks of his own odyssey from barrister to clergyman, before widening both awareness and access to Christianity to those outside the church via the Alpha Course.  Alpha - a term which we usually employ in a very different context on the podcast - effectively rebranded and modernised Christianity for a new generation in the 1990s, with tens of thousands of courses being run by the end of the decade. The programme has now been translated into 112 different languages, and 30 million people have taken part.  In this interview he explains his own pivot to faith, how he was asked to take charge of the Alpha Course development, and in the subsequent years how its reach was extended globally. He explains how he built it into a global brand, how charismatic leadership can be relevant to all fields, the changing relationship between faith and secularism, the role of religion for prisoner rehabilitation, as well as thoughts on morality, money and giving! ​​The Money Maze Podcast is kindly sponsored by Schroders, Bremont Watches, and IFM Investors. Sign up to our Newsletter | Follow us on LinkedIn | Watch on YouTube

Our guest today earned her master’s degree in physics, captained her rugby team at Oxford, and then a few years later was posted as bp’s engineering manager to Baku, Azerbaijan. She then spent time as Country Head in neighbouring Georgia and COO of Lightsource bp, and is now bp’s Senior Vice President, Wells.  In this conversation, Ann explains bp’s mission to become an integrated energy company, built on three strategic pillars: resilient hydrocarbons, convenience and mobility and low carbon energy. She talks of the need for a reliable and balanced energy system, priced appropriately and invested pragmatically as the world transitions towards a lower carbon future. Also discussed is how energy supplies are evolving amidst global conflicts, the role of financing in the energy transition, and how AI is impacting energy demand.  Sign up to our Newsletter | Follow us on LinkedIn | Watch on YouTube ​​The Money Maze Podcast is kindly sponsored by Schroders, Bremont Watches, and IFM Investors. DISCLAIMER: This episode was recorded in February 2024. You can find the latest information on BP’s performance and operations at bp.com/results.

In May 2021, we turned our attention to an investor dilemma – Should we view wine as a proper asset class? And how should we think about the wine industry, unmodernised for so long, but ripe for change! A disrupter emerged in 1997, in the shape of Bordeaux Index, set up by Michael Spencer and Gary Boom. In this conversation we learn about the shifting sands of supply and demand. We discuss global climate impact and some of its advantages for the wine industry. We discuss wealth creation and the continued thirst for luxury wines, champagnes and whiskies. Gary also explains where new and exciting wines are emerging, why he’s re-assessed the emerging English opportunity set, and how they’re embracing digital transformation via their new LiveTrade platform (which was rebranded & expanded this year). Gary discusses the impact of their technology in helping bring liquidity and transparency to wine trading - reflecting on his previous life at ICAP - and why increasing numbers of investors are building portfolios in the wine & spirits world. We then assess the key question; where might there be money to be made in this fast-evolving market? And aside from the investment implications, who doesn’t like to sample lovely wine?! No one wants to finish their lives observing wistfully, as Ernest Hemingway once did, that “my only regret in life is that I didn’t drink more wine!” NOTE - This episode was recorded in late 2023, prior to the re-launch of their LiveTrade product in early 2024. The Money Maze Podcast is kindly sponsored by Schroders, Bremont Watches and IFM Investors. Sign up to our Newsletter | Follow us on LinkedIn | Watch on YouTube

In this bitesize feature, David Einhorn, Founder & President of Greenlight Capital, discusses the potential impact passive investing has had on value investors, and where opportunities may lie.  David is one of Wall Street's most closely followed hedge fund managers, whose public commentary on stocks has had market moving results ('The Einhorn Effect'). He's perhaps most well-known for his short bet on Lehman Brothers in 2007.  This is an excerpt from his appearance at the London Value Investor Conference in May 2023, included as part of our short-form Money Maze Vignettes series. The Money Maze Podcast is kindly sponsored by Schroders,  Bremont Watches, and IFM Investors. Sign up to our Newsletter | Follow us on LinkedIn | Watch on YouTube

In today’s episode, the Money Maze Podcast takes a short trip back to 2023 to revisit our Second Private Markets Series.  We shared fascinating conversations with guests from the likes of TPG, Tikehau Capital, Nasdaq Private Market, CAIS, and IFM Investors.   In case you missed those episodes, we have compiled together some of the highlights from those episodes, including David Neal of IFM Investors on why infrastructure ‘feels like almost the perfect institutional asset class’ and Matt Brown of CAIS on how technology is bridging the gap between financial advisors and alternative asset managers. We also hear from Pamela Pavkov and Anilu Vazquez-Ubarri of the TPG NEXT fund, which is investing in underrepresented alternative asset managers, Mathieu Chabran on Tikehau Capital’s extraordinary growth story and Tom Callahan, CEO of Nasdaq Private Market, who explains how the world of secondary markets for private stocks works.  You can listen to all the full episodes here via www.moneymazepodcast.com/series/private-markets. Sign up to our Newsletter | Follow us on LinkedIn | Watch on YouTube The Money Maze Podcast is kindly sponsored by Schroders, Bremont Watches, and IFM Investors. 

In this bitesize feature, A-Rod Corp’s CEO, Alex Rodriguez, discusses principal capital, creating opportunities for partners, and A-Rod’s geographical scope. In the full interview, Alex speaks about how he came to dominate his sport, developing a substantial portfolio of investments and businesses through his investment firm, invaluable advice given to him by Warren Buffet. Listen or watch here.  Money Maze Moments are short extracts taken from some of our most popular episodes, which we found interesting or struck a chord with our listener community.  The Money Maze Podcast is kindly sponsored by Schroders,  Bremont Watches, and IFM Investors. 

With a successful career incorporating 18 years at Goldman Sachs, and then CEO of the Man Group, Emmanuel explains today’s landscape for investors across the fixed income universe. He explains PIMCO’s mission and reach. He discusses how the world is awash with cash and short-term maturities, creating opportunities with interest rates having adjusted upwards. He feels there is a tidal wave of liquidity, underpinning an optimistic view of the possible investments which exist; from credit, both public and private, through to emerging market local FX debt. He explains why alpha is very identifiable and investable and why active beats passive in the fixed income universe. He discusses how AI is transforming data processing in the finance sector.  Finally, he explains why banks are retreating from some quarters of the lending landscape, creating opportunities for PIMCO. Finally, he reflects on the European dilemma in being able to create meaningful growth, and why all these government debts will have to be paid at some point ahead. ​​The Money Maze Podcast is kindly sponsored by Schroders, Bremont Watches and IFM Investors. -- DISCLAIMER: PIMCO manages $1.86 trillion in assets, including $1.48 trillion in third-party client assets as of 31 December 2023. Assets include $82.2 billion (as of 30 September 2023) in assets managed by PIMCO Prime Real Estate (formerly Allianz Real Estate), an affiliate and wholly-owned subsidiary of PIMCO and PIMCO Europe GmbH that includes PIMCO Prime Real Estate GmbH, PIMCO Prime Real Estate LLC and their subsidiaries and affiliates. PIMCO Prime Real Estate LLC investment professionals provide investment management and other services as dual personnel through Pacific Investment Management Company LLC. PIMCO Prime Real Estate GmbH operates separately from PIMCO.

Why does a teacher trained to help children with special needs decide to  switch, earn an MBA, then work at Pepsi, become an investment consultant, and end up becoming CIO at an $8 billion dollar foundation? In this conversation, Roz recaps on lessons learned with investing organisations, (including CalPERS) before arriving at Helmsley Foundation in 2010. She describes what makes for an effective investment committee, why investment boxes like ‘growth’ and ‘value’ can be counterproductive, and instead why portfolio construction by tranches of liquidity appeal more. She offers a range of valuable and pithy investment advice, including why “you shouldn’t worry about volatility, if you have ample liquidity”, and why for asset allocation it may be a case of “back to the future”. ​​The Money Maze Podcast is kindly sponsored by Schroders,  Bremont Watches, LiveTrade and IFM Investors

Our guest today has been referred to as "the English Warren Buffett" for his style and success in investing. His book, published in 1992, Accounting for Growth, and its ensuing controversy helped propel it to the top of the bestsellers chart, displacing Stephen Hawking's ’A Brief History of Time’ from the No.1 spot.  He’s been head of research, CEO of a public company, a former top banks analyst (who won’t own a bank in his fund), and is now highly respected Founder and CIO at the global equity fund manager, Fundsmith. Terry details his progress through finance, including how he examines inconsistencies and checks cash flows. He explains why he believes you cannot be successful in investing unless you break out from the crowd. He then describes the genesis of Fundsmith, its mission “to run the best fund ever; by which we mean the one with the highest return over the long term adjusted for risk.”   He then details what he looks for in the companies he selects, red lines, distrusting management gloss and why he believes that equities beat bonds over the long term. Lots to learn! The Money Maze Podcast is kindly sponsored by Schroders,  Bremont Watches, LiveTrade and IFM Investors. Sign up to our Newsletter | Follow us on LinkedIn | Watch on YouTube

What if clearing out early stage cancers from your body could become as routine as going to your dentist, or what if a single vaccine could protect you against multiple viruses? In this episode, we trace Mike Milken’s journey from developing and popularising high yield corporate bonds, to catalysing changes in the world of cancer, and addressing key unmet medical challenges. Mike describes the centrality of medicine in powering economic growth. He describes the current priorities, progress, and the impact of tech and AI on medical advancements. He sizes the costs of obesity, the role of prevention, the microbiome, and your gut. Furthermore he explains why data sits at the centre of achieving faster cures and shares the reasons that underpin this optimism. ​​The Money Maze Podcast is kindly sponsored by Schroders, Bremont Watches, LiveTrade and IFM Investors.

What do JR Tolkien, Emma Watson, Oscar Wilde, Indira Gandhi, Margaret Thatcher, Niall Ferguson & Dr. Seuss have in common?  They all attended Oxford University, which for nearly 1,000 years has been educating some of the brightest of British and global youth. To have proved so permanent and excellent is testimony to many forces, both financial and educational. In this episode we’re delighted to have its founding Chief Investment Officer and CEO, Sandra Robertson, who explains their approach, investment goals, managing a foundation, and what excites her about the investment landscape in 2024. She discusses managing an endowment, how a new manager becomes included in the fund, and her thinking about risk. She explains her approach to hiring, encouraging a culture which prioritises straightforward & honest communication, and the enduring magic of the internationally renowned Oxford ecosystem. ​​The Money Maze Podcast is kindly sponsored by Schroders, Bremont Watches, LiveTrade and IFM Investors.

This week, the Money Maze Podcast is packing up and shutting down for Christmas and New Year. But before we get away, we wanted to catch you up on everything we’ve been up to these last 12 months! Otherwise, we wish all our listeners, sponsors & friends an enjoyable festive break! The Money Maze Podcast is kindly sponsored by Schroders,  Bremont Watches, LiveTrade and IFM Investors. Sign up to our Newsletter | Follow us on LinkedIn | Watch on YouTube

If you don’t know about his most recent book ‘Going Infinite’,  you’ll probably want to buy it after listening to or watching this episode with Michael Lewis, author of multiple books and associated films, including 'The Big Short', 'Moneyball', 'Flash Boys', 'The Blind Side', 'Liars’ Poker', and more. In this interview, with co-host Ravi Joseph, we start out with Liar’s Poker and the wild west of the Salomon Brothers trading floor. Then, picking up from where we left off from our interview 18 months earlier, we probe why Michael had suggested that crypto might be his next subject. He describes the ascent and collapse of Sam Bankman-Fried. We hear how despite writing that “everything about him [SBF] was peculiar”, Sam develops a magnetism that attracts politicians, celebrities, and financiers alike.  Michael describes the fault lines, the failings and even feedback from speaking to him recently in prison, awaiting sentence. A fantastical tale and fabulously fun conversation. ​​The Money Maze Podcast is kindly sponsored by Schroders,  Bremont Watches, LiveTrade and IFM Investors.

For all the narratives around investing and making money, those who have survived the investment cycles for decades and earned above average returns have typically adhered to sound disciplines. This means valuing companies correctly, not taking shortcuts, not being swayed by management ebullience, and digging into the financial statements is key to optimising returns. In this episode, Steve Clapham, veteran analyst, investor and creator of Behind the Balance Sheet explains why effective investment training has diminished, and how reading accounts is more important than ever in an era of waning cheap money. Steve shares his candid thoughts on the CFA and explains why the cash flow statements are so vital. He then explains why opportunities on the buy-side are increasingly plentiful, before covering a few case studies of 'creative accounting' (including two recent high profile fraud scandals: Patisserie Valerie and Wirecard).    ​​The Money Maze Podcast is kindly sponsored by Schroders, Bremont Watches, LiveTrade and IFM Investors. -- FURTHER RESOURCES To help improve your equity analysis and access world-class training videos, consider signing up to Steve’s Analyst Academy Course. As a festive thank you, he’s offering Money Maze Podcast listeners a 10% discount on the acclaimed course. At checkout, add the code ‘MMP10’ to enjoy the Black Friday discount. Learn more and sign up here! (Offer ends on December 15th 2023). Steve also runs the Behind the Balance Sheet Newsletter. It aims to expose as many people as possible to equity investing, sharing analysis to improve your investing skills, backed by his 25+ year institutional career. Steve is kindly also offering listeners a 30% discount on the newsletter via this link!

In his report ‘Birth, Death, and Wealth Creation’, Michael Mauboussin observes and then claims that corporations are surviving longer and winning more.  This week, we welcome Michael Mauboussin, Head of Consilient Research at Counterpoint Global, Morgan Stanley Investment Management, to discuss the unique patterns of wealth creation in  public equity markets.  After explaining the similarities between ice hockey and investing, Michael discusses why corporate ‘death rate’ is higher than firms’ ‘birth rates. He describes why firms are increasingly choosing forgo IPOs, opting to stay private for longer.  He also covers Hendrick Bessembinder’s theory of wealth destruction, the distinction between value investing and value factors, and why investors may want to look beyond the headlines when it comes to tech. Michael Mauboussin was interviewed by Simon Brewer at the Quality-Growth Investor Conference in London. The next in-person event to be held by the organizers of the conference will be Value Invest New York on December 12. Use this link and enter “MONEYMAZE_VINY” at checkout to enjoy a 40% discount on tickets (worth $600; offer valid until 30th November 2023).  The Money Maze Podcast is kindly sponsored by Schroders,  Bremont Watches, IFM Investors and LiveTrade. Sign up to our Newsletter | Follow us on LinkedIn | Watch on YouTube

'Contrary to what was widely expected at the start of the present century, the world has not seen the end of major wars, confirming that Plato was right when he wrote that “only the dead have seen the end of war.”' These lines come from a new book, just published, titled ‘Conflict: The Evolution of Warfare from 1945 to Ukraine.’ The book was written by Lord Roberts, a widely respected UK author, and General Petraeus, former CIA Director and former Commander of US Central Command. In this conversation, Simon speaks to Andrew and David, who discuss some key ideas and themes from the new book. We hear their analysis on some lessons learnt after seven decades of conflict following WW2, including some reflections on the Vietnam War, Iraq/Afghanistan, and the current Ukraine conflict. Strategy, tactics, leadership, intelligence, research, new technologies and planning for the future are all discussed in this illuminating episode. [This episode was recorded just prior to the current Israel-Gaza conflict, so this is not covered]  Kindly sponsored by Schroders, Bremont Watches, LiveTrade and IFM Investors. Sign up to our Newsletter | Follow us on LinkedIn | Watch on YouTube

According to Bloomberg, Ray Dalio and his firm Bridgewater have “made more money for investors than any other hedge fund in history”. In this interview, Ray outlines his investment thinking and analyses some key trends shaping the global economy. Ray is an investor, commentator, philanthropist, and analyst of history’s relevance is assessing today’s economic and social challenges. He’s been dubbed the “Steve Jobs of investing" and Fortune has referred to the company he founded as the "5th Most Important Company in the US". In this feature, he discusses the development of Bridgewater and the principles that underpin his thinking (as also covered in his bestselling book, ‘Principles: Life and Work’). He then offers his perspective on the 'Big Cycle' that has driven the successes and failures of all the world’s major countries throughout history, before outlining the five key forces he believes are at work today: debt, conflict, populism, climate change and the power of technology. Kindly sponsored by Schroders, Bremont Watches, LiveTrade and IFM Investors. Sign up to our Newsletter | Follow us on LinkedIn | Watch on YouTube

Today’s guest was a key player on the George Soros team, who in 1992 helped the Quantum Fund make $1bn, shorting sterling ahead of the UK’s withdrawal from the ERM. As Soros’s CIO, he was also dubbed ‘The Man Who Broke the Bank of Japan’ by the Wall Street Journal after making approximately $3.5bn on the Abenomics trade from 2012-2015.  Scott is widely acknowledged to be one of the world’s most highly respected macro hedge fund managers, and currently runs Key Square Capital Management. He has also taught financial history at Yale and is a prominent philanthropist. In this episode, Scott explains the key ingredients in being a macro manager. He charts his journey, working with legendary investors such as Stan Druckenmiller and George Soros. He opines on a range of key investment themes, including his thoughts on de-dollarisation, debt, commodities, the Ukraine rebuild, and AI. He also shares his analysis of the fast-evolving markets in both China and Japan. Scott goes on to discuss risk, when and how he sizes positions, signposts that influence conviction, and dealing with information overload. A tour de force! Sign up to our Newsletter |  Follow us on LinkedIn |  Watch us on YouTube The Money Maze Podcast is kindly sponsored by Schroders,  Bremont Watches, LiveTrade and IFM Investors. 

Today’s guest has performed with Pavarotti, but in his day job he is a financial commentator and author, who spent 29 years at the Financial Times, including as Global Head of the Lex Column, before moving to Bloomberg as Senior Markets Editor. He is responsible for ‘Points of Return’, the highly regarded and followed commentary, and has the unusual appeal of a career spanning geographies, asset classes and employers. John recaps on his investing lessons from years of writing ‘The Long View’ at the FT, Lex, and being a correspondent across industries. He highlights some key investing takeaways, including diversification, fee minimisation, patience and avoiding home country bias. He also discusses the evolution of the 60/40 portfolio, lessons from Swensen, and reflects on his doubts about some of the private assets euphoria. In addition, John explains how he and his team approach the topics they want to research and cover, how he prioritises the news which matters, assessing mistakes, and staying relevant in a fast-evolving industry.  Finally, he also covers corporate culture, whether the City of London is losing out to New York, and reflects on lessons from one or two of the great investors. The Money Maze Podcast is kindly sponsored by Schroders,  Bremont Watches and LiveTrade. Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn | Watch on YouTube Subscribe to the John’s Bloomberg newsletter here (Points of Return) Inbox not quite full enough? Subscribe to our newsletter here!

There are certain geopolitical developments that need to be examined in an objective and timely manner for their profound strategic ramifications. After the attack by Hamas and the ensuing conflagration, we welcome two seasoned Middle East thinkers from the International Institute for Strategic Studies (IISS). We attempt to disentangle the key forces at work and the motives. In the context of the wider Abraham Accords and Biden’s push for a Saudi/Israeli détente, we discuss how international relations in the region may evolve as a result of the conflict. We discuss the intelligence failure, the contextual backdrop, the competing powers, and what may lie ahead for key actors in the fractured region. Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn | Watch on YouTube The Money Maze Podcast is kindly sponsored by Schroders,  Bremont Watches and LiveTrade.

In this bitesize feature, Amgen’s CEO explains why Iceland’s isolated population make it a useful sample for understanding how disease arises from a genetic standpoint, and what this means for the drug discovery pipeline.  In the full interview Bob discusses timelines and priorities, the use of AI in accelerating drug development, biologics, facing setbacks on the road to approvals, and the challenge of running a company which has a presence in over 100 countries. Listen or watch here. Money Maze Vignettes are short extracts taken from some of our most popular episodes, which we found interesting or struck a chord with our listener community.  The Money Maze Podcast is kindly sponsored by Schroders,   Bremont Watches, and LiveTrade. 

William Butler Yeats, the great poet, observed, “Education is not the filling of a pail, but the lighting of a fire.” It may be easy to agree that education is the passport to a better future, but in this episode we wanted to discuss how we should be thinking about education today and tomorrow, and are we failing? Our guest, Sir Anthony Seldon, is recognised as one of the most distinguished and respected figures in the world of education. He’s a headmaster who has led some of the UK's leading independent schools, including Wellington College, Brighton College and (now) Epsom College. He is also the former Vice Chancellor of Buckingham University and author of over 40 books, including his masterpiece “The Impossible Office”, which examines the lives of 55 British Prime Ministers. Alongside this, Anthony is Deputy Chair of the Times Education Commission. We discuss how to define a good education, how AI will influence both teaching and learning; and whether the cost versus benefit of school and university education represents a good return on investment, including whether Tony Blair was simply wrong in his desire to have 50% of the UK population attend university.  Anthony discusses effecting change and assessing great leadership, drawing on his examination of 55 Prime Ministers. Perhaps most important of all, he discusses how to live a better life and why grades alone shouldn’t define intelligence.  Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn | Watch us on Youtube The Money Maze Podcast is kindly sponsored by Schroders,  Bremont Watches and LiveTrade.

In this conversation with David Neal, CEO of IFM Investors, we explore the origins of this highly unusual institution, an ‘investor-owned global investment manager’. Set up around 30 years ago to invest on behalf of more than 600 like minded institutions worldwide, it now manages approximately $143 billion (USD, as of 30/06/23).  David discusses what he believes makes for an effective CIO, lessons he drew from being CEO at the Australian Future Fund and why IFM was born. He explains their mission before detailing their highly successful approach to infrastructure investing. He also covers their private debt strategy, and why the balance in private equity between owners and investors may be less than optimal. He also shares his thoughts on portfolio diversification, and lessons learned from his early days at WTW. Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn | Watch us on Youtube The Money Maze Podcast is kindly sponsored by Schroders,  Bremont Watches, and LiveTrade. We’re pleased to also be supporting GAIN as our 2023 Charitable Partner!

In this episode of our Private Markets Miniseries, we explore a French firm, whose growth has now firmly established it as a major force in the global alternatives industry. Started in 2004 in Paris by Mathieu Chabran and Antoine Flamarion, then aged 28 and 31 respectively, with €4m of assets compiled from personal savings, friends and family, today it manages over €40 billion.  Mathieu explains their motivation to leave leading investment banks to build a business specialising in private credit, private equity, real assets, and capital markets strategies. He discusses their first deal and their approach to the partners with whom they invest (such as TotalEnergies, Unilever and Airbus). Mathieu also discusses their equity partners, which includes Temasek, Morgan Stanley and most recently, SFI Investments (the investment vehicle which manages the wealth of the family behind AB InBev). In a wide-ranging conversation, Mathieu explains the important of committing their own capital to their transactions, the compelling opportunities in Europe’s mid-market, capital allocation, sustaining an entrepreneurial culture and why a firm specialising in private assets choses to list as a public entity.  Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn | Watch us on Youtube The Money Maze Podcast is kindly sponsored by Schroders,  Bremont Watches and LiveTrade. We’re also pleased to be highlighting & supporting GAIN as our 2023 Charitable Partner.