Investors Chronicle

As Investors' Chronicle struggles to come to terms with losing its veteran economist Chris Dillow to retirement, he shares the most important lessons he’s learned over his 35-year career. Hint: experts know less than you think.  Chatting to the IC’s Mary McDougall, he also reflects on what country music can tell us about the state of the US economy, whether former Arsenal captain Tony Adams would be a monetarist or a Keynesian and why being left handed caused him to be an economist.  Chris has penned the pages of Investors’ Chronicle since September 1995, having previously been UK economist at the Japanese bank Nomura. When not learning Italian, going to the gym or playing his guitar, he promises to continue to write his blog at stumblingandmumbling.typepad.com Godspeed Chris - and thank you! See acast.com/privacy for privacy and opt-out information.

On this episode of the Companies and Markets show, Mark Robinson talks us through his long-read on waste management and the opportunities therein, and IC funds editor Dave Baxter also joins the panel for the first time. Dan Jones hosts Julian Hofmann, Mark Robinson and Dave Baxter.-Subscribe to the IC's free Trader's Market Outlook email for companies updates straight into you inbox each weekday. Follow the link here to sign up! See acast.com/privacy for privacy and opt-out information.

Fintech has boomed in recent years but a flood of money into the sector has spurred concern that some companies will struggle to grow into lofty valuations as the economic environment gets more challenging.On the podcast this week, Tim Levene, chief executive officer at Augmentum Fintech (AUGM) tells the IC’s Mary McDougall how he avoids overpaying for companies, how he’s helping them prepare for tougher fundraising conditions and how the invested part of the fund has achieved an internal rate of return of over 20 per cent since its launch in 2018. They also discuss what threat neo brokers pose to traditional investment platforms, the prospects for digital assets and to what extent the Wirecard scandal has cast a shadow over the German fintech scene. Augmentum Fintech is the only publicly-listed fintech fund in the UK, with assets of £267mn invested across 24 holdings in the UK and Europe.   See acast.com/privacy for privacy and opt-out information.

The Companies and Markets show returns to discuss Sainsbury's as our result of the week, before diving into Alex Newman's latest long read on Warren Buffett's longevity. Finally the pod welcomes new Investors' Chronicle property writer Mitchell Labiak to look at the 'warehouse bubble' in the UK, and potentially the start of it's deflation following Amazon's recent warning shots. -Subscribe to the IC's free Trader's Market Outlook email for companies updates straight into you inbox each weekday. Follow the link here to sign up! See acast.com/privacy for privacy and opt-out information.

The outbreak of Covid-19 sparked a transformation in monetary policy, according to Professor Russell Napier, with governments now effectively controlling money supply. Combine this with a decoupling between the West and China and Napier thinks investors must brace for a period of prolonged inflation. In this interview, Napier tells the IC’s Mary McDougall what a new era of financial repression might mean for investors, why he thinks China is not investable and where he thinks the best value is in equity markets. He also explains why he thinks it's time to invest with active fund managers over index funds and what he thinks are the most common mistakes that private investors make. Napier is a consultant, investor, historian, writer and Honorary Professor at both Heriot-Watt University and The University of Stirling. He’s advised institutions on asset allocation since the mid ‘90s and is chairman of Mid Wynd International Investment Trust. He's written two books: Anatomy of the Bear: Lessons from Wall

The Companies and Market show returns to discuss Elon Musk's $44bn deal to buy Twitter and ask what it means for Tesla investors. Then our panel give a sneak peak of the Investors' Chronicle's special feature this week, a review of the entire FTSE 350. Alex Newman, Julian Hofmann and Mark Robinson join John Rogers. See acast.com/privacy for privacy and opt-out information.

UK small caps have struggled against their larger cap peers in recent months, but if you can avoid the banana skins there are some very attractive entry points for businesses, according to Ken Wotton, manager of Strategic Equity Capital investment trust. In this interview, Wotton tells the IC’s Mary McDougall where he thinks the best opportunities are, why he likes to run concentrated portfolios and what he has been buying and selling recently. He also describes how he approaches valuing companies, to what extent macro economic factors play into his decision making and what he wishes he had known when he started his career.Timestamps:00:00 - Intro01:35 - Outlook for UK small caps03:30 - Preferred valuation metrics04:55 - Profitable holdings05:48 - Macro factors effecting investment decisions08:40 - Changes to Strategic Equity Capital since you took over12:28 - Largest proportion of a company you own?14:07 - Would you consider yourself an activist investor?15:05 - Fund size16:12 - Favourite holdings20:10

Retail writer Madeleine Taylor joins the Companies and Markets show to talk through our result of the week: Asos.Then Alex Hamer is also on hand to break down his latest long read, 'Awash with cash: will miners opt for deals, development, or dividends?'.Finally, the panel briefly touch on the national security implications around the sale of another British defence stock abroad.Because you listen to our show, you can trial the IC’s print and digital subscription at the special price of just £4 for 4 weeks. Follow this link to sign up now.  Timestamps:00:00 - Intro01:17 - News roundup02:33 - Result of the week: Asos15:03 - What will miners do with all their cash?29:08 - Meggitt sale an issue for national security?-Get your portfolio reviewed by expertsWant to know if you are on the right track to achieve your portfolio goals? Does your mix of holdings have the potential to deliver powerful growth? Are there adjustments you could make to boost your returns? If you would like to see your portfolio anal

In this week's episode of the Companies and Markets show Belvoir is our result of the week following a solid earnings report, Elon Musk buys a seat on the Twitter board, and Arthur Sants joins the panel to discuss which companies are best placed to deal with inflationary pressures.All that before Julian Hofmann is once again on hand to break down Warren Buffett's second bit of activity in as many weeks, with a $4bn stock purchase of Hewlett Packard. See acast.com/privacy for privacy and opt-out information.

Alex Newman, Mark Robinson and Jemma Slingo join the Companies and Markets panel to discuss our result of the week, UK housebuilder Bellway, before diving into litigation funder Burford Capital's annual report and the investment case for Tesco as a defensive stock. See acast.com/privacy for privacy and opt-out information.

Inflation is making real returns harder to come by, eroding the value of cash and creating a tougher outlook for equities, particularly ‘growth’ stocks which are valued according to future earnings. How can investors protect themselves? In this interview, Sebastian Lyon, founder and chief investment officer at Troy Asset Management, tells Mary McDougall how his multi asset funds are positioned to protect and grow money (in that order) over time. They discuss his outlook for inflation, current equity positioning, where he sees value in bonds and the role of gold. Lyon manages Personal Assets Trust (PNL) and is the senior fund manager of Troy’s Trojan Fund (GB00BZ6CNS31). See acast.com/privacy for privacy and opt-out information.

Alex Newman, Mark Robinson and Julian Hofmann returns to breakdown chancellor Rishi Sunak's spring statement and Warren Buffett's latest $12bn purchase of the insurer Alleghany. Then Mary McDougall joins the pod to talk through her long-read: 'Can tech save healthcare?'. See acast.com/privacy for privacy and opt-out information.

Paul Major, manager of Bellevue Healthcare Trust (BBH), believes the future of healthcare will be very different from what we have today and looks to invest in companies at the forefront of making change possible - from those improving disease diagnosis to companies delivering care at home.  In this podcast, he tells the IC’s Mary McDougall where he thinks the most important innovations are developing in healthcare, how he approaches investing in the companies involved and explains the investment case for some of the trust’s largest holdings.  See acast.com/privacy for privacy and opt-out information.

Alex Hamer joins the Companies and Markets roundtable to discuss the ongoing commodities crisis caused by the war in Ukraine, including some of the more niche ones like helium and uranium. The team also dive into some of the M&A activity we're seeing - or rather, not seeing.Then Michael Fahy joins the show to talk through his feature: 'Travel industry bears Covid scars'. See acast.com/privacy for privacy and opt-out information.

With little more than three weeks left until the end of the tax year, make sure you’ve used up as much of your Individual Savings Account allowance as possible. For those who like to get ahead, you might want to start thinking about where to invest next year’s Isa allowance too, from April 6. But deciding what to invest in is not straightforward. Inflation, war and volatility are currently the dominant themes in markets and the outlook for investors is very uncertain. In this podcast, George Bear, assistant portfolio manager at IG and Michel Perera, chief investment officer at Canaccord Genuity Wealth Management, explain the relative merits of cash vs stocks and shares Isas and talk through how current events are impacting markets and where you might consider investing to preserve and grow your savings. This podcast is sponsored by IG. See acast.com/privacy for privacy and opt-out information.

On the Companies and Markets show this week Mary McDougall joins Alex Newman and Julian Hofmann to discuss the changing face of ESG, volatility in Russian shares causing havoc on investment platforms, and asking why the FTSE 100 is weighted towards value stocks.Then deputy IC editor Dan Jones joins the pod to discuss his long read: 'Running the rule over the subscription economy'. See acast.com/privacy for privacy and opt-out information.

There’s no one correct way to set up an investment portfolio but there are several pitfalls to avoid so you don’t leave yourself over exposed, or with little chance of achieving desirable returns. To help us adopt the Charlie Munger approach of not doing anything stupid, Sam Dickens, portfolio manager at IG tells the IC’s Mary McDougall how you can construct and monitor a robust portfolio. They discuss how to assess your risk tolerance, what level of diversification might be optimal and what asset allocation could look like for someone investing for the long term. This podcast is sponsored by IG. Subscribe today and get 4 weeks for just £4.Claim your first 4 weeks of Investors' Chronicle Print + Digital for just £4. Your subscription will include access to investorschronicle.co.uk, our magazine app, plus the magazine delivered to your door. See acast.com/privacy for privacy and opt-out information.

Investors' Chronicle staff Michael Fahy and Arthur Sants join regulars Mark Robinson and Julian Hofmann to discuss the continued market effects of the war in Ukraine. Of particular interest this week is defence shares, with companies specialising in hardware and software reaping rewards of an increased pressure of NATO countries to invest in armaments. See acast.com/privacy for privacy and opt-out information.

Like other growth-oriented portflios, Henderson Smaller Companies (HSL) has had a difficult start to the year amid concerns about monetary tightening and, more recently, the crisis in Ukraine. Neil Hermon, who works on the fund, makes the case for top holdings like Impax Asset Management (IPX) and Future (FUTR) continuing to flourish in the longer-term, and for investors who like secular growth stocks to see now as a potential buying opportunity. But he warns about plenty of risks, from buying "growth at all costs" to churning a portfolio based on market rotations or macro events.He also discusses how his smaller companies funds have built up substantial exposure to mid cap shares, and why this makes sense over a rigid focus on small caps. See acast.com/privacy for privacy and opt-out information.

Being a successful investor has as much to do with your behaviour as it does with studying annual reports. As Morgan Housel puts it in his brilliant book The Psychology of Money, “investing is not really about what you know, it’s about how you behave”.In this podcast, Henry Cobbe, head of research at Elston Consulting, discusses with the IC’s Mary McDougall the most common mistakes that investors make and how to mitigate against them. They also talk through how to approach investment research and the importance of seeking different sources.  See acast.com/privacy for privacy and opt-out information.