Investors Chronicle

On this week's episode Alex Newman and Mitchell Labiak join Dan Jones to discuss our result of the week, housebuilder Crest Nicholson, before turning to the potential of house prices falling for the first time since 2012.Finally Julian Hofmann joins the pod to talk through his long read asking how modern value investing can mitigate risk for investors. See acast.com/privacy for privacy and opt-out information.

Scottish Mortgage Investment Trust's (SMT) shareholders have had a rollercoaster ride in recent years. The trust's share price has more than halved since its peak last November, following a spectacular run throughout most of 2020 and 2021. It’s now the UK’s second largest investment trust with net assets of £13.7bn.In this interview, the trust’s deputy manager Lawrence Burns explains why he and lead manager Tom Slater are sticking to their philosophy of trying to own high-growth long-term winners, despite changing macroeconomic conditions. Speaking with the IC’s Mary McDougall, he talks through how he approaches valuing companies, the earnings and cash position of the portfolio’s holdings and whether the valuation of the trust’s private companies might have grounds for concern.He also explains how the team’s thinking has evolved in relation to its Chinese holdings, what he has been buying and selling recently and which long-term themes he’s most excited about.  Burns joined Baillie Gifford in 2

Passenger numbers may be up at Wizz Air but the losses keep on coming, so what's the story? Madeleine Taylor joins the pod to decipher our result of the week, before looking at the aviation industry as a whole following chaotic airport scenes over the last week.Afterwards Christopher Akers talks us through his long-read on the future of food, specifically focusing on meat alternatives as an area for long-term optimism despite recent stalling of some big names... See acast.com/privacy for privacy and opt-out information.

The lesser-spotted Bearbull columnist has agreed that if ever there was a time IC listeners needed to hear his views, it might be now. In this interview with the IC’s Mary McDougall, he shares his thoughts on the current outlook for the economy, the extent to which UK equities might continue to mean revert, why he’s cautious on emerging markets and why Bearbull’s income portfolio hasn’t performed as well as he might have hoped over the past five years. They also discuss how much more deflating growth stocks might have to do, what is a reasonable yield for income investors to expect and the extent to which investors prioritising financial returns need to take ESG metrics seriously.  Bearbull has been regenerating at Investors' Chronicle since the 1950s. Its current incarnation has been in place since the 1990s.  See acast.com/privacy for privacy and opt-out information.

The first five months of the year have been terrible for tech investors, but over the past week performance has improved. Are we in a bear market rally? Or might performance improve from here?On the podcast this week, Polar Capital Technology Trust’s (PCT) manager Ben Rogoff tells the IC’s Mary McDougall how current valuations compare with history, what parts of the market he’s currently buying into and why recent performance has been disappointing for the trust compared with its benchmark. They discuss the areas of tech likely to suffer most in a recession, why he’s looking more closely at fintech, how to analyse the major cloud providers and why he’s glad he doesn’t own private companies.  Polar Capital Technology Trust had net assets of £3bn and was trading at a discount of 13.4 per cent on 1 June. Since the start of 2022, its share price has fallen 28 per cent. See acast.com/privacy for privacy and opt-out information.

A government U-turn has seen a windfall tax finally imposed on oil and gas companies, but what are the implications for investors? Also retail writer Madeleine Taylor joins the show to take a deep dive into M&S as the 'result of the week', and the IC's resident personal finance guru Leonora Walters talks through the magazine's feature on SIPPS.Dan Jones hosts Alex Newman, Mark Robinson, Madeleine Taylor, and Leonora Walters See acast.com/privacy for privacy and opt-out information.

With UK inflation reaching a 40-year high of 9 per cent, the Bank of England base rate lagging at just 1 per cent and the global stock market falling over 15 per cent since the start of the year, investors' priorities have turned to how to preserve the value of their wealth.On the pod this week, Peter Spiller, manager of Capital Gearing Trust (CGT), tells Mary McDougall how he has approached investing to preserve and grow wealth over the past 40 years, and talks through the key challenges facing the economy today, how it compares with history and what it means for investors.Spiller explains why he is cautious on the outlook for most global equities and the role that index-linked bonds, property and infrastructure can play in providing inflation protection - as well as the associated risks. See acast.com/privacy for privacy and opt-out information.

Arthur Sants returns to the Companies and Markets show to breakdown results for Vodafone and BT, before the panel ask what next for supply chains amid the ongoing inflationary crisis.Finally, private equity is under the spotlight, as their appetite for UK plc's doesn't show signs of slowing down.Dan Jones hosts Alex Newman, Arthur Sants and Julian Hofmann. See acast.com/privacy for privacy and opt-out information.

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

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

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

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

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

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

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

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

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

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

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

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