A Different Perspective

This week Nick talks to Dr Ewan KirkDr Ewan Kirk is a British technology entrepreneur, founder of Cantab Capital Partners, until recently was chair of the Issac Newton Institute for Mathematical Sciences, and Non-Executive Director of BAE Systems. He is also Co-Chair of the Turner Kirk Trust, which supports STEM, education, and conservation causes in the UK and the developing world. Nick and Ewan discuss Ewan’s journey to becoming a leading figure in quantitative finance, from his early passion for maths, physics, and computing through to entrepreneurship and investment banking. They explore how his technical curiosity led him to build and sell software before joining Goldman Sachs, where he played a key role in developing and scaling derivatives trading, highlighting the importance of combining technical expertise with commercial instinct. The conversation also covers his departure from Goldman, reflections on risk and career decisions, and the founding of Cantab Capital Partners, where he applied systematic, data-driven trading strategies. Ewan's Book Choice was:The Selfish Gene - Richard Dawkins Ewan Music Choice was:Sweet Jane by The Velvet UndergroundThis content is issued by Zeus Capital Limited (“Zeus”) (Incorporated in England & Wales No. 4417845), which is authorised and regulated in the United Kingdom by the Financial Conduct Authority (“FCA”) for designated investment business, (Reg No. 224621) and is a member firm of the London Stock Exchange. This content is for information purposes only and neither the information contained, nor the opinions expressed within, constitute or are to be construed as an offer or a solicitation of an offer to buy or sell the securities or other instruments mentioned in it. Zeus shall not be liable for any direct or indirect damages, including lost profits arising in any way from the information contained in this material. This material is for the use of intended recipients only.

This week Nick talks to Christen GilchristChristen is an organisational psychologist who applies psychological principles to the workplace, helping businesses improve how their people, teams and structures function. Drawing on behavioural science and systems thinking, she works across leadership, change, performance and culture, diagnosing what isn't working and designing more effective ways of working. Nick and Christen discuss her journey from social care and NHS bed management to founding Core Potential Solutions, an organisational psychology consultancy. Her early experience navigating dysfunctional systems in the NHS gave her a clear lens on how broken processes impact both people and performance — and a drive to help organisations do better.The conversation also covers the realities of building a consultancy business, including the challenge of marketing sensitive, high-level work where clients rarely allow their engagements to be made public.Find out more about Christen's work at Core Potential SolutionsChristen's Book ChoicesThinking Systems by Donella MeadowsFour Thousands Weeks by Oliver BurkemanChristen's Music ChoiceOld Pine by Ben HowardThis content is issued by Zeus Capital Limited (“Zeus”) (Incorporated in England & Wales No. 4417845), which is authorised and regulated in the United Kingdom by the Financial Conduct Authority (“FCA”) for designated investment business, (Reg No. 224621) and is a member firm of the London Stock Exchange. This content is for information purposes only and neither the information contained, nor the opinions expressed within, constitute or are to be construed as an offer or a solicitation of an offer to buy or sell the securities or other instruments mentioned in it. Zeus shall not be liable for any direct or indirect damages, including lost profits arising in any way from the information contained in this material. This material is for the use of intended recipients only.

