Joe Sweeney, the executive director of the Alliance for Decision Education is our guest this week. The Alliance for Decision Making aims to improve lives by teaching students K-12 essential skills and dispositions for making better decisions. Members of the Alliance also include Annie Duke, Daniel Kahneman, Michael Mauboussin, and Ted Seides. In this episode, Joe speaks with Juan and Andy about  how the Alliance was formed, how they create decision making modules for students of all ages, and some of the results noticed by students, teachers, and parents.  NEW EPISODES: We release main series episodes every two weeks on Mondays. You can subscribe via Podbean or use this feed URL (https://tvpschroders.podbean.com/feed.xml) in Apple Podcasts, Spotify, Google Podcasts and other podcast players. GET IN TOUCH: send us a tweet: @TheValueTeam  Important information. This podcast is for investment professionals only. This information is not an offer, solicitation or recommendation to buy or sell any financial instrument or to adopt any investment strategy. Any data has been sourced by us and is provided without any warranties of any kind. It should be independently verified before further publication or use. Third party data is owned or licenced by the data provider and may not be reproduced, extracted or used for any other purpose without the data provider’s consent. Neither we, nor the data provider, will have any liability in connection with the third party data. Reliance should not be placed on any views or information in the material when taking individual investment and/or strategic decisions. Any references to securities, sectors, regions and/or countries are for illustrative purposes only. The views and opinions contained herein are those of individual to whom they are attributed, and may not necessarily represent views expressed or reflected in other communications, strategies or funds. The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested. Exchange rate changes may cause the value of any overseas investments to rise or fall. Past Performance is not a guide to future performance and may not be repeated. The forecasts included should not be relied upon, are not guaranteed and are provided only as at the date of issue. Our forecasts are based on our own assumptions which may change  

This week we have Dominique Mielle on the podcast. She recently published her memoir Damsel in Distressed, a look back at her time in hedge funds trading in distressed securities and high yield bonds. Nick Kirrage sits down with Dominique to discuss the differences between decision making styles and risk tolerances seen in men and women in finance, the unique qualities unique to distressed investors including how to balance the needs of a wider range of stakeholders – judges, regulators, creditors – and the importance of structures in making decisions, like decision trees.   NEW EPISODES: We release main series episodes every two weeks on Mondays. You can subscribe via Podbean or use this feed URL (https://tvpschroders.podbean.com/feed.xml) in Apple Podcasts, Spotify, Google Podcasts and other podcast players. GET IN TOUCH: send us a tweet: @TheValueTeam  Important information. This podcast is for investment professionals only. This information is not an offer, solicitation or recommendation to buy or sell any financial instrument or to adopt any investment strategy. Any data has been sourced by us and is provided without any warranties of any kind. It should be independently verified before further publication or use. Third party data is owned or licenced by the data provider and may not be reproduced, extracted or used for any other purpose without the data provider’s consent. Neither we, nor the data provider, will have any liability in connection with the third party data. Reliance should not be placed on any views or information in the material when taking individual investment and/or strategic decisions. Any references to securities, sectors, regions and/or countries are for illustrative purposes only. The views and opinions contained herein are those of individual to whom they are attributed, and may not necessarily represent views expressed or reflected in other communications, strategies or funds. The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested. Exchange rate changes may cause the value of any overseas investments to rise or fall. Past Performance is not a guide to future performance and may not be repeated. The forecasts included should not be relied upon, are not guaranteed and are provided only as at the date of issue. Our forecasts are based on our own assumptions which may change

Recently, the co-head of the Value Team, Nick Kirrage, appeared on our sister podcast, the Investor Download. Hear his full interview on value v. growth and his outlook for 2022. You can find Investor Download on Apple Podcasts, Spotify, Google and any other podcast platform if you'd like to hear more.   NEW EPISODES: We release main series episodes every two weeks on Mondays. You can subscribe via Podbean or use this feed URL (https://tvpschroders.podbean.com/feed.xml) in Apple Podcasts, Spotify, Google Podcasts and other podcast players. GET IN TOUCH: send us a tweet: @TheValueTeam  Important information. This podcast is for investment professionals only. This information is not an offer, solicitation or recommendation to buy or sell any financial instrument or to adopt any investment strategy. Any data has been sourced by us and is provided without any warranties of any kind. It should be independently verified before further publication or use. Third party data is owned or licenced by the data provider and may not be reproduced, extracted or used for any other purpose without the data provider’s consent. Neither we, nor the data provider, will have any liability in connection with the third party data. Reliance should not be placed on any views or information in the material when taking individual investment and/or strategic decisions. Any references to securities, sectors, regions and/or countries are for illustrative purposes only. The views and opinions contained herein are those of individual to whom they are attributed, and may not necessarily represent views expressed or reflected in other communications, strategies or funds. The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested. Exchange rate changes may cause the value of any overseas investments to rise or fall. Past Performance is not a guide to future performance and may not be repeated. The forecasts included should not be relied upon, are not guaranteed and are provided only as at the date of issue. Our forecasts are based on our own assumptions which may change

This week we're joined by Simon Hallett, a professional investor who spent a majority of his career at Harding Loevner as a fund manager and their CIO. In 2019, he began investing in the Plymouth Argyle FC and found many parallels between his career in investing and the management of a football club. Andy Evans and Joe Wiggins chat with Simon about how he brings decision making processes and approaches to behavioural biases that he used in asset management to English football.   NEW EPISODES: We release main series episodes every two weeks on Mondays. You can subscribe via Podbean or use this feed URL (https://tvpschroders.podbean.com/feed.xml) in Apple Podcasts, Spotify, Google Podcasts and other podcast players. GET IN TOUCH: send us a tweet: @TheValueTeam  Important information. This podcast is for investment professionals only. This information is not an offer, solicitation or recommendation to buy or sell any financial instrument or to adopt any investment strategy. Any data has been sourced by us and is provided without any warranties of any kind. It should be independently verified before further publication or use. Third party data is owned or licenced by the data provider and may not be reproduced, extracted or used for any other purpose without the data provider’s consent. Neither we, nor the data provider, will have any liability in connection with the third party data. Reliance should not be placed on any views or information in the material when taking individual investment and/or strategic decisions. Any references to securities, sectors, regions and/or countries are for illustrative purposes only. The views and opinions contained herein are those of individual to whom they are attributed, and may not necessarily represent views expressed or reflected in other communications, strategies or funds. The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested. Exchange rate changes may cause the value of any overseas investments to rise or fall. Past Performance is not a guide to future performance and may not be repeated. The forecasts included should not be relied upon, are not guaranteed and are provided only as at the date of issue. Our forecasts are based on our own assumptions which may change

Michael Mitchell is joining Juan on the pod this week. Mike specialised in special situations investing within hedge funds and was mentored by famed value investor, Micheal Price. Mike and Juan discuss the nuances of special situations and how decision making processes adapt to this style, the new approaches Mike has taken as a private investor as opposed to when he was professional, corporate actions such as rights issues and finally the psychology of an investor.  You can follow Mike on Twitter at @IgnoreNarrative   NEW EPISODES: We release main series episodes every two weeks on Mondays. You can subscribe via Podbean or use this feed URL (https://tvpschroders.podbean.com/feed.xml) in Apple Podcasts, Spotify, Google Podcasts and other podcast players. GET IN TOUCH: send us a tweet: @TheValueTeam  Important information. This podcast is for investment professionals only. This information is not an offer, solicitation or recommendation to buy or sell any financial instrument or to adopt any investment strategy. Any data has been sourced by us and is provided without any warranties of any kind. It should be independently verified before further publication or use. Third party data is owned or licenced by the data provider and may not be reproduced, extracted or used for any other purpose without the data provider’s consent. Neither we, nor the data provider, will have any liability in connection with the third party data. Reliance should not be placed on any views or information in the material when taking individual investment and/or strategic decisions. Any references to securities, sectors, regions and/or countries are for illustrative purposes only. The views and opinions contained herein are those of individual to whom they are attributed, and may not necessarily represent views expressed or reflected in other communications, strategies or funds. The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested. Exchange rate changes may cause the value of any overseas investments to rise or fall. Past Performance is not a guide to future performance and may not be repeated. The forecasts included should not be relied upon, are not guaranteed and are provided only as at the date of issue. Our forecasts are based on our own assumptions which may change.

Welcome back to our second part of our quilt episode which brings our first season of the podcast to a conclusion. We will be continuing on to a second series, of course, but please enjoy what we think are the highlights of the pod so far.    NEW EPISODES: We release main series episodes every two weeks on Mondays. You can subscribe via Podbean or use this feed URL (https://tvpschroders.podbean.com/feed.xml) in Apple Podcasts, Spotify, Google Podcasts and other podcast players. GET IN TOUCH: send us a tweet: @TheValueTeam  Important information. This podcast is for investment professionals only. This information is not an offer, solicitation or recommendation to buy or sell any financial instrument or to adopt any investment strategy. Any data has been sourced by us and is provided without any warranties of any kind. It should be independently verified before further publication or use. Third party data is owned or licenced by the data provider and may not be reproduced, extracted or used for any other purpose without the data provider’s consent. Neither we, nor the data provider, will have any liability in connection with the third party data. Reliance should not be placed on any views or information in the material when taking individual investment and/or strategic decisions. Any references to securities, sectors, regions and/or countries are for illustrative purposes only. The views and opinions contained herein are those of individual to whom they are attributed, and may not necessarily represent views expressed or reflected in other communications, strategies or funds. The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested. Exchange rate changes may cause the value of any overseas investments to rise or fall. Past Performance is not a guide to future performance and may not be repeated. The forecasts included should not be relied upon, are not guaranteed and are provided only as at the date of issue. Our forecasts are based on our own assumptions which may change.

Our guest for this episode is Marshall Elliott – a former captain in the British Army, who joined Schroders in 2017 through the company’s armed forces programme and now works in its operational excellence team - has the fantastic ability to discuss with Andy and Juan where investment and the military overlap in their decision making processes including if and how the military thinks probabilistically and, when reviewing a plan’s outcome, how much does it distinguish between skill and luck.  NEW EPISODES: We release main series episodes every two weeks on Mondays. You can subscribe via Podbean or use this feed URL (https://tvpschroders.podbean.com/feed.xml) in Apple Podcasts, Spotify, Google Podcasts and other podcast players. GET IN TOUCH: send us a tweet: @TheValueTeam  Important information. This podcast is for investment professionals only. This information is not an offer, solicitation or recommendation to buy or sell any financial instrument or to adopt any investment strategy. Any data has been sourced by us and is provided without any warranties of any kind. It should be independently verified before further publication or use. Third party data is owned or licenced by the data provider and may not be reproduced, extracted or used for any other purpose without the data provider’s consent. Neither we, nor the data provider, will have any liability in connection with the third party data. Reliance should not be placed on any views or information in the material when taking individual investment and/or strategic decisions. Any references to securities, sectors, regions and/or countries are for illustrative purposes only. The views and opinions contained herein are those of individual to whom they are attributed, and may not necessarily represent views expressed or reflected in other communications, strategies or funds. The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested. Exchange rate changes may cause the value of any overseas investments to rise or fall. Past Performance is not a guide to future performance and may not be repeated. The forecasts included should not be relied upon, are not guaranteed and are provided only as at the date of issue. Our forecasts are based on our own assumptions which may change.

Juan and Andy were joined by Air Marshal Sir Graham Stacey to learn about how decisions are taken at the very highest levels of the UK military. Stacey – who joined the RAF in 1980 and has served in numerous theatres of conflict, including Afghanistan, Bosnia, the Gulf, Iraq and Kosovo – accompanies us on a diverse conversation that, in addition to a great overview of military decision-making,  takes in ideas such as dealing with ‘catastrophic success’ (when things go unexpectedly well) and ‘red-teaming’ (employing people as in-house devil’s advocates and contrarians). NEW EPISODES: We release main series episodes every two weeks on Mondays. You can subscribe via Podbean or use this feed URL (https://tvpschroders.podbean.com/feed.xml) in Apple Podcasts, Spotify, Google Podcasts and other podcast players. GET IN TOUCH: send us a tweet: @TheValueTeam  Important information. This podcast is for investment professionals only. This information is not an offer, solicitation or recommendation to buy or sell any financial instrument or to adopt any investment strategy. Any data has been sourced by us and is provided without any warranties of any kind. It should be independently verified before further publication or use. Third party data is owned or licenced by the data provider and may not be reproduced, extracted or used for any other purpose without the data provider’s consent. Neither we, nor the data provider, will have any liability in connection with the third party data. Reliance should not be placed on any views or information in the material when taking individual investment and/or strategic decisions. Any references to securities, sectors, regions and/or countries are for illustrative purposes only. The views and opinions contained herein are those of individual to whom they are attributed, and may not necessarily represent views expressed or reflected in other communications, strategies or funds. The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested. Exchange rate changes may cause the value of any overseas investments to rise or fall. Past Performance is not a guide to future performance and may not be repeated. The forecasts included should not be relied upon, are not guaranteed and are provided only as at the date of issue. Our forecasts are based on our own assumptions which may change.

As we slip into the festive period, we're going to release some fun episodes and a couple from our vault to celebrate the end of our first season. This week is the first 'quilt' episode we've made which looks back at some of our favourite episodes of the pod. Hear from each member of the Value Team discuss their favourite moments from the series and what they've learned from our guests and their decision making processes.    NEW EPISODES: We release main series episodes every two weeks on Mondays. You can subscribe via Podbean or use this feed URL (https://tvpschroders.podbean.com/feed.xml) in Apple Podcasts, Spotify, Google Podcasts and other podcast players. GET IN TOUCH: send us a tweet: @TheValueTeam  Important information. This podcast is for investment professionals only. This information is not an offer, solicitation or recommendation to buy or sell any financial instrument or to adopt any investment strategy. Any data has been sourced by us and is provided without any warranties of any kind. It should be independently verified before further publication or use. Third party data is owned or licenced by the data provider and may not be reproduced, extracted or used for any other purpose without the data provider’s consent. Neither we, nor the data provider, will have any liability in connection with the third party data. Reliance should not be placed on any views or information in the material when taking individual investment and/or strategic decisions. Any references to securities, sectors, regions and/or countries are for illustrative purposes only. The views and opinions contained herein are those of individual to whom they are attributed, and may not necessarily represent views expressed or reflected in other communications, strategies or funds. The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested. Exchange rate changes may cause the value of any overseas investments to rise or fall. Past Performance is not a guide to future performance and may not be repeated. The forecasts included should not be relied upon, are not guaranteed and are provided only as at the date of issue. Our forecasts are based on our own assumptions which may change.

You may know Rob Gardner is the Director of Investments & Executive Board Director of St James's Place or the co-founder of Redington, but what you may know is that he's also a children's book author educating the next generation on financial concepts.    Juan Torres and Kevin Murphy sat down with Rob to learn more about how he made the decision to venture out on his own and create a very successful pension advisory, what types of structures and processes he implements in his everyday life to improve decision making and his book 'Save Your Acorns' and Redstart, his charity, which aim to teach budgeting, saving, investing and sharing to children and young people.    NEW EPISODES: We release main series episodes every two weeks on Mondays. You can subscribe via Podbean or use this feed URL (https://tvpschroders.podbean.com/feed.xml) in Apple Podcasts, Spotify, Google Podcasts and other podcast players. GET IN TOUCH: send us a tweet: @TheValueTeam  Important information. This podcast is for investment professionals only. This information is not an offer, solicitation or recommendation to buy or sell any financial instrument or to adopt any investment strategy. Any data has been sourced by us and is provided without any warranties of any kind. It should be independently verified before further publication or use. Third party data is owned or licenced by the data provider and may not be reproduced, extracted or used for any other purpose without the data provider’s consent. Neither we, nor the data provider, will have any liability in connection with the third party data. Reliance should not be placed on any views or information in the material when taking individual investment and/or strategic decisions. Any references to securities, sectors, regions and/or countries are for illustrative purposes only. The views and opinions contained herein are those of individual to whom they are attributed, and may not necessarily represent views expressed or reflected in other communications, strategies or funds. The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested. Exchange rate changes may cause the value of any overseas investments to rise or fall. Past Performance is not a guide to future performance and may not be repeated. The forecasts included should not be relied upon, are not guaranteed and are provided only as at the date of issue. Our forecasts are based on our own assumptions which may change.

In our third episode of our mini series, we're welcoming Jim McDermott. Jim got his start in the Dot Com-era when he founded Stamps.com. Since selling that, he's focused on a different types of cutting edge tech like desalination, electric and natural gas markets, solar energy and waste streams. He also has an interest in clean, domestic biofuels. In this episode, Juan and Jim dive into carbon emission and management, developed v. emerging markets approaches to energy and hydrocarbon.    NEW EPISODES: We release main series episodes every two weeks on Mondays and ESG mini-series every Thursday through COP26. You can subscribe via Podbean or use this feed URL (https://tvpschroders.podbean.com/feed.xml) in Apple Podcasts, Spotify and other podcast players. GET IN TOUCH: send us a tweet: @TheValueTeam  Important information. This podcast is for investment professionals only. This information is not an offer, solicitation or recommendation to buy or sell any financial instrument or to adopt any investment strategy. Any data has been sourced by us and is provided without any warranties of any kind. It should be independently verified before further publication or use. Third party data is owned or licenced by the data provider and may not be reproduced, extracted or used for any other purpose without the data provider’s consent. Neither we, nor the data provider, will have any liability in connection with the third party data. Reliance should not be placed on any views or information in the material when taking individual investment and/or strategic decisions. Any references to securities, sectors, regions and/or countries are for illustrative purposes only. The views and opinions contained herein are those of individual to whom they are attributed, and may not necessarily represent views expressed or reflected in other communications, strategies or funds. The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested. Exchange rate changes may cause the value of any overseas investments to rise or fall. Past Performance is not a guide to future performance and may not be repeated. The forecasts included should not be relied upon, are not guaranteed and are provided only as at the date of issue. Our forecasts are based on our own assumptions which may change.

Our second interview with Tobias was much more recent and in honour of the 1 year anniversary of the Covid 19 vaccine announcement. In this episode, he and Juan discuss the role of data in investment strategy, forecasting probabilities and looking back at a year in Value since the announcement of the vaccination for Covid 19.   NEW EPISODES: We release main series episodes every two weeks on Mondays and ESG mini-series every Thursday through COP26. You can subscribe via Podbean or use this feed URL (https://tvpschroders.podbean.com/feed.xml) in Apple Podcasts, Spotify and other podcast players. GET IN TOUCH: send us a tweet: @TheValueTeam  Important information. This podcast is for investment professionals only. This information is not an offer, solicitation or recommendation to buy or sell any financial instrument or to adopt any investment strategy. Any data has been sourced by us and is provided without any warranties of any kind. It should be independently verified before further publication or use. Third party data is owned or licenced by the data provider and may not be reproduced, extracted or used for any other purpose without the data provider’s consent. Neither we, nor the data provider, will have any liability in connection with the third party data. Reliance should not be placed on any views or information in the material when taking individual investment and/or strategic decisions. Any references to securities, sectors, regions and/or countries are for illustrative purposes only. The views and opinions contained herein are those of individual to whom they are attributed, and may not necessarily represent views expressed or reflected in other communications, strategies or funds. The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested. Exchange rate changes may cause the value of any overseas investments to rise or fall. Past Performance is not a guide to future performance and may not be repeated. The forecasts included should not be relied upon, are not guaranteed and are provided only as at the date of issue. Our forecasts are based on our own assumptions which may change.

Tobias Carlisle is joining us this week for a two part interview. This first one we recorded in 2019 so consider this a 'replay' although it only surfaced back then as some blog posts. You may know Toby as the host of The Acquirers Podcast and Value: After Hours or as the managing director of Acquirers Funds. He and Juan discuss why value shouldn’t be declared ‘dead’, what might act as a catalyst for a recovery in value investing and whether reversion to the mean still has a key role to play in value investing.   NEW EPISODES: We release main series episodes every two weeks on Mondays and ESG mini-series every Thursday through COP26. You can subscribe via Podbean or use this feed URL (https://tvpschroders.podbean.com/feed.xml) in Apple Podcasts, Spotify and other podcast players. GET IN TOUCH: send us a tweet: @TheValueTeam  Important information. This podcast is for investment professionals only. This information is not an offer, solicitation or recommendation to buy or sell any financial instrument or to adopt any investment strategy. Any data has been sourced by us and is provided without any warranties of any kind. It should be independently verified before further publication or use. Third party data is owned or licenced by the data provider and may not be reproduced, extracted or used for any other purpose without the data provider’s consent. Neither we, nor the data provider, will have any liability in connection with the third party data. Reliance should not be placed on any views or information in the material when taking individual investment and/or strategic decisions. Any references to securities, sectors, regions and/or countries are for illustrative purposes only. The views and opinions contained herein are those of individual to whom they are attributed, and may not necessarily represent views expressed or reflected in other communications, strategies or funds. The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested. Exchange rate changes may cause the value of any overseas investments to rise or fall. Past Performance is not a guide to future performance and may not be repeated. The forecasts included should not be relied upon, are not guaranteed and are provided only as at the date of issue. Our forecasts are based on our own assumptions which may change.

Welcome back to the second episode in our ESG mini series. We’re joined this week by Arjun Murti. Arjun is a member of the ConocoPhillips board, a senior adviser to the energy sector, and a former partner at Goldman Sachs. Alex Monk and Juan Torres discuss with Arjun the history of energy transitions, the role oil and gas has within the climate change debate and his outlook for oil companies of the future.  Episode notes:  1:13 Episode intro 1:52 Arjun’s background  4:02 Cyclical energy- from a major influence in the S&P to a minority 7:07 Are traditional energy majors becoming irrelevant in this energy transition?  14:37 Strict positions - is there a parallel between nuclear in the past and gas in the present 18:47 Traditional energy companies are currently vilified - what role should they play in the climate change debate? 23:43 European energy majors are investing in renewable projects - are oil companies obligated to invest in these technologies for their longevity?  28:39 Why are cash-rich oil majors seemingly slow in investing in future technologies?  32:39 Should oil should transition to renewables?  34:39 Hydrogen’s role in the energy transition 36:46 Will a transition make cost of capital rise for fossil fuel companies?  41:47 Supply disruption - will we see more energy price spikes and volatility in the future? 46:24 If you could persuade every investor into their process, what would it be? If you were the CEO of an oil major, what you do to secure the business? NEW EPISODES: We release main series episodes every two weeks on Mondays and ESG mini-series every Thursday. You can subscribe via Podbean or use this feed URL (https://tvpschroders.podbean.com/feed.xml) in Apple Podcasts, Spotify and other podcast players. GET IN TOUCH: send us a tweet: @TheValueTeam  Important information. This podcast is for investment professionals only. This information is not an offer, solicitation or recommendation to buy or sell any financial instrument or to adopt any investment strategy. Any data has been sourced by us and is provided without any warranties of any kind. It should be independently verified before further publication or use. Third party data is owned or licenced by the data provider and may not be reproduced, extracted or used for any other purpose without the data provider’s consent. Neither we, nor the data provider, will have any liability in connection with the third party data. Reliance should not be placed on any views or information in the material when taking individual investment and/or strategic decisions. Any references to securities, sectors, regions and/or countries are for illustrative purposes only. The views and opinions contained herein are those of individual to whom they are attributed, and may not necessarily represent views expressed or reflected in other communications, strategies or funds. The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested. Exchange rate changes may cause the value of any overseas investments to rise or fall. Past Performance is not a guide to future performance and may not be repeated. The forecasts included should not be relied upon, are not guaranteed and are provided only as at the date of issue. Our forecasts are based on our own assumptions which may change.

In honour of COP26 this month, welcome to our mini series where we're exploring ESG or environmental, social, and governance factors within the industry. In this series, which we're releasing every Thursday during the conference, we're interviewing old and new guests on their approach to ESG within the industry. We've sought to speak to a wide range of guests with a variety of perspectives on this well-known topic.  To begin, we're thrilled to have Erik Kobayashi-Solomon back on the pod. Erik penned an article called Science doesn't care what trading desks are saying which caught our eye. From there, we discussed how trading desks motivations could be aligned with climate change issues, how investors can put a sustainability lens on industries outside of oil and gas, and what changes to an investor's framework can be made when thinking about the future.  Minutes:  00:33 Series intro 01:12 Guest intro 01:55 Episode term glossary  03:12 Episode intro 06:34 Will trading desks ever care about climate change?  11:31 Bill Gate's 75% Problem 15:23 The weight of a phone 19:31 What role should oil and gas play in climate change?  22:42 Is nuclear's role unfairly diminished?  29:00 If you could persuade every investor who listens to this podcast to add one extra step into their investment process, what would it be? NEW EPISODES: We release main series episodes every two weeks on Mondays and ESG mini-series every Thursday. You can subscribe via Podbean or use this feed URL (https://tvpschroders.podbean.com/feed.xml) in Apple Podcasts, Spotify and other podcast players. GET IN TOUCH: send us a tweet: @TheValueTeam  Important information. This podcast is for investment professionals only. This information is not an offer, solicitation or recommendation to buy or sell any financial instrument or to adopt any investment strategy. Any data has been sourced by us and is provided without any warranties of any kind. It should be independently verified before further publication or use. Third party data is owned or licenced by the data provider and may not be reproduced, extracted or used for any other purpose without the data provider’s consent. Neither we, nor the data provider, will have any liability in connection with the third party data. Reliance should not be placed on any views or information in the material when taking individual investment and/or strategic decisions. Any references to securities, sectors, regions and/or countries are for illustrative purposes only. The views and opinions contained herein are those of individual to whom they are attributed, and may not necessarily represent views expressed or reflected in other communications, strategies or funds. The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested. Exchange rate changes may cause the value of any overseas investments to rise or fall. Past Performance is not a guide to future performance and may not be repeated. The forecasts included should not be relied upon, are not guaranteed and are provided only as at the date of issue. Our forecasts are based on our own assumptions which may change.

Joe Wiggins is the excellent author of the Behavioural Investment blog and the newest guest on the TVP Pod. He's interviewed by Andy Evans and Liam Nunn who discuss how Joe's background in sociology and behavioural science has helped him advise investment managers. He stresses how behavioural issues are important to investment outcomes and being conscious of those behaviours and biases can help all investors - from retail to professional.  Minutes:  1:08 Episode Intro 1:50 Joe's background 3:47 What are the most common behavioural issues?  5:57 Are there any biases that are unique to investing?  7:22 Outcome Bias and thinking in probabilities  10:14 The prevalence of overconfidence - what can fix it? 12:33 Process v. outcome - how can investors learn more from mistakes?  15:19 The consideration of time - why do we struggle with time horizons?  20:17 Do professional investors feel the need to be constantly active?  23:42 Has the approach to behaviour bias in finance evolved at all in recent times?  26:28 How can we improve decision making? 28:13 Examining decision making in other industries 32:49 A bad outcome that came from bad process and book recommendations   Book recommendations: The dog and the frisbee by Andrew Haldane  Gut Feelings by Gerd Gigerenzer   NEW EPISODES: We release a new episodes every three weeks on Mondays. You can subscribe via Podbean or use this feed URL (https://tvpschroders.podbean.com/feed.xml) in Apple Podcasts, Spotify and other podcast players. GET IN TOUCH: send us a tweet: @TheValueTeam  Important information. This podcast is for investment professionals only. This information is not an offer, solicitation or recommendation to buy or sell any financial instrument or to adopt any investment strategy. Any data has been sourced by us and is provided without any warranties of any kind. It should be independently verified before further publication or use. Third party data is owned or licenced by the data provider and may not be reproduced, extracted or used for any other purpose without the data provider’s consent. Neither we, nor the data provider, will have any liability in connection with the third party data. Reliance should not be placed on any views or information in the material when taking individual investment and/or strategic decisions. Any references to securities, sectors, regions and/or countries are for illustrative purposes only. The views and opinions contained herein are those of individual to whom they are attributed, and may not necessarily represent views expressed or reflected in other communications, strategies or funds. The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested. Exchange rate changes may cause the value of any overseas investments to rise or fall. Past Performance is not a guide to future performance and may not be repeated. The forecasts included should not be relied upon, are not guaranteed and are provided only as at the date of issue. Our forecasts are based on our own assumptions which may change.      

Ajmal Ahmady is the former Governor of the Central Bank of Afghanistan, Da Afghanistan Bank, and the latest guest on the Value Perspective. Juan and Emily had the opportunity to talk with Ajmal about the work he accomplished during his tenure including inflation stabilisation and digitised money wallet. They also discussed decision making as a central bank during times of crisis and conflict, including how the DAB made decisions as the Taliban encroached towards the capital.    MINUTES: 1:05 Episode Intro 1:43 Ajmal's background 4:04 Providing stability through central bank tools 8:03 How did the central bank affect areas with different levels of development?  10:30 How do you build trust in formalised finance?  13:40 How did military conflict affect your decision making process? 16:38 Increased financial inclusion 20:39 The role of opium within the Afghan economy 25:21 How did the bank help in anti-Taliban efforts?  27:29 What lead to you make the decision to leave the country? 31:07  As the events were unfolding, how did you process information when making decisions?  34:07 Is there a 'checklist' for a Governor of a bank when they're under threat?  36:40 What does the future of the DAB look like?  39:39 Book recommendation an outcome that was a result of a bad process Book recommendations: The Silk Roads: A New History of the World by Peter Frankopan For further information, please see the following links. Please note that Schroders is not responsible for content on external sites:  Highlights of an FT subscriber webinar with Ajmal Ahmady on Afghanistan, 2021-08-26 ^Foreign Affairs (2022-03-30). “Ajmal Ahmady: Why Afghanistan Fell" ^Financial Times (2021-08-24). “Ajmal Ahmady: Afghanistan faces an economic crisis, as well as a humanitarian one" (actual link: https://www.ft.com/stream/75ed5ed6-883f-402c-b04b-4d1ddd5ab670) ^“Ajmal Ahmady: The Taliban Can't Print Cash and Other Afghan Business Challenges". com. 2021-09-07 ^Matt Egan. "Former Afghan central banker Ajmal Ahmady describes 'complete chaos' of fleeing the country, with one shoe and no bags". CNN ^"Afghanistan's central bank governor Ajmal  Ahmady tells of his escape as the Taliban closed in on Kabul". Sky News ^"US left too quickly, says Afghanistan bank governor Ajmal Ahmady". BBC News. 2021-08-17 ^"GZERO Media with Ajmal Ahmady". GZERO Media ^"Odd Lots: A Conversation With Ajmal Ahmady, Afghanistan's Former Central Bank Chief on Apple Podcasts". Apple Podcasts ^"A Conversation With Ajmal Ahmady, Afghanistan's Former Central Bank Chief". com. 2021-08-23 ^Mercatus Macro Musings: Ajmal Ahmady on the Afghan Economy and the Challenges Facing the Nation’s Future. 2021-11-15 ^“Ajmal Ahmady: Afghanistan's economy is in trouble after the Taliban took control". wbur.org ^"Afghanistan's Money Problem : Planet Money with Ajmal Ahmady". org ^Nelson, Eshe; Rappeport, Alan (2021-08-18). "U.S. and I.M.F. Apply a Financial Squeeze on the Taliban, with comments by Ajmal Ahmady". The New York Times ^Wechsler, Josh Lipsky and William F. (2021-08-18). "Opinion | Will the IMF Bankroll the Taliban, with comments by Ajmal Ahmady?". Wall Street Journal ^Afghan Central Bank Chief Ajmal Ahmady Warns of Economic CrisisBloomberg ^Filseth, Trevor (2021-09-15). "Afghanistan Headed for Financial Collapse, Former Bank Chief Ajmal Ahmady Warns". The National Interest ^Franck, Thomas (2021-08-18). "U.S. won't let Taliban access Afghanistan's financial assets held in America, with comments by Ajmal Ahmady". CNBC ^Marino, Kate (2021-09-13). "Afghanistan's cash problem is intensifying a humanitarian crisis, with comments by Ajmal Ahmady". Axios. Retrieved 2022-04-19. NEW EPISODES: We release a new episodes every three weeks on Mondays. You can subscribe via Podbean or use this feed URL (https://tvpschroders.podbean.com/feed.xml) in Apple Podcasts, Spotify and other podcast players. GET IN TOUCH: send us a tweet: @TheValueTeam  Important information. This podcast is for investment professionals only. This information is not an offer, solicitation or recommendation to buy or sell any financial instrument or to adopt any investment strategy. Any data has been sourced by us and is provided without any warranties of any kind. It should be independently verified before further publication or use. Third party data is owned or licenced by the data provider and may not be reproduced, extracted or used for any other purpose without the data provider’s consent. Neither we, nor the data provider, will have any liability in connection with the third party data. Reliance should not be placed on any views or information in the material when taking individual investment and/or strategic decisions. Any references to securities, sectors, regions and/or countries are for illustrative purposes only. The views and opinions contained herein are those of individual to whom they are attributed, and may not necessarily represent views expressed or reflected in other communications, strategies or funds. The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested. Exchange rate changes may cause the value of any overseas investments to rise or fall. Past Performance is not a guide to future performance and may not be repeated. The forecasts included should not be relied upon, are not guaranteed and are provided only as at the date of issue. Our forecasts are based on our own assumptions which may change.

Value Capital Partners are joining us on the podcast this week. Sam Sithole, Co-founder and CEO, and Antony Ball, Co-Founder and Non-Executive Director, are activist investors based out of Johannesburg who have a value lean. By becoming active shareholders and board members, Value Capital Partners seek to improve the value of companies through governance and management guidance. We chatted with them about what it’s like to be an activist investor in an emerging market and some of the processes they use once they join the board of a company. Juan was joined by co-host Rollo Roscow, a fund manager at Schroders. MINUTES: 1:07 Episode Intro 1:48 Sam and Antony’s backgrounds 5:08 How do you think of the processes of activist investors in South Africa? How does it differ from the American model of activism? 10:03 What type of personality do you think lends itself well to private assets or activist investing? 13:14 Is an activist nature’s skill set natural or nurtured? 14:39 When you select a company to invest in, is there a sense that some are more receptive than others? 18:30 How has the value approach changed over the past 5 years in comparison to previous private equity approaches? 21:52 With a more concentrated investment community, how do you work with other asset managers? 25:23 How do you manage the uncertainty of convincing other stake holders that you, as an activist investor, add value? How do you gain entry to the board? 31:36 The exit process: do you ever leave the company after turning it around? 33:30 How much does price dictate your process? 35:40 When you identify the company you’d like to invest in, what team dynamic do you have when setting up an approach? 38:40 How do maintain perspective and objectivity? How do you acknowledge a short coming? 41:08 Book Recommendations 47:17 A bad decision from process rather than luck Book recommendations: Dear Chairman - Casey Graham Nelson Mandela - Long Road to Freedom NEW EPISODES: We release a new episodes every three weeks on Mondays. You can subscribe via Podbean or use this feed URL (https://tvpschroders.podbean.com/feed.xml) in Apple Podcasts, Spotify and other podcast players. GET IN TOUCH: send us a tweet: @TheValueTeam  Important information. This podcast is for investment professionals only. This information is not an offer, solicitation or recommendation to buy or sell any financial instrument or to adopt any investment strategy. Any data has been sourced by us and is provided without any warranties of any kind. It should be independently verified before further publication or use. Third party data is owned or licenced by the data provider and may not be reproduced, extracted or used for any other purpose without the data provider’s consent. Neither we, nor the data provider, will have any liability in connection with the third party data. Reliance should not be placed on any views or information in the material when taking individual investment and/or strategic decisions. Any references to securities, sectors, regions and/or countries are for illustrative purposes only. The views and opinions contained herein are those of individual to whom they are attributed, and may not necessarily represent views expressed or reflected in other communications, strategies or funds. The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested. Exchange rate changes may cause the value of any overseas investments to rise or fall. Past Performance is not a guide to future performance and may not be repeated. The forecasts included should not be relied upon, are not guaranteed and are provided only as at the date of issue. Our forecasts are based on our own assumptions which may change.

On this podcast, we speak with people from all walks of life to understand how they make decisions in uncertain circumstances. This week, we’ve taken this prompt a bit closer to our day-to-day jobs by speaking with Tom Slater, Head of US Equities and a decision maker for the Long Term Global Growth Strategy at Baillie Gifford. Tom works in similar circumstances as the Value Team but takes a very different approach to decision making. His team focuses on high growth companies both in listed equity markets and in private companies. Nick Kirrage and Vera German hosted this episode which explores the fundamental differences between the growth and value styles, but also some surprising overlaps between the two teams’ approaches.   Minutes: 1:06 Intro from Nick 1:46 Intro from Tom Slater 2:58 The basics: Value v Growth 3:44 Why are humans bad at imagining different outcomes? How does Growth approach this? 6:49 What happens when everything goes right? 8:12 How does Tom identify Growth opportunities? 11:49 Do you focus on a ‘hit rate’ to validate your process? 13:47 Long-termism is and being benchmark agnostic 17:21 How does a fund manager behave when they are greatly out- or under-performing the benchmark? 21:20 Making decisions in a team environment and how to foster a environment for decision making 27:19 How do you handle disagreements? 30:20 Using pre-mortems 33:02 How do make the decision to sell a stock? 36:53 What do you set out to learn from management meetings? 41:35 Book recommendations: How Nature Works by Per Bak 45:38 Tell us about a time when a bad decision that came about from bad process and not bad luck   NEW EPISODES: We release a new episodes every three weeks on Mondays. You can subscribe via Podbean or use this feed URL (https://tvpschroders.podbean.com/feed.xml) in Apple Podcasts, Spotify and other podcast players. GET IN TOUCH: send us a tweet: @TheValueTeam  Important information. This podcast is for investment professionals only. This information is not an offer, solicitation or recommendation to buy or sell any financial instrument or to adopt any investment strategy. Any data has been sourced by us and is provided without any warranties of any kind. It should be independently verified before further publication or use. Third party data is owned or licenced by the data provider and may not be reproduced, extracted or used for any other purpose without the data provider’s consent. Neither we, nor the data provider, will have any liability in connection with the third party data. Reliance should not be placed on any views or information in the material when taking individual investment and/or strategic decisions. Any references to securities, sectors, regions and/or countries are for illustrative purposes only. The views and opinions contained herein are those of individual to whom they are attributed, and may not necessarily represent views expressed or reflected in other communications, strategies or funds. The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested. Exchange rate changes may cause the value of any overseas investments to rise or fall. Past Performance is not a guide to future performance and may not be repeated. The forecasts included should not be relied upon, are not guaranteed and are provided only as at the date of issue. Our forecasts are based on our own assumptions which may change.

Juan and Roberta welcome Andrew Elliott onto the podcast. Andrew, an actuary and author, specialises in how we use numbers to create benchmarks that allow us to process and contextualise different scenarios. We start out with a quiz to see how good the Value Team is at estimating the world around them and then we move on to discus how to create benchmarks, see how the relationship between words and numbers shapes our perceptions and how difficult it is to communicate probabilities. Feel free to test yourself on Andrew’s website: Isthatabignumber.com Episode Minutes: 1:05 Intro 2:20 Andrew’s background 7:19 Andrew quizzes the Value Team 13:10 The Value Team quizzes Andrew 15:37 How a base level of benchmarks can help you create accurate ranges when making estimated guesses 20:52 Building out your mental models to create more confident conclusions 22:55 The links between numbers and words  - why do words matter so much when they’re not very precise? 27:50 Where does the word benchmark come from? 28:45 Why do human beings struggle so much with big numbers and what tools can we develop to better handle them? 34:34 The use of the average: are they misleading? 39:20 How can this apply to insurmountably large problems like climate change? 43:39 How do we get people to understand the role that luck plays in everyday life? 49:14 Two notable chances 53:32 Book Recommendations and a time when a poor outcome came through poor process, not bad luck   Book recommendations: Is that a big number? By Andrew Elliot Factfulness: Ten Reasons We're Wrong About the World--and Why Things Are Better Than You Think by Hans Rosling The First Scientist: Anaximander and His Legacy by Carlo Rovelli   NEW EPISODES: We release a new episodes every three weeks on Mondays. You can subscribe via Podbean or use this feed URL (https://tvpschroders.podbean.com/feed.xml) in Apple Podcasts, Spotify and other podcast players. GET IN TOUCH: send us a tweet: @TheValueTeam  Important information. This podcast is for investment professionals only. This information is not an offer, solicitation or recommendation to buy or sell any financial instrument or to adopt any investment strategy. Any data has been sourced by us and is provided without any warranties of any kind. It should be independently verified before further publication or use. Third party data is owned or licenced by the data provider and may not be reproduced, extracted or used for any other purpose without the data provider’s consent. Neither we, nor the data provider, will have any liability in connection with the third party data. Reliance should not be placed on any views or information in the material when taking individual investment and/or strategic decisions. Any references to securities, sectors, regions and/or countries are for illustrative purposes only. The views and opinions contained herein are those of individual to whom they are attributed, and may not necessarily represent views expressed or reflected in other communications, strategies or funds. The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested. Exchange rate changes may cause the value of any overseas investments to rise or fall. Past Performance is not a guide to future performance and may not be repeated. The forecasts included should not be relied upon, are not guaranteed and are provided only as at the date of issue. Our forecasts are based on our own assumptions which may change.

Michael Mauboussin joins Andy and Kevin on this episode of the Value Perspective.  Michael, a market strategist, professor and author, highlights techniques to help investors improve the quality of their decisions.    EPISODE NOTES: 1:09 Intro 2:37 What are the three most important tools an investor can have in decision making?  7:40 Tracking your decisions with precision 8:57 Do you think base rates are less usable than in the past due to mean regression? 11:44 How successfully have people integrated decision making tools into their process? 14:35 What should you capture in your 'decision journal'? 17:18 Updating your base theorems - how do balance the long and short term noise?  22:14 What does the ideal decision making environment look like?  27:20 Probabilistic thinking 31:14 What is risk? 35:09 How to overcome the fear of assigning numbers to risk 38:06 How to determine the difference between skill and luck? 44:41 The Santa Fe Institute approach 53:07 A bad decision being made over time   Book Recommendations: Range: Why Generalists Triumph in a Specialized World by David Epstein    NEW EPISODES: You can subscribe via Podbean or use this feed URL (https://tvpschroders.podbean.com/feed.xml) in Apple Podcasts and other podcast players. GET IN TOUCH: send us a tweet: @TheValueTeam  Important information. This podcast is for investment professionals only. This information is not an offer, solicitation or recommendation to buy or sell any financial instrument or to adopt any investment strategy. Any data has been sourced by us and is provided without any warranties of any kind. It should be independently verified before further publication or use. Third party data is owned or licenced by the data provider and may not be reproduced, extracted or used for any other purpose without the data provider’s consent. Neither we, nor the data provider, will have any liability in connection with the third party data. Reliance should not be placed on any views or information in the material when taking individual investment and/or strategic decisions. Any references to securities, sectors, regions and/or countries are for illustrative purposes only. The views and opinions contained herein are those of individual to whom they are attributed, and may not necessarily represent views expressed or reflected in other communications, strategies or funds. The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested. Exchange rate changes may cause the value of any overseas investments to rise or fall. Past Performance is not a guide to future performance and may not be repeated. The forecasts included should not be relied upon, are not guaranteed and are provided only as at the date of issue. Our forecasts are based on our own assumptions which may change.  

Ben and Juan welcome Dan Rasmussen, the founder of Verdad Capital, to the podcast this week. Dan is a deep value investor and a history buff who discusses his learning from the Covid Crisis from the past year, how he utilises base rates in investment and how his interest in history (and not just financial) helps him make decisions. You can find Dan on Twitter at @verdadcap   EPISODE NOTES: 1:06 : Summary 2:07: Dan's background 4:28: What is your style of value investing? What is your definition of deep value?  7:17 Companies can be cheap for a reason. How do you incorporate pessimism into your analysis?  10:29 After 10 years of a Growth dominated market, how should we consider value in relation to growth?  18:00 Dan wrote a research piece on crises in Jan of 2020. Since the last crisis has occurred, has it changed his approach?  23:10 How do you make sure that you learn from history, but account for future unpredictability?  28:34 How can you incorporate meta analysis in investing?  32:50 How can you communicate long term analysis? 36:33 How do you source base rates?  41:58 Outside v. Inside views: do you allow for any inside views?  44:19 Clients' reactions to base rate-driven decisions  46:48 How do you think about the issue of market timing and the avoidance of value traps?  50:14 A bad decision that came from bad process   Book Recommendations: American Uprising: The Untold Story of America's Largest Slave Revolt by Daniel Rasmussen The Passions and the Interests by A. O. Hirschman   NEW EPISODES: You can subscribe via Podbean or use this feed URL (https://tvpschroders.podbean.com/feed.xml) in Apple Podcasts and other podcast players. GET IN TOUCH: send us a tweet: @TheValueTeam  Important information. This podcast is for investment professionals only. This information is not an offer, solicitation or recommendation to buy or sell any financial instrument or to adopt any investment strategy. Any data has been sourced by us and is provided without any warranties of any kind. It should be independently verified before further publication or use. Third party data is owned or licenced by the data provider and may not be reproduced, extracted or used for any other purpose without the data provider’s consent. Neither we, nor the data provider, will have any liability in connection with the third party data. Reliance should not be placed on any views or information in the material when taking individual investment and/or strategic decisions. Any references to securities, sectors, regions and/or countries are for illustrative purposes only. The views and opinions contained herein are those of individual to whom they are attributed, and may not necessarily represent views expressed or reflected in other communications, strategies or funds. The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested. Exchange rate changes may cause the value of any overseas investments to rise or fall. Past Performance is not a guide to future performance and may not be repeated. The forecasts included should not be relied upon, are not guaranteed and are provided only as at the date of issue. Our forecasts are based on our own assumptions which may change.  

Erik Kobayashi-Solomon, author of The Intelligent Option Investor and Forbes contributor, joins Juan and Andy this week to discuss value investing and options. They discuss put options in the context of value, risks retail investors take with options and a dissection of the Black-Scholes Model.  EPISODE MINUTES:  01:08 Introduction 01:52 Erik's background 04:31 What is an option? How do they fit into value investing?  11:46 What is the Black-Scholes model and why isn't it the end-all-be-all for pricing options? 17:10 How can price forecasting be used in value investing? How does it fit in with valuations? 23:09 Why does the industry appear to be obsessed with pinpointing valuations to a certain figure rather than a range? 25:30 How do tail events work within option investing? 29:56 Selling put options instead of buying an underlying stock 37:30  Should retail investors have access to options? 42:30 Book recommendations and a unfavourable outcome that was a result of poor decisions Book recommendations: The Intelligent Option Investor by Erik Kobayashi-Solomon The Essays of Warren Buffet NEW EPISODES: You can subscribe via Podbean or use this feed URL (https://tvpschroders.podbean.com/feed.xml) in Apple Podcasts and other podcast players. GET IN TOUCH: send us a tweet: @TheValueTeam  Important information. This podcast is for investment professionals only. This information is not an offer, solicitation or recommendation to buy or sell any financial instrument or to adopt any investment strategy. Any data has been sourced by us and is provided without any warranties of any kind. It should be independently verified before further publication or use. Third party data is owned or licenced by the data provider and may not be reproduced, extracted or used for any other purpose without the data provider’s consent. Neither we, nor the data provider, will have any liability in connection with the third party data. Reliance should not be placed on any views or information in the material when taking individual investment and/or strategic decisions. Any references to securities, sectors, regions and/or countries are for illustrative purposes only. The views and opinions contained herein are those of individual to whom they are attributed, and may not necessarily represent views expressed or reflected in other communications, strategies or funds. The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested. Exchange rate changes may cause the value of any overseas investments to rise or fall. Past Performance is not a guide to future performance and may not be repeated. The forecasts included should not be relied upon, are not guaranteed and are provided only as at the date of issue. Our forecasts are based on our own assumptions which may change.  

This week on the TVP pod, Juan and Kondi welcome David Holland of Fractual Value Advisors and the author of “Beyond Earnings”. We discuss David’s musical background, the intersection of finance and strategy including valuation, and the importance of language when discussing probabilities.   MINUTES: 1:06 Intro 2:04 David’s background - From engineering to an MBA in South Africa to valuation guru 7:08 Music - what role can non-fungible tokens have in the music industry? 12:13 Strategic decision making - what can be taught about decision making that can have real world applications? 16:23 What is more difficult to correct: over-precision or over-estimation biases? 19:38 Can probabilistic thinking be introduced through non-technical language? 23:08 How can you make a decision when the range of possibilities is too large? 25:52 Integrating good decision making in a workplace culture 30:57 How do these type of MBA lessons apply outside of business? 33:51 The purpose of averages rather than more precise figures in large scale decisions 38:30 “Growth is the most misunderstood word in the investment community” 43:01 When does the pursuit of growth come at the cost of value to a company? 45:35 ESG and Sustainability frameworks in valuation - What’s their role in emerging markets? 48:13 Book Recommendation and a bad process decision example Book recommendations: • Beyond Earnings by David Holland and Bryant Matthews • Calling Bullsh*t: the Art of Scepticism in a Data-Driven World by Carl Bergstrom and Jevin D. West • Stoked! By Chris Bertish • Supernatural Strategies for Making a Rock ‘n’ Roll Group by Ian F. Svenonius • Thinking Fast and Slow by Daniel Kahneman • Decision Analysis for the Professional by Peter McNamee   NEW EPISODES: You can subscribe via Podbean or use this feed URL (https://tvpschroders.podbean.com/feed.xml) in Apple Podcasts, Spotify, and other podcast players.   GET IN TOUCH: send us a tweet: @TheValueTeam    Important information. This podcast is for investment professionals only. This information is not an offer, solicitation or recommendation to buy or sell any financial instrument or to adopt any investment strategy. Any data has been sourced by us and is provided without any warranties of any kind. It should be independently verified before further publication or use. Third party data is owned or licenced by the data provider and may not be reproduced, extracted or used for any other purpose without the data provider’s consent. Neither we, nor the data provider, will have any liability in connection with the third party data. Reliance should not be placed on any views or information in the material when taking individual investment and/or strategic decisions. Any references to securities, sectors, regions and/or countries are for illustrative purposes only. The views and opinions contained herein are those of individual to whom they are attributed, and may not necessarily represent views expressed or reflected in other communications, strategies or funds. The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested. Exchange rate changes may cause the value of any overseas investments to rise or fall. Past Performance is not a guide to future performance and may not be repeated. The forecasts included should not be relied upon, are not guaranteed and are provided only as at the date of issue. Our forecasts are based on our own assumptions which may change.  

We are very excited to welcome Ted Seides to The Value Perspective podcast for this episode. You many know Ted as the host of the Capital Allocators podcast and the author of So You Want to Start a Hedge Fund and Capital Allocators: How the world's elite money managers lead and invest. Previous to starting podcasting, Ted began his career working on external public equity managers, internal fixed income portfolio management and in an alternative investment firm that invested in and seeded small hedge funds. In this episode, Ted sits down with Juan and Nick to discuss what Ted has learned through his podcast's 200+ episodes, a bet he made with Warren Buffet on hedge funds vs. S&P 500, and his views on analysing investment processes including probabilistic thinking, the importance of diversity and recognising biases. EPISODE MINUTES:    01:08 Introduction 02:10 Ted's background 05:49 What has Ted learned through his podcast? 07:30 Learning from other industries 10:52 A bet with Warren Buffet: good process, bad outcome 16:18 What was the rationale behind the bet? 18:58 Probabilistic thinking - can we take historical averages to help us make decisions? 22:33 Do the best capital allocators factor in 'pot stakes' into their process? 25:47 What's the importance of diversification?  28:51 Is there a value-add to meeting managers, capitol allocators, etc. face-to-face? 31:48 Why is confirmation bias the prevalent bias? Is it the riskiest? 37:17 Cognitive diversity: how to develop this in your team? 41:01 How does the origin of capital affect investment decisions? 45:10 Has 2020 changed the way institutional investors think of absolute and relative returns? 48:18 Is ESG making a significant impact? 50:24 A decision where the outcome was unwanted due to bad process. Book recommendations: The Psychology of Money: Timeless Lessons on Wealth, Greed, and Happiness by Morgan Housel So You Want to Start a Hedge Fund and Capital Allocators: How the world's elite money managers lead and invest by Ted Seides NEW EPISODES: You can subscribe via Podbean or use this feed URL (https://tvpschroders.podbean.com/feed.xml) in Apple Podcasts and other podcast players. GET IN TOUCH: send us a tweet: @TheValueTeam  Important information. This podcast is for investment professionals only. This information is not an offer, solicitation or recommendation to buy or sell any financial instrument or to adopt any investment strategy. Any data has been sourced by us and is provided without any warranties of any kind. It should be independently verified before further publication or use. Third party data is owned or licenced by the data provider and may not be reproduced, extracted or used for any other purpose without the data provider’s consent. Neither we, nor the data provider, will have any liability in connection with the third party data. Reliance should not be placed on any views or information in the material when taking individual investment and/or strategic decisions. Any references to securities, sectors, regions and/or countries are for illustrative purposes only. The views and opinions contained herein are those of individual to whom they are attributed, and may not necessarily represent views expressed or reflected in other communications, strategies or funds. The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested. Exchange rate changes may cause the value of any overseas investments to rise or fall. Past Performance is not a guide to future performance and may not be repeated. The forecasts included should not be relied upon, are not guaranteed and are provided only as at the date of issue. Our forecasts are based on our own assumptions which may change.

Professor Aswath Damodaran joins us for this episode on The Value Perspective. The author of a dozen books and considered the preeminent Valuation Guru by many, Aswath is a professor at the NYU's Stern School of Business teaching corporate finance and valuation. Juan and Aswath discuss valuation's impact on historical events, how valuation is one of the most powerful tools in investment and how to keep a level head in the face of inflated valuations.  EPISODE MINUTES:  01:11 Intro: who is Aswath? 08:43 Is there a check list that analysts can use to sound check a valuation?  11:59 Valuation's biggest enemy is the human; recognising preconceptions and bias 15:15 The role of a devil's advocate when discussing valuation 17:23 What is 'good' data management when it comes to valuing a business?  23:05 Finding risks in the footnotes 25:58 There are still resistors to valuation - are we doomed to repeat history?  30:51 The power of words and company description in valuation 37:18 How do you think about valuations in the context of value investing?  43:07 Monte Carlo simulations - yea or nay?  44:46 A time when bad process produced an unwanted outcome 49:27 Book recommendation: The Psychology of Money: Timeless Lessons on Wealth, Greed, and Happiness by Morgan Housel and The Success Equation: Untangling Skill and Luck in Business, Sports and Investing by Michael Mauboussin NEW EPISODES: You can subscribe via Podbean or use this feed URL (https://tvpschroders.podbean.com/feed.xml) in Apple Podcasts and other podcast players. GET IN TOUCH: send us a tweet: @TheValueTeam  Important information. This podcast is for investment professionals only. This information is not an offer, solicitation or recommendation to buy or sell any financial instrument or to adopt any investment strategy. Any data has been sourced by us and is provided without any warranties of any kind. It should be independently verified before further publication or use. Third party data is owned or licenced by the data provider and may not be reproduced, extracted or used for any other purpose without the data provider’s consent. Neither we, nor the data provider, will have any liability in connection with the third party data. Reliance should not be placed on any views or information in the material when taking individual investment and/or strategic decisions. Any references to securities, sectors, regions and/or countries are for illustrative purposes only. The views and opinions contained herein are those of individual to whom they are attributed, and may not necessarily represent views expressed or reflected in other communications, strategies or funds. The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested. Exchange rate changes may cause the value of any overseas investments to rise or fall. Past Performance is not a guide to future performance and may not be repeated. The forecasts included should not be relied upon, are not guaranteed and are provided only as at the date of issue. Our forecasts are based on our own assumptions which may change.  

This week we're joined by Maria Konnikova. She is an author, a professional poker player, and psychologist. Maria shares with us how she utilised different techniques during her poker career that shaped how she thought about probabilities like the description-experience gap, weighing risk vs. reward and communicating and framing risk. She has found these mindsets have helped in a wide variety of situation from Covid-19 to analysing Presidential Election pundits.  Maria's newest book The Biggest Bluff: How I Learned to Pay Attention, Master Myself and Win is available now.  Episode minutes: 01:07 Intro 03:36 Thinking in probability: nature or nurture?  07:29 How can thought processes learned in poker be used in everyday life?  10:25 What is the best way to better communicate complex messages about risk?  15:18 The Power of Variance: why probability doesn't care about history or the past 20:57 Streamlining and optimising your thought processes under pressure  25:01 What is a bad decision you made?  27:29  Book Recommendations: The Data Detective by Tim Harford NEW EPISODES: You can subscribe via Podbean or use this feed URL (https://tvpschroders.podbean.com/feed.xml) in Apple Podcasts and other podcast players. GET IN TOUCH: send us a tweet: @TheValueTeam  Important information. This podcast is for investment professionals only. This information is not an offer, solicitation or recommendation to buy or sell any financial instrument or to adopt any investment strategy. Any data has been sourced by us and is provided without any warranties of any kind. It should be independently verified before further publication or use. Third party data is owned or licenced by the data provider and may not be reproduced, extracted or used for any other purpose without the data provider’s consent. Neither we, nor the data provider, will have any liability in connection with the third party data. Reliance should not be placed on any views or information in the material when taking individual investment and/or strategic decisions. Any references to securities, sectors, regions and/or countries are for illustrative purposes only. The views and opinions contained herein are those of individual to whom they are attributed, and may not necessarily represent views expressed or reflected in other communications, strategies or funds. The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested. Exchange rate changes may cause the value of any overseas investments to rise or fall. Past Performance is not a guide to future performance and may not be repeated. The forecasts included should not be relied upon, are not guaranteed and are provided only as at the date of issue. Our forecasts are based on our own assumptions which may change.

In the first episode of 2021, we have Jake Taylor, CEO of Farnam Street Investments, author of The Rebel Allocator and host of the Five Good Questions podcast and Value: After Hours series on YouTube. Jake, like us, seeks to apply learnings from other professions and perspectives to value investing. Committed to value investing since he had lunch with Warren Buffet while in business school, Jake shares with us his passion for learning from others and discussing the value style with potential converts.   You can find Jake on Twitter @farnamjake1 Episode minutes: 01:07 Intro 01:53 Jake’s background 03:36 How Jake became involved in value investing 04:49 Value investing in financial education 07:45 The role of accounting in value investing 08:38 Jake’s podcast, YouTube series, and book 13:15 A call from Charlie Munger 16:00 How do we know if something is True? 20:05 How to implement base rates and other ‘best practices’ 24:39 How do you deal with uncertainly and maintain long term focus in an industry that is increasingly short term? 28:08  How do you make decisions when faced by a litany of individual probabilities with the visible and invisible webs? 34:03 The power of saying ‘no’ 37:42 Reflecting on reasons why you said no 41:25  What is a bad decision you made? 45:40 Book Recommendations: Nature of Value by Nick Gogerty, Nonzero: History, Evolution, and Human Cooperation by Robert Wright and The Essays of Warren Buffett NEW EPISODES: You can subscribe via Podbean or use this feed URL (https://tvpschroders.podbean.com/feed.xml) in Apple Podcasts and other podcast players. GET IN TOUCH: send us a tweet: @TheValueTeam  Important information. This podcast is for investment professionals only. This information is not an offer, solicitation or recommendation to buy or sell any financial instrument or to adopt any investment strategy. Any data has been sourced by us and is provided without any warranties of any kind. It should be independently verified before further publication or use. Third party data is owned or licenced by the data provider and may not be reproduced, extracted or used for any other purpose without the data provider’s consent. Neither we, nor the data provider, will have any liability in connection with the third party data. Reliance should not be placed on any views or information in the material when taking individual investment and/or strategic decisions. Any references to securities, sectors, regions and/or countries are for illustrative purposes only. The views and opinions contained herein are those of individual to whom they are attributed, and may not necessarily represent views expressed or reflected in other communications, strategies or funds. The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested. Exchange rate changes may cause the value of any overseas investments to rise or fall. Past Performance is not a guide to future performance and may not be repeated. The forecasts included should not be relied upon, are not guaranteed and are provided only as at the date of issue. Our forecasts are based on our own assumptions which may change.          

Marvin Barth, Head of FX and EM Macro Strategy at Barclays, joins Andy Evans and Juan Torres Rodriguez on this episode of the Value Perspective. In July, Marvin wrote a piece called 'Managing Uncertainty' which explores how, in this current time of uncertainly, we can look back to other instances like the Great Depression and Dot Com Burst, to learn how people behave under these circumstances and how you can avoid common behaviour traps.    RUNNING ORDER:  01:07 Intro 01:36 Managing Uncertainty - what do people do during times of uncertainty? 06:55 Defining risk and uncertainty - in quantifiable and un-quantifiable terms  11:58 Is this the most uncertain time we've been through in the modern era?  16:01 Has the greater availability of information increased or decreased uncertainty?  18:17 How can measurements of uncertainty be factored into risk models? 21:30 How is asset pricing affected by uncertainty?  24:53 What behaviours changes can be observed during times of uncertainty - chronic stress vs. acute stress 27:46 Marvin's five step framework for making better decisions  33:52 Does a framework give us false confidence when dealing with uncertainty?  35:44 An example of a bad decision that was due to luck or process and book recommendations: Calling Bulls**t: the Art of Scepticism in a Data-Driven Work by Carle T Bergstrom and Jevin D West   NEW EPISODES: You can subscribe via Podbean or use this feed URL (https://tvpschroders.podbean.com/feed.xml) in Apple Podcasts and other podcast players. GET IN TOUCH: send us a tweet: @TheValueTeam  Important information. This podcast is for investment professionals only. This information is not an offer, solicitation or recommendation to buy or sell any financial instrument or to adopt any investment strategy. Any data has been sourced by us and is provided without any warranties of any kind. It should be independently verified before further publication or use. Third party data is owned or licenced by the data provider and may not be reproduced, extracted or used for any other purpose without the data provider’s consent. Neither we, nor the data provider, will have any liability in connection with the third party data. Reliance should not be placed on any views or information in the material when taking individual investment and/or strategic decisions. Any references to securities, sectors, regions and/or countries are for illustrative purposes only. The views and opinions contained herein are those of individual to whom they are attributed, and may not necessarily represent views expressed or reflected in other communications, strategies or funds. The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested. Exchange rate changes may cause the value of any overseas investments to rise or fall. Past Performance is not a guide to future performance and may not be repeated. The forecasts included should not be relied upon, are not guaranteed and are provided only as at the date of issue. Our forecasts are based on our own assumptions which may change.

This week, the Value Team met with Hannah Mills, Olympic Sailor for Team GB who brought home the Silver in the 2012 Olympics and then the Gold in 2016 from Rio. Simon Adler, a fund manager in the Value Team and Sophie Ainsworth, a Team GB sailor and Schroders employee discuss with Hannah decision making on and off the water.   RUNNING ORDER:  01:07 Intro 01:37 Why decision making is integral in Olympic planning 03:57 How accurate to you think your decisions making is and how its changed over time?  04:55 What process have you put in place to improve your decision making in race environment?  06:06 What type of biases affect your decision making? 07:05 How does data inform your decisions?  08:26 Decision making in pairs 12:27 Adapting from solo sailing to team sailing   14:40 Sports psychology and how it helps open up viewpoints 17:51 Are you better at decision making in risky or safe environments?  19:38 What skills have you learned from psychology that help with decision making in races? 20:50 Are there any decisions that haunt you?  26:06 Have you found the decision making learned from sailing has followed you into everyday life?  28:28  Book recommendations: Thinking Fast and Slow by Daniel Kahneman   NEW EPISODES: You can subscribe via Podbean or use this feed URL (https://tvpschroders.podbean.com/feed.xml) in Apple Podcasts and other podcast players. GET IN TOUCH: send us a tweet: @TheValueTeam  Important information. This podcast is for investment professionals only. This information is not an offer, solicitation or recommendation to buy or sell any financial instrument or to adopt any investment strategy. Any data has been sourced by us and is provided without any warranties of any kind. It should be independently verified before further publication or use. Third party data is owned or licenced by the data provider and may not be reproduced, extracted or used for any other purpose without the data provider’s consent. Neither we, nor the data provider, will have any liability in connection with the third party data. Reliance should not be placed on any views or information in the material when taking individual investment and/or strategic decisions. Any references to securities, sectors, regions and/or countries are for illustrative purposes only. The views and opinions contained herein are those of individual to whom they are attributed, and may not necessarily represent views expressed or reflected in other communications, strategies or funds. The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested. Exchange rate changes may cause the value of any overseas investments to rise or fall. Past Performance is not a guide to future performance and may not be repeated. The forecasts included should not be relied upon, are not guaranteed and are provided only as at the date of issue. Our forecasts are based on our own assumptions which may change.

Annie Duke returns for her second appearance on the The Value Perspective. Juan Torres Rodriguez sat down to discuss with Annie more about the probabilistic mind-set. Annie shows how using probabilities to observe your everyday actions can help you to understand the decisions that you make and recognise how and why you make guesses. Her new book ‘How to Decide: Simple Tools for Making Better Choices’ is available now.   Minutes: 01:06 Intro to Annie  02:03 How can you help people to think about probabilities? How can use it to express uncertainty? 11:36 Using ranges to understand uncertainty – The Archer’s Mindset 17:10 How can you get better at understanding base rates? 27:28 Overcoming dispersion within a team 35:22 Making decisions under time pressure 41:06 Are outcomes only interesting when they weren’t what you expected? 53:43 How do you avoid “resulting” in reaction to bad outcomes? 01:01:26 Can you give an example of a decision that resulted in a bad outcome?   This episode's book recommendations:  The Psychology of Money: Timeless lessons on wealth, greed, and happiness by Morgan Housel The Biggest Bluff: How I Learned to Pay Attention, Take Control and Master the Odds by Maria Konnikova  How to Change: the Science of Getting From Where You Are To Where You Want to Be by Katy Milkman (available for pre-order) NEW EPISODES: You can subscribe via Podbean or use this feed URL (https://tvpschroders.podbean.com/feed.xml) in Apple Podcasts, Spotify, and other podcast players.   GET IN TOUCH: send us a tweet: @TheValueTeam    Important information. This podcast is for investment professionals only. This information is not an offer, solicitation or recommendation to buy or sell any financial instrument or to adopt any investment strategy. Any data has been sourced by us and is provided without any warranties of any kind. It should be independently verified before further publication or use. Third party data is owned or licenced by the data provider and may not be reproduced, extracted or used for any other purpose without the data provider’s consent. Neither we, nor the data provider, will have any liability in connection with the third party data. Reliance should not be placed on any views or information in the material when taking individual investment and/or strategic decisions. Any references to securities, sectors, regions and/or countries are for illustrative purposes only. The views and opinions contained herein are those of individual to whom they are attributed, and may not necessarily represent views expressed or reflected in other communications, strategies or funds. The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested. Exchange rate changes may cause the value of any overseas investments to rise or fall. Past Performance is not a guide to future performance and may not be repeated. The forecasts included should not be relied upon, are not guaranteed and are provided only as at the date of issue. Our forecasts are based on our own assumptions which may change.

In this episode, Juan and Andy speak with Taylor Pearson, a fund manager with a particular interest in creating research-backed systems to make decisions in an uncertain world, thus making people more ‘antifragile’. One of these systems included ergodicity which can be explained as a scenario where the average outcome of the group is the same as the average outcome of the individual over time. An example of an ergodic systems would be the outcomes of a coin toss (heads/tails). If 100 people flip a coin once or 1 person flips a coin 100 times, you get the same outcome. Taylor discusses how this theory can help people make decisions in uncertain environments.   Minutes: 01:10 Intro to Taylor  01:35 Notable days in history and their volatility 03:59 How do you define risk? 05:43 What is ergodicity? 08:23 Where is ergodicity relevant in our everyday life? 16:42 What is the best advice to give someone who may be succumbing to non-ergodic systems? 18:53 How does ergodicity apply in stock market scenarios? 23:53 How does diversification play a part? 26:25 Does diversification need to be oppositional? 29:52 How do you communicate probability in a way clients easily understand? 31:45 The Kelly Criterion: utilising a theory to size your decisions 34:36 An example of a bad decision 36:08 Book Recommendations – The Three Body Problem by Liu Cixin and The Origins of Political Order by Francis Fukuyama NEW EPISODES: You can subscribe via Podbean or use this feed URL (https://tvpschroders.podbean.com/feed.xml) in Apple Podcasts, Spotify, and other podcast players.   GET IN TOUCH: send us a tweet: @TheValueTeam    Important information. This podcast is for investment professionals only. This information is not an offer, solicitation or recommendation to buy or sell any financial instrument or to adopt any investment strategy. Any data has been sourced by us and is provided without any warranties of any kind. It should be independently verified before further publication or use. Third party data is owned or licenced by the data provider and may not be reproduced, extracted or used for any other purpose without the data provider’s consent. Neither we, nor the data provider, will have any liability in connection with the third party data. Reliance should not be placed on any views or information in the material when taking individual investment and/or strategic decisions. Any references to securities, sectors, regions and/or countries are for illustrative purposes only. The views and opinions contained herein are those of individual to whom they are attributed, and may not necessarily represent views expressed or reflected in other communications, strategies or funds. The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested. Exchange rate changes may cause the value of any overseas investments to rise or fall. Past Performance is not a guide to future performance and may not be repeated. The forecasts included should not be relied upon, are not guaranteed and are provided only as at the date of issue. Our forecasts are based on our own assumptions which may change.  

Juan and Andrew met with Sean Sutcliffe, the CEO of Oxford Space Systems, to learn how he deals with uncertainty not only in a start up business but also in a complex environment like space.  RUNNING ORDER: 01:12 Introduction 01:47 How does uncertainty impact a space start up? 03:41 Balancing market and technical uncertainties 05:33 Start-ups vs incumbents: Finding success through exploiting niches 08:14 How do you instil patience in investors over long timelines in a short-term focus environment? 12:30 Utilising milestones to help investors understand the component of time. 14:15 How the scientific approach to engineering testing aligns with market testing 17:49 Coping with failure and unexpected surprises 20:21 Understanding when you need to make a change in direction 24:33 Removing bias from investment cases – the human element in company management 26:51 When a good decision has a bad outcome 29:16 How do you build a successful team? 32:07 Book recommendation   NEW EPISODES: You can subscribe via Podbean or use this feed URL (https://tvpschroders.podbean.com/feed.xml) in Apple Podcasts, Spotify, and other podcast players.   GET IN TOUCH: send us a tweet: @TheValueTeam    Important information. This podcast is for investment professionals only. This information is not an offer, solicitation or recommendation to buy or sell any financial instrument or to adopt any investment strategy. Any data has been sourced by us and is provided without any warranties of any kind. It should be independently verified before further publication or use. Third party data is owned or licenced by the data provider and may not be reproduced, extracted or used for any other purpose without the data provider’s consent. Neither we, nor the data provider, will have any liability in connection with the third party data. Reliance should not be placed on any views or information in the material when taking individual investment and/or strategic decisions. Any references to securities, sectors, regions and/or countries are for illustrative purposes only. The views and opinions contained herein are those of individual to whom they are attributed, and may not necessarily represent views expressed or reflected in other communications, strategies or funds. The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested. Exchange rate changes may cause the value of any overseas investments to rise or fall. Past Performance is not a guide to future performance and may not be repeated. The forecasts included should not be relied upon, are not guaranteed and are provided only as at the date of issue. Our forecasts are based on our own assumptions which may change.

This week Nick and Juan meet Maj Nics Wetherill and LSgt Sophie Montagne, members of the Ice Maiden Expedition, the first all-female team to ski coast-to-coast across Antarctica by muscle power alone, to discuss making risk decisions as a team in the most extreme of environments.   RUNNING ORDER: 01:00 Introduction 03:20 How do you assemble a team? 08:00 Identifying what characteristics make for a strong, cohesive team in difficult conditions 10:45 The ‘human element’ versus technical skills 13:20 Learning to lead from other’s failures 15:47 Utilising outside perspectives to review planning 17:36 How do you build a process to prepare for the unknown? 20:08 How did you decide on roles within the team? 23:56 The decision framework within a democratic team 26:25 Preparing for and dealing with uncontrollable factors 30:32 How to weigh risk against reward 32:20 Ensuring that all team members are equipped mentally and physically 35:57 Key takeaways   NEW EPISODES: You can subscribe via Podbean or use this feed URL (https://tvpschroders.podbean.com/feed.xml) in Apple Podcasts, Spotify, and other podcast players.   GET IN TOUCH: send us a tweet: @TheValueTeam    Important information. This podcast is for investment professionals only. This information is not an offer, solicitation or recommendation to buy or sell any financial instrument or to adopt any investment strategy. Any data has been sourced by us and is provided without any warranties of any kind. It should be independently verified before further publication or use. Third party data is owned or licenced by the data provider and may not be reproduced, extracted or used for any other purpose without the data provider’s consent. Neither we, nor the data provider, will have any liability in connection with the third party data. Reliance should not be placed on any views or information in the material when taking individual investment and/or strategic decisions. Any references to securities, sectors, regions and/or countries are for illustrative purposes only. The views and opinions contained herein are those of individual to whom they are attributed, and may not necessarily represent views expressed or reflected in other communications, strategies or funds. The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested. Exchange rate changes may cause the value of any overseas investments to rise or fall. Past Performance is not a guide to future performance and may not be repeated. The forecasts included should not be relied upon, are not guaranteed and are provided only as at the date of issue. Our forecasts are based on our own assumptions which may change.