In the Company of Mavericks

I increasingly believe that to invest in today's markets, one needs a macroeconomic framework. Pure momentum or valuation approaches are insufficient. I have been keen to talk with people who understand the macroeconomic and geopolitical landscape we operate in and have mental models for using these dynamics to increase the likelihood of identifying risk asymmetries. Two of my guests this year from the world of global thematic investing, David Dredge and Marvin Barth, both cited Mark Farrington as someone they refer to for insight, particularly on developments in Asia. Mark Farrington writes about global thematic investing in his Watchtower series on Substack: The Global Watchtower, The Dollar Watchtower, and the BoJ Watchtower. Mark is as prolific as he is insightful. It was a great pleasure to catch up with Mark for a fascinating conversation about his experience and learnings from a long career following developments in Asia —from the rise of Japan in the 70s and 80s to its lost decade and the rise of China. In particular, I was keen to ask Mark whether Japan can normalise its monetary policy without collapsing the global financial system. Will China follow Japan into a lost decade of debt deflation? And how poorly understood Asian markets might impact our economies and financial markets in a new world order marked by the reassertion of economic nationalism. Mark delivered a masterclass of the how's and why's of global thematic investing, it is an episode that should have a long shelf life.  It is one of those episodes that I have learnt more from each time I have listened to it. But of course, none of what you are about to hear is any kind of advice; it's just for your information and entertainment. Please seek personal financial advice before investing a penny in these crazy markets. With that, please enjoy my conversation with global thematic investor Mark Farrington.Brought to you by Progressive Equity 

I increasingly believe that to invest in today's markets, one needs a macroeconomic framework. Pure momentum or valuation approaches are insufficient. I have been keen to talk with people who understand the macroeconomic and geopolitical landscape we operate in and have mental models for using these dynamics to increase the likelihood of identifying risk asymmetries. Two of my guests this year from the world of global thematic investing, David Dredge and Marvin Barth, both cited Mark Farrington as someone they refer to for insight, particularly on developments in Asia. Mark Farrington writes about global thematic investing in his Watchtower series on Substack: The Global Watchtower, The Dollar Watchtower, and the BoJ Watchtower. Mark is as prolific as he is insightful. It was a great pleasure to catch up with Mark for a fascinating conversation about his experience and learnings from a long career following developments in Asia —from the rise of Japan in the 70s and 80s to its lost decade and the rise of China. In particular, I was keen to ask Mark whether Japan can normalise its monetary policy without collapsing the global financial system. Will China follow Japan into a lost decade of debt deflation? And how poorly understood Asian markets might impact our economies and financial markets in a new world order marked by the reassertion of economic nationalism. Mark delivered a masterclass of the how's and why's of global thematic investing, it is an episode that should have a long shelf life.  It is one of those episodes that I have learnt more from each time I have listened to it. But of course, none of what you are about to hear is any kind of advice; it's just for your information and entertainment. Please seek personal financial advice before investing a penny in these crazy markets. With that, please enjoy my conversation with global thematic investor Mark Farrington. Brought to you by Progressive Equity 

As Keir Starmer and Ed Miliband return from COP30 in Brazil, I wanted to take a look at the UK's energy policy amid a global backdrop suggesting the world is turning away from net-zero absolutism towards more human-centric policy options. The Overton window on energy policy is being pushed aside by the likes of Tony Blair, Bill Gates, and, significantly, by the lobbying interests of big technology, and resource nationalism is being reasserted. In the run-up to the next General Election, the UK's energy policy will form a key battleground, and in particular, our sky-high energy prices and the future of our North Sea hydrocarbons industry will be critical factors in the debate.  So, I was delighted to be joined, last week, by Kathryn Porter, Watt Logic energy consultant and Telegraph columnist, and Martin Copeland Chief Financial Officer of North Sea oil and gas operator, Serica Energy for a discussion about the UK's energy policy and the future of the North Sea, for a hugely insightful conversation. While we covered a lot of ground, the key question is whether the UK is prepared to sacrifice its North Sea oil and gas industry to the god of net-zero. While it has already been severely damaged, it is not too late for government policy to save the jobs and energy reserves at stake, but action is needed in the upcoming Budget. This significant event could mark a turning point for an industry on the brink of destruction from the irrational pursuit of territorial net-zero at all costs. As ever, none of what you are about to hear is any kind of advice, but hopefully you will find it both entertaining and informative. Please seek personal financial advice before investing a penny in these crazy markets. And with that said, please enjoy my conversation with Kathryn Porter and Martin Copeland. Brought to you by Progressive Equity. 

As COP delegates use a road cut through the Amazon to attend a gathering of people who tell us we need to make sacrifices to protect the planet, the wider world is pivoting away from climate alarmism toward more human-centric policy choices. UK energy policy is becoming a critical political battleground ahead of the next election, and the North Sea hydrocarbon industry is a focal point. As Professor Sir Dieter Helm said this week in the Times, "Global climate change won't be mitigated by halting licences in the UK's sector of the North Sea and instead importing oil and gas from elsewhere (including the Norwegian sector). Replacing North Sea gas with American LNG is environmentally much worse than “home-grown” gas. It also just makes the balance of payments worse, alongside all the imported gas from Norway and the imported electricity from Europe."I recently spoke to Watt Energy consultant Kathryn Porter and Serica Energy plc CFO Martin Copeland to discuss this very issue. How long do we have to save the North Sea from this ideologically riven madness? What steps do we need to take to fix our astronomically high energy costs? Is the UK prepared to sacrifice its hydrocarbon industry to the gods of net-zero? Coming soon, In The Company of Mavericks, on all good podcast apps ...Brought to you by Progressive Equity. 

What's happening to gold?  Is the so-called debasement trade over? Have we just seen another FOMO driven momentum bubble hit a blowout top?Is that it for another decade? Of course, a bubble is a bull market that we are not involved in, and from the outside, the recent frenzy over gold is just another case of market hysteria, right? Conspiracy theories like the dollar debasement are just, well, conspiracy theories, right? This week I invited two long standing and respected sound money advocates to share their thoughts on gold, where it came from, where it might be heading and why. We had a great chat.  Dominic Frisby has recently published his latest book, The Secret History of Gold: Myth, Money, Politics & Power and is also the man behind the excellent Flying Frisby Substack … Wealth manager Tim Price of Price Value Partners is also the author of Investing Through the Looking Glass, a rational guide to irrational financial markets.  We discussed why gold is valuable, why the gold price has recently been so strong and how investors should think about gold as an investment asset class in a world of government deficits, spiralling debt and uncertain geopoliticsBut as ever, none of what you are about to hear is any kind of advice; hopefully, it is informative and entertaining. Please take professional advice before investing a penny in these crazy markets. And with that, please enjoy my conversation with Dominic Frisby and Tim Price    Brought to you by Progressive Equity 

Earlier this week, I chatted with Dominic Frisby of the Flying Frisby and Tim Price of Price Value Partners to talk about gold and related issues. I asked them: Is the fiat debasement inevitable? Should we be buying the dip in precious metals prices? And much, much more ....Don't miss it. Make sure you are subscribed, dropping soon on all good podcast apps.  Brought to you by Progressive Equity 

Two of my favourite Substackers, Doomberg and The Brawl Street Journal, have recently written about the future of Europe and its predicament in a rapidly changing world. And from their differing perspectives, they both agreed that it is not good. So, earlier this week I brought them together to share their views, one from the perspective of an experienced trade dispute lawyer and former policymaker in Berlin, the other a straight talking energy analyst and green chicken from his coop in mid-western American flyover country. We discussed the factors that have led Europe to its current position, its role in a multipolar world, and its struggles to adapt to these new, urgent realities.  I must warn you that the consequences they draw are not positive for Europe or its institutions, and they pull no punches in their delivery. In short, they agree that the consequences of current established European policies will likely lead to a collapse of the EU; a consequence of the delusion, incompetence and intransigence of its established political class.  But as always, nothing you are about to hear is any kind of advice, but solely for your information and hopefully entertainment. I began by asking each of them about the origins of the EU and how Europe got itself into the position it finds itself today.  Please enjoy my conversation with Doomberg and Brawlster. Brought to you by Progressive Equity 

Doomberg and The Brawl Street Journal have published pieces recently about the economic, political and financial predicament of Europe and the EU in our rapidly changing geopolitical landscape. Both argue that it doesn't look good. So, earlier this week, I brought them together to share their views. We discussed how we got here, the main factors, and how Europe is positioned in the emerging multipolar world order. I must warn you, they don't hold any punches. Full episode coming soon, please subscribe. Brought to you by Progressive Equity.     

Have you ever wondered why some equities earn the special designation of quality compounder? It sounds easy when you read about Charlie Munger or Nick Sleep buying Costco and holding it forever. But everyone now knows the Costco story and how great it is. We can buy that great business, but we risk paying the wrong price.  So, what enables such businesses to compound? How can we identify their critical characteristics to improve our odds of buying them at a fair or even low valuation? I recently had the chance to speak with two high-calibre professional investors who are passionate about doing just this and who spend their time searching the UK market for precisely these situations. These two highly experienced UK equity specialists started their careers in the 1990s at what was Mercury Asset Management and is today BlackRock. Simon Young, among other things, writes The Curious Compounder Substack, and Mark Wharrier has a varied portfolio, including co-hosting the excellent Business Case podcast and is a colleague of mine on the investment committee at Onward Opportunities Ltd.In this episode, we discuss Wise and Goodwin as examples of how very different businesses can compound growth. They share key characteristics, such as high return on capital, growth capacity and duration. Very often, these businesses are founder-led or family-owned, allowing them to pivot when circumstances change and take a considered long-term view about investing. We also discuss acquisitional compound growth typified by UK-listed Halma and Diploma, or North American-listed Constellation Software. These companies derive their compounding from making serial acquisitions funded from internally generated cash flows. Finally, we discuss those companies that might earn the serial compounder tag in the years to come.But of course, as always, none of what you are about to hear is any type of advice, but just for your information and hopefully entertainment. Please take personal financial advice before investing your money in these crazy markets. With that said, please enjoy my conversation with Mark Wharrier and Simon Young. Brought to you by Progressive Equity.  

Ever wondered why some equities get that special tag of quality compounder? It sounds easy when you read about Charlie Munger or Nick Sleep buying Costco and holding it forever. But everyone knows the Costco story and how great it is. You risk buying a great business at the wrong price. What enables such businesses to compound? How can you identify their critical characteristics so that you can increase the odds of buying them at a fair or low valuation? I recently had the chance to speak with two high-calibre and professional investors who are passionate about doing just this and spending their time searching the UK market for exactly these situations. These two highly experienced UK equity fund managers both started their careers in the 1990s at what was Mercury Asset Management and is today BlackRock. Simon Young, among other things, writes The Curious Compounder Substack, and Mark Wharrier has a varied current portfolio, including co-hosting the excellent Business Case podcast and is a colleague of mine on the investment committee at Onward Opportunities Ltd.COMING SOON on all good podcast platforms ... subscribe to get more great episodes.  Brought to you by Progressive Equity.         

It was a true pleasure last week to chat to the meme trader, parody hedge fund manager and Shrubstack author himself, Le Shrub. Le Shrub uses humour and parody to highlight opportunities and turning points in financial markets, which he brings to life for his followers on his Reminiscences of a Shrub Operator website.  We discuss the role of satire in understanding the stranger than fiction world we inhabit. Why it only makes sense when you realise it is all nonsense … and how his fictional characters, Klaus and the Pod Monkeys, can shed light on the investment landscape we inhabit.    Shrub gives his thoughts on the asymmetry of global markets, why he thinks Nvidia Must Die and why currency debasement is a feature of the Golden Age of Grift, not a bug.  But of course, none of what you are about to hear is any kind of advice, but just for your information and hopefully enjoyment.  Please take personal financial advice before investing a penny of your money in these crazy markets.  And with that said, please enjoy my conversation with Le Shrub. I wrote about Satire & Investing as a tribute to Tom Lehrer, who died earlier this year, where I mentioned Le Shrub's great work. Brought to you by Progressive Equity. 

It was a great pleasure and a lot of fun to catch up with the master meme trader, the Eurotrash hedge fund parody investor himself, Le Shrub. Learn how he understands the world through satire and memes, as he says, 'nothing makes sense until you accept it's all nonsense.' Full episode dropping soon on all good podcast apps. Please make sure you're subscribed. 

Last week I had a conversation with Marvin Barth, author of the Thematic Markets and Seriously, Marvin?! Substacks.Marvin is what I would call an evolved policy wonk. A PhD economist, Marvin's career includes working for The Federal Reserve, the Bank for International Settlements, the US Treasury Department and several major Wall Street banks.He has a well-informed and holistic view of the world and its core drivers, which should be interesting to everyone, but particularly those of us trying to understand how to position long-term investment portfolios in these chaotic and challenging times. I was keen to speak to Marvin about his Global Entropy framework, which he first outlined on his “paid for” Thematic Markets service two years ago, but has recently republished along with an epilogue on his non-paywalled Substack, Seriously, Marvin! In a wide-ranging discussion, which I found challenging to edit, we discussed what Global Entropy is and how it has commonly been interpreted by differing versions of cognitive dissonance or derangements among universalist liberal elites.        As always, what you are about to hear is not intended as advice, but rather for your enjoyment and hopefully, entertainment. Please take personal financial advice before investing a penny of your money in these crazy markets.  With that said, please enjoy my conversation with the maverick, Marvin Barth. Brought to you by Progressive Equity. 

Last week I was joined by economist and Substack author Marvin Barth for a chat about his work about Global Entropy as a way of thinking about our increasingly chaotic world. Coming soon, please subscribe. 

A couple of weeks ago, I was joined by Catherine McBride, OBE, to talk about her work and, in particular, her recent Substack series on the UK's Doom Loops, Debt Spirals and Dumb Taxes. Catherine is an expert in trade policy, taxation, commodities, agriculture, Brexit, and financial services regulation. She writes to offer a new perspective on traditional media's misdirection and spin.  Catherine has over thirty years of experience in financial markets, as a member of the UK's Trade & Agriculture Commission, she has worked in think tank land, and her work has been widely published. She has worked for the Campaign for an Independent Britain, the Institute of Economic Affairs, and the Tax Reform Council, always striving to provide clarity on complex economic issues.  Catherine does not come from an ivory tower; she approaches her work armed with a wealth of practical, real-world experience. She has worked in a variety of roles, ranging from Strategic Planning to trading financial derivatives.   In our fascinating conversation, we discuss the state of the UK economy and how it led to the world of debt spirals and doom loops. What is the outlook for the upcoming Budget? What are our dumbest taxes? And when and how will this or a future UK government be required to roll back the size of the state?  Finally, we discuss how the new world trade order under the emerging Trump tariff regime changes things, why most people don't really understand it, and how Britain can benefit from it. Spoiler alert, it already is.   Catherine's perspective is as refreshing as it is challenging to today's widely accepted mainstream view of decline and despair. However, as always, none of what you are about to hear is any kind of advice, but hopefully you will find it informative and enjoyable. Please take independent financial advice before investing a penny of your money in these crazy markets.  With that said, please enjoy my conversation with the maverick economist, Catherine McBride.    

A couple of weeks ago, I was joined by Catherine McBride, OBE, to talk about her work and, in particular, her recent Substack series on the UK's Doom Loops, Debt Spirals and Dumb Taxes. Catherine is an expert in trade policy, taxation, commodities, agriculture, Brexit, and financial services regulation. She writes to offer a new perspective on traditional media's misdirection and spin.  Catherine has over thirty years of experience in financial markets, as a member of the UK's Trade & Agriculture Commission, she has worked in think tank land, and her work has been widely published. She has worked for the Campaign for an Independent Britain, the Institute of Economic Affairs, and the Tax Reform Council, always striving to provide clarity on complex economic issues.  Catherine does not come from an ivory tower; she approaches her work armed with a wealth of practical, real-world experience. She has worked in a variety of roles, ranging from Strategic Planning to trading financial derivatives.   In our fascinating conversation, we discuss the state of the UK economy and how it led to the world of debt spirals and doom loops. What is the outlook for the upcoming Budget? What are our dumbest taxes? And when and how will this or a future UK government be required to roll back the size of the state?  Finally, we discuss how the new world trade order under the emerging Trump tariff regime changes things, why most people don't really understand it, and how Britain can benefit from it. Spoiler alert, it already is.   Catherine's perspective is as refreshing as it is challenging to today's widely accepted mainstream view of decline and despair. However, as always, none of what you are about to hear is any kind of advice, but hopefully you will find it informative and enjoyable. Please take independent financial advice before investing a penny of your money in these crazy markets.  With that said, please enjoy my conversation with the maverick economist, Catherine McBride.    

Recently, Head of Research at Panmure Liberum, Times columnist and friend of the podcast, Simon French, wrote an article in which he asked, Can Kemi Badenoch sell Mileinomics in Britain?  This was after the Conservative leader had said that she saw Argentina's Javier Milei as her “template for government.”   An interesting thought experiment, but how serious is this idea? Is it realistic to expect the UK electorate to vote for such drastic economic reform?  Do our politicians really understand what is involved in cutting back the state as undertaken by the Milei administration over the last 18 months?  Will the Argentine experiment deliver an oven-ready case study that the UK might consider adopting in 2029?  To answer these and other questions about the economies and stock markets of both the UK and Argentina and compare notes on these very different countries, with fascinating interwoven histories,  I invited Robert Marstrand, another friend of the podcast, to join Simon and I to discuss the central question…. Does Britain Need a Javier Milei?  Robert has lived in Buenos Aires for many years and writes the excellent Substack OfWealth. He believes that the UK must endure more economic and financial pain, with the potential for currency and gilt crises, before it is ready to accept the Milei medicine. Even then, he has his doubts.  We discuss the disconnect between the economy and the stock market, and Simon offers his stockbroker's insight into how to pitch the UK's longer-term potential to global investors, who, after all, must stay invested and for whom other options are not looking great right now. They agree that the UK has been a good place to invest in recently.  We had a great discussion, but as always, none of what you are about to hear is investment or any other kind of advice, but for your information and hopefully enjoyment only. Please take personal financial advice before investing a penny of your money in these crazy markets.  With that said, please enjoy my conversation with Simon French and Robert Marstrand.Brought to you by Progressive Equity. 

Recently, Head of Research at Panmure Liberum, Times columnist and friend of the podcast, Simon French wrote an article in which he asked, Can Kemi Badenoch sell Mileinomics in Britain?  This was after the Conservative leader had said that she saw Argentina's Javier Milei as her “template for government.”   An interesting thought experiment, but how serious is this idea? Is it realistic to expect the UK electorate to vote for such drastic economic reform?  Do our politicians really understand what is involved in cutting back the state as undertaken by the Milei administration over the last 18 months?  Will the Argentine experiment deliver an oven-ready case study that the UK might consider adopting in 2029?  To answer these and other questions about the economies and stock markets of both the UK and Argentina and compare notes on these very different countries, with fascinating interwoven histories,  I invited Robert Marstrand, another friend of the podcast, to join Simon and I to discuss the central question…. Does Britain Need a Javier Milei?  Robert has lived in Buenos Aires for many years and writes the excellent Substack OfWealth. He believes that the UK must endure more economic and financial pain, with the potential for currency and gilt crises before it is ready to accept the Milei medicine. Even then he has his doubts.  We discuss the disconnect between the economy and the stock market, and Simon offers his stockbroker's insight into how to pitch the UK's longer term  potential to global investors, who, after all must stay invested and for whom other options are not looking great right now. They agree that the UK has been a good place to invest recently.  We had a great discussion, but as always none of what you are about to hear is investment or any other kind of advice but for your information and hopefully enjoyment only. Please take personal financial advice before investing a penny of your money in these crazy markets.  With that said, please enjoy my conversation with Simon French and Robert Marstrand. Brought to you  by Progressive Equity.    

I am spending an increasing amount of time on Substack. It features some excellent content and a diverse range of perspectives. Something that is valuable for any investor seeking non-consensus views and opinions. A recent favourite of mine has been The Brawl Street Journal, a source that posts on “second-order thinking on Europe's markets, energy, and the collision between regulation and reality.”The man behind this blog holds a PhD in international economic law, with a background in World Trade Organisation (remember them?) dispute settlements, and has worked with an international law firm. He also advised banking clients on sanctions law following Russia's invasion of Crimea. He then worked in various economic and regulatory roles within Germany's civil service, giving him a front-row seat on how subsidies, regulations, and political priorities work in practice. The Brawl Street Journal was launched last year to help investors question the consensus, which its creator believes has been infiltrated by propaganda, as defined by the French sociologist Jacques Ellul, who wrote a book of that name in the 1960s. We discuss how propaganda is often an emergent phenomenon of well-intentioned people, rather than the simplistic, malign, authoritarian means of control we usually envision. We discuss how net zero has become one of several propaganda myths of the established European consensus that have weakened the EU and wider European economies. We also discuss the potential for a net-zero-induced crisis, similar to the global financial crisis and what the prospects might be for Europe to avoid this outcome. As always, what you are about to hear is not any kind of advice, but for your information and hopefully entertainment. Please take personal financial advice before investing a penny of your money in these crazy markets. With that, please enjoy my conversation with the maverick behind The Brawl Street Journal.Brought to you by Progressive Equity. 

I am spending an increasing amount of time on Substack. It features some excellent content and a diverse range of perspectives. Something that is valuable for any investor seeking non-consensus views and opinions. A recent favourite of mine has been The Brawl Street Journal, a source that posts on “second-order thinking on Europe's markets, energy, and the collision between regulation and reality.”The man behind this blog holds a PhD in international economic law, with a background in World Trade Organisation (remember them?) dispute settlements, and has worked with an international law firm. He also advised banking clients on sanctions law following Russia's invasion of Crimea. He then worked in various economic and regulatory roles within Germany's civil service, giving him a front-row seat on how subsidies, regulations, and political priorities work in practice. The Brawl Street Journal was launched last year to help investors question the consensus, which its creator believes has been infiltrated by propaganda, as defined by the French sociologist Jacques Ellul, who wrote a book of that name in the 1960s. We discuss how propaganda is often an emergent phenomenon of well-intentioned people, rather than the simplistic, malign, authoritarian means of control we usually envision. We discuss how net zero has become one of several propaganda myths of the established European consensus that have weakened the EU and wider European economies. We also discuss the potential for a net-zero-induced crisis, similar to the global financial crisis and what the prospects might be for Europe to avoid this outcome. As always, what you are about to hear is not any kind of advice, but for your information and hopefully entertainment. Please take personal financial advice before investing a penny of your money in these crazy markets. With that, please enjoy my conversation with the maverick behind The Brawl Street Journal. Brought to you by Progressive Equity. 

Is China investable? If so, how do you go about it? What are the basic ground rules? Recently, I spoke to an American fund manager living in the UK whose life has been intertwined with China since he was a young boy. Rufus Frazier has a long career investing in emerging markets, and he believes China offers some of the best investment opportunities available anywhere in the world. In a fascinating discussion, we cover the macro backdrop to China and the perceived risks, such as the Taiwan issue, property rights and the historically poor returns from Chinese equities over the last couple of decades, when its economic growth has been so strong. What are we missing about this disconnect, and why might this be changing?   Rufus explains why the scale and structure of China's market makes stock picking essential, he talks about the things to look for as well as the sectors and stocks to avoid.For example, China's Uber, Didi, seems fine, but its huge battery manufacturer with a dominant global market position, CATL, is more problematic. Finally, Rufus puts the opportunity for Chinese equities into its broader EM context. Where are the other “hot” emerging markets? In his view, mainly in Latin America and Southeast Asia. Now comes the bit where I remind you that none of what you are about to hear is investment or any other kind of advice, but just for your information and hopefully enjoyment. Please take professional advice before investing a penny of your money into these crazy markets. And with that, please enjoy my conversation with the maverick, Rufus Frazier.  Brought to you by Progressive Equity.    

Charlie Morris is an investor, entrepreneur, and advocate for hard assets. Charlie has 27 years of experience in fund management, with a reputation for actively managing multi-asset portfolios. Charlie was previously the Head of Absolute Return at HSBC Global Asset Management, where he managed $3bn of assets.He writes research for private clients, providing actionable model portfolios that cover equities, bonds, commodities, and other alternative assets. Having discovered gold in the early 2000s, Charlie was an early entrant into the Bitcoin rabbit hole. In 2013, Charlie founded ByteTree, which he initially intended to be the “Bloomberg for Bitcoin”. However, he was unable to find a workable revenue model. With start-ups, being early is just another way of being wrong. In 2022, he launched a Bitcoin and gold ETF (BOLD SW). A fund that remains unauthorised in the UK, albeit available to sophisticated investors on other European exchanges. As Charlie says, he developed BOLD as a new take on the traditional 60:40 portfolio.He identified a valuable low level of correlation between its constituents, Bitcoin and gold, which he has exploited to deliver impressive results.  Towards the end of this chat, we trade thoughts on the latest UK microcap craze for Bitcoin treasury companies, which Charlie believes is unsustainable and just the result of regulatory arbitrage.  And before we get going, here's the bit where I tell you that none of what you are about to hear is investment or any other kind of advice, but just for information and hopefully entertainment purposes only. You should take personal financial advice before investing a penny of your money in these crazy markets. With that, please enjoy my conversation with the maverick, Charlie Morris.Brought to you by Progressive Equity.https://bold.report/https://www.trustpilot.com/review/bytetree.com?utm_medium=trustbox&utm_source=Minihttps://www.bytetree.com/the-multi-asset-investor/

Charlie Morris is an investor, entrepreneur, and advocate for hard assets. Charlie has 27 years of experience in fund management, with a reputation for actively managing multi-asset portfolios. Charlie was previously the Head of Absolute Return at HSBC Global Asset Management, where he managed $3bn of assets.He writes research for private clients, providing actionable model portfolios that cover equities, bonds, commodities, and other alternative assets. Having discovered gold in the early 2000s, Charlie was an early entrant into the Bitcoin rabbit hole. In 2013, Charlie founded ByteTree, which he initially intended to be the “Bloomberg for Bitcoin”. However, he was unable to find a workable revenue model. With start-ups, being early is just another way of being wrong. In 2022, he launched a Bitcoin and gold ETF (BOLD SW). A fund that remains unauthorised in the UK, albeit available to sophisticated investors on other European exchanges. As Charlie says, he developed BOLD as a new take on the traditional 60:40 portfolio.He identified a valuable low level of correlation between its constituents, Bitcoin and gold, which he has exploited to deliver impressive results.  Towards the end of this chat, we trade thoughts on the latest UK microcap craze for Bitcoin treasury companies, which Charlie believes is unsustainable and just the result of regulatory arbitrage.  And before we get going, here's the bit where I tell you that none of what you are about to hear is investment or any other kind of advice, but just for information and hopefully entertainment purposes only. You should take personal financial advice before investing a penny of your money in these crazy markets. With that, please enjoy my conversation with the maverick, Charlie Morris.Brought to you by Progressive Equity.https://bold.report/https://www.trustpilot.com/review/bytetree.com?utm_medium=trustbox&utm_source=Minihttps://www.bytetree.com/the-multi-asset-investor/

Back in April, I had the chance to talk with three people who are at the business end of UK-based boutique fund managers. The funds they help run and develop have all been featured in previous episodes. Jamie Carter of Variis is a veteran of the boutique landscape, having helped form Oldfield Partners. He is now CEO of a London partnership developing an emerging markets strategy aimed largely at US endowments. The Variis CIO, Leila Cardouche, in an episode from October last year, illustrated the huge potential that an actively managed EM strategy offers.    Ed Hugo partners with Alyx Wood at Kernow Asset Management, where they are having success running a long/short UK equity strategy. Alyx last appeared on the pod in November 2023 to discuss why it might be a good idea to invest in the UK. Meanwhile, Jackson Wray joined Dowgate Wealth in a business development role for its two UK value strategies, Onward Opportunities, a pro-active microcap strategy managed by Laurence Hulse (also last on the podcast in November 2023) and Cape Wrath, a concentrated UK deep value fund managed by Adam Rackley (who appeared in Market Capitulations and Narrative Shifts in June last year). Jackson was previously a professional rugby player with Saracens before retiring in 2023, and he draws some interesting comparisons between the worlds of competitive sport and asset management. All the funds these guys work on have managers with successful track records, but what are the issues when it comes to setting up, complying with the regulations, growing AUM, and how do they deal with things when the going gets tough, not according to plan? These are the thoughts of three people who live and breathe these issues, and it is a fascinating discussion with some interesting pointers for anyone considering setting up themselves.  Ed says you need to be mad, Jamie says the regulators could do more to help, and Jackson stresses the importance of being honest with yourself and your teammates.  For full disclosure, I have investments in the Kernow Equity Fund, Onward Opportunities, and the Cape Wrath Fund. And before we get into it, here's the bit where I tell you that none of what you are about to hear is investment advice, but purely for your information and hopefully entertainment. You should take personal, professional financial advice before investing a penny of your money in these crazy markets.   Please enjoy my conversation with Jamie, Ed and Jackson.       Brought to you by Progressive Equity. 

Back in April, I had the chance to talk with three people who are at the business end of UK-based boutique fund managers. The funds they help run and develop have all been featured in previous episodes. Jamie Carter of Variis is a veteran of the boutique landscape, having helped form Oldfield Partners. He is now CEO of a London partnership developing an emerging markets strategy aimed largely at US endowments. The Variis CIO, Leila Cardouche, in an episode from October last year, illustrated the huge potential that an actively managed EM strategy offers.    Ed Hugo partners with Alyx Wood at Kernow Asset Management, where they are having success running a long/short UK equity strategy. Alyx last appeared on the pod in November 2023 to discuss why it might be a good idea to invest in the UK. Meanwhile, Jackson Wray joined Dowgate Wealth in a business development role for its two UK value strategies, Onward Opportunities, a pro-active microcap strategy managed by Laurence Hulse (also last on the podcast in November 2023) and Cape Wrath, a concentrated UK deep value fund managed by Adam Rackley (who appeared in Market Capitulations and Narrative Shifts in June last year). Jackson was previously a professional rugby player with Saracens before retiring in 2023, and he draws some interesting comparisons between the worlds of competitive sport and asset management. All the funds these guys work on have managers with successful track records, but what are the issues when it comes to setting up, complying with the regulations, growing AUM, and how do they deal with things when the going gets tough, not according to plan? These are the thoughts of three people who live and breathe these issues, and it is a fascinating discussion with some interesting pointers for anyone considering setting up themselves.  Ed says you need to be mad, Jamie says the regulators could do more to help, and Jackson stresses the importance of being honest with yourself and your teammates.  For full disclosure, I have investments in the Kernow Equity Fund, Onward Opportunities, and the Cape Wrath Fund. And before we get into it here's the bit where I tell you that none of what you are about to hear is investment advice but purely for your information and hopefully entertainment. You should take personal, professional financial advice before investing a penny of your money in these crazy markets.   Please enjoy my conversation with Jamie, Ed and Jackson.       Brought to you by Progressive Equity. 

I recently had another chance to talk to Substack's No. 1 financial commentator, Doomberg, as he dialled in from his chicken coup in flyover country.  It has been some 15 months since we last spoke, a time when Rishi Sunak was Prime Minister and Joe Biden was President.   Much has happened subsequently in areas of energy policy, energy markets, politics, and global trade and conflict. And I was keen to catch up.  Doomberg utilises his expertise in understanding our fundamental and complex energy requirements and how they impact the broader macro and geopolitical landscape. And, as usual, he does not pull any punches in his well-reasoned views.  We discuss the rise of populism and the long-term outlook for energy supply and demand. In particular, how the additive energy requirements of AI might counterintuitively lead to much lower oil prices. It's all to do with the unique economics of US shale and AI's enormous demand for US natural gas. Doomberg also offers a no-holds-barred view of the outlook for post-Ukraine war Europe, including the need for political realignment and an explanation of why sanctions fail.  Whatever you think of his views, it is hard to fault the reasoning of his logic, but of course, none of what you hear is advice of any kind and is only for your information and entertainment. As always, you should take personal financial advice prior to investing a penny of your money into these crazy markets.  And with that, please enjoy my conversation with the green chicken, Doomberg.Brought to you by Progressive Equity. 

I recently had another chance to talk to Substack's No. 1 financial commentator, Doomberg, as he dialled in from his chicken coup in flyover country.  It has been some 15 months since we last spoke, a time when Rishi Sunak was Prime Minister and Joe Biden was President.   Much has happened subsequently in areas of energy policy, energy markets, politics, and global trade and conflict. And I was keen to catch up.  Doomberg utilises his expertise in understanding our fundamental and complex energy requirements and how they impact the broader macro and geopolitical landscape. And, as usual, he does not pull any punches in his well-reasoned views.  We discuss the rise of populism and the long-term outlook for energy supply and demand. In particular, how the additive energy requirements of AI might counterintuitively lead to much lower oil prices. It's all to do with the unique economics of US shale and AI's enormous demand for US natural gas. Doomberg also offers a no-holds-barred view of the outlook for post-Ukraine war Europe, including the need for political realignment and an explanation of why sanctions fail.  Whatever you think of his views, it is hard to fault the reasoning of his logic, but of course, none of what you hear is advice of any kind and is only for your information and entertainment. As always, you should take personal financial advice prior to investing a penny of your money into these crazy markets.  And with that, please enjoy my conversation with the green chicken, Doomberg. Brought to you by Progressive Equity. 

Joe Bryan is a former investment bank derivatives trader turned sports betting entrepreneur who, during lockdown, went down the proverbial Bitcoin rabbit hole.   After Joe exited the company that bought his sporting odds business last year, a friend invited him on a weekend away. Each guest had to prepare a short talk to lead a discussion on a topic of their choice. Joe chose Bitcoin; it was his passion and his specialist subject.However, it's a big subject and he didn't know where to start. So, assuming no prior knowledge, he told a story explaining why Bitcoin exists and what it fixes. He called his presentation, “What's the Problem?," and Bitcoin was deliberately not mentioned until the last slide.The success of his pitch encouraged him to make a video, and earlier this year, Joe launched What's The Problem? on YouTube and X. The film tells the story of two identical countries with perfect economies and perfect money, save for the existence of a big red button only for use in case of emergency in the country run by Fiatello. For the avoidance of doubt, the big red button equates to a central bank and today's monetary policy. In so doing, Joe explains the wide range of common societal problems that stem from fiat money. These include loss of trust, obesity, family breakdowns, addiction, wealth inequality, and, of course, inflation. Joe leads his audience to the door of the Bitcoin rabbit hole. He wants to spread the word because, as he sees it, Bitcoin is inevitable; everyone will find it in their own time, but eventually everyone will get drawn in, and they will own it at their own price. Joe is a Bitcoin Maximalist who points to the launch of Bitcoin ETFs and the US Strategic Bitcoin Reserve as evidence that there is no stopping this train. Of course, he could be wrong, and as always, what you are about to hear is not investment or any other type of advice. It is for your critical evaluation and is only for your information and entertainment. Always do your own research and take professional advice tailored to your own requirements before investing a penny of your money in these crazy markets.    And with that, please enjoy my conversation with the maverick, Joe Bryan. Brought to you by Progressive Equity. 

Joe Bryan is a former investment bank derivatives trader turned sports betting entrepreneur who, during lockdown, went down the proverbial Bitcoin rabbit hole.   Having exited from the company that bought his sporting odds business last year, a friend invited Joe on a weekend away. Each guest had to prepare a short talk to lead a discussion on a topic of their choice. Joe chose Bitcoin, it was his passion and his specialist subject.However, it's a big subject and he didn't know where to start. So, assuming no prior knowledge, he told a story explaining why Bitcoin exists and what it fixes. He called his presentation, “What's the Problem?," and Bitcoin was deliberately not mentioned until the last slide.The success of his pitch encouraged him to make a video, and earlier this year, Joe launched What's The Problem? on YouTube and X. The 40-minute film tells the story of two identical countries with perfect economies and perfect money, save for the existence of a big red button only for use in case of emergency in the country run by Fiatello. For the avoidance of doubt, the big red button equates to a central bank and today's monetary policy. In so doing, Joe explains the wide range of common societal problems that stem from fiat money. These include loss of trust, obesity, family breakdowns, addiction, wealth inequality, and, of course, inflation. Joe leads his audience to the door of the Bitcoin rabbit hole. He wants to spread the word because, as he sees it, Bitcoin is inevitable; everyone will find it in their own time, but eventually everyone will get drawn in, and they will own it at their own price. Joe is a Bitcoin Maximalist who points to the launch of Bitcoin ETFs and the US Strategic Bitcoin Reserve as evidence that there is no stopping this train. Of course, he could be wrong, and as always, what you are about to hear is not investment or any other type of advice. It is for your critical evaluation and is only for your information and entertainment. Always do your own research and take professional advice tailored to your own requirements before investing a penny of your money in these crazy markets.    And with that, please enjoy my conversation with the maverick, Joe Bryan. Brought to you by Progressive Equity. 

During periods of global economic uncertainty and heightened financial market volatility, it is worth considering how investors should think about risk when constructing their portfolios.To this end, I was delighted to have the chance to talk recently to David Dredge at Convex Strategies in Singapore. David not only understands risk, but he also delivers his great insights in a highly entertaining way. He spends his time immersed in understanding sources of risk and developing strategies that mitigate their impact. He does this by embracing convexity, which is buying pockets of cheap volatility as insurance against negative outcomes in conditions of uncertainty.When should investors do this? He says, just like insuring your house, always. He has strong views that contradict the accepted assumptions behind Modern Portfolio Theory, which he calls Sharpe World, which, in his view, falsely equates risk with volatility. David is full of anecdotes and illustrations of the risks investors assume in markets regulated to a Sharpe World and operated by what he calls, Rational Accounting Man.  This episode is probably the most challenging one I have edited. We spoke for nearly two hours, and I could have happily gone on for longer.I thought about making it two episodes, but maybe take a break, if you can draw yourself away and come back to it. I've listened to this one a few times already, and I keep hearing new gems.  As ever, none of what you are about to hear is any kind of advice. I hope you find it as entertaining and informative as I did, but this should not be used as the basis of an investment decision. Please take personal financial advice before investing a penny of your money in these crazy markets. Please enjoy my conversation with the maverick, David Dredge.Brought to you by Progressive Equity.  

During periods of global economic uncertainty and heightened financial market volatility, it is worth considering how investors should think about risk when constructing their portfolios.To this end, I was delighted to have the chance to talk recently to David Dredge at Convex Strategies in Singapore. David not only understands risk, but he also delivers his great insights in a highly entertaining way. He spends his time immersed in understanding sources of risk and developing strategies that mitigate their impact. He does this by embracing convexity, which is buying pockets of cheap volatility as insurance against negative outcomes in conditions of uncertainty.When should investors do this? He says, just like insuring your house, always. He has strong views that contradict the accepted assumptions behind Modern Portfolio Theory, which he calls Sharpe World, which, in his view, falsely equates risk with volatility. David is full of anecdotes and illustrations of the risks investors assume in markets regulated to a Sharpe World and operated by what he calls, Rational Accounting Man.  This episode is probably the most challenging one I have edited. We spoke for nearly two hours, and I could have happily gone on for longer.I thought about making it two episodes, but maybe take a break, if you can draw yourself away and come back to it. I've listened to this one a few times already, and I keep hearing new gems.  As ever, none of what you are about to hear is any kind of advice. I hope you find it as entertaining and informative as I did, but this should not be used as the basis of an investment decision. Please take personal financial advice before investing a penny of your money in these crazy markets. Please make sure you are subscribed to enjoy my conversation with the maverick, David Dredge.Brought to you by Progressive Equity.  

I have always been interested in founder-led companies. Entrepreneurs and family-run companies often have unconventional attitudes to risk and return. They often back themselves to take operational risk. They tend to be more innovative. You could say that they are more prone to being maverick. But also, you could say that they are more cautious and mindful of capital preservation and the value of staying in the game for the benefit of future generations.  Investing to capture the founder-led effect is a way to achieve an asymmetric return, with better downside protection in tough times and higher upside returns in good times. Sounds great in theory, but how do you go about it in practice?    In this episode, I chat with a Chinese Australian who invests globally in founder-led companies.  Lawrence Lam has run the Lumenary Global Founders Fund since 2017. As the name suggests, his process attempts to identify companies that are run for the long term and have the founder effect. So, what is the founder effect, and how can investors determine whether a management team has this elusive characteristic?  Well, Lawrence has helpfully written a book called "The Founder Effect - The Three Pillars of Success in Founder-Led Companies." It's a great read if you are trying to understand good long-term management decisions and how to spot them. This is a fascinating conversation with someone who loves what he does and scours the world's stock markets to find his secret formula at work.  We learn how he balances the less correlated world for opportunities to buy founder-led companies that offer good value, why China offers a great way to diversify a portfolio, how BYD is poised to become the next Toyota, and how meeting management might useful for understanding if the company is likely to do well next quarter, but not so useful for understanding whether it will compound for you over the next couple of decades.  As Lawrence says, he looks for the long-term track record of key decision-making, simple organisational structure, skin in the game, and close alignment with shareholders. As always, none of what you are about to hear is financial or any other type of advice. It is hopefully entertaining and informative, but what you hear should not be used as the basis for an investment decision. Please take personal financial advice before investing a penny of your money in these crazy markets. And with that …   Please enjoy my conversation with the maverick Lawrence Lam.         Brought to you by Progressive Equity. 

I have always been interested in founder-led companies. Entrepreneurs and family-run companies often have unconventional attitudes to risk and return. They often back themselves to take operational risk. They tend to be more innovative. You could say that they are more prone to being maverick. But also, you could say that they are more cautious and mindful of capital preservation and the value of staying in the game for the benefit of future generations.  Investing to capture the founder-led effect is a way to achieve an asymmetric return, with better downside protection in tough times and higher upside returns in good times. Sounds great in theory, but how do you go about it in practice?    In this episode, I chat with a Chinese Australian who invests globally in founder-led companies.  Lawrence Lam has run the Lumenary Global Founders Fund since 2017. As the name suggests, his process attempts to identify companies that are run for the long term and have the founder effect. So, what is the founder effect, and how can investors determine whether a management team has this elusive characteristic?  Well, Lawrence has helpfully written a book called "The Founder Effect - The Three Pillars of Success in Founder-Led Companies." It's a great read if you are trying to understand good long-term management decisions and how to spot them. This is a fascinating conversation with someone who loves what he does and scours the world's stock markets to find his secret formula at work.  We learn how he balances the less correlated world for opportunities to buy founder-led companies that offer good value, why China offers a great way to diversify a portfolio, how BYD is poised to become the next Toyota, and how meeting management might useful for understanding if the company is likely to do well next quarter, but not so useful for understanding whether it will compound for you over the next couple of decades.  As Lawrence says, he looks for the long-term track record of key decision-making, simple organisational structure, skin in the game, and close alignment with shareholders. As always, none of what you are about to hear is financial or any other type of advice. It is hopefully entertaining and informative, but what you hear should not be used as the basis for an investment decision. Please take personal financial advice before investing a penny of your money in these crazy markets. And with that …   Please enjoy my conversation with the maverick Lawrence Lam.         Brought to you by Progressive Equity. 

Things are changing in global markets. There are noticeable shifts taking place. The world's capital is rotating. As always, many factors are at work, but we might be witnessing a once-in-a-generation shift away from US assets, which have recently dominated global capital allocations. Global investors are diversifying their portfolios. That is why I was keen to host this episode.David Seaman of Alpha Cygni Asset Management and a seasoned emerging markets investor joins me for a fascinating discussion with Sean Peche, the manager of The Ranmore Global Equity Fund. Sean recounts how he honed his value investing credentials at Orbis after qualifying as an accountant in South Africa and before launching Ranmore in London in 2008.  Sean has a first-hand take on how capital flows have shaped equity values and built up today's imbalances. While relative value is not sufficient reason for capital to flow, it is a necessary pre-condition. Sean says there are now multiple reasons investors, typically fully loaded in the US market, want to recycle their capital.  He talks about how he looks for value, why he has recently moved overweight in the UK, why emerging markets have many developed market characteristics, and why he doesn't meet the management of the companies he invests in. As he says, he can best objectively determine the effectiveness of management by watching what they do, not necessarily by listening to what they say. Sean delivers a master class on the principles of value investing combined with an acute sense of how the world is changing and how best to load up on asymmetric risk opportunities that will likely operate in his favour as we confront an unforecastable future. Now, please enjoy our conversation with the maverick, Sean Peche ..Brought to you by Progressive Equity 

Things are changing in global markets. There are noticeable shifts taking place. The world's capital is rotating. As always, many factors are at work, but we might be witnessing a once-in-a-generation shift away from US assets, which have recently dominated global capital allocations. Global investors are diversifying their portfolios. That is why I was keen to host this episode today.David Seaman of Alpha Cygni Asset Management and a seasoned emerging markets investor joins me for a fascinating discussion with Sean Peche, the manager of The Ranmore Global Equity Fund. Sean recounts how he honed his value investing credentials at Orbis after qualifying as an accountant in South Africa and before launching Ranmore in London in 2008.  Sean has a first-hand take on how capital flows have shaped equity values and built up today's imbalances. While relative value is not sufficient reason for capital to flow, it is a necessary pre-condition. Sean says there are now multiple reasons investors, typically fully loaded in the US market, want to recycle their capital.  He talks about how he looks for value, why he has recently moved overweight in the UK, why emerging markets have many developed market characteristics, and why he doesn't meet the management of the companies he invests in. As he says, he can best objectively determine the effectiveness of management by watching what they do, not necessarily by listening to what they say. Sean delivers a master class on the principles of value investing combined with an acute sense of how the world is changing and how best to load up on asymmetric risk opportunities that will likely operate in his favour as we confront an unforecastable future. Now, please enjoy our conversation with the maverick, Sean Peche .. Brought to you by Progressive Equity 

During the pandemic, an Argentinian economist called Javier Milei began to make a name for himself on TV panel shows for his wild libertarian ideas and idiosyncratic, abrasive delivery. Milei raged against politicians of all persuasions, always prepared to outrage his opponents and entertain his audiences.By 2021, he had become a congressman, denouncing the political class as useless parasites who had never worked and thought only of self-enrichment. He assured his electorate that he would kick these criminals out. He didn't seek to lead lambs, he told them, but to awaken lions, and the lions he awoke were younger people attracted to his unique combination of in-depth economic knowledge and flamboyant shock-jock delivery.While other politicians and the mainstream media depicted him as a performative clown, Milei had taught economics for twenty years and published over fifty academic papers. Unlike most academics, Milei was a showman, playing drums for a Rolling Stones cover band. He was an evangelist who sold out increasingly large venues, lecturing his audiences about the workings of the price mechanism, the moral justification for capitalism, and the crime of collectivism while raising a sense of moral outrage.The coincidence of Argentina's economic cycle of despair with Milei's arrival as a chainsaw-wielding showman, backed up by the deep conviction that he knew the solution to his country's woes, unexpectedly led him to the highest office in the land in less than a year. Last December, he became Argentina's 59th president. He won the largest number of votes and the largest percentage of votes recorded in any election since the transition to democracy, but it came with only a minority position in the legislature.This left him with an enormous challenge in executing his reforms, but despite this, his first year in office has been largely successful. Unanswered are the questions as to whether Milei's remedies will prove sustainable, whether this time will differ from all the other times, and whether he can end Argentina's era of missed opportunities. Can he continue painful reforms while remaining sufficiently popular to complete the project?I spent a few days in Buenos Aries in early November to learn more about this man and the libertarian experiment he was implementing. I met several people there, including Robert Marstrand, an author and investor who writes the investment stack OfWealth. Robert has a background in investment banking and has lived in Argentina for 16 years. He was very generous with his time and explained the opportunity for Argentina and how investors might like to think about this Maverick nation with its maverick president.  Please enjoy our conversation about Argentina and its maverick president. 

Have you ever wondered how fund managers deliver a successful long-short strategy? David Seaman of Alpha Cygni Investment Management recently joined me for a conversation with Richard Stuckey, the manager of the Ennismore Global Smaller Companies Fund, about managing such a strategy in smaller global companies.  In this fascinating chat, Richard discusses different approaches to shorting equities and how they involve different approaches to risk management at the stock and portfolio levels. He outlines a couple of examples of stocks he and his team have successfully shorted that turned out to be deceptions. We then discuss two long positions he recently added to his portfolio. Genus, a UK–listed animal genetics company, Genus and Paradox Interactive, a Scandinavian-listed games publisherRichard then discusses the geographic spread of his fund and how to think about market inefficiency driven by the rise of the mega-cap tech stocks, passive investment and meme-driven markets.And… importantly, how to adapt investment strategy in a market that can remain inefficient for a long time. This is a masterclass in the often counterintuitive art of managing an absolute return strategy in a volatile and illiquid asset class. While not for everyone, it can offer downside protection in choppy markets while providing long-term exposure to quality compounding equities.I must remind you that this is only for information purposes and is NOT investment advice. The views expressed in the podcast are personal to the contributors and do not represent Progressive Equity's views. Please enjoy our conversation with Richard Stuckey.Made possible by Progressive Equity.      

In this episode, Progressive's legendary technology analyst, George O'Connor, joins me in a conversation with Mark Blandford, the online betting pioneer and founder of Sporting Bet.Always interested in horse racing and betting on horses, Mark moved from traditional bookmaking into the emerging world of the internet in the late 1990s, building Sporting Bet into a high-growth AIM company, later acquiring US-facing Paradise Poker.Things changed suddenly in the US online gambling market in 2006, and Mark eventually left Sporting Bet to focus on his racehorses and his family office. In 2002, Mark was named AIM Entrepreneur of the Year, and in 2015, his horse, Next Sensation, won Cheltenham. Mark has also had several winners as a venture capital investor and has several strategic public company investments. His wide-ranging portfolio includes interests in NASDAQ-listed Gambling.com and the UK-listed small-caps Gaming Realms, B90 and Good Life Plus. Among his private investments, Mark has stakes in platform, payment, ag-tech, and ed-tech businesses.  He discusses his interest in quantitative analysis, improving operating efficiencies and working with entrepreneurs who are prepared to listen and take advice.This is a fascinating conversation with many lessons and reminders of how technology can change industries AND how a changing regulatory environment can create radical uncertainty and existential risk. Mark talks openly about his eventful journey from a traditional bricks-and-mortar bookmaker to a seasoned VC and investor.    I must remind you that none of what you are about to hear is investment advice, but it is solely for your information and entertainment. Please take professional advice before investing your money in these crazy markets. Please enjoy our conversation with the maverick, Mark Blandford. Brought to you by Progressive Equity 

Dominic Frisby is an author, comedian, singer-songwriter, voice-over artist, self-taught financial commentator and the creator of the popular Substack, The Flying Frisby.  The main pillar of Dominic's investment philosophy is based on gold and Bitcoin, and he has written extensively about both.  He was an early adopter of real asset protection, writing a book on the role of Bitcoin ten years ago.  I wanted to get his view on the role of real assets in investment portfolios and how investors might like to consider protecting their capital from fiat currency debasement.   Dominic didn't disappoint and added plenty of thoughts on politics, the prospects for liberty and some valuable health tips for the over 50s. Have you tried hanging from a high bar? It works for me.  Please enjoy my conversation with the maverick, Dominic Frisby.Brought to you by Progressive Equity. 

Dominic Frisby is an author, comedian, singer-songwriter, voice-over artist, self-taught financial commentator and the creator of the popular Substack, The Flying Frisby.  The main pillar of Dominic's investment philosophy is based on gold and Bitcoin, and he has written extensively about both.  He was an early adopter of real asset protection, writing a book on the role of Bitcoin ten years ago.  I wanted to get his view on the role of real assets in investment portfolios and how investors might like to consider protecting their capital from fiat currency debasement.   Dominic didn't disappoint and added plenty of thoughts on politics, the prospects for liberty and some valuable health tips for the over 50s. Have you tried hanging from a high bar? It works for me.  Please enjoy my conversation with the maverick, Dominic Frisby. Brought to you by Progressive Equity. 

Have you ever wondered what investing in Emerging Markets is all about? It's complicated, right? And having witnessed a decade or more of US dollar dominance and outperforming developed markets, particularly US markets, why bother looking at the rest of the world? After all, isn't that where all the bad stuff happens, like currency crises and debt defaults? Recently, there have been signs that Emerging Markets might be re-emerging. This year, there have been signs that the dollar's dominance may not be so dominant. Following the Fed's decision to cut rates by 50 basis points, China announced an intention to add significant heft to its policy of loosening monetary and fiscal conditions in the world's second-largest economy.   Following an extended period of being considered uninvestable, Chinese equities had a near 30% bounce in a couple of weeks. Was this just some hasty short closing or a re-awakening of the biggest emerging markets? This is currently one of the fiercest debates among global investors.I wanted to get the perspective of an emerging markets expert, so I was delighted to have the chance to speak with Leila Kardouche of Variis Partners. Leila is a veteran of the space, and she and her small team recently launched a new London-based emerging markets partnership. This partnership fills a space left by several high-profile investors who have recently left this area due to its long period of disappointing returns. In this episode, we learn about the structure of Emerging Markets and how benchmark indices such as the MSCI are not very helpful in uncovering the full potential of the growth opportunities often obscured within these markets. Among other things, Leila discusses how to evaluate political risk in this widely diverse range of markets as we tour what's hot and what's not in an investment universe covering 85% of the world's population.  Critically, Leila and the Variis team focus on stock selection. Leila discusses how the challenges of growing businesses in emerging markets have produced some very successful compounding growth opportunities. Yes, these companies have outperformed strongly even within markets like China, which has been disappointing overall.For my recent Substack covering emerging markets, please see, Are Emerging Markets Re-emerging?  Be sure you are subscribed to In The Company of Mavericks on your podcast app to avoid missing the next and future episodes. Made possible by Progressive Equity.  

Have you ever wondered what investing in Emerging Markets is all about? It's complicated, right? And having witnessed a decade or more of US dollar dominance and outperforming developed markets, particularly US markets, why bother looking at the rest of the world? After all, isn't that where all the bad stuff happens, like currency crises and debt defaults? Recently, there have been signs that Emerging Markets might be re-emerging. This year, there have been signs that the dollar's dominance may not be quite so dominant. Following the Fed's decision to cut rates by 50 basis points, China announced an intention to add significant heft to its policy of loosening monetary and fiscal conditions in the world's second-largest economy.   Following an extended period of being considered uninvestable, Chinese equities had a near 30% bounce in a couple of weeks. Was this just some hasty short closing or a re-awakening of the biggest emerging markets? This is currently one of the fiercest debates among global investors.I wanted to get the perspective of an emerging markets expert, so I was delighted to have the chance to speak with Leila Kardouche of Variis Partners. Leila is a veteran of the space, and she and her small team recently launched a new London-based emerging markets partnership, filling a space left by several high-profile investors who have recently left this area due to its long period of disappointing returns. In this episode, we learn about the structure of Emerging Markets and how benchmark indices such as the MSCI are not very helpful in uncovering the full potential of the growth opportunities often obscured within these markets. Among other things, Leila discusses how to evaluate political risk in this widely diverse range of markets as we take a tour of what's hot and what's not in an investment universe covering 85% of the world's population.  Critically, Leila and the Variis team focus on stock selection. Leila discusses how the challenges of growing businesses in emerging markets have produced some very successful compounding growth opportunities. Yes, these companies have outperformed strongly even within markets like China, which has been disappointing overall.Be sure you are subscribed to In The Company of Mavericks on your podcast app to avoid missing the next and future episodes.  Made possible by Progressive Equity.  

A few months ago, I chatted with Adam Rackley, the SVS Dowgate Cape Wrath Focus Fund manager featured in Episode 39, Market Capitulations & Narrative Shifts. We were reading a great new Substack called Sweet Stocks, which featured weekly in-depth write-ups of some fascinating quality compounding growth stocks. Not only were we impressed with Sweet Stocks' quality, but the weekly publication cadence also meant it was the work of a highly experienced and disciplined analyst.   A few weeks later, we chatted with Alex Sweet, the man behind the Substack, about what motivates his work, his investment philosophy, his analytical rigour, and, crucially, some of his UK stock ideas. Alex didn't disappoint. He gave a masterclass on investing in quality compounding companies capable of “beating the fade” and on how he uses his fundamental analytical approach to find these anomalous gems globally. This episode teaches how Adam and Alex use similar, in-depth fundamental frameworks to derive different strategies. Adam focuses on contrarian deep value, while Alex focuses on growth at a reasonable price.These two investors illustrate the type of discipline involved in professional investment analysis. They also share an interest in the crazy world of Ultrarunning. Alex talks about his newfound passion for the Backyard Ultra, an offshoot of the Barkley Marathons, an event he hopes to run 300 miles in three days later this year.The stocks we cover in this episode are 4imprint, YouGov and Loungers. I must just tell you that the people on this podcast might own shares in the companies mentioned, but nothing you are about to hear is investment advice. The opinions expressed are purely the contributors' personal views and do not represent the views of Progressive Equity or any other organisation mentioned in this podcast. I hope you find this content informative and entertaining. I learned a lot, but please take professional financial advice before investing a penny in these crazy markets.I also wrote a Substack article about this podcast at HyperNormalTimes. Made possible by Progressive Equity.

Adam Rackley joins me for a conversation with growth stock analyst and ultra runner Alex Sweet of Sweet Stocks. Alex discusses his background and investment philosophy, and we chat about three UK equities he has covered in his newsletters: 4imprint, YouGov & Loungers. COMING SOON on all good podcast apps. Made possible by Progressive Equity 

For this episode, I am joined by Duncan MacInnes, manager of The Ruffer Investment Company, for a conversation about his investment philosophy and how he thinks about risk in today's financial markets. He describes himself as a pragmatic, macro-informed, value investor.  The Ruffer Investment Company is a billion-pound London-listed investment company with the simple aim of delivering consistent positive returns regardless of how financial markets perform with the ambition to protect and increase the real value of its investor's capital. A simple but challenging mandate. To achieve this distinctive objective, Duncan has a highly differentiated strategy and has constructed a portfolio that looks nothing like most portfolios. Since launch in the early 2000s, Ruffer has a good long term track record. However, over the last couple of years, performance has slipped as risk assets, particularly equities, have outperformed Duncan's expectations.   But Ruffer's performance has a tendency, as Duncan says, to perform like ketchup coming out of a glass bottle. The events of early August, as the yen carry trade sent markets in a spin, offered a brief glimpse of the better times that might lie ahead for this fund. Duncan offers a master class in different, often esoteric, markets and how he has used instruments such as gold, FX, credit spreads, derivatives, inflation-linked bonds and even bitcoin to find uncorrelated returns and asymmetric and reflexive risk profiles. Duncan is positive on the outlook for gold, the yen, and commodities. However, he thinks investors are over their skis regarding US equities, specifically the Mag Seven. He is more positive about UK equities and describes why the consensual view that Chinese equities are uninvestable draws him to them. As he says, we are all invested in China already, but at several times the value of most Chinese stocks.As always, nothing you hear in this podcast is investment advice, and all the views expressed by the contributors are in a personal capacity only and do not represent the views of Progressive Equity or any other organization mentioned in this podcast.       Please enjoy my conversation with the maverick, Duncan MacInnes.   Made possible by Progressive Equity.  

Coming soon, Duncan MacInnes presents a tour de force of the major financial asset classes and how to manage risk in today's crazy markets. He covers why he is so bullish on gold, gold miners, the yen and UK equities, and long Chinese equities, the ugliest in his portfolio of ugly ducklings.He also riffs on the yen carry trade, Bitcoin, premium drinks, and how we might know we are nearer the top than the bottom of the current equity market cycle.Made possible by Progressive Equity Research.   

In today's episode, I am joined by Mark Wharrier, an experienced professional investor who previously worked with companies such as  Mercury and Black Rock and is now focused on investing in public and private companies. We have a fascinating conversation with Ami Daniel, the co-founder and CEO of AIM-listed Windward.Windward is a 14-year-old company that provides B2B data and software solutions. It helps governments and businesses track, manage, comply with, and protect maritime assets worldwide. Its solutions provide awareness and insights into what Ami calls the problem of big oceans and small ships.Windward was listed on AIM in 2021 and is currently valued at £120m. Ami is a high-energy entrepreneur. Having survived a near-death experience while serving in the Israeli Navy in 2006, he has established Windward as a high-growth, recurring revenue company with a large addressable market. Ami is one of life's optimists and a joy to chat with.   In this episode, he discusses the challenges of running an unprofitable growth company, how being told "NO" is only temporary, the importance of building resilience, and why listing in London has been such a positive move for him and the business.  It was great having Mark's experienced approach to guide Ami through the key pillars of Windward's investment case and paint a picture of what Windward could become as it approaches profitability and reinvests in its rapidly growing platform.   I must remind you that this is for information purposes only. None of what you hear in this episode is investment or any other type of advice, and the views expressed are purely those of the contributors and not the views of Progressive Equity or any other organisation mentioned in this podcast.Please enjoy our conversation with the maverick, Ami Daniel.    Made possible by Progressive Equity.  

Coming soon on your favourite podcast app is a fascinating chat with Ami Daniel, co-founder and CEO of Windward. Ami is a high-energy entrepreneur driving the fastest annual recurring revenue business in the London market, and he was a joy to talk with. Windward has an impressive customer list and is building a suite of AI-powered products to drive Ami's ambition for Winward to become a multiple hundred-million-dollar revenue "rule of 40 company."  Please subscribe so that you don't miss this and further episodes. Made possible by Progressive Equity.   

In today's episode, I am joined by Tim Price of Price Value Partners, a private wealth manager in London since the late 1990s. Originally an English literature graduate, Tim started work as a bond salesman for a Japanese bank.However, he switched to private client wealth management, where he was to develop his well-reasoned but highly differentiated approach to managing money.  Tim has developed this approach based on extensive reading in economics, history, finance, and investing. In this episode, he shares the main influences, which range from the Swiss Italian Renaissance mathematician Daniel Bernoulli to the Austrian economist Ludwig von Mises and the Roman Emperor Diocletian.His strategy has three main themes focusing on ….  value equities, systematic trend following and real assets. He has no time for the traditional 60/40 equity/bond portfolio. Due to the unsustainable level of sovereign debt and the sluggish outlook for economic growth, he describes bond investors as dancing around a live volcano. I have been reading Tim's newsletters for a while and highly recommend subscribing.Made possible by Progressive Equity Research. 

In today's episode, I am joined by Tim Price of Price Value Partners, a private wealth manager in London since the late 1990s. Originally an English literature graduate, Tim started work as a bond salesman for a Japanese bank.However, he switched to private client wealth management, where he was to develop his well-reasoned but highly differentiated approach to managing money.  Tim has developed this approach based on extensive reading in economics, history, finance, and investing. In this episode, he shares the main influences, which range from the Swiss Italian Renaissance mathematician Daniel Bernoulli to the Austrian economist Ludwig von Mises and the Roman Emperor Diocletian.His strategy has three main themes focusing on ….  value equities, systematic trend following and real assets. He has no time for the traditional 60/40 equity/bond portfolio. Due to the unsustainable level of sovereign debt and the sluggish outlook for economic growth, he describes bond investors as 'dancing on the edge of a live volcano'. I have been reading Tim's newsletters for a while and highly recommend subscribing. Made possible by Progressive Equity Research. 

In this episode, I am joined by someone who is probably the best-performing smaller companies fund manager you have never heard of. I first met Geoff Oldfield in the 1990s when he was working as the co-manager of the European Select Fund at Barings Asset Management. He and his partner Gerhard Shoeningh were making a name for themselves in the sector and, in 1998, left to set up Ennismore Fund Management with some very firm ideas about the type of investment firm they wanted to run.The main pillars were performance over asset gathering (no fund marketing), investment decisions taken by PMs, not a committee, clawback of performance fees to reward individual contributions, and a firm owned internally by its portfolio managers. Ennismore's first fund was launched in January 1999. It has been closed to new investors for most of its life, and a significant proportion of the fund is owned by its portfolio managers, including Geoff.  I was fortunate enough to invest in the Ennismore European Smaller Companies fund on its launch. Over the subsequent nearly 25 years, it has delivered a 17-fold return with a focused absolute return strategy in European-listed smaller companies. This is an average annual return of 12%. Remarkably over the period, the fund only had three down years: 2008, 2009, and 2020, which together represented an aggregate negative 12% return. This is a track record fully demonstrating the advantages of an absolute return approach.  Geoff is not a public figure and I have spoken to him about doing this podcast since he returned to frontline fund management. After a 10-year break, Geoff came back into portfolio management in an effort to help turn around the Ennismore Global Fund. This 2016 fund had scored “an own goal” (as Geoff puts it) while running short positions in the meme stock-obsessed NASDAQ market of 2020.  Geoff is the epitome of the humble investor being respectful of Mr Market and also knowing when to take advantage of his emotionally charged moments of mis-valuation. He talks about mistakes he made in the GFC and how providing liquidity to investors is a good discipline despite investing in an illiquid asset class. He also describes how he defines quality companies and how they should be valued, but he also talks about how he always looks for a margin of safety. Critically he discusses what makes smaller companies such a rich seam of opportunity for value investors a strategy he has successfully pursued in the changing market circumstances for more than a quarter of a century.I must remind you that nothing you hear today is investment advice. The views expressed are personal to the contributors and do not represent the views of Progressive Equity or Ennismore Fund Management. I hope you find it enjoyable and educational. As always when I chat with Geoff, I learned a lot.  Please enjoy my conversation with the maverick investor, Geoff Oldfield.  Brought to you by Progressive Equity.