This week Nick talks to Richard Penny and Simon Like Richard Penny and Simon Like are experienced UK small-cap fund managers at Oberon Investments, with decades in the market between them. Simon began his career in banking with Midland Bank, later HSBC, before setting up his own investment vehicle and eventually joining Oberon over 25 years ago. He has focused primarily on small and micro-cap stocks and is well known for running a Venture Capital Trust. Richard’s interest in investing began during the wave of UK privatisations in the 1980s. He started professionally in 1992 and has managed small-cap and recovery funds at large institutions including Legal & General before moving to a boutique model, specialising in concentrated stock picking within UK smaller companies.Both focus on undervalued UK small and micro-cap companies, particularly in recovery phases of the market cycle. They look for businesses with strong gross margins, operational gearing and management teams with proven track records. Richard highlights opportunities in high-margin software and technology businesses such as Xaar and Eagle Eye, as well as more contrarian situations like BATM, where valuations sit below intrinsic value. Simon, through the Oberon AIM VCT, backs growth and recovery plays including Audioboom and property franchise businesses such as Winkworth and The Property Franchise Group, often identifying companies entering earnings upgrade cycles.*OBR00403. Capital at Risk. Past performance is not a reliable indicator of future performance. Richard Book Choice:100 Baggers by Christopher Mayer Simon Book Choice:The Zulu Principle by Jim Slater Richard's Music Choice Rodrigo’s “Concierto de AranjuezSimon's Music Choice Anything by Prince or George MichaelThis content is issued by Zeus Capital Limited (“Zeus”) (Incorporated in England & Wales No. 4417845), which is authorised and regulated in the United Kingdom by the Financial Conduct Authority (“FCA”) for designated investment business, (Reg No. 224621) and is a member firm of the London Stock Exchange. This content is for information purposes only and neither the information contained, nor the opinions expressed within, constitute or are to be construed as an offer or a solicitation of an offer to buy or sell the securities or other instruments mentioned in it. Zeus shall not be liable for any direct or indirect damages, including lost profits arising in any way from the information contained in this material. This material is for the use of intended recipients only.

This week Nick talks to Paul McDadePaul has over 35 years of international experience in the oil and gas industry, with nearly two decades as COO and CEO of Tullow Oil. He helped transform the company into a FTSE 100 business, driving growth across Africa, including the development of Ghana’s Jubilee field and major M&A activity. He holds a Master’s in Petroleum Engineering from Imperial College London and a BSc in Civil Engineering from the University of Strathclyde.Nick and Paul discuss Paul’s early life in Glasgow and his route into the oil and gas industry, including studying petroleum engineering at Imperial College and working in the North Sea, Colombia and Kuwait. Paul describes being taken hostage during the Gulf War, which he reflects on as a formative personal experience. He explains how he joined Tullow Oil in 2001 and helped grow it into a major African-focused company, making discoveries in Ghana, Uganda and Kenya, and building local supply chains and employment. He later became CEO, managing the company through major challenges including oil price crashes, debt, asset disputes and mechanical issues, focusing on strengthening the balance sheet and maintaining investor confidence. Nick and Paul also discuss Paul’s return to the industry after retirement, founding Afentra to invest in mature oil assets in Angola and support Africa’s energy transition. Paul explains his belief that oil and gas will remain essential, particularly in developing economies, and argues that energy transition priorities differ between Africa and Europe. Paul's Book choice was:Close to the Wind by Pete GossPaul's music choice was:Angel by Sarah McLachlan. City of AngelsThis content is issued by Zeus Capital Limited (“Zeus”) (Incorporated in England & Wales No. 4417845), which is authorised and regulated in the United Kingdom by the Financial Conduct Authority (“FCA”) for designated investment business, (Reg No. 224621) and is a member firm of the London Stock Exchange. This content is for information purposes only and neither the information contained, nor the opinions expressed within, constitute or are to be construed as an offer or a solicitation of an offer to buy or sell the securities or other instruments mentioned in it. Zeus shall not be liable for any direct or indirect damages, including lost profits arising in any way from the information contained in this material. This material is for the use of intended recipients only.

This week Nick talks to Val Hamilton Val initially trained as a teacher, travelling and working abroad in Copenhagen and later in Boston, where she began working with challenging adolescents. On returning to the UK, Val settled in London and transitioned into the private sector. After studying at Sheffield Business School, she became a personal and organisational development consultant in the City, working with major banks, insurance companies and legal firms to address complex people and cultural issues. Nick and Val discus Val's latest book - Pirates, Punters, and Politicians: How the Bank of England Was Founded. Drawing on her background in English literature, organisational development and financial history, Val explains how her doctoral work uncovered surprising connections between dissenting religious communities, the rise of the novel, and the emergence of modern banking.The conversation follows the life of William Paterson — the Scottish dissenter, merchant and adventurer who helped found the world’s first central bank. From treasure-hunting voyages and Caribbean trade routes to London’s coffee houses and taverns, they explore how risk, persuasion and political manoeuvring combined to turn an unlikely idea into a national institution. Together they unpack the theatre, storytelling and financial necessity that persuaded investors and the Crown to back the scheme, while highlighting the tension between entrepreneurial founders and the establishment figures who ultimately took control.They also reflect on the harsher realities of the period — including slavery, war finance and imperial trade — and consider why Paterson’s contribution has often been overlooked despite his central role. Val's Book Choice wasThe Rise of the Novel: Studies in Defoe, Richardson and Fielding by Ian WattRead Val's other bookDaniel Defoe and the Bank of England: The Dark Arts of ProjectorsVal's Music Choice wasMaggie May - Rod StewartThis content is issued by Zeus Capital Limited (“Zeus”) (Incorporated in England & Wales No. 4417845), which is authorised and regulated in the United Kingdom by the Financial Conduct Authority (“FCA”) for designated investment business, (Reg No. 224621) and is a member firm of the London Stock Exchange. This content is for information purposes only and neither the information contained, nor the opinions expressed within, constitute or are to be construed as an offer or a solicitation of an offer to buy or sell the securities or other instruments mentioned in it. Zeus shall not be liable for any direct or indirect damages, including lost profits arising in any way from the information contained in this material. This material is for the use of intended recipients only.

This week Nick talks Ian Schenkel Ian is an award-winning commercial leader with a proven record of delivering triple-digit global growth and successful turnarounds for SaaS businesses. Experienced in securing major contracts across government and multiple regulated sectors, and trusted as an advisor on business growth and international expansion. Nick and Ian talk through Ian’s unconventional path into tech and cyber security, starting with his early life on a farm in New Zealand and a series of sales jobs before moving to the UK and discovering software start-ups. Ian shares how he co-founded an early CRM business, made plenty of mistakes around B2C selling and pricing, and used those failures as learning experiences. From there, he built a career launching and scaling US tech companies across Europe, repeatedly growing small teams into multi-million-pound operations and navigating acquisitions. They explore the realities of start-up life — rapid pivots, hiring the right people, learning fast, and the difference between heavy corporate operators and “street-fighter” builders who can create traction from scratch. The conversation also covers Ian’s later successes, including a mobile app business with his brother that exploded after being featured by Apple, and his current focus on cyber security, as well as how he helps companies fix failing regions, EMEA & APAC sales strategy and go-to-market execution.Ian's book choices where:Good to Great by Jim Collins Priceless by William PoundstoneIan's music choice was: Telegraph Road - Dire StraitsThis content is issued by Zeus Capital Limited (“Zeus”) (Incorporated in England & Wales No. 4417845), which is authorised and regulated in the United Kingdom by the Financial Conduct Authority (“FCA”) for designated investment business, (Reg No. 224621) and is a member firm of the London Stock Exchange. This content is for information purposes only and neither the information contained, nor the opinions expressed within, constitute or are to be construed as an offer or a solicitation of an offer to buy or sell the securities or other instruments mentioned in it. Zeus shall not be liable for any direct or indirect damages, including lost profits arising in any way from the information contained in this material. This material is for the use of intended recipients only.

This week Nick talks to Brusk KorkmazBrusk Korkmaz has over 20 years’ experience in the construction industry, building a broad and respected career across civil engineering and labour supply. In 2008, he founded Hercules PLC, reflecting his strong entrepreneurial drive. Prior to this, Brusk held senior roles at leading organisations including MJ Gleeson, Black & Veatch, and Hochtief UK. Nick and Brusk discuss Brusk’s journey from moving to the UK to study civil engineering at UCL to building a career across major UK infrastructure projects. Brusk explains his motivation for working in civil engineering, rooted in improving everyday life through essential infrastructure such as water, power and transport. After gaining experience at leading contractors, he founded Hercules in 2008 during the financial crisis, identifying a gap in the market for reliable, skilled and compliant labour supply. What began with water-sector projects grew steadily into a specialist business supplying over 25 trades across infrastructure.The conversation then focuses on Hercules’ growth, its technology-enabled workforce model and its role in addressing skills shortages across UK infrastructure. Brusk outlines how the company uses digital tools to match qualified workers to local projects quickly, alongside a dedicated training academy that upskills and retrains thousands of people. Nick and Brusk also explore long-term infrastructure investment in water, energy and transport, the importance of compliance and workforce retention, and Hercules’ strategy of organic growth alongside targeted acquisitions. Together, they highlight how labour supply, training and technology combine to support the delivery of large, regulated infrastructure projects across the UK. Brusk's Book Choices Losing my Virginity by Sir Richard BransonWhat it takes by Stephen A. SchwarzmanBrusk's Music ChoicesDancing in the Moonlight - ToploaderDon't Stop me Now - QueenThis content is issued by Zeus Capital Limited (“Zeus”) (Incorporated in England & Wales No. 4417845), which is authorised and regulated in the United Kingdom by the Financial Conduct Authority (“FCA”) for designated investment business, (Reg No. 224621) and is a member firm of the London Stock Exchange. This content is for information purposes only and neither the information contained, nor the opinions expressed within, constitute or are to be construed as an offer or a solicitation of an offer to buy or sell the securities or other instruments mentioned in it. Zeus shall not be liable for any direct or indirect damages, including lost profits arising in any way from the information contained in this material. This material is for the use of intended recipients only.

This week Nick talks to Hugh Hendry. In this special episode recorded in front of a live audience at November's MelloLondon investor event in London. Legendary hedge fund manager and self-styled “Asset Capitalist” Hugh Hendry speaks with Nick about today’s macroeconomic landscape, the psychology of bubbles, and why imagination—rather than pure data—is essential for understanding markets. Hendry reflects on his unconventional career, his philosophy of “playfulness, curiosity and mischief,” and his belief that investors must learn to become “world-class losers” by surviving their mistakes rather than fearing them. Hendry argues that we are living through a moment of profound uncertainty, shaped by technological singularity fears, social tension, and extreme divergence in economic outcomes. He describes current market conditions as “bubble-like,” fuelled by compressed cycles and narrative-driven risk-taking. He outlines his four-quadrant macro framework—cash, equities, long-duration bonds, and “narrative assets” such as gold, property, private equity, and crypto—and stresses the need for flexible allocation and anti-fragility. Will AI Make Us 10x Richer — or Dead?Follow Hugh Hendry - https://substack.com/@acidcapitalistThis content is issued by Zeus Capital Limited (“Zeus”) (Incorporated in England & Wales No. 4417845), which is authorised and regulated in the United Kingdom by the Financial Conduct Authority (“FCA”) for designated investment business, (Reg No. 224621) and is a member firm of the London Stock Exchange. This content is for information purposes only and neither the information contained, nor the opinions expressed within, constitute or are to be construed as an offer or a solicitation of an offer to buy or sell the securities or other instruments mentioned in it. Zeus shall not be liable for any direct or indirect damages, including lost profits arising in any way from the information contained in this material. This material is for the use of intended recipients only.

This week Nick talks Katie and Jeremy PrescottKatie Prescott is the Technology Business Editor at The Times and a weekly columnist for its award-winning business section. A regular contributor to Times Radio and The Times daily podcast, The Story, she is widely recognised following a decade at the BBC, where she reported on technology and business for Radio 4’s Today programme. She hosts The Times Tech Podcast and was named Tech Commentator of the Year at the UK Tech Awards. In the episode, Nick discusses with Katie and her father Jeremy the story behind Katie’s debut book, The Curious Case of Mike Lynch. Drawing on Katie’s reporting for The Times and Jeremy’s long career in the City, the conversation traces Lynch’s journey from a prodigiously talented outsider to the founder of Autonomy, once one of Britain’s most celebrated technology companies, and into the complex, decade-long legal battles that followed its £11bn sale to Hewlett-Packard. Together, they unpack the culture of Silicon Fen, the pressures of public markets, the blurