The Art of Investment

Generative AI has stolen the headlines this year, and quite rightly so, but some AI applications that have been in the pipeline for years have fallen out of the limelight. Today we hope to shine a light back on these, focussing in particular on healthcare, creative industries and agriculture.   This week Alastair McRobert, Investment Manager at Vermeer Partners, discusses this highly topical subject with Josie Broomberg who joined us as a summer intern through GAIN, Girls are Investors. GAIN is a fantastic organisation promoting gender diversity in the Investment Management industry - https://www.gainuk.org/what-we-do.

This week Paul and Simon take a look back at the first half of the year and discuss what's worked, and what hasn't worked for investors. They then discuss what the investment team at Vermeer Partners will be focusing on during the second of the year, including the government bond market, alternative assets and high quality equities. www.vermeerllp.com

This week Paul and Alastair McRobert, Investment Manager at Vermeer Partners, discuss why investors are worried about the commercial property market, and in particular whether this will push the economy into recession.

In this latest Art of Investment episode, the focus is definitely on Art rather than Investment, as Paul hands over the microphone to Simon Melling our CEO.   Vermeer Partners is delighted to be sponsoring this year's D Contemporary Gallery Summer Exhibition, and in this podcast Simon is in conversation with the Gallery Director and Curator: Irene Pouliassi.  Their wide-ranging discussion covers: the challenges of curating an exhibition to be both challenging and commercial; if contemporary art really is more shocking than the art of the great masters; the art market as an investment opportunity, and if a five-year old really could ‘do better'…   If you are interested in finding out more, we would be delighted to show you round the gallery ourselves - so please do get in touch on 020 7123 5200 or info@vermeerllp.com   The exhibition runs from 6th – 24th June at D Contemporary 23 Grafton Street, London W1S 4EY https://www.dcontemporary.com/passages

The Bank of England's forecast that the UK would enter its longest recession in 100 years has proven to be wide of the mark. But what is the outlook for the UK economy from here – do we have reasons to be optimistic? This week on the podcast, Simon French, Chief Economist of Panmure Gordon shares his views on UK growth, what we need to do to improve productivity, global geopolitical risks and finally the outlook for the UK stock market. www.vermeerllp.com https://panmure.com/

This week we take a look at the reasons behind investing in technology, healthcare and the energy transition. We also discuss the current banking crisis and whether we should be concerned by cracks appearing in the commercial real estate market. www.vermeerllp.com

We were thrilled to welcome back Tom Naughton onto the podcast this week. Tom is Managing Partner and CIO of Prusik Investment Management, the Asia equity boutique and was one of our first ever guests on the show in 2021. Tom talks to us about the strength of the financial system in the markets he covers, how he prepared for the impact of inflation on the fund's investments, why he likes infrastructure stocks and finally, the various geopolitical issues in today's world including the strengthening relationship between President Xi and Putin. Tom is fascinating to listen to and we hope you enjoy the interview. https://www.prusikim.co.uk/ www.vermeerllp.com  

Why does Warren Buffett say one should never bet against America? Well, this week on the Art of Investment podcast we find out by taking a deep dive into the US stock market with Richard de Lisle, Founder of De Lisle Partners and Lead Manager of the VT De Lisle America Fund. Richard has a wealth of experience to draw from having been an investor in US markets for over 40 years. He explains why the US market continues to capture his imagination, why being based in Poole is a competitive advantage, his view on the economy, inflation, big tech, why he focuses on smaller companies and finally, whether we are heading for a recession or not.   www.vermeerllp.com www.delislepartners.com  

We were thrilled to welcome Richard Fairman, CEO of CVS Group to the podcast this week. Richard describes the tailwinds driving the pet sector, how he is focusing on increasing the resilience of the business in what could be a difficult time for the pet owner, both CVS Group's organic and inorganic growth plans, and he shares his thoughts on investing in people, corporate culture and sustainability. At the end Richard shares some advice for aspiring business people and what he learnt from a recent career setback. https://www.cvsukltd.co.uk/ https://vermeerllp.com/

Mark Zuckerberg has invested billions into the metaverse with many left questioning the reasons behind such a big bet. We wanted to understand why and in the latest episode of the Art of Investment Podcast Tony Roberts from Invesco EMEA explains the rationale. We also learn about the metaverse value chain, how companies are already using the metaverse as a competitive advantage, what is holding industry back from more wider scale adoption, and whether big tech be disintermediated. www.vermeerllp.com

2022 was a bruising year for investors, the pandemic continued to cause disruption to demand and supply dynamics, there was the unforgiveable invasion of Ukraine and central bankers tightened monetary conditions at an unprecedented rate. These factors sent shockwaves through global markets and there were simply very few places to hide. But what does 2023 hold for us? Are there reasons to be more cheerful? We think so, and explaining to Paul why we can be more positive this year is Simon King, Chief Investment Officer at Vermeer Partners. www.vermeerllp.com

In the first episode of our third season, we welcome Jon Boaden, CFO of Volex to the podcast. Volex is a British manufacturing success story that has been making products that transmit power and data for over a hundred years. In this show, Jon talks us through the history of the group, the opportunity for Volex in the EV charging market, how the management team steered the business through the pandemic and how he thinks global supply chains will adapt because of it. The usual quickfire round includes a discussion on one of the industry's legends and an insight into life in a Formula 1 team. https://www.volex.com/ https://vermeerllp.com/

Dr Daniel Koller is head of the investment management team at Bellevue Asset Management, one of the largest, specialist Biotech investors in the world. He joined Paul on the Art of Investment Podcast this week to talk about the incredibly exciting and innovative sector that is Biotech. He explains the long-term growth drivers underpinning the sector, why the US do Biotech so well and some applications of the ground-breaking mRNA technology and genome editing. https://www.bbbiotech.ch/ch-en/pro https://vermeerllp.com/

Paul Major, Portfolio Manager of the Bellevue Healthcare Trust, returns to the Art of Investment Podcast this week to discuss a host of health-related topics including how healthcare systems need to change following the pandemic and why he prefers small and medium size companies compared to large, mega cap businesses. He also discusses some exciting developments in diabetes treatment and finally, why China continues with its zero-covid approach. Paul's recommended book this week was The Four Agreements by Don Miguel Ruiz. https://www.miguelruiz.com/the-four-agreements https://www.bellevuehealthcaretrust.com/ https://vermeerllp.com/

This week on the Art of Investment Podcast we learn about the energy transition through an insightful interview with Richard Lum, Co-Chief Investment Officer of Victory Hill Capital Partners. He talks to Paul about the energy crisis in Europe currently, how the sustainability issue is bigger than just renewable energy, how the team aim to make high value impact with their investments, how they are able to protect against inflation, the dilemma investors face in owning shares in the energy majors, nuclear energy and much, much more.   For further details on the Victory Hill Global Sustainable Energy Opportunities Fund follow https://www.vh-gseo.com/about and for Vermeer Partners, the private client investment management boutique www.vermeerllp.com   Richard's recommended read was “The Prize: The Epic Quest for Oil, Money and Power” by Daniel Yergin

On this bonus episode of the Art of Investment, Harry Clancy, Investment Manager is joined by Roshni Davda, an Accounting & Finance undergraduate at Leicester University who joined Vermeer Partners for a Summer Internship. Roshni applied through GAIN which stands for ‘GIRLS ARE INVESTORS' and is a charity set up to improve gender diversity in investment management. Roshni talks about her journey to university, an introduction to GAIN and what she got up to at Vermeer Partners.

Paul is joined in this episode by Stuart Widdowson, Founder of Odyssean Capital and Fund Manager of the Odyssean Investment Trust. Stuart and his co-Manager, Ed Wielechowski, have a unique investment approach and look at UK smaller companies through a private equity lens. They discuss why permanent capital is important to them, how they deliver returns by engaging with company management teams, current valuations in the small cap market and their ‘Client, Team, Self' culture. They finish with a quick fire question round that includes Stuart's advice to young finance professionals and an extensive reading list for those listeners wanting to learn more about investing. To find out more about Odyssean Capital and Vermeer Partners please see the links below:   https://www.oitplc.com/ https://www.odysseancapital.com/ www.vermeerllp.com

It was a privilege to welcome Prashant Khemka to the Art of Investment podcast this week. Prashant was CIO of Global Emerging Markets and India Equity at Goldman Sachs Asset Management before founding White Oak Capital Management in 2017, now a $5.4 billion AUM investment firm specialising in Indian equities. In this episode, Prashant shares his views on maintaining ‘balance' within the firm's portfolios, White Oak's investment philosophy, the ins and outs of India's stock markets, geopolitics within Asia and much, much more. For further information on White Oak Capital Management and Vermeer Partners please see website links below. https://www.whiteoakindia.com/ https://vermeerllp.com/

Charlie Fricker is the Fund Manager interviewed on the Art of Investment Podcast this week. Charlie talks about the team's global investment strategy, why they are overweight Japanese equities, how they are investing in the digital transformation, why central bankers are making the headlines currently and what he will be watching in the upcoming US midterms. For more information on the Vermeer Global Fund please visit www.vermeer.london or email info@vermeer.london.

Inflation here in the UK continues to climb to levels not seen since the 1970s. But what does this mean for us all and when will the pain end? This week Paul is joined by Simon King, CIO of Vermeer Partners who discusses the myths and realties of our inflation predicament.   https://vermeerllp.com/ https://www.linkedin.com/in/simon-king-3833401a/ https://www.linkedin.com/in/paul-dixey/

What is the investment case behind supermarket property? This week Paul is joined by the leader in this specialist field, Ben Green, co-founder of Atrato Group. Atrato is the Investment Adviser to Supermarket Income REIT, a FTSE 250 real estate trust and the UK's only specialist grocery property investor.   https://www.atratogroup.com/ https://www.atratogroup.com/ben-green https://vermeerllp.com/ https://www.linkedin.com/in/paul-dixey/

Show notes Paul was joined by James Salter on the podcast this week. James was a former founding partner of Polar Capital and has recently set up his own boutique, Zennor Asset Management with co-Founder David Mitchinson. They discuss why the Japanese stock market looks interesting today, the future relationship between China and Japan, the outlook for the yen and also what it takes to swim the Channel!   https://zennorassetmanagement.com/ https://vermeerllp.com/ https://www.linkedin.com/in/james-salter-98a574187/ https://www.linkedin.com/in/paul-dixey/

This week it was a privilege to talk to Laura Foll who is widely regarded as one of the best stock pickers in the UK. She manages the Henderson Opportunities Trust, the Lowland Investment Company, the Law Debenture Trust and the Janus Henderson UK Equity Income and Growth Fund. We talk about her route into the industry, what she enjoys most about her job, the key attributes she looks for when making new investments, the oil majors role in the energy transition and her one investment rule we should never forget.   https://www.janushenderson.com/en-gb/investor/bio/laura-foll/   https://www.linkedin.com/in/paul-dixey/ https://vermeerllp.com/

This week we explore the exciting area of cellular agriculture with the man at the forefront of the drive here in London, Anthony Chow, Co-Founder of Agronomics. Agronomics is the investment vehicle listed on the London Stock Exchange and he and the Agronomics team invest in companies that focus on environmentally friendly alternatives to traditional meat, dairy, fish, seafood, leather, cotton and chocolate! For anyone concerned by food security and food sustainability, this is the show for you.   https://www.linkedin.com/in/anthonymchow/ https://agronomics.im/ https://vermeerllp.com/ https://www.linkedin.com/in/paul-dixey/

This week I talk to David Malpas, Investment Director and Founding Partner of Vermeer Partners. We talk about what the great investors of yesteryear all have in common, why we should be investing in equities and how to invest in an inflationary environment. David was a great guest and I really enjoyed listening to some of his stories from 38 years of being a stock broker in London.

This week we were fortunate enough to draw on the experience of Shamik Dhar, Chief Economist of BNY Mellon Investment Management. Shamik has had a fascinating career having worked in the UK's Foreign Office advising ministers on issues such as Brexit and he was also Senior Economist within the Bank of England where he worked closely with the hugely influential Mervyn King. In this episode we discuss the horrendous war in the Ukraine, what this means for the world economy moving forwards, China's future economic relationship with the West, the global inflation problem, inverted yield curves and much, much more.   https://im.bnymellon.com/us/en/institutional/bios/shamik-dhar.jsp https://en.wikipedia.org/wiki/Frank_Ramsey_(mathematician) https://vermeerllp.com/              https://www.linkedin.com/in/paul-dixey/

In a change from the usual investment and business related conversations, this week I was fortunate enough to talk to Laura Unsworth MBE about her journey in becoming GB's most successful ever Olympic hockey player. In an international career spanning 14 years she has accumulated over 280 caps for England and Great Britain. She explains how they have built a successful culture within the GB team over many years, the importance of preparation in achieving their goals, building personal resolve in difficult times and how she tries to lead from the front. I am sure there are many parallels to draw between elite level sport and the working environment and I hope you enjoy this fascinating chat that delves into the psyche of the most successful GB hockey team ever.

This week we look to the future with Mike Seidenberg, Portfolio Manager of the Allianz Technology Trust. Mike describes Silicon Valley to us and I ask him whether we are in another tech bubble, what the long term tailwinds for the tech sector are and we also touch on cyber security, semiconductors, Chinese tech, regulatory risk and Mark Zuckerberg's big bet on the metaverse.

We were thrilled this week to welcome Dr Graham Cooley, CEO of ITM Power to the podcast. We discuss ITM Power's exciting technology, why this is not another false start for the hydrogen sector, how they are involved in the energy transition, what the future looks like for the company and finally Graham shares some advice for aspiring business leaders.   https://itm-power.com/                               https://www.linkedin.com/in/grahamcooley/ https://vermeerllp.com/ https://www.linkedin.com/in/charlie-todd/ https://www.linkedin.com/in/paul-dixey/

We were lucky enough to have Rob Brewis from Aubrey Capital Management join us this week on the podcast and we discuss why the emerging market consumer story is such an appealing one to invest in.                              https://www.aubreycm.co.uk/                              https://www.linkedin.com/in/rob-brewis-6b34bb13/                              https://vermeerllp.com/                              https://www.linkedin.com/in/paul-dixey/  

The Art of Investment Podcast is back! In this first episode of Season Two, we delve deeper into the eclectic mix of European stock markets, with our guest Gareth Rudd, Fund Manager of the fast growing and top quartile, Chelverton European Select Fund.   https://www.chelvertonam.com/fund/chelverton-european-open-ended-fund/?user_approval=y https://www.linkedin.com/in/gareth-rudd-b1879133/ https://vermeerllp.com/ https://www.linkedin.com/in/paul-dixey/

In our final podcast of 2021, Paul is closer to home and chats with Simon Melling about the founding of our firm, what we have achieved for our clients since 2019 and his ambitions for the future. Paul also gets some more seasonal insights into what might be on Simon's Christmas list and his resolutions for the New Year… And as we approach the end of this one, we would like to take this opportunity to wish all our clients and podcast listeners a very happy Christmas and a peaceful and healthy 2022.

This week we listen to Dr Savvas Savouri explain why the future of the UK economy is so bright. I also quiz him on the issues facing Europe in its current guise, how China are exercising their monetary might and the future of cryptocurrencies, blockchain and Central Bank Digital Currencies. This was an enlightening conversation, backed up by hard data that perhaps is not captured by the press today. I hope you enjoy the show as much as I enjoyed making it.   https://www.linkedin.com/in/savvas-savouri-00a2161a/ https://www.toscafund.com/ https://www.linkedin.com/in/paul-dixey/ https://vermeerllp.com/

I had the great pleasure this week in talking to Andy Rothman, Investment Strategist at Matthews Asia. For me, this episode put to rest many of my misconceptions of China from an economic and political perspective and I hope it brings a similar amount of insight to you. Despite the difficulties, why would we not want exposure to the economy that is driving global growth and innovation?   Please do check out the Matthews Asia website https://global.matthewsasia.com/ and also Andy's reports via the link below.   Andy Rothman:       https://global.matthewsasia.com/our-people/andy-rothman/ Paul Dixey:              https://www.linkedin.com/in/paul-dixey/

The COP26 summit has made many headlines in recent weeks and policymakers have set some lofty ambitions for reaching net zero emissions. But how are we going to get there, what needs to be done by the private sector and what does this mean for us as investors? I was delighted to be joined by someone right at the forefront of the energy transition, Tony Catachanas, CEO of Victory Hill Capital Advisors LLP, who had incredibly insightful answers to those questions. I hope you enjoy the show.   Tony Catachanas:            https://www.linkedin.com/in/anthonybcatachanas/ Paul Dixey:                       https://www.linkedin.com/in/paul-dixey/ Victory Hill:                       www.victory-hill.com Vermeer Partners:          www.vermeerllp.com 

This week I talk to Peter Spiller, CIO of CG Asset Management about whether inflation is going to be transitory or permanent. Peter also explains how he and the team are investing in this inflationary environment.   Peter Spiller:      https://www.cgasset.com/our-team/ Paul Dixey:          https://www.linkedin.com/in/paul-dixey/   Literature: The Great Demographic Reversal: Ageing Societies, Waning Inequality, and an Inflation Revival by Charles Goodhart and Manoj Pradhan The Holy Grail of Economics by Richard Koo

In this episode Simon King, CIO of Vermeer Partners, and I focus on the Chancellor's budget and the main takeaways from his statement (2.36). This was an inflationary budget and with inflation very much here in the UK, it leaves the Bank of England caught between a rock and a hard place (10.23). In the corporate sector, who were the winners and what problems were kicked into the long grass (11.25).   Simon's latest missive, titled a ‘Wind of Change', captures the changing economic conditions we believe Covid has accelerated (15.27). We discuss the perfect storm in the commodity sector right now (20.31) and the long-term inflationary force that changing demographics will play in the future (23.02). Switching to China, the CCP is pursuing it's ‘common prosperity agenda' and I ask Simon whether the regulatory clamp down provides too much of a risk for investors in China (26.19).   To read Simon's latest missif or to find out how we can help you manage your investments please visit our website www.vermeerllp.com   Simon King:                       https://vermeerllp.com/who-we-are/our-people/simon-king/ Paul Dixey:                        https://vermeerllp.com/who-we-are/our-people/paul-dixey/

We take an in depth look at Gold and Silver this week with my guest, Ned Naylor-Leyland, Fund Manager of the Jupiter Gold and Silver Fund. Having known Ned for a while, this was always going to be a thought-provoking conversation!   Ned's sceptical perspective led him naturally to Gold and Silver (1.45) and he explains why he is optimistic about the precious metals today given current market conditions (5.28). ‘The interplay between inflation and the ability of central banks to give you a return on savings' is one of the relationships one must be aware of when investing in Gold and Silver (8.35).   We discuss the Jupiter Gold and Silver Fund, the objectives, his investment process and some parts of the world he avoids due to excessive operating risk (9.12). I then ask Ned how he shifts his portfolio between ‘attacking' and ‘defensive' positions depending on where we are in the economic cycle (11.14).  What does he mean by Silver being ‘Gold's volatile sibling'? (13.02) And how does he carry out his fundamental analysis on Gold and Silver mining companies (14.57)?   We discuss the possibility of a great ‘reset' (21.05). What will be the catalyst to drive Gold and Silver prices higher from here (24.07) and what is the role of it in an investment portfolio (26.05)? Ned has historically held Bitcoin so I ask him about it (27.27) and we finish with a couple of books to read with a gin and tonic in hand (29.07).    Ned Naylor-Leyland:       https://www.jupiteram.com/uk/en/institutional/teams/ned-naylor-leyland/ Paul Dixey:                         https://vermeerllp.com/who-we-are/our-people/paul-dixey/   Literature: Gold & Economic Freedom by Alan Greenspan Gold Wars by Ferdinand Lips The New Case for Gold by James Rickards

In the final part of this series, Paul shares a couple of the healthcare sub segments that really excite him (0.47) and I ask him how he thinks about ESG issues when investing in healthcare (8.18).   President Biden has said on drug pricing, “there aren't a lot of things that almost every American could agree on, but I think it is safe to say that all of us, whatever our background, or our age and where we live, could agree that prescription drug prices are outrageously expensive in America” – I ask Paul where we are in the reform process and how he manages this risk (13.48).   Another threat to the healthcare sector comes in the form of the Big Tech companies, what role will they play in the sector moving forwards (22.17)? During the pandemic, telemedicine unsurprisingly experienced huge demand but now we are emerging from the pandemic, does it have a future (26.50)? Stock markets have had a great run from the lows of last year and we discuss why the healthcare sector is deemed a defensive one and is now the time to be increasing our exposure (31.30).

The world's population is getting older. Today 1 in 11 people are aged over 65 yet it is estimated this could rise to 1 in 6 by 2050. But is the healthcare system built to cope with this increasing level of demand? Our incredible doctors, nurses, scientists, and researchers have saved millions of lives over the last 18 months but what areas of the healthcare system need investment? How does one go about investing in the healthcare space, surrounded by risks such as drug pricing reform in the US, and the threat from the big technology companies? I pose these questions to Paul Major, co-Manager of the BB Healthcare Trust, a £1billion investment trust that is listed on the FTSE250. It aims to grow capital and income for its shareholders by investing in a concentrated portfolio of healthcare companies on a global basis. In part one of this two-part series, I ask Paul whether we are through the worst of the pandemic and whether we can finally put this tragedy behind us (3.30). Why is the healthcare sector an attractive one to invest into (9.29), what is the BB Healthcare's team philosophy and investment process (17.15)? Paul and the team adopt an unconstrained approach and have been underweight Big Pharma for some time, I ask him why (21.32). Market leadership has changed significantly before and after the vaccine announcements, how did the team manage the investments throughout that period (31.25)? Paul Major:         http://www.bbhealthcaretrust.com/en/about-us/investment-team-portfolio-manager Paul Dixey:         https://www.linkedin.com/in/paul-dixey/

Until very recently, the Japanese stock market has been left behind by other developed markets and I ask Tim why this has been the case (1.56). Tim's fund, the Vermeer Global Fund, has had a high exposure to Japan since launch and I ask what he finds appealing about Japanese companies at the moment (4.25).   Despite the political uncertainty from Prime Minister Suga resigning and a slower recovery from the pandemic relative to other parts of the world, why has he turned even more bullish on Japan in recent weeks (7.13). What are the interesting themes and stocks that the fund is invested in? (11.04). While Tim is clearly optimistic on Japan, we finish discussing the risks to investing in the Japanese stock market (15.51).   Tim Gregory:      http://vermeer.london/site/about-vermeer/ Paul Dixey:         https://vermeerllp.com/who-we-are/our-people/paul-dixey/

This week we delve into the smaller end of the UK stock market with Paul Marriage, Fund Manager of the Tellworth UK Smaller Companies Fund and Co-Founder of Tellworth Investments. We begin by looking back to Paul's early experiences as a young investor (1.25) and the building of his career at Cazenove surrounded by some other great managers of that era (4.46).   Paul explains why the UK smaller company market is so exciting (6.17) and I ask him how he managed to build such an impressive track record over the years (8.50). He describes ‘P3M investing' (11.08) citing that famous fizzy mixer company he was an early investor in (11.22). Is there space in a portfolio for companies that do not quite meet the high standards of P3M businesses, i.e. ‘value' investments (12.57)?   He explains the drivers behind setting up an investment boutique (16.23), how Tellworth think about responsible investment (19.10) and why UK smaller companies can perform well from an ESG perspective (21.35).   As we emerge from the pandemic and with a Brexit deal decided, what is the mood of corporate Britain (24.30) and what should we take from the elevated levels of UK mergers and acquisitions (27.36). He shares some advice for young investors (30.40) and, as we are in the middle of the Test Match Series with India, we finish with a cricket related question (33.39)!   https://www.tellworth.co.uk/about/paul-marriage/ https://vermeerllp.com/who-we-are/our-people/paul-dixey/

This week we turn our attention to investing in Asia with Tom Naughton, Managing Partner and Chief Investment Officer of the Asian investment boutique, Prusik Investment Management. Tom was a great guest with unparalleled knowledge of the Asian investment markets and it was fascinating to listen to his career journey to date.   We looked back to Tom's early experiences at the Universities Superannuation Scheme (1.20), one of the largest private pension schemes in the UK, where he met mentors Peter Moon & Clive Edwards (2.33) who helped develop his unconstrained, absolute return mindset he still employs today.   In 2002, Tom then moved out to Hong Kong and was hugely successful in scaling a hedge fund with PMA Investment Advisers (3.46). Nothing quite focuses the mind when ‘rent was almost the same as my salary' and he spoke candidly about the importance of making ‘money in order to live' while out there (4.30).   I asked Tom whether it was hard to raise the initial seed capital for his income fund at Prusik Investment Management when he returned to London in 2010 (6.25). We then discussed what makes Asian economies an attractive place to invest for income (7.36).   Tom has a very focused portfolio and we discussed which sectors his team invest in, and also those that they avoid (9.15). Did his fund keep paying dividends last year during the height of the pandemic? (10.36). Once Tom finds a high-quality company, he then focuses extremely hard on valuation (12.48) and references the St Petersburg Paradox to illustrate today's valuation dilemma (13.25).   As the Chinese authorities crank up regulatory pressure on various sectors, I ask Tom if China is investable today (15.35) and he talks through the thesis behind investing in telecoms. What about Hong Kong, given the National Security Law concerns – is there money to be made in equities there (21.34)? How are Asian countries currently dealing with the pandemic (24.30) and what are they doing from an ESG perspective (26.45)?   In Tom's capacity as Managing Partner of an investment boutique, I ask what the firm are trying to achieve and what are the advantages of being a boutique? (29.46). ‘Best outcomes for clients' were words that struck a chord with me. Finally, Tom shares some advice for those looking to enter the industry (31.42), some essential reading (33.58) and a couple of investor icons he would like to meet (35.50).

It was a great privilege to talk to Robin Milway, CEO of Arbook Investors and Portfolio Manager of the Arbrook American Equities Fund. He has an excellent track record of investing in US stock markets and was awarded Citywire ‘Star Stockpicker' during his time at EFG Asset Management. While many in the industry have Finance or Economics degrees, it was fascinating to hear how Robin's unorthodox background in computer programming (1.23) gives him an edge when investing in the technology-heavy US stock market today (3.18).   Robin was very clear with the requirements of being a successful fund manager (3.46) and I then asked him why he decided to focus on the US stock market (5.40), rather than other developed markets. The US is ‘the most innovative country on the face of the planet' (6.40) in his opinion and we discuss how US product and service innovation has driven marked improvement in life quality. He then deals with the nasty question of active versus passive investing (9.32) with great clarity and we then discuss setting up his new investment boutique, Arbrook Investors and the drivers behind that bold career move (11.55).   What does he mean by ‘investing for latency'? (14.11) and he uses Google as an example to explain his investment process (14.52). We discuss why he thinks Google has more latency than Facebook (17.17) and how important it is for company management teams ‘to not have skin in the game, but soul in the game.'   We then discuss the digitisation trend that has accelerated due to the pandemic (20.10) and how the investment opportunities are not just in technology names, rather it is about investing in companies that utilise the tools of digitisation to gain advantages over their competition (21.05). He uses a lift company (21.25) to demonstrate how an old economy company can transform itself using technology to become a winner in the new economy. Robin is convinced we are still ‘in the early days' of this technological revolution (27.00).   I ask Robin about Big Tech (Microsoft, Google, Amazon and Facebook) and the regulatory threat (29.45) and he likens it to the regulation of the banks post the financial crisis. We finish with his advice for anyone looking to enter the Fund Management industry (33.00) and the two people who would be at the top of his dinner party list (36.55) – the first guest was a huge surprise! This was 40 minutes of fascinating listening for me, I hope you enjoy it too.   www.vermeerllp.com https://www.arbrookinvestors.com/

We kick this episode off by looking back over the last few months, to understand why stock markets have performed so well recently (1.40)   Simon points to the unfathomable amount of fiscal and monetary stimulus in the system and the effect this has on asset prices, he then answers my nasty 64 million dollar question of what happens when the liquidity tap is turned off (4.38)   We then discuss the topic on every investor's mind at the moment - inflation and what is causing it (7.41), is it a temporary or permanent phenomenon (8.56) and why it takes so long to buy a new car at the moment (11.15)   What about the politicians – do they actually mind inflation (12.19) and how inflation can be good for home owners (13.50)   How inflation can affect the stock market and companies (14.33), and can the likes of Unilever and LVMH raise prices quickly enough to offset rising costs (15.00)   Despite us moving through Freedom Day, should we still be worried about the virus from an investment perspective? (14.30), getting pinged by the NHS app, half full restaurants, and are people back shopping?   A question from my Mum! What is a SPAC and should we be concerned by their presence in stock markets? (18.00)   Bitcoin and other cryptocurrencies, the investment risks (20.27), the effect cryptocurrency mining has on the environment (22.20), will they get regulated (23.15), what will happen once the stimulus fades away and what the banks are doing with blockchain technology to remain competitive (24.05)   We then focus on the major developed markets, starting with the largest economy in the world, the US and their relations with China (25.28), the future for the FAANG stocks (29.18), why the UK stock market is still so cheap (30.47), along with the Japanese stock market (35.05)   And we finish with the CIO's most challenging question: with your crystal ball, where do markets go from here? (37.45)   Thank you to all our listeners, we hope this episode provides you with some further colour on recent market movements and if you would like to discuss how we can help you manage your investments, please get in touch via the links below   www.vermeerllp.com https://www.linkedin.com/in/simon-king-3833401a/ https://www.linkedin.com/in/paul-dixey/

In this episode I have the pleasure of talking to Tim Gregory, Senior Fund Manager of the Vermeer Global Fund. We discuss: How Tim entered the Fund Management industry, what drew him to the stock market and his advice to graduates entering the industry. His early influencers, how the veteran fund manager Bill Mott took Tim ‘under his wing', and how this experience shaped his investment philosophy and processes today.  Launching the Vermeer Global Fund in 2016, investing in high-quality companies but the importance of having a flexible and agile investment approach in today's markets. How the pandemic has accelerated the digitisation trend, companies that have benefitted from the crisis and also entrepreneurs who are at the forefront of technological innovation today. The Vermeer Global Fund's unique exposure to Japan and factory automation as a key investment theme. The team's edge in what is a very competitive environment for global equity fund managers and his appreciation for what Nick Train and Terry Smith have achieved throughout their careers. What Tim thinks about inflation, in the short and long term, and how he is positioning the fund accordingly.  The biggest challenge facing Tim and other active managers over the long term and what he hopes to achieve with the Fund over the next five years.  What he learnt from the pandemic, admitting when you have made an investment mistake and ‘taking your medicine' early. We finish with Tim's favourite film and also which investment gurus he would want to share a bottle of red with.   It was a joy to listen to Tim, his enthusiasm for the stock market is infectious and I really hope you enjoy the show. www.vermeerllp.com https://www.linkedin.com/in/tim-gregory-83b68634/ https://www.linkedin.com/in/paul-dixey/

Following last weeks dive into the Netflix success story, we get Charlie Fricker and Harry Clancy back on the podcast to discuss the future for Netflix and the competitive threats from other players in the TV streaming sector.

We look back at how Blockbuster made a huge mistake in not buying Netflix and what the future looks like for ITV and BT. Guests this week are Charlie Fricker of the Vermeer Global Fund and Harry Clancy of Vermeer Partners.

In this episode Paul talks to both Simons and Tim again about the emerging themes in Healthcare and Big Pharma.

Looking beyond Covid-19, the two Simons and Tim talk to Paul about the issues facing pharmaceutical companies, why GlaxoSmithKline is coming under pressure and one of the largest biopharma companies you may have never heard of…

In this episode, Tim and Alastair join Paul again to discuss the difficult political balancing act the Luxury sector faces.