Talking Capital

Talking Capital

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Talking Capital explores the big questions facing sophisticated, long-term investors. Join Ian Barnard and Robert Sears of Capital Generation Partners on a fortnightly basis, as they answer market and investment questions posed by our own clients, covering any asset class in any region of the world.  Capital Generation Partners LLP is authorised and regulated by the Financial Conduct Authority and is registered as an Investment Adviser by the US Securities and Exchange Commission. All information and opinions expressed during this podcast are subject to change without notice. Advice is given and services are supplied by Capital Generation Partners LLP and its affiliates (“CapGen”) on the basis of our terms and conditions of business, which are available upon request. No liability is accepted or responsibility assumed in respect of persons who are not clients of CapGen, unless expressly agreed in writing. This podcast does not constitute investment advice or an offer, contract or other solicitation to purchase any assets or investment solutions or a recommendation to buy or sell any particular asset, security, strategy or investment product. Nothing said during this webinar should be construed as an invitation or inducement to engage in investment activity. More information: https://www.capgenpartners.com/legal/privacy-notice

Capital Generation Partners


    • May 1, 2025 LATEST EPISODE
    • every other week NEW EPISODES
    • 32m AVG DURATION
    • 52 EPISODES


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    Latest episodes from Talking Capital

    In conversation with Berkshire Partners' Mike Ascione: investment strategies and success stories

    Play Episode Listen Later May 1, 2025 35:03


    In this episode, Ian is joined by Mike Ascione, Managing Director of Berkshire Partners, a US-based private equity manager, to discuss:Berkshire's origins, how they have celebrated successes and learnt from mistakes, and the future of private equity as an ownership modelTheir investment philosophy and processAn example of a transaction investment and their greatest contribution to its success

    Private Equity: opportunities, and the importance of building long-term relationships

    Play Episode Listen Later Apr 3, 2025 26:16


    In this episode, Ian is joined by Enrica Dacomo, Investment Research Director at CapGen, to discuss Private Equity from a research perspective, including:Opportunities in the US mid-market sectorAn exploration of our manager research and selection processHow building relationships can lead to better opportunities

    Private Equity: from fundamentals to opportunities

    Play Episode Listen Later Mar 6, 2025 34:13


    In this episode, Ian and Robert discuss Private Equity from a macro perspective:First principles: what is the role of private equity in portfolios?Building a portfolio: how does this work in practice and how opportunistic can you be?Opportunities: what does the current opportunity set look like?

    The outlook for inflation, US growth and China

    Play Episode Listen Later Feb 20, 2025 31:18


    In this episode, Ian and Robert discuss:Inflation: what are we expecting and how might markets react?Growth forecasts: where might we see growth surprises in the US?China: what is the outlook for China and the economic landscape?

    Investment Opportunities: dispersion, Emerging Markets and commodities

    Play Episode Listen Later Feb 7, 2025 29:13


    In this episode, Ian and Robert discuss:Dispersion: what does it mean in a financial context when does it represent an investment opportunity?Emerging Markets: why are EM equities appealing right now, and how is China influencing them?Commodities: what is the current opportunity set and are gold miners still an attractive opportunity?

    Trump 2.0 policy, interest rates, and what bank earnings can tell us

    Play Episode Listen Later Jan 23, 2025 29:20


    In this episode, Ian and Robert discuss:Trump inauguration: why are tariffs important to investors and how might the changes to immigration policy impact the US economy?Interest rates: what is driving recent moves in market interest rates?Bank earnings: what do the recent earnings reports indicate about the strength of markets and the economy?

    2025 primer: 2024 recap, inflation risk and new opportunities

    Play Episode Listen Later Jan 9, 2025 30:50


    In this episode, Ian and Robert discuss:2024 recap: how should we reflect on 2024, where did we see surprises and how did the opportunities we had highlighted previously perform?Inflation: how are we positioning portfolios for a potential period of higher inflation?2025 opportunities: what are the key opportunities for the year ahead?

    Active vs passive and the outlook for bitcoin and private equity

    Play Episode Listen Later Dec 19, 2024 33:27


    In this episode, Ian and Robert discuss:Active vs passive: what are the pros and cons and how should investors approach a thematic investment such as BioTech?Bitcoin: what has driven the price of Bitcoin recently and does it have a role in portfolios today?Private equity: what is the current state of private markets and what has caused the recent activity?

    Commercial real estate special: The current state of the UK market, opportunities vs risks, and real estate investment strategy

    Play Episode Listen Later Dec 5, 2024 30:01


    In this commercial real estate special, with guest, Ross Davies, Head of Real Estate at CapGen, Ian and Ross discuss:What is the current state of the UK real estate market and what has caused the increased activity?What are the areas of opportunity and risk?How do you manage a troubled asset?What does excellence look like in terms of strategy and execution?

    The credit cycle, and the post-election opportunities in small-caps and BioTech

    Play Episode Listen Later Nov 21, 2024 29:01


    In this episode, Ian and Robert discuss:Credit: how has the credit cycle reacted to the recent increase in rates and how are we managing credit in client portfolios?Small-caps: what is the current opportunity set following the US election results and how do you assess quality?BioTech: does the upcoming change in administration alter the environment for BioTech stocks?

    US election market impacts and opportunities in commodities

    Play Episode Listen Later Nov 11, 2024 30:39


    In this episode, Ian and Robert discuss:US election: what were the Trump trades?Market implications: what are some of the bigger picture impacts of the election result on markets?Commodities: what is the role of commodities in a portfolio and where are there opportunities today?

    Earnings season, US growth momentum and inflation divergence

    Play Episode Listen Later Oct 24, 2024 31:50


    In this episode, Ian and Robert discuss:Earnings season: what have we learnt so far and what affect will AI have on big tech?US growth: is momentum shifting towards positioning for a period of stronger growth?Inflation: what impact would a potential divergence in policy have on markets?

    Middle East escalations, the outlook for gold, and the China stimulus package

    Play Episode Listen Later Oct 10, 2024 31:10


    In this episode, Ian and Robert discuss:Middle East: how might the recent escalations affect markets in the short and long term?Gold: what is driving the continued rally in the gold price?China: how have the markets reacted to the latest stimulus package?

    Private Equity special: finding, assessing and accessing top managers

    Play Episode Listen Later Sep 26, 2024 32:37


    In this Private Equity special, Ian is joined by special guest Enrica Dacomo, Investment Research Director at CapGen. Ian and Enrica discuss:The characteristics of a good managerHow to find and assess a managerHow to gain access to top managers

    Signal vs. noise: what the summer showed us, interest rates, and private equity

    Play Episode Listen Later Sep 12, 2024 32:46


    In this episode, Ian and Robert discuss:Summer recap: what did the market movements over summer teach us?Interest rates: how should investors think about portfolios in a time of falling rates?Private equity: why should investors have exposure to private equity?

    Economic slowdown vs AI revolution: three potential paths for the global economy

    Play Episode Listen Later Aug 8, 2024 35:18


    In this episode, Ian and Robert discuss three potential paths for the global economy and the likelihood of each:AI revolution: could investment in AI power a wave of economic and productivity growth?Inflation: will the actions of the Fed lead to an economic slowdown?US recession: is the US economy already heading towards a recession?

    Navigating geopolitics, market concentration and Q2 markets wrap

    Play Episode Listen Later Jul 11, 2024 33:52


    In this episode, Ian and Robert discuss:Geopolitics: how do elections and political risk influence our approach to portfolio construction?Markets wrap: what were the major themes of the last quarter and what changes did we make in portfolios?Market concentration: is this higher than average concentration unusual and what does it mean for investors?

    BioTech Special: trends, opportunities and the discipline of manager selection

    Play Episode Listen Later Jun 27, 2024 34:56


    In this BioTech special, with guest, Steve Sawyer, Investment Research Director at CapGen, Ian and Steve discuss:The current opportunities in BioTechWhat excellent looks like in a BioTech managerThe challenge of equity manager research

    Oil prices, UK equities and the outlook for BioTech

    Play Episode Listen Later Jun 13, 2024 33:01


    In this episode, Ian and Robert discuss:Oil: what has been driving the oil price recently?UK equities: why have UK equities recently hit all-time highs and what is their role in client portfolios?BioTech: why is BioTech of interest at the moment and how do we differentiate it from other tech endeavours?

    US consumption, 'Dr Copper' and the legacy of Jim Simons

    Play Episode Listen Later May 30, 2024 30:55


    In this episode, Ian and Robert discuss:US Consumer: what is the state of consumption in the US and how does wealth disparity impact the consumer segment?Copper: what does the recent rise in copper prices indicate and how should investors consider copper within the context of a portfolio?Quantitative investing: what is Jim Simons' legacy and how should investors should think about quantitative investing more broadly?

    China, the outlook for the Yen, and the US jobs market

    Play Episode Listen Later May 16, 2024 33:50


    In this episode, Ian and Robert discuss:China: What is our prognosis on the equity rebound and how are we managing Chinese exposure within client portfolios?Japan: What is the current situation with the Yen and does it represent an investment opportunity?US employment: What is the current state of the US jobs market and what impact does the employment sector have on the overall economy?

    Earnings season, active vs passive and the outlook for bonds

    Play Episode Listen Later May 2, 2024 34:42


    In this episode, Ian and Robert discuss:Earnings season: what have we learnt from recent earnings announcements about investor positioning, and what are our expectations for the remainder of the season?Active vs passive: with the recent dispersion and pick-up in volatility - how should we be thinking about active vs. passive?Bonds: as upward pressure on yields continues, are bonds looking more attractive again, and what does this mean for credit markets?

    Inflation rates, commodity markets and real estate opportunities

    Play Episode Listen Later Apr 18, 2024 33:29


    In this episode, Ian and Robert discuss:Inflation: what is our prognosis and how do we expect the Fed to react to the data?Commodities: what should we expect to see from commodity markets in the coming months?Real Estate: what does the recent activity indicate about the US real estate market and where are the key opportunities?

    Markets wrap: Q1 themes, IPOs and the health of private markets

    Play Episode Listen Later Apr 4, 2024 32:12


    In this episode, Ian and Robert discuss:Markets: what were the major themes of the first quarter and what might this mean for the rest of 2024?IPOs: what does the recent launch of Truth Social and Reddit as public companies indicate about the landscape for IPOs, and the health of the market more broadly?Private Equity: what is the current state of private markets and where are the challenges and opportunities?

    Japanese interest rates, the gold rally and the current state of the European economy

    Play Episode Listen Later Mar 21, 2024 35:34


    In this episode, Ian and Robert discuss:Interest rates: what led to the interest rate hike by the Bank of Japan and what does this mean more broadly for interest rates?Gold: what has driven the recent rally in gold price and what is its role in portfolios now?Europe: what is the current state of the European economy?

    Credit special: trends, opportunities and the discipline of manager selection

    Play Episode Listen Later Mar 7, 2024 46:33


    In this credit special, with guest, Kunal Chavda, Investment Research Director at CapGen, Ian and Kunal discuss: The current shape of the credit fund market The credit opportunities we're exploring at the momentHow we select managers, and the longer term trends we've observed over time

    GRANOLA, recessions and the outlook for public and private credit

    Play Episode Listen Later Feb 22, 2024 31:10


    In this episode, Ian and Robert discuss:GRANOLA: are Europe's largest stocks healthy for markets? Is concentration no longer just a US problem?Recession: what do recessions in the UK and Japan mean for investors?Credit: how are we using credit in portfolios, and is public or private more attractive?

    Big tech vs bank earnings, the end of 60/40 and the outlook for China

    Play Episode Listen Later Feb 8, 2024 33:28


    In this episode, Ian and Robert discuss:Earnings season: what have we seen so far and have there been any surprises?60/40: is there still merit in 60/40 and do bonds still have a role to play?China: what is the current situation and what does this mean for investors?

    Earnings season, finding uncorrelated assets and the outlook for hedge funds

    Play Episode Listen Later Jan 25, 2024 34:58


    In this episode, Ian and Robert discuss:Earnings season: what are we expecting and how will markets react?Interest rates: in a "one trade" world, which asset classes are least correlated to rates and are they attractive?Hedge funds: will the next few years be kinder to hedge funds, what is their role in portfolios now?

    A market hangover, long term opportunism and a year of politics: what to expect from 2024

    Play Episode Listen Later Jan 11, 2024 35:38


    In this episode, Ian and Robert look ahead to 2024, discussing:Q1: what has caused the market turbulence at the start of this year, and what are the key data releases to look out for to indicate what lies ahead?Opportunities: what are the key opportunities you are interested in at the moment and why?2024 Elections: how might these affect markets in the short and long term?

    End of year special: 2023 wrapped and 2024 outlook

    Play Episode Listen Later Dec 21, 2023 30:45


    In this end of year special, Ian and Robert discuss: Macroeconomic and market dynamics: what were the trends and how did they affect asset prices?2023 predictions: what were investors and pundits predicting for the year and how accurate were they?Looking ahead: what do you think is on the horizon for investors in 2024 and how are we positioned?

    Commercial real estate special: trends, opportunities and how to access them

    Play Episode Listen Later Dec 7, 2023 37:56


    In this commercial real estate special, with guest, Ross Davies, Head of Real Estate at CapGen, Ian and Ross discuss: Key trends across different sectors of commercial real estateThe current opportunity set in specific sectorsHow families can access and assess these opportunities

    Value traps vs opportunities: small caps, REITS and the question of currency management

    Play Episode Listen Later Nov 23, 2023 39:22


    In this episode, Ian and Robert discuss:The "magnificent seven": why is there such a stark diversion between these stocks and small cap equities?Currency risk: how are we managing currencies in client portfolios?REITS: opportunity or value trap?

    A market bounce back? Equities, debt markets and the surprising resilience of (some) emerging markets

    Play Episode Listen Later Nov 9, 2023 33:36


    In this episode, Ian and Robert discuss:Latest economic data: what's behind the market bounce? Debt markets: where are the risks and opportunities in public and private debt?Emerging markets: why have some proved so resilient, and which areas are we looking at?

    Geopolitical risk: War in the near east, chances of a global conflict, and the outlook for a multi-polar world

    Play Episode Listen Later Oct 26, 2023 29:46


    In this episode, Ian and Robert discuss:Israel/Hamas war: how have the markets responded?World wars: how have world wars affected markets historically and what are the chances we're heading towards WW3?A multi-polar world: what do changing global power dynamics mean for asset allocators today?

    Bond market woes and the question of a hard landing; how to protect capital without using traditional defensives

    Play Episode Listen Later Oct 12, 2023 33:43


    In this episode, Ian and Robert discuss:Bonds: why are bonds selling off and what does this mean for other asset classes?Hard landing: what is the likelihood of a harder landing and what does this mean for portfolio construction?Defensive asset classes: what has been a defensive asset class so far this year and do you expect this to change?

    Peak rates, oil prices and the outlook for innovation in a higher rate world

    Play Episode Listen Later Sep 28, 2023 33:19


    In this episode, Ian and Robert discuss:Rates: the Bank of England and US Federal Reserve held rates steady this month, does this mean we have hit peak rates and what does this mean for markets?Oil prices: as oil prices hit a 10-month high, could this feed into structurally higher inflation?Innovation: what do higher rates mean for innovation?

    Market roundup: outlook vs consensus, China and the opportunities we're looking at today

    Play Episode Listen Later Sep 14, 2023 35:33


    In this episode, Ian and Robert discuss:Current outlook: what is the status quo for markets and do our views differ to that of consensus?China: why have China's fortunes turn out so differently to expectations? Active research: what current opportunities are we buying into or monitoring?

    Sterling strength, the small cap rally and a peak into the latest earnings season

    Play Episode Listen Later Aug 3, 2023 30:39


    In this episode, Ian and Robert discuss:Currencies: what's behind the big moves we've recently seen and what's the outlook for the dollar?Small caps: what's behind the recent momentum and are they still a buying opportunity?Earnings season: what are investors' expectations and do they differ from your own?View our awards disclaimer here.

    Recession, stimulus or slowdown? The outlooks for the US, China and commodities

    Play Episode Listen Later Jul 6, 2023 29:51


    In this episode, Ian and Robert discuss:Recession: what does the recent robust set of economic data mean for our base case of a recession? China: is more stimulus on the way given the economic weakness that we've seen in recent datasets? Commodities: what is the outlook for commodities at the moment?

    Forks in the road: how we're tackling divergence in economic health, policy and market fundamentals

    Play Episode Listen Later Jun 22, 2023 32:48


    In this episode, Ian and Robert discuss divergence and disparity in markets:Economic health: what are the strengths and weaknesses and are we still expecting a recession? Policy: having seen many key economies follow similar routes, is this about to change?Markets: the gap between growing momentum in the markets and the health of the economy.

    Portfolio deep dive: risk, opportunity and the outlook for private equity

    Play Episode Listen Later Jun 8, 2023 30:21


    In this episode, Ian and Robert take a more comprehensive look at what we're doing with client capital in terms of:Risk: are we upping the ante or hunkering down? Can you do both?Opportunities: what specific opportunities are we looking at?Private equity: what does the opportunity set look like today?

    Battle of the titans: the US and China, large vs small cap and the outlook for Japan

    Play Episode Listen Later May 25, 2023 31:15


    In this episode, Ian and Robert discuss: The US debt ceiling: major threat or tail risk?Corporate earnings: how have markets responded?Emerging markets: how concerning is the rising tension between China and the West?

    ESG special: a capital allocator's perspective

    Play Episode Listen Later May 11, 2023 28:15


    In this episode, Ian and Robert discuss ESG from a capital allocator's perspective:Green transition: where is our industry when it comes to the green transition and how do we play a part?The ESG Premium: will there be a longer-term premium attached to companies with good ESG characteristics?What about the S?: will this always be subjective and how can investors interrogate this properly?

    Economic surprises, market healthcheck and a peak at the future of AI

    Play Episode Listen Later Apr 27, 2023 35:31


    In this episode, Ian and Robert discuss: Flash PMIs: with the recent data surprising to the upside - are we looking at a materially healthier global economy?Equities vs bonds: with the recent divergence between equities and bonds now showing in volatility - what's going on and why?AI: where are we in the evolution of AI?

    Oil prices, hedge funds and the commercial real estate conundrum

    Play Episode Listen Later Apr 13, 2023 32:02


    In this episode, Ian and Robert discuss:Oil: What does rising oil prices mean for inflation and central bank policy?Hedge funds: How have they fared in this year's volatility?Commercial real estate: as dealmaking picks up, is this an opportunity or are investors are catching a falling knife?

    Credit Suisse and the great debate

    Play Episode Listen Later Mar 30, 2023 36:26


    In this episode, Ian and Robert discuss: Credit Suisse: what happened and what does this mean for the banking sector?Central banks vs equity markets: as a long-term investor, which side do you take?Gold: are physical assets becoming more attractive?

    SVB deep dive, plus - what next for VC?

    Play Episode Listen Later Mar 16, 2023 33:40


    Ian and Robert discuss the immediate aftermath of the Silicon Valley Bank collapse and subsequent bailout.What happened and why? Is there a risk of contagion?What does this mean for the US banking sector?Is this a moment of opportunity in the VC space?

    Rate expectations: bonds, inflation and managing money in a period of flux

    Play Episode Listen Later Mar 2, 2023 33:51


    In this episode, Ian and Robert discuss: US inflation: what is the prognosis and how have markets been reacting?Bonds: how do manage them in the portfolio now?Ukraine: a year on, what is the outlook and how is it affecting markets?

    Renaissance or decline? Japan, Emerging Markets and the question of commodities

    Play Episode Listen Later Feb 16, 2023 30:54


    In this episode, Ian and Robert discuss: Japan: what can investors expect of the BoJ's new leader?Emerging Markets: what does the opportunity set look like and how should you play it?Commodities: do they still have a role to play in portfolios?

    Corporate health 101, from earnings season to the future of AI

    Play Episode Listen Later Feb 2, 2023 35:21


    In this episode Ian and Robert discuss:Earnings season: what have we learnt so far, and what are analysts expecting for 2023? ChatGPT: what is it and does it represent an investment opportunity?Active vs passive: is there a role for passives in portfolios today and is it as binary as active or passive?

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