149: The $5 Trillion High Yield Debt Markets: Trouble Ahead or Compelling Returns? - With Victor Khosla, Founder & CIO of Strategic Value Partners
This episode comes from the SuperReturn conference in Berlin, with guest Victor Khosla, Founder of SVP. Set up in 2001, the firm manages $18 billion in credit, with an impressive long-term track record in identifying credit opportunities. Victor describes himself as the ‘Accidental Investor’, initially hired as a strategic consultant for a Citibank project in the 1990s, only then to join them ...
33m Aug 01, 2024
33m
148: Greed & Fear! What to Own, What to Avoid and Are We Wrong About China? With Chris Wood, Global Head of Equity Strategy, Jefferies (Hong Kong)
If you write a widely followed weekly piece for nearly 30 years, assessing investment risks & rewards, geopolitical implications, and extracting signals from noise, you need experience, good instincts, market nous, and the ability to talk to the right people. The weekly piece in question is GREED & FEAR, and its author, our guest Christopher Wood, Global Head of Equity Strategy for Jefferies, ...
42m Jul 25, 2024
42m
147: Vista Equity Partners: The $100 Billion Private Equity Software Group - With Rachel Arnold, Co-Head of Vista Equity Partners’ Endeavor Fund
In this shorter interview, recorded at Berlin SuperReturn (https://informaconnect.com/superreturn-international/) , Rachel Arnold, Co-Head of Vista’s Endeavour strategy, a fund focused on small-cap private software companies, offers insights that echo Bill Gates comment that “software is the magic thing whose importance only goes up over time” Amazingly, over 90% of software companies are priv...
24m Jul 18, 2024
24m
146: “Running Up That Hill” - Strava’s Co-Founder, Mike Horvath, on Building, Branding and Delivering: An Entrepreneurs’ Story
If you wrote a business plan in the 1990s that was way ahead of its time - a 20th century idea that needed 21st century technology to work - then put it aside and instead built an enterprise software firm that achieved a Goldman Sachs backed blockbuster IPO in 1999, you might say “bravo”. If then, several years later you return to this earlier idea, build it and today have over 100 million ath...
1hr 10m Jul 11, 2024
1hr 10m
145: Why the Fed Can’t Forecast, How Zero Rates Were a Huge Mistake and is Nvidia’s $3tn*+ Valuation Sustainable? With Rob Arnott, Founder of Research Affiliates
Rob Arnott has published over 100 academic papers, co-authored several books, and his firm Research Affiliates (https://www.researchaffiliates.com/home) developed the strategies behind approximately $147bn in AUM (as of March 2024). He has earned a reputation as a highly respected, value-orientated investor with clarity about unrealistic valuations, mean-reversion and where the investment oppo...
57m Jun 27, 2024
57m
144: Retail in the 21st Century: Seb James, CEO of Boots, Discusses Health, Technology, Data and the Customer
In a world where competitive survival has become rarer, one UK retail institution has survived for 175 years, remains a trusted brand, with over 50,000 employees, 2,000 stores and 4,000 pharmacists. Today Boots is part of the US Walgreens Boots Alliance, an entity with sales of $140 billion (2023/24) and one of the world’s largest purchasers of prescription drugs. In this episode we aim to ex...
44m Jun 20, 2024
44m
143: How to Make Money in the $275 Trillion* Energy Transition & Can Tesla Survive?
Whether you’re a believer in the timelines, or sceptical about its urgency, the energy transition is underway, and its ramifications are immense. Both for the climate and for investors, the new order is challenging the old. In this conversation, Per Lekander, a veteran of the energy and utility space, discusses the failings of the wind and solar industries but also the opportunities which exis...
1hr 10m Jun 13, 2024
1hr 10m
142: Novo Holdings: Controlling Shareholder of Novo Nordisk, Europe's Most Valuable Company - With CEO, Kasim Kutay
In this interview, we welcome the CEO of Novo Holdings (https://novoholdings.dk/) , which manages the assets and wealth of the Novo Nordisk Foundation (https://novonordiskfonden.dk/en/) , one of the world’s largest enterprise foundations. Novo Holdings (https://novoholdings.dk/) is part of the Novo Group (https://novoholdings.dk/novo-group) , which also incorporates Novo Nordisk and Novonesis ...
39m May 30, 2024
39m
141: The 30% Club and the Future of Institutional Investment Management - With Hanneke Smits, Global Head of Investment Management, BNY Mellon
Research demonstrates that diverse companies outperform their less diverse peers. The 30% Club’s (https://30percentclub.org/) mission, led by Chairs and CEOs, is to increase gender diversity at board and executive committee levels. In this episode, current 30% Club Global Chair Hanneke Smits, assesses the shifts underway to increase female representation across the corporate landscape, why PE ...
38m May 23, 2024
38m
140: LSEG: Partnering with Microsoft and Why London Remains a Leading Financial Hub - With LSEG CEO, David Schwimmer
If you were asked ‘What is the London Stock Exchange Group, (LSEG)?’, most investors would answer, ‘the London Stock Exchange, of course.’ Yet, the correct answer would be, “well that’s only 5% of revenues today”, and then you might pause and wonder what the rest is… In this conversation with David Schwimmer, a veteran of Goldman Sachs, and CEO of the LSEG (https://www.lseg.com/en) since 2018,...
54m May 09, 2024
54m
138: Why the World Economy Gets a B Grade - With Baroness Dambisa Moyo (Economist, Legislator & Author)
Armed with a degree, MBA, MPA, and a PhD, the author of 5 bestselling books, a trained economist, a previous employee of Goldmans Sachs, a life peerage in the House of Lords, sought after board member, one of Time Magazine’s 100 Most Influential People in the World, and on Oprah Winfrey’s “O” Power List, our guest today seems to have it all! Dambisa Moyo has written about why development aid t...
50m May 02, 2024
50m
137: Money Maze Podcast 2024 Trailer
Through direct, entertaining & insightful interviews with masters of the real life money maze, we hope to learn about different approaches to allocating capital, making business decisions and navigating the pitfalls that line the paths to prosperity. Each episode, with invite leading figures from the investment management and finance sector onto the show, who share their investment insights an...
1m May 02, 2024
1m
136: Cryptocurrencies: Ill-Advised Speculation or an Alternative Asset Class? With Nic Cary, Co-Founder and Vice Chair at Blockchain.com
Back in September 2021, we met with Nic Cary of Blockchain.com, which was already well on its way to becoming one of the world’s leading digital asset platforms. Since then cryptocurrency volatility has been extraordinary, and witness to wild gyrations, the imprisonment Sam Bankman-Fried, SEC action, regulatory hand wringing and then this year, BlackRock’s launch of one of several crypto ETFs ...
54m Apr 25, 2024
54m
135: Insights from CPP Investments: Canada’s Largest Global Pension Fund - With Suyi Kim
In this interview, we return to Canada. Having interviewed Jo Taylor of OTPP last year, this time we sought out one of the most well-known and successful women in private equity, someone who is also proving to be a huge role model for young women pursuing careers in the investment industry. Suyi Kim, educated at the University of Seoul and then Stanford, explains the attraction PE had for her ...
38m Apr 18, 2024
38m
134: Gold! Why & How to Own It, Tokenisation and Investor Positioning - With David Tait, CEO of the World Gold Council
It’s not every day that one of our guests from the world of finance has successfully scaled Everest 5 times, been awarded an MBE by the Queen, raised millions for charity, and is a vocal ambassador for the NSPCC. For his day job, he led trading desks at Goldmans, CS, UBS and Bluecrest. If that wasn’t enough for most people, he then became sufficiently intrigued by the changing world of gold to...
52m Apr 11, 2024
52m
133: Marketing God: With Nicky Gumbel - Pioneer of the Alpha Course
In this Easter special we explore a slightly different realm: religion! Very occasionally one individual can have a disproportionately powerful impact on a collection of people, but very rarely does that person’s impact grow in time and reach, and expand beyond anyone’s expectations and for millions, be responsible for enhancing their lives. Our guest, the Reverend Nicky Gumbel, talks of his o...
1hr 2m Mar 28, 2024
1hr 2m
132: Why We Need Integrated Energy Companies - With Ann Davies, bp Senior Vice President, Wells
Our guest today earned her master’s degree in physics, captained her rugby team at Oxford, and then a few years later was posted as bp’s engineering manager to Baku, Azerbaijan. She then spent time as Country Head in neighbouring Georgia and COO of Lightsource bp, and is now bp’s Senior Vice President, Wells. In this conversation, Ann explains bp’s mission to become an integrated energy compa...
42m Mar 21, 2024
42m
131: Wine, Whisky and Champagne: Buy, Sell or Hold? With Gary Boom, Founder and CEO of Bordeaux Index
In May 2021, we turned our attention to an investor dilemma – Should we view wine as a proper asset class? And how should we think about the wine industry, unmodernised for so long, but ripe for change! A disrupter emerged in 1997, in the shape of Bordeaux Index, set up by Michael Spencer and Gary Boom. In this conversation we learn about the shifting sands of supply and demand. We discuss gl...
45m Mar 14, 2024
45m
130: How Passive Investing May Have Created a Bifurcated Market for Value Investors
In this bitesize feature, David Einhorn, Founder & President of Greenlight Capital, discusses the potential impact passive investing has had on value investors, and where opportunities may lie. David is one of Wall Street's most closely followed hedge fund managers, whose public commentary on stocks has had market moving results ('The Einhorn Effect'). He's perhaps most well-known for his shor...
9m Mar 11, 2024
9m
129: Private Markets Miniseries: Season 2 Highlights
In today’s episode, the Money Maze Podcast takes a short trip back to 2023 to revisit our Second Private Markets Series (https://www.moneymazepodcast.com/series/private-markets) . We shared fascinating conversations with guests from the likes of TPG, Tikehau Capital, Nasdaq Private Market, CAIS, and IFM Investors. In case you missed those episodes, we have compiled together some of the highli...
42m Feb 29, 2024
42m
128: Money Maze Vignettes: From Baseball Icon to Warren Buffet 2.0? (With Alex Rodriguez, CEO of A-Rod Corp & Former Baseball Pro)
In this bitesize feature, A-Rod Corp’s CEO, Alex Rodriguez, discusses principal capital, creating opportunities for partners, and A-Rod’s geographical scope. In the full interview, Alex speaks about how he came to dominate his sport, developing a substantial portfolio of investments and businesses through his investment firm, invaluable advice given to him by Warren Buffet. Listen or watch her...
7m Feb 23, 2024
7m
127: PIMCO: Insights from the CEO of a $1.8 Trillion Fixed Income Manager
With a successful career incorporating 18 years at Goldman Sachs, and then CEO of the Man Group, Emmanuel explains today’s landscape for investors across the fixed income universe. He explains PIMCO’s mission and reach. He discusses how the world is awash with cash and short-term maturities, creating opportunities with interest rates having adjusted upwards. He feels there is a tidal wave of ...
56m Feb 15, 2024
56m
126: Lessons from 5 Decades of Investing – With Rosalind M. Hewsenian, CIO of Helmsley Charitable Trust
Why does a teacher trained to help children with special needs decide to  switch, earn an MBA, then work at Pepsi, become an investment consultant, and end up becoming CIO at an $8 billion dollar foundation? In this conversation, Roz recaps on lessons learned with investing organisations, (including CalPERS) before arriving at Helmsley Foundation in 2010. She describes what makes for an effec...
49m Feb 08, 2024
49m
125: Is Active Management Worth Paying For? With Terry Smith (CEO, CIO & Founder of Fundsmith)
Our guest today has been referred to as "the English Warren Buffett" for his style and success in investing. His book, published in 1992, Accounting for Growth, and its ensuing controversy helped propel it to the top of the bestsellers chart, displacing Stephen Hawking's ’A Brief History of Time’ from the No.1 spot. He’s been head of research, CEO of a public company, a former top banks analys...
55m Jan 25, 2024
55m
124: Can We Eliminate Cancer? The Medical Revolution - With Mike Milken, Chairman of the Milken Institute
What if clearing out early stage cancers from your body could become as routine as going to your dentist, or what if a single vaccine could protect you against multiple viruses? In this episode, we trace Mike Milken’s journey from developing and popularising high yield corporate bonds, to catalysing changes in the world of cancer, and addressing key unmet medical challenges. Mike describes th...
1hr 19m Jan 18, 2024
1hr 19m
123: Oxford University Endowment Management: Purpose, Strategy and Implementation - Sandra Robertson, CEO & CIO of OUem
What do JR Tolkien, Emma Watson, Oscar Wilde, Indira Gandhi, Margaret Thatcher, Niall Ferguson & Dr. Seuss have in common?  They all attended Oxford University, which for nearly 1,000 years has been educating some of the brightest of British and global youth. To have proved so permanent and excellent is testimony to many forces, both financial and educational. In this episode we’re delighted ...
45m Jan 11, 2024
45m
123: 2023 in Review!
This week, the Money Maze Podcast is packing up and shutting down for Christmas and New Year. But before we get away, we wanted to catch you up on everything we’ve been up to these last 12 months! Otherwise, we wish all our listeners, sponsors & friends an enjoyable festive break! The Money Maze Podcast is kindly sponsored by Schroders (https://www.schroders.com/en/global/individual/) ,  Bre...
8m Dec 14, 2023
8m
122: Guilty! Sam Bankman-Fried & the FTX Collapse - With Michael Lewis
If you don’t know about his most recent book ‘Going Infinite’,  you’ll probably want to buy it after listening to or watching this episode with Michael Lewis, author of multiple books and associated films, including 'The Big Short', 'Moneyball', 'Flash Boys', 'The Blind Side', 'Liars’ Poker', and more. In this interview, with co-host Ravi Joseph, we start out with Liar’s Poker and the wild wes...
59m Dec 07, 2023
59m
121: Red Lines, Accounting Gimmicks and Management Gloss: Why You Need to Understand Balance Sheets to Avoid Portfolio Disasters (With Steve Clapham, Founder of Behind the Balance Sheet)
For all the narratives around investing and making money, those who have survived the investment cycles for decades and earned above average returns have typically adhered to sound disciplines. This means valuing companies correctly, not taking shortcuts, not being swayed by management ebullience, and digging into the financial statements is key to optimising returns. In this episode, Steve C...
39m Nov 30, 2023
39m
120: Why Do Companies Die? Value Creation in Public Equity Markets - With Michael Mauboussin, Head of Consilient Research at Counterpoint Global, Morgan Stanley Investment Management.
In his report ‘Birth, Death, and Wealth Creation’, Michael Mauboussin observes and then claims that corporations are surviving longer and winning more. This week, we welcome Michael Mauboussin, Head of Consilient Research at Counterpoint Global, Morgan Stanley Investment Management, to discuss the unique patterns of wealth creation in  public equity markets. After explaining the similarities ...
20m Nov 23, 2023
20m
119: "Only the Dead Have Seen the End of War." The Evolution of War Since 1945 - With General David Petraeus & Lord Andrew Roberts
'Contrary to what was widely expected at the start of the present century, the world has not seen the end of major wars, confirming that Plato was right when he wrote that “only the dead have seen the end of war.”' These lines come from a new book, just published, titled ‘Conflict: The Evolution of Warfare from 1945 to Ukraine.’ The book was written by Lord Roberts, a widely respected UK autho...
1hr 4m Nov 16, 2023
1hr 4m
118: Five Forces Shaping the Global Economy - With Ray Dalio, Founder of Bridgewater Associates
According to Bloomberg, Ray Dalio and his firm Bridgewater have “made more money for investors than any other hedge fund in history”. In this interview, Ray outlines his investment thinking and analyses some key trends shaping the global economy. Ray is an investor, commentator, philanthropist, and analyst of history’s relevance is assessing today’s economic and social challenges. He’s been du...
1hr 12m Nov 02, 2023
1hr 12m
117: What Makes a Great Macro Fund Manager? Meet Scott Bessent, Trump's Treasury Secretary
Today’s guest is the new US Treasury Secretary, serving under Donald Trump. The role gives him immense responsibility for managing US obligations and finances, including circa. $7 trillion of annual US federal spending, the $35+ trillion fiscal debt pile and continued inflationary pressures on both US businesses and consumers. Prior to this he was a key player on the George Soros's team, who i...
1hr 2m Oct 26, 2023
1hr 2m
116: Investing Lessons from 40+ Years at the FT & Bloomberg - With John Authers, Senior Markets Editor at Bloomberg
Today’s guest has performed with Pavarotti, but in his day job he is a financial commentator and author, who spent 29 years at the Financial Times (https://en.wikipedia.org/wiki/Financial_Times) , including as Global Head of the Lex Column (https://en.wikipedia.org/wiki/Lex_Column) , before moving to Bloomberg (https://en.wikipedia.org/wiki/Bloomberg_L.P) as Senior Markets Editor. He is respon...
1hr Oct 19, 2023
1hr
115: The 2023 Israel-Gaza Conflict: What Next? With Sir Tom Beckett and Emile Hokayem of the International Institute for Strategic Studies
There are certain geopolitical developments that need to be examined in an objective and timely manner for their profound strategic ramifications. After the attack by Hamas and the ensuing conflagration, we welcome two seasoned Middle East thinkers from the International Institute for Strategic Studies (IISS). We attempt to disentangle the key forces at work and the motives. In the context of...
39m Oct 17, 2023
39m
Money Maze Vignettes: Iceland’s Vital Role in Pharmaceutical Research (With Robert Bradway, CEO of Amgen)
In this bitesize feature, Amgen’s CEO explains why Iceland’s isolated population make it a useful sample for understanding how disease arises from a genetic standpoint, and what this means for the drug discovery pipeline. In the full interview Bob discusses timelines and priorities, the use of AI in accelerating drug development, biologics, facing setbacks on the road to approvals, and the cha...
6m Oct 12, 2023
6m
114: Are We Educating Our Children The Wrong Way? With Sir Anthony Seldon (Headmaster, Historian and Author)
William Butler Yeats, the great poet, observed, “Education is not the filling of a pail, but the lighting of a fire.” It may be easy to agree that education is the passport to a better future, but in this episode we wanted to discuss how we should be thinking about education today and tomorrow, and are we failing? Our guest, Sir Anthony Seldon, is recognised as one of the most distinguished an...
54m Oct 05, 2023
54m
113: Why Infrastructure May Be The ‘Perfect Institutional Asset Class’ - With David Neal, CEO of IFM Investors
In this conversation with David Neal, CEO of IFM Investors, we explore the origins of this highly unusual institution, an ‘investor-owned global investment manager’. Set up around 30 years ago to invest on behalf of more than 600 like minded institutions worldwide, it now manages approximately $143 billion (USD, as of 30/06/23). David discusses what he believes makes for an effective CIO, less...
43m Sep 28, 2023
43m
112: From €4m to €40+ Billion of Assets: The Tikehau Capital Story - With Mathieu Chabran, Co-Founder
In this episode of our Private Markets Miniseries, we explore a French firm, whose growth has now firmly established it as a major force in the global alternatives industry. Started in 2004 in Paris by Mathieu Chabran and Antoine Flamarion, then aged 28 and 31 respectively, with €4m of assets compiled from personal savings, friends and family, today it manages over €40 billion. Mathieu explai...
54m Sep 21, 2023
54m
112: How Technology is Accelerating & Democratising Private Markets – With Matt Brown, CEO & Founder of CAIS
In this conversation we discuss both the changing nature of demand for alternative assets as well as their supply. Matt explains how CAIS is creating the bridge between the alternative investment firms and the wealth management community, whose portfolio allocations to these investments are a fraction of their institutional counterparts. Matt discusses the size of the market opportunity, how t...
44m Sep 12, 2023
44m
110: Backing the Next Generation of Underrepresented Alternative Asset Managers - With Pamela Pavkov & Anilu Vazquez-Ubarri
In the world of alternative assets, TPG almost needs no introduction. Founded in 1992 by Jim Coulter and David Bonderman, today they manage a towering $139bn in alternative assets (as of 30/06/23). Less well-known is their significant push into backing and investing in the next generation of underrepresented alternative asset managers. In this conversation, Pamela Pavkov (Partner & Head of TPG...
50m Sep 07, 2023
50m
109: Nasdaq Private Market: Helping Fast-Growing VC-Backed Firms Access Liquidity & Stay Private – With Tom Callahan, CEO
Just as the Nasdaq was launched in 1971 to automate the market for securities which were not exchange-listed, so in 2013 the Nasdaq Private Market was created to help solve private company liquidity. Tom discusses how the introduction of the JOBS Act during Obama’s reign accelerated the need to have a market place for buyers and sellers to meet, as well as supporting price discovery & settleme...
47m Aug 24, 2023
47m
Philipp Freise, Co-Head of European Private Equity at KKR, Highlights the Opportunities in Europe [REPLAY]
We are delighted to welcome KKR, and its Co-Head of European Private Equity, Philipp Freise, onto the show. Philipp discusses his wide and impressive education, his journey through management consulting at McKinsey, and a dotcom adventure as an entrepreneur, before joining KKR over 20 years ago. KKR today is a leading global investment firm with $510 billion of assets (as of 31/03/23), invest...
47m Aug 17, 2023
47m
108: In Case You Missed It: Private Markets Season 1 Highlights
In today’s episode, the Money Maze Podcast takes a short trip back to summer 2022 in light of the upcoming release of our second Private Markets Miniseries! Last year, we released our first season, delving deep into the far reaching ramifications of the industry, and sharing fascinating conversations with guests from the likes of Schroders Capital, Petershill Partners, KKR, Bain Capital, Permi...
40m Aug 10, 2023
40m
107: Gold: Why, How and Now? With Randy Smallwood, Chair of the World Gold Council and CEO of Wheaton Precious Metals
We last spoke about gold on the show 3 years ago, with Evy Hambro, who runs the BlackRock natural resources team. The discussion highlighted that paper currencies have a 100% track record of losing purchasing power, whereas gold has a 100% record of permanence. In this conversation, we ask Randy Smallwood to address several important issues around gold. His perspectives on supply and demand, l...
49m Aug 03, 2023
49m
106: Mike Pompeo, Former US Secretary of State & CIA Director, on Geopolitics, Leadership, and the Economy
In the third and final episode of our 'July With Jen Series', guest hosted by Jen Prosek, we welcome Mike Pompeo onto the show. Mike is the only man to ever have served as both the US Secretary of State (2018-21) and CIA Director (2017-18). In this episode, Mike and Jen have a riveting conversation, discussing a range of key geopolitical topics, such as; US-China relations, what to expect from...
41m Jul 27, 2023
41m
105: China, AI, Entrepreneurship & the US Economy - With Billionaire Investor Thomas Tull & Palantir Co-Founder Joe Lonsdale
In the second episode of our ‘July With Jen’ miniseries, we welcome two leading entrepreneurs on the show for a varied discussion on the US economy, geopolitics, tech and more. The episode brings together Joe Lonsdale, Managing Partner of 8VC and Co-Founder of Palantir, and Thomas Tull, Founder of Tulco LLC and Former CEO of Legendary Entertainment. The discussion is moderated by Jen Prosek, F...
46m Jul 20, 2023
46m
104: Lynn Martin: Running The Iconic NYSE
In this episode, we welcome Lynn Martin, the second woman in history to run the New York Stock Exchange (NYSE). The session is moderated by Jen Prosek, Founder of Prosek Partners, who is kindly guest hosting the podcast this month. Lynn enlightens Jen on her experience as the 68th President of the NYSE, and her navigation of an often-male dominated field. The two also discuss the IPO market, ...
40m Jul 13, 2023
40m
103: Value Investing: Down But Not Out? With David Einhorn, Founder & President of Greenlight Capital
Oscar Wilde defined a cynic as someone who knew the price of everything, and the value of nothing. In today’s episode, we discuss value investing with David Einhorn, Founder and President of Greenlight Capital. David talks about the irreparable damage caused to the value investment industry, passive investing, returns, and bonds trading. He also discusses index and short investments, as well a...
18m Jul 11, 2023
18m
102: The Ukraine War: An Update for Investors - With General Sir Nick Carter, Former UK Chief of the Defence Staff
General Sir Nick Carter, former Chief of the Defence Staff returns for a short discussion on the Ukraine War. He addresses the current situation from a military perspective, political interpretations, and gives further strategic insights. He then also discusses his predictions for how the war may end, and the impact recent events could have on Putin’s waning support and reputation. Finally, ...
28m Jul 06, 2023
28m