There are plenty of ways in the Internet age to find out what other investors are thinking – blogs, articles, bulletin boards, videos and snippets from TV channels are two a penny. One gap that remains however, in my view, is a forum where you can debate in some depth current investment topics with leading professional investors and advisers in a relaxed and (crucially) non-commercial setting – the kind of thing that Radio 4 does so well in other disciplines.
That thought prompted me to start the Money Makers series of podcasts, in collaboration with the financial publishers Harriman House. Starting in autumn 2016, once a week I discuss the outlook for the markets and exchange investment ideas with a broad range of interesting professional investors – a mixture of fund managers, market analysts and media commentators. These free-to-air and editorially independent podcasts typically last around 30-45 minutes each. A separate series is dedicated to the investment trust sector.
To follow this series, and see a schedule of future podcasts, you can sign up for email updates either here or on the Money Makers site. I have also included links below to some podcasts from a few years ago that still have some interest today.
Charlie Morris, Investment Director at Netscape Capital, and former head of asset allocation at HSBC, joins me for a wide-ranging discussion of global market trends in my latest Money Makers podcast, one of my regular big picture discussions with leading financial market participants. We cover oil prices, politics, interest rates, value versus growth and a fair bit more in the 30-minute podcast (Charlie speaks very well and pretty fast). In his view, all the variables are connected, but it is the future path of oil prices that holds the key to your asset allocation choices now.
Only two out of several hundred mainstream UK equity funds have beaten the FTSE All-Share index in every rolling five-year period since 2000, according to research by FE Trustnet. In my latest Money Makers podcast, I talk to one of them, Richard Hallett, the little known but impressive manager of the Marlborough UK Multi-Cap Growth fund. To hear what he thinks now, you can listen here or (if you are a subscriber) read the full transcript in my subscription-only Investment Reader newsletter, together with my latest Notebook pieces.
I realise that I am shamefully a bit behind with updating subscribers to my website with the latest podcasts I have been doing for the best part of a year now. You can find all the details and a list of the most recent podcasts on the Money Makers website. Typically these run to 30 or 40 minutes and consist of a more detailed and I hope rewarding conversation with professional investors than you are likely to find elsewhere in the media.
History is a better guide to market cycles than economics – ignore the longer term trends that drive markets at your peril. So says Peter Spiller, a former Cazenove partner who has the distinction of being the UK’s longest serving investment trust manager, in my latest Money Makers podcast. Although largely unknown to the wider public, Capital Gearing Trust, the trust he has run since 1982, has delivered a compound annual return of 15%, 4% per annum more than the UK stock market, over 34 years. So why is he now more defensively positioned than he has ever been? Why does he think that inflation, not deflation, is now the greater risk?
If you are interested in gold, and the future of currencies generally, you should be interested in my latest Money Makers podcast, which features a 45-minute conversation with ex-HSBC fund manager Charlie Morris on all aspects of gold - how to think about it? Is it good value now? How should you go about buying the metal? Are gold stocks a good place to be? How much gold should you have in your portfolio? All these topics are covered in the podcast. What I like about Charlie's approach is his disciplined, no-nonsense approach to analysing gold; he is not a gold bug, but someone who recognises that gold can be cheap or overvalued, just like any other asset. After 15 years running multi-asset portfolios for HSBC, Charlie now does the same for a private wealth management business, Netscape Capital, and writes a free must-read monthly newsletter about gold and crypto-currencies called Atlas Pulse. You can hear the podcast on the Money Makers website.
Fund manager and market commentator Tim Price, a private client investment manager for the past 15 years, is well known to many for his regular contributions to MoneyWeek and The Spectator. In my latest Money Makers podcast, he and I discuss how best to invest your money in the unprecedented zero interest rate world in which we live. The podcast has two parts. In the first, Tim explains why he believes that “the mother and father of financial accidents is waiting to happen”, a theme he has expounded at length in a new book Investing Through the Looking Glass. In part two the discussion moves on from the causes and symptoms of this potentially dangerous outcome to what investors should do with their money in a world where nearly all the old foundations of sound money management no longer seem to apply. He has what he describes as three relatively low risk solutions to offer.
When the independent economist Peter Warburton first published his book Debt and Delusion in 1999, the world was still in the throes of the Internet bubble, the greatest stock market mania of all time. His warnings about the global build up of debt, the proliferation of new financial instruments and the complacency of central bankers largely fell on deaf ears, only to be tragically vindicated in the global financial crisis of 2008. Eight years on from that defining moment, he has revisited the themes of his pioneering research into global credit expansion - and come up with some equally disturbing conclusions, which he summarises in a podcast interview with me today.
Rob Arnott, the chairman of Research Affiliates, is one of the most articulate and interesting market analysts in the States, and someone whose ideas and research I have followed for a number of years. In our latest 30-minute podcast, I discuss with him the outlook for investment returns over the next ten years – and
The sooner that bankrupt countries such as Greece are allowed to go bankrupt, the better it will be for them - and for the rest of the world. The bad news is that political leaders are showing no signs of letting it happen, and that is bringing closer a serious global depression. So says the global investor Jim Rogers in his latest interview with Independent Investor, the latest in our series of podcasts about the Eurozone crisis and its implications for investors. Speaking from Singapore, the one-time founder of the Quantum Fund spells out his fears for the future - and how he is seeking to protect his own financial wellbeing.
How serious is the Eurozone crisis and how should investors react to it? That is the question I put to author and columnist John Kay in the latest of our series of podcasts on the crisis in Europe. the 45-minute audio file is now available to download from the Independent Investor website. Professor Kay, a former Director of the Institute of Fiscal Studies and professor at London Business School, is the UK's most distinguished commentator on economics and finance, through his books and regular column in the Financial Times. If you are worried about the future, have a listen to this interview - Prof Kay shares your concerns.