Just as the Nasdaq was launched in 1971 to automate the market for securities which were not exchange-listed, so in 2013 the Nasdaq Private Market was created to help solve private company liquidity. Tom discusses how the introduction of the JOBS Act during Obama’s reign accelerated the need to have a market place for buyers and sellers to meet, as well as supporting price discovery & settlement.  Tom explains their growth, rationale, technology and trajectory and why they were spun off in 2021 . He discusses their cornerstone investors and how employees of private companies to early VC backers stand to gain from increased transparency and liquidity. Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn 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! DISCLAIMER: NASDAQ PRIVATE MARKET, LLC IS NOT A REGISTERED EXCHANGE UNDER THE SECURITIES EXCHANGE ACT OF 1934. NASDAQ PRIVATE MARKET IS OPERATIONALLY INDEPENDENT AND DISTINCT FROM THE NASDAQ STOCK MARKET LLC. SECURITIES-RELATED SERVICES ARE OFFERED THROUGH NPM SECURITIES, LLC, A MEMBER OF FINRA AND SIPC. NONE OF THE INFORMATION PROVIDED REPRESENTS AN OFFER TO BUY OR SELL, OR THE SOLICITATION OF AN OFFER TO BUY OR SELL, ANY SECURITY, NOR DOES IT CONSTITUTE AN OFFER TO PROVIDE INVESTMENT ADVICE OR SERVICE. INVESTING IN PRIVATE COMPANY SECURITIES IS NOT SUITABLE FOR ALL INVESTORS. IT IS HIGHLY SPECULATIVE AND INVOLVES A HIGH DEGREE OF RISK.

We are delighted to welcome KKR, and its Co-Head of European Private Equity, Philipp Freise, onto the show. Philipp discusses his wide and impressive education, his journey through management consulting at McKinsey, and a dotcom adventure as an entrepreneur, before joining KKR over 20 years ago. KKR today is a leading global investment firm with $510 billion of assets (as of 31/03/23), invested across multiple alternative asset classes, including private equity, infrastructure, real estate and credit. The conversation begins with Philipp deciphering the European paradox posed to him; namely reconciling European economic sclerosis, political dissension, energy disruption, and one-size-fits-all monetary policy, with his statement that it’s “never been more interesting to invest in Europe”. He answers emphatically that entrepreneurial capital is needed in Europe, and why private equity offers that. He explains that with the preponderance of privately owned companies in Europe, public markets do not offer the core of the solution. He provides specific examples of companies in which they have invested, from e-biking to supply chain software solutions, and why attitudes to private equity in Europe have changed dramatically over the last twenty years. He discusses KKR’s track record, the imperative for portfolio diversification, their thematic and sector priorities and why private equity is woven into the fabric of business today (an observation not always understood). Originally recorded in August 2022. Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn  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.

In today’s episode, the Money Maze Podcast takes a short trip back to summer 2022 in light of the upcoming release of our second Private Markets Miniseries!  Last year, we released our first season, delving deep into the far reaching ramifications of the industry, and sharing fascinating conversations with guests from the likes of Schroders Capital, Petershill Partners, KKR, Bain Capital, Permira, and CD&R.  We have compiled together some of the highlights from those episodes, discussing alternative assets, branding & consumers, as well as geographical and sector considerations. Also discussed are some key examples of high profile acquisitions, including CD&R's £7bn takeover of Morrisons, and Permira's £300m buyout of Dr. Martens. Season 2 of Private Markets starts next week, and the 6-part series will run until October. You can listen to both seasons via www.moneymazepodcast.com/series/private-markets. Season 1 was originally recorded in Summer 2022. 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. 

We last spoke about gold on the show 3 years ago, with Evy Hambro, who runs the BlackRock natural resources team. The discussion highlighted that paper currencies have a 100% track record of losing purchasing power, whereas gold has a 100% record of permanence. In this conversation, we ask Randy Smallwood to address several important issues around gold. His perspectives on supply and demand, lessons from history, current central bank actions and why he recently observed that “gold is in a perfect position right now”. We then discuss currency debasement, gold’s role in portfolios, and how to own and access it, as well as the potential for tokenisation. Randy then discusses the investment parameters around mining stocks and how streaming companies such as Wheaton Precious Metals where he is CEO, offer a different way of investing in the gold universe. Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn 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. 

In the third and final episode of our 'July With Jen Series', guest hosted by Jen Prosek, we welcome Mike Pompeo onto the show. Mike is the only man to ever have served as both the US Secretary of State (2018-21) and CIA Director (2017-18). In this episode, Mike and Jen have a riveting conversation, discussing a range of key geopolitical topics, such as; US-China relations, what to expect from the Ukraine/Russia conflict in light of the recent mutiny, and his hopes for the future of the United States. He goes on to defend the recent history of US interventionism in the Middle East  - suggesting that it was underpinned by just intentions - before explaining how his experience in business prior to politics helped him truly understand the USA's unique economic advantages. In addition, Mike discusses how his faith has impacted his outlook on the world, why he preferred working as Director of the CIA over being the Secretary of State under Trump, and how the US media should focus on policy - not just personalities - in its election coverage.  Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn 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. 

In the second episode of our ‘July With Jen’ miniseries, we welcome two leading entrepreneurs on the show for a varied discussion on the US economy, geopolitics, tech and more. The episode brings together Joe Lonsdale, Managing Partner of 8VC and Co-Founder of Palantir, and Thomas Tull, Founder of Tulco LLC and Former CEO of Legendary Entertainment. The discussion is moderated by Jen Prosek, Founder of Prosek Partners, who is kindly guest hosting the podcast this month. The two entrepreneurs offer some thoughtful insights on emerging technologies, AI, synthetic biology, the private and public sectors, as well as the rise of China and America’s response. They also discuss the impact of COVID-19 on supply chains & manufacturing, philanthropy, and leadership.  Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn 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. 

In this episode, we welcome Lynn Martin, the second woman in history to run the New York Stock Exchange (NYSE).  The session is moderated by Jen Prosek, Founder of Prosek Partners, who is kindly guest hosting the podcast this month. Lynn enlightens Jen on her experience as the 68th President of the NYSE, and her navigation of an often-male dominated field.  The two also discuss the IPO market, what makes a company ready for public markets, ESG, and board diversity. Lynn also offers insights into emerging technologies, AI, and the importance of creating accessible courses for young girls.  We are proud to have Lynn as a guest on the show, discussing the importance of creating opportunities for young women to break into and grow within male dominated fields. The Money Maze Podcast is also now in partnership with, and supporting GAIN - Girls Are Investors, as our 2023 Charitable Partners!  Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn The Money Maze Podcast is kindly sponsored by Schroders,  Bremont Watches, and LiveTrade. 

Oscar Wilde defined a cynic as someone who knew the price of everything, and the value of nothing. In today’s episode, we discuss value investing with David Einhorn, Founder and President of Greenlight Capital.  David talks about the irreparable damage caused to the value investment industry, passive investing, returns, and bonds trading. He also discusses index and short investments, as well as undervalued products.  This episode is an excerpt from the session recorded at the London Value Investor Conference in May. Many thanks to the LVIC team for allowing us to share this content for free! Find out more about their upcoming sister conference, the Quality Growth Investor Conference, here.  Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn 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!

General Sir Nick Carter, former Chief of the Defence Staff returns for a short discussion on the Ukraine War. He addresses the current situation from a military perspective, political interpretations, and gives further strategic insights.  He then also discusses his predictions for how the war may end, and the impact recent events could have on Putin’s waning support and reputation. Finally, General Carter offers us a concise assessment of the US-China relations, as well as the rapid re-ordering of Middle Eastern politics. Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn 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.

The late Steve Jobs of Apple said “I think the biggest innovation of the 21st century will be at the intersection of biology and technology, a new era is beginning”. If you want see how biotech can change the world of health, whilst potentially being capable of creating extraordinary value for investors, there are few better places to look than Amgen, one of the world’s leading independent biotech companies. With a market capitalisation of approximately $130bn, Amgen has been an extraordinary success story.  In this conversation Bob discusses the big areas of medical need, from cardiovascular problems which continue to make it the world’s greatest killer, through to genetics, obesity, osteoporosis, and cancers.  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. Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn The Money Maze Podcast is kindly sponsored by Schroders,  Bremont Watches, LiveTrade and Mintus.

In a wide-ranging episode we have the opportunity to hear from Ben Goldsmith, a seasoned investor, with a particular focus on environmental opportunities, discussing how his passion in this field has led him to engage on a number of fronts. Ben explains his activities, which span from running a UK listed investment trust and its focus on the efficient use of energy and resources, to having advised the government on the replacement to the EU’s C.A.P agricultural policy. From there he discusses being appointed as a Trustee on Sir Chris Hohn’s CIFF board, through to his rewilding initiative with Peter Davies of Lansdowne. Energised, enthusiastic and seeing great investment opportunities, this is a fascinating conversation! Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn The Money Maze Podcast is kindly sponsored by Schroders,  Bremont Watches, LiveTrade and Mintus.

When Picasso’s Les femmes d’Alger was bought for $179 million, at that time, a world record for an artwork sold at auction, the spotlight shone on the world of art valuations, and this episode’s guest, Brett Gorvy. Having enjoyed an extraordinary career at Christie’s, as Chairman and International Head of Post War and Contemporary Art  & leading the auction house to its first billion-dollar auction week in 2015, he is synonymous with auction expertise, deep knowledge and a passion for great works of art.  Here we examine the demand factors driving the growth and prices paid. We also discuss supply, identifying talent and then look at the market structure itself. Brett discusses the important issues; are the major auction houses challenged, how does technology change behaviours, why art fairs matter, and when do buyers buy? [Disclaimer: Brett Gorvy is also an Advisory Board Member & Chief Curator of Mintus, who kindly sponsor the Money Maze Podcast] Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn The Money Maze Podcast is kindly sponsored by Schroders,  Bremont Watches, LiveTrade and Mintus.

If diamonds are forever, then the organisation most associated with them is, of course, De Beers. From inception in 1888, their leadership in the diamond market has been unrivalled, and even today they sell around 30% of the world's rough diamond production. In this conversation we discuss the concept of diamonds as collectibles and a store of value. We hear about the shifting supply and demand factors influencing prices, the geopolitical forces at play, the rise of synthetics and the importance of the brand. The conversation continues to environmental considerations, running a multinational business, as part of the Anglo American mining giant, and the extraordinary properties that underpin the world of diamonds. Sign up to our newsletter for more in-depth insights |  Follow us on LinkedIn The Money Maze Podcast is kindly sponsored by Schroders,  Bremont Watches, LiveTrade and Mintus.

In our recent discussions with some of the world’s super allocators, we have heard about their investment objectives and varying approaches to asset allocation. In tandem with the growth in complexity, responsibility and sheer size of global investable assets, we’ve witnessed the growth of the role of the pension consultant firms, Mercer, WTW, Aon, assisting investing organisations around the world. In this episode, Joanne Holden, their Global Head of Investment Research & Consulting, explains why a fascination with maths led her to actuarial work and then to investment consulting, and working for over two decades at Mercer. She explains why investing institutions need consultants, how they use them, and how they approach the world of asset allocation and manager selection. She also discusses, the issues around sustainability, manager analysis, and more broadly glass ceilings, resilience, and advice for young people thinking about finance.  Sign up to our newsletter for more in-depth insights |  Follow us on LinkedIn The Money Maze Podcast is kindly sponsored by Schroders,  Bremont Watches, LiveTrade and Mintus.

Our exploration of the world’s super allocators would be incomplete without touching down in France, who have a lesser known but still significant SWF.   In this conversation, Nicolas Dufourcq, at the helm of the fund since its creation in 2013, explains its genesis, evolution and ambitions. He discusses its principal activities and purpose to drive financing, innovation and “doing its utmost to galvanize the French economy”. He describes the emergence of a strong entrepreneurial culture in France, how innovation can help power growth, the re-industrialization of the French economy and the ways in which it is seeking to be “the one stop shop for entrepreneurs”. Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn The Money Maze Podcast is kindly sponsored by Schroders,  Bremont Watches, LiveTrade and Mintus.

In this podcast, we have an enlightening conversation with Nicolai Tangen, CEO of the Norwegian Sovereign Wealth Fund, which manages over $1.2 trillion in assets (as of 31/12/22), making it the second largest SWF globally. Norway’s great wealth is in large part courtesy of its oil riches, discovered in 1969. With great vision, the Government’s response to the discovery was the decision to create a separate, segregated fund, away from politicians’ grasp, to serve Norway’s current and future citizens. Nicolai describes his education and early investing experiences at Cazenove and Egerton, before starting the extremely successful hedge fund AKO. He talks about his education, refreshed throughout his career, and his decision to become the CEO of Norway’s SWF, otherwise known as Pension Fund Global. He talks about his immense delight in being appointed CEO, and how the investment strategy is evolving under his stewardship. He also speaks about his wish to use risk in a slightly more productive way, how private assets are assessed and incorporated going forward, and how deep forensic analysis such as that undertaken in the case of Wirecard will lead them to exclude companies that might otherwise be owned as part of their ownership of 9,000 globally.The conversation encompasses a discussion about the lofty valuations exhibited within ESG assets, the stocks excluded from their investment portfolio and shown on the website, and the tension between divesting and remaining a shareholder of companies in transition. Nicolai then explains why techniques drawn from behavioural analysis can help them assess the risks embedded within potential investments; the resilience that can be learned from top athletes, the dangers of inflation returning and the long term challenges facing investors and the world more generally. Finally he offers some pithy Norwegian advice on cooking, sailing, endurance, charity and why introverts are such an under-utilised asset. Episode originally released in June 2021.  Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn The Money Maze Podcast is kindly sponsored by Schroders,  Bremont Watches, LiveTrade and Mintus.

 As we continue exploring the world’s “super-allocators”, we’re learning how different they are in approach and dispersed in investment decisions. In this episode we examine these questions through the prism of one of the largest US public pension plans, The New York State Common Retirement Fund, with over $250 billion in assets and more than one million members (as of 31/03/22). Anastasia explains her switch, after several years, from sell-side to buy-side, and from private to public. She discusses why the Fund is widely regarded as one of the nation's best-managed and best-funded pension plans, their objectives, restrictions and where and how they prefer active over passive. She describes the infrastructure component, real assets, PE and overseas investing as well as why emerging managers are considered an important element in their portfolio construction.  Finally, she acknowledges the limitations that come with managing such a large pool of capital in terms of mobility when compared to an endowment, but equally explains their reach, reputation and results. Sign up to our newsletter for more in-depth insights |  Follow us on LinkedIn The Money Maze Podcast is kindly sponsored by Schroders,  Bremont Watches, LiveTrade and Mintus.

 In this episode we travel to Canada as we continue our journey around the world to discuss investment approaches with the leading figures at some of the world’s top institutional allocators, dubbed the “super allocators”.   OTPP, well known for its investments from international airports to apple orchards in the US, commercial property globally, autonomous vehicles in Asia, and even Elon Musk’s Space X, has shown that size need not be the enemy of agility and risk comes in a variety of forms.  Jo Taylor discusses his time with 3i which educated him in venture capital and growth investing. He discusses delegating investment decisions, their appetite to be less constrained than many and their geographic and asset priorities, along with why they have, at times, made big asset allocation switches.  In a candid and wide-ranging discussion, culture, communication and ESG are all woven into this rich and varied exchange. Sign up to our newsletter for more in-depth insights |  Follow us on LinkedIn The Money Maze Podcast is kindly sponsored by Schroders,  Bremont Watches, LiveTrade and Mintus.   

In 2002, the Australian Federal Treasurer, Peter Costello, commissioned the Australian Treasury to look at the long-term issues facing the nation and how adequately current generations were preparing for future ones. The message was bleak; “Australia’s ageing population would put immense stress on public finances, especially on health and aged care spending, over the next four decades”. To help address this, the Future Fund was created, and it now looks after six public asset funds (totalling AUD $243.5bn of AUM, as of 31/12/22). So in the second episode of our Super Allocator Miniseries, Ben Samild, Deputy CIO of Future Fund, explains its mission and strategy, including Future Fund’s mandate to achieve CPI + 4-5% returns per annum. He explains the “total portfolio approach”, why they locate portfolio managers close to another, their approach to external manager selection, and why in the words of their former CEO that “too many institutional investors arbitrarily filled pre-determined asset class buckets with too many average quality assets in the name of diversification…risk management at its worst!“ From commodities to FX, from concentration to ESG issues, this is a compelling conversation that crosses borders and asset classes, challenging some conventional thinking.  Sign up to our newsletter for more in-depth insights |  Follow us on LinkedIn The Money Maze Podcast is kindly sponsored by Schroders,  Bremont Watches, LiveTrade and Mintus.

In this miniseries we are interviewing a group of the largest institutional investors (the ‘super allocators’), to understand how these immense pools of capital think about the assets they invest in, shifting asset allocations, passive versus active, public versus private, and steering through turbulent waters.  This first conversation is with CalSTRS, the $300+ billion California State Teachers’ Retirement System. It is the largest educator-only pension fund in the world and the second largest pension fund in the United States. In this episode, the fund’s CIO Christopher Ailman discusses its evolution and the key considerations undertaken during his tenure. He makes the case for predominantly passive equity allocations, the approach to fixed income and benchmark considerations. He also covers infrastructure and its key role (given their long term horizons), PE allocation, and why VC does not fit their size and style. Sign up to our newsletter for more in-depth insights |  Follow us on LinkedIn The Money Maze Podcast is kindly sponsored by Schroders,  Bremont Watches, LiveTrade and Mintus.

‘Over the past decade, about 80 cents of every dollar that has gone into the US investment industry has ended up at Vanguard, State Street, and BlackRock. As a result, the combined stake in S&P 500 companies held by the Big Three has quadrupled, from about 5 percent in 1998 to north of 20 percent today.' These are the opening lines to the book, Trillions, by Robin Wigglesworth, Editor of FT Alphaville and a friend of the show. Today, we further unpack the world of ETFs to understand their evolution, and how they are becoming a much broader wrapper for a multitude of strategies. Salim explains how CIOs, allocators, and individuals use their products to build portfolios and gain exposure to themes, strategies and markets. Salim then dispels some of the myths of fixed income investing, before explaining how investors can use technology to vote whilst also owning passive vehicles, and how savers in Europe are changing their habits. Sign up to our newsletter for more in-depth insights |  Follow us on LinkedIn The Money Maze Podcast is kindly sponsored by Schroders,  Bremont Watches, LiveTrade and Mintus.

 For much of life, the world of banking might seem both impenetrable and dull yet there are times, when it vaults to being centre stage, at which point it typically ushers in fear, loathing and even panic.  In light of the current traumas, rescues and uncertainties, we were very fortunate to have Huw Van Steenis, the internationally respected banks analyst and strategist join the show for a timely discussion on what might lie ahead.  Huw reflects on lessons from history, on the differing regulatory regimes in Europe and the US, on crypto, stress tests, and liquidity versus solvency. He then discusses his thoughts on future changes, the influence of the mega banks, before discussing climate and the energy transition in light of his work on Nicolai Tangen’s climate advisory board.  Sign up to our newsletter for more in-depth insights |  Follow us on LinkedIn  The Money Maze Podcast is kindly sponsored by Schroders,  Bremont Watches,  LiveTrade and  Mintus.

‘I drink my Champagne when I’m happy and when I’m sad. Sometimes I drink it when I’m alone. When I have company I consider it obligatory. I trifle with it when I’m not hungry and drink it when I am. Otherwise I never touch it – unless I’m thirsty!‘  This famous quote can be attributed to Madam Lady Bollinger in a 1961 interview with the Daily Mail. In this episode we explore the world of Champagne with Groupe Bollinger’s CEO & Chairman, whose family have been central to the sustained success of both the brand and product since 1869. In a rare public interview, he discusses the firm’s history, associations with James Bond and key markets. He also covers vintage and non-vintage, Ayala (its sister brand), climate impact, expansion into Burgundy, the Loire and Oregon, and the opportunity to become closer to consumers via technology. He then discusses their investment in Bordeaux Index and their LiveTrade platform, why Rosé is not a fad and the optimal temperature to serve champagne! The Money Maze Podcast is kindly sponsored by  LiveTrade, Bordeaux Index’s award-winning fine wine trading platform. Groupe Bollinger currently has a minority stake in  Bordeaux Index, and  increased its investment into the firm in May 2022. The Money Maze Podcast is also sponsored  Schroders, Bremont Watches and Mintus.

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, Bremont Watches, LiveTrade and Mintus.

To celebrate the three year anniversary of the Money Maze Podcast we’re pleased to be re-sharing our the top 3 most listened to episodes of 2022!   In this much anticipated interview, we are thrilled to feature Dame Kate Bingham, Managing Partner of SV Health Investors and former Chair of the UK Vaccine Taskforce.  The conversation begins with a high level overview of the immense changes that are taking place in the world of medical research which have allowed us to move from treating symptoms to changing the way the body works. Kate describes the various leaps forward across medical conditions and the role SV Health Investors is playing to facilitate this. She discusses their approach, challenges, opportunities and the skills needed to improve the odds of success. She then talks about research excellence, the hurdles in building large biotech enterprises and what the future industry landscape may look like. The conversation then switches to her role as Chair of the Vaccine Taskforce, set up in April 2020 under Boris Johnson to co-ordinate the creation and distribution of a COVID-19 vaccine (both in the UK and internationally). She reflects on the obstacles encountered and path to the successful execution of the group’s objectives. Originally released in November 2022.  Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn The Money Maze Podcast is kindly sponsored by Schroders,  Bremont Watches, LiveTrade and Mintus.

To celebrate the three year anniversary of the Money Maze Podcast we’re pleased to be re-sharing our the top 3 most listened to episodes of 2022!   Today we have a different conversation. Michael Lewis and Simon Brewer go back to graduating from the LSE in 1985, when they were both seeking a place on the fabled Salomon Brothers training programme. Michael’s success in securing that job allowed the world to have the enduring classic, ‘Liar’s Poker’, and from there to write 16 best sellers (three of which have been made into major Hollywood films). His new book, ‘Premonition: A Pandemic Story’, tells the enthralling tale of the US pandemic preparations that started under President Bush, but which failed when COVID-19 struck, thanks to a mixture of institutional and political failings. Michael brings the cumulative missteps to life by narrating the story of the real people involved, their extraordinary decisions, and what went wrong. He continues this fascinating conversation by discussing two of his other books, ‘The Undoing Project’, and ‘Moneyball’, and explains how decision making is driven by varying degrees of data and/or human interactions - from sport to finance – resulting in unpredictable consequences. Originally released in May 2022.  Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn The Money Maze Podcast is kindly sponsored by Schroders,  Bremont Watches, LiveTrade and Mintus.

To celebrate the three year anniversary of the Money Maze Podcast we’re pleased to be re-sharing our the top 3 most listened to episodes of 2022!   In this episode, we’re in discussion with the Global Head of the Blackstone’s Private Wealth Solutions business, Joan Solotar. Joan has twice been recognised in Barron’s as one of the 100 Most Influential Women in U.S. Finance, and after a background in equity research covering financial services, she joined Blackstone in 2007.   She starts by describing Blackstone’s growth in alternative assets, before explaining their private wealth solutions business. She discusses their drive to “democratise alternatives”, their client base, geographical reach and why they believe we are very early in the adoption of these assets in portfolios. She then breaks down the components of alternatives, with a dive into their real estate expertise, the credit portfolios which have disintermediated portions of bank lending, as well as discussing hedge funds and P.E. She discusses the liquidity trade-offs, why they have developed Blackstone University for clients, before offering some terrific general advice (especially to fathers with daughters!). Originally released in March 2022.  Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn The Money Maze Podcast is kindly sponsored by Schroders,  Bremont Watches, LiveTrade and Mintus.

In this quick minisode, Simon gives an update on the podcast to mark three years since its inception. Simon Brewer & Will Campion set up the Money Maze Podcast in 2020 to bring insightful interviews with proven business & finance leaders to all, without the burden of a paywall. We're thrilled that the show now reaches over 2 million people per year across our channels, with listeners in over 100 countries (despite us underestimating the various technological & logistical challenges that come with running a podcast!).  We're driven by a commitment to opening up the investment and finance worlds, empowering our listeners with perspectives on business strategies & career tips. We're proud to be bringing more transparency to an industry which is often shrouded in the fog of jargon, and are especially pleased to be highlighting various female leaders and individuals from diverse backgrounds.  If you have any questions or guest suggestions for the podcast, please email us at [email protected]. Otherwise, we'd like to say thank you to all our listeners for following and supporting the podcast. If you'd have a spare couple of minutes, please do leave us a review on Apple Podcasts or Spotify, and we'd love you to recommend the show to a friend or colleague too! We'd also like to extend a further thanks to our first-class sponsors, Schroders,  Bremont, LiveTrade & Mintus, for their continued support.  STAY UP TO DATE:  Follow us on LinkedIn Follow us on Twitter Subscribe on YouTube Subscribe to our Newsletter

In March 2020, as COVID curbs were about to descend on us all, Peter Harrison agreed to begin our podcasting journey by being the first guest, and discussed the attractions of the investment business, the shifting world of passive and active, the public v private debate and why ESG would simply become embodied in the investing process. In this interview we review how fast and how secular themes have evolved, why Asia’s opportunity set remains so appealing, and why engaging with China might be the smart play. He discusses data science, the advice gap, private equity’s evolution, and offers great advice for aspiring CEOs and younger talent climbing the investment ladder.  Sign up to our newsletter for more in-depth insights |   Follow us on LinkedIn    The Money Maze Podcast is kindly sponsored by Schroders,  Bremont Watches,  LiveTrade and  Mintus.

This Thursday, we’re pleased to welcome Peter Harrison, CEO of Schroders, back onto the show. To mark this exciting upcoming release, we’re resharing his first interview on the Money Maze Podcast. Peter appeared on the podcast as our very first guest back in March 2020, just prior to the COVID-19 lockdown. In this episode, Peter covers his ascent to CEO, and the journey from managing money to managing an investment business. The conversation moves to him talking about the compelling opportunities in global asset management, contrary to some gloomy commentaries that we often read. He talks of the shift to managing money to solve problems and not simply to be benchmarked, and the evolution of active and passive strategies. He describes Schroder’s vision of serving the individual customer, both affluent and high net worth, with the help of more electronic applications, a wider public and private offering and trying to help them avoid classic pitfalls of poor timing in entering and exiting the market. He also explains why although he thinks ESG must be embedded in your investment process, it will morph into a more coherent drive for impact investing. Peter also gives his thoughts on the growth of private equity, and the challenge facing stock markets buffeted by weighty regulation and diminished liquidity. He then discusses advice for the young thinking about future career, and some of the characteristics he looks for in potential hires. Stay tuned for this Thursday, where he shares his analysis on the investment landscape in 2023!  Sign up to our newsletter for more in-depth insights |  Follow us on LinkedIn The Money Maze Podcast is kindly sponsored by Schroders,  Bremont Watches,  LiveTrade and  Mintus.

To celebrate Bremont’s recent successful fundraising round we’ve refreshed this popular interview, originally released in July 2021. Investors in the round included the billionaire hedge fund manager, Bill Ackman, who took a stake in the firm after buying a number of their luxury watches on a visit to London.  When we talk of luxury watches we typically think of Switzerland with its quality engineering and dominant market position, apparently illustrating the economist David Riccardo’s theory of comparative advantage. Yet in this conversation, we learn how Bremont is disrupting the luxury wristwatch market and successfully bringing large scale watchmaking back to UK shores.  Giles English begins by discussing the plane accident that killed his father and almost took his brother’s life as well, yet how the tragedy proved the inspiration to build a luxury watch brand, which can compete with the best. After describing the history of British watch making, with some fascinating anecdotes, Giles explains how he and his brother Nick have approached the two components; building a state of the art watch making capability & developing a luxury brand. Giles describes the engineering challenges involved, the technical aspects of precision engineering, and why seeing the Bremont collections can be a lightbulb moment for collectors. He talks about the collaborations and collections with Jaguar, Concorde, Stephen Hawking and Bletchley Park to name a few, and their vision for the future.  Bremont kindly sponsor the Money Maze Podcast, alongside Schroders,  LiveTrade and  Mintus.

In this episode we talk to someone whose own firm advises some of the world’s most respected finance institutions, especially within the alternative and private assets arena. Jen Prosek explains why she declined the investment banking offers after her MBA, instead following her vision that effective marketing would come to Wall Street. She describes building the business, client engagement, how to pitch more effectively, what mediums to use, and how social media can be harnessed.  She talks about branding, fundraising, content, presentations, and video versus face to face meetings. In an interview filled with great advice for anyone, whatever their stage and age, she tells us that the two most important words are “Just Ask”! Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn The Money Maze Podcast is kindly sponsored by Schroders,  Bremont Watches, LiveTrade and Mintus.

There are 3 large global management consulting firms considered to be the most prestigious; McKinsey & Company, Boston Consulting Group and Bain & Company. So we’re pleased to feature McKinsey’s Michael Birshan in this conversation, who explains some of the dynamics in the industry and how McKinsey is approaching the challenges and opportunities of 2023. Michael specifically highlights the transition to net zero, and its immense financial implications. He discusses the new markets - like carbon management and natural capital - that are emerging, through to the challenges surrounding incumbents in making necessary shifts (‘better to disrupt yourself than be disrupted’, he notes). There follows a wide-ranging discussion on potential resource shortfalls, the challenge facing corporations in driving innovation, onshoring, talent acquisition, and reinvigorating the languishing UK & mainland Europe public equity markets. Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn The Money Maze Podcast is kindly sponsored by Schroders,  Bremont Watches, LiveTrade and Mintus.

In Part 2, General Petraeus explains the woeful Russian execution of the war and possible next steps. In this second part of this illuminating conversation, he continues by evaluating NATO cohesion, before discussing China, and, why a mature conversation is essential between China and the West, given their interwoven and critical commercial co-existence. He talks pragmatically but emphatically about trade restrictions in strategic areas, such that there will likely be “higher fences around fewer items”. He then discusses Iran, cyber security, businesses supply chains evolving from “just in time, to just in case”, to the dollar, the individual he would most like to meet, along with other potent insights. Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn The Money Maze Podcast is kindly sponsored by Schroders,  Bremont Watches, LiveTrade and Mintus.

General David Petraeus has been described as the ultimate soldier/scholar. Targeted by Osama Bin Laden when Commander in Afghanistan, whose communications later revealed that “killing him would alter the war”, he became Director of the CIA and today is Chair of the KKR Global Institute and on their board. In the first part of this absorbing conversation, David Petraeus gives his assessment of the war now, and describes the strategic and tactical failings of Russia compared to the heroic and masterful execution by Ukraine. He discusses the options ahead, the nuclear threat and the emergence of weapons systems and technologies that are altering the nature of war overall. With clarity and candour he provides a brilliant summary almost one year from the start of the invasion and offers thoughts on the conversation and settlement that might follow. Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn The Money Maze Podcast is kindly sponsored by  Schroders,  Bremont Watches, LiveTrade and Mintus.

In this episode, bestselling author and historian, Simon Sebag Montefiore, discusses his new book, which covers the key families who have shaped global history. His latest work has proven to be a hit, with Henry Kissinger commenting that: ‘Sebag Montefiore interweaves the stories of the servants, courtiers and kings, pioneers, preachers and philosophers who have made history. A brilliant synthesis that will impart fresh insight to even the most learned readers.’ Simon starts the interview by describing Putin’s fascination with Ukraine and the Potemkin era, and continues with the access granted to him to explore the Russian archives to write about Stalin. He explains how the welcome went from warm to frosty after the publication of ‘Stalin: The Court of the Red Tsar’. He then describes the powerful impact of human migration, and influence of powerful families; from the Medicis and Mughals, to the Kennedys, Pahlavis, Kenyattas, Kims and Assads. His work tells the stories of the families that have shaped our world and he brings to light stories unknown to us, including why great families continue exert extraordinary and under-recognised influence. Enjoy more episodes of the podcast, via our spin-off show, 'Curated Podcasts - With Simon Brewer'. Follow on  Apple Podcasts here, or Spotify here! Designed for finance professionals, these episodes showcase a range of innovative investment funds - as well as other finance businesses - and how they're disrupting their respective markets. The Money Maze Podcast is kindly sponsored by Schroders,  Bremont Watches, LiveTrade and Mintus.

Founded by Marc Andreessen and Ben Horowitz, Andreessen Horowitz (also known as a16z) is a revered venture capital firm which sits at the epicentre of financing entrepreneurial businesses. In this conversation, David Haber, General Partner overseeing fintech investing, begins by discussing his background, including graduating from Harvard, selling his business (Bond Street) to Goldman Sachs in 2017, before joining a16z to establish their first East Coast presence. David is able to offer a unique perspective as both an entrepreneur and venture capitalist. He describes how a16z is growing, its desire to build enduring value by compounding returns and building on competitive advantages. He then explains how they engage with firms of varying size to help them on their journeys and provides an illustration to help frame the conversation. He discusses the private asset explosion, the potential adjustments following this tougher period, risk-taking, hiring, crypto and more! Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn The Money Maze Podcast is kindly sponsored by Schroders,  Bremont Watches, LiveTrade and Mintus.

In this conversation, we have the opportunity to talk to Alex Rodriguez, or ‘A Rod’ as he is better known, arguably the greatest baseball player of his generation. The discussion moves from how he came to dominate his sport to developing a substantial portfolio of investments and businesses through his investment firm, A-Rod Corp. Alex discusses the early years growing up in Manhattan, his love of baseball and becoming the top prospect in the country, and turning down a university scholarship to sign as a professional. He discusses how Warren Buffett gave him invaluable advice, becoming increasingly involved in real estate and venture, and how he assembles his team. He discusses investment priorities, sifting from the range of opportunities presented, culture, ambition, lessons from sport, and what the future holds. Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn The Money Maze Podcast is kindly sponsored by Schroders,  Bremont Watches, LiveTrade and Mintus.

Some of tomorrow’s large companies are today’s emerging ones, and in this miniseries we explore the world of venture capital and look at a handful of organisations that operate at a lower level in terms of size, but who are providing critical capital to early and growth-stage companies. In episode 2 of the series, we’re pleased to feature Roberto Italia, CEO of the global, evergreen investment company, Verlinvest. Verlinvest’s portfolio brands include Oatly, Pedego, Purplle.com, Vita Coco, Chewy.com and Tony’s Chocolonely to name a few, and is backed by the families behind AB InBev (the Belgium-based brewing multinational). The discussion covers developing the Oatly brand, investment holding periods, potential exits, consumers’ changing appetites, and the challenges around supply chain re-ordering. Roberto also discusses the headwinds of dealing with inflation, the key takeaways from past investments and the exciting landscape ahead. Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn The Money Maze Podcast is kindly sponsored by Schroders,  Bremont Watches, LiveTrade and Mintus.

In the first episode of our 4-part Venture Capital Miniseries, we are thrilled to feature Dame Kate Bingham, Managing Partner of SV Health Investors and former Chair of the UK Vaccine Taskforce. The much anticipated interview begins with a high level overview of the immense changes that are taking place in the world of medical research which have allowed us to move from treating symptoms to changing the way the body works. Kate describes the various leaps forward across medical conditions and the role SV Health Investors is playing to facilitate this. She discusses their approach, challenges, opportunities and the skills needed to improve the odds of success. She then talks about research excellence, the hurdles in building large biotech enterprises and what the future industry landscape may look like. The conversation then switches to her role as Chair of the Vaccine Taskforce, set up in April 2020 under Boris Johnson to co-ordinate the creation and distribution of a COVID-19 vaccine (both in the UK and internationally). She reflects on the obstacles encountered and path to the successful execution of the group’s objectives. Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn The Money Maze Podcast is kindly sponsored by Schroders,  Bremont Watches, LiveTrade and Mintus.

As the Money Maze Podcast seeks to understand both the business and investment worlds, especially against the backdrop of a tougher economic environment, we are delighted to speak to Martin Waters, CEO of Victoria’s Secret & Co (VS&Co). Martin begins by explaining his retailing journey, Victoria’s Secret’s history and evolution, as well as the challenges and opportunities that lie ahead. Spun off from L Brands in 2021, the Fortune 500 lingerie and beauty retailer is known for its high visibility marketing and annual fashion shows. They have over 1,350 stores globally and more than 30,000 employees. Martin explains how it is adapting both to the economic climate as well as the issues specific to managing a world leading fashion and beauty retailer. He discusses the vision for the company, its values, their multichannel distribution strategy, and the risks and rewards of brand extension. He then analyses this competitive market, the changes taking across retail, and how their board is composed. With 7/8 of their board being female, Martin explains how valuable women are in helping him think about strategy, and why he is so excited about the future. Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn The Money Maze Podcast is kindly sponsored by Schroders,  Bremont Watches, LiveTrade and Mintus.

In this discussion we examine the changing world of investment funds and the data ecosystems that surround them. To explore this, we are delighted to welcome Laura González, Head of the Americas at Allfunds, one of the world's leading wealthtech companies, who offer the largest fund distribution network globally. Created in 2000, today Allfunds have approximately €1.3tn in assets under administration (as of 30/09/22), 16 offices across the globe and nearly 1,000 employees, with a strong footprint in Latin America. She explains how fund houses use their platform to expand their reach, how private banks and other users of funds can access their platform and reduce the challenges around fund onboarding. The discussion covers the growth of private assets, institutional and individual asset allocations to this space, and the shifts underway. Laura then discusses the cyclical component often overlooked in the active versus passive debate, how blockchain is being used by them, and thoughts on the Latin American investment universe (from both those looking in and those allocating outside). Finally, she discusses the merits of being part of a listed company, managing cultural integration and gives some potent advice for women seeking careers in finance. She also describes how yoga and surfing give balance and joy to her life! Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn The Money Maze Podcast is kindly sponsored by Schroders,  Bremont Watches, LiveTrade and Mintus.

In Shakespeare’s Hamlet, Polonius counsels his son Laertes, exclaiming: “Neither a borrower nor a lender be; for loan oft loses both itself and friend”. If you’ve been a fixed income investor this year, you are nursing your wounds and might have wished you heeded this advice! At a global level we’ve seen over a decade of nominal bond returns wiped out for the first time since the early 1950s. Therefore this seems a good time to discuss fixed income, and to do so with PGIM Fixed Income, who manage $790 billion in bonds (as of 30/06/22). Greg explains his perspective of the flaws in the 60/40 model, before reviewing the question of whether and where the bond rout has created opportunity across the spectrum. He discusses government, corporate credit, emerging market debt, and index-linked bonds. He describes why the Fed may remain more hawkish than consensus believes, why restoring “yield” is a good thing, and explains how active fixed income management has delivered more consistent outperformance versus benchmarks (unlike the world of equity management!). Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn The Money Maze Podcast is kindly sponsored by Schroders,  Bremont Watches, LiveTrade and Mintus. DISCLAIMER: The Money Maze Podcast covers views, opinions and recommendations of other investment managers which may not represent the views of PGIM. The views expressed by PGIM is not intended to constitute investment advice, were accurate at the time of recording and are subject to change.

In this episode, we welcome Peter Oppenheimer from Goldman Sachs, who discusses the challenging investment landscape. He starts with an overview of economic growth before unpicking the inflation debate, reviewing rates and the emergence of opportunities in fixed income, before discussing equity markets. He explains why active equity managers are back, why value versus growth discussions are too simplified and the likely character of this bear market. Finally Peter discusses the commodity supercycle, localisation of production and to quote Ian Dury, “reasons to be cheerful” in the medium term! Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn The Money Maze Podcast is kindly sponsored by Schroders,  Bremont Watches, LiveTrade and Mintus.

In this different podcast for us, we talk to Justin Byam Shaw, who set up The Felix Project in 2016 after the tragic death of his 14 year old son. The charity redistributes surplus food (that would otherwise go to waste) from 539 suppliers and delivers it to almost 1,000 charities, primary schools and holiday programmes. Justin starts by describing his own career following Oxford University, his first early success, building and selling a media business, through to buying The Independent - a then failing newspaper - and turning it into the huge success it is today. The conversation then pivots to The Felix Foundation and its genesis. Justin describes the acute food waste problem in this country and the vast food poverty which surrounds us. He explains the supply and demand dynamics of food waste, the logistical challenges they have overcome, and the ways in which both organisations and people can help every day. Finally, Justin offers thoughts on the shifting sands in the world of media, advice for young people considering becoming entrepreneurs, and the why good management is often more valuable than a new idea. Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn The Money Maze Podcast is kindly sponsored by Schroders,  Bremont Watches, LiveTrade and Mintus.

Our guest in this episode is Anne Richards CVO, CBE, FRSE, and CEO of Fidelity International. Fidelity International offers investment solutions and retirement expertise to more than 2.85 million customers globally. Fidelity International operates in more than 20 countries and with $665.2 billion in total assets (as of 30/06/22) their clients range from central banks, sovereign wealth funds, large corporates, financial institutions, insurers and wealth managers, to private individuals. Anne begins by describing her upbringing in Edinburgh, the decision to study electronic and electrical engineering, spending time at CERN, before going to INSEAD for an MBA. She then describes the purpose of Fidelity International and the changing demands of the investing population. Anne discusses the ability of technology to serve clients, developing a culture that embraces and encourages the “brave, bold, curious and compassionate”, before explaining how ESG principles are embedded into all their research work. She talks about the decline of public market listings, the importance of research in public and private investing, and giving their managers enough room for manoeuvre. Finally, she talks about her drive and hunger to have more women work in finance and shares some career tips. Originally recorded in February 2021. Sign up to our newsletter for more in-depth insights |  Follow us on LinkedIn The Money Maze Podcast is kindly sponsored by Schroders,  Bremont Watches, LiveTrade and Mintus.

Founded in Chicago in 1889, Northern Trust has expanded from providing wealth solutions to include asset servicing, asset management and banking to investors worldwide. It now has assets under management of USD $1.3 trillion and assets under custody of USD $13.7 trillion (as of 30/06/22) In this episode, we welcome Marie Dzanis, born and brought up in the US, now in the UK, who explains Northern Trust’s evolution from fiduciary and custodian to a significant global investment manager. She explains their move into specialized ETFs under their ‘FlexShares’ brand, and their specific approach to ESG and sustainable investing (they have the largest ESG mutual fund in Europe). She also discusses their private equity ETF as well as their quant-active approach. Marie continues by discussing the challenge of increasing the female representation in the investment world, her rules for hiring, the changing shape of investment management and finally why Sir Ernest Shackleton is her hero. Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn The Money Maze Podcast is kindly sponsored by Schroders,  Bremont Watches, LiveTrade and Mintus.

In this short episode, host Simon Brewer shares some of the latest news from the Money Maze Podcast and our ecosystem.  Featuring interviews with some of the biggest names in global finance & business, the show now reaches over half a million listeners a year across over 100 countries.  We’re thrilled to have achieved this momentum, and would like to say thank you to our listener community, Sponsors and Corporate Partners for supporting us on our journey. We’re particularly proud to be inspiring more young people to explore opportunities in the finance sector, and we’re sponsoring a number of university societies this year to support this.  We’ve also recently partnered with GAIN UK, which works to improve gender diversity in the asset management industry through building a talent pipeline of entry level female candidates. If you have any questions or guest suggestions, please get in touch with us via [email protected]. Otherwise, enjoy this quick update episode and learn more about the Money Maze Podcast! Plus, enjoy bonus content via our Curated Podcasts series. Also available on  Apple Podcasts and Spotify.  The Money Maze Podcast is kindly sponsored by Schroders,  Bremont Watches, LiveTrade and Mintus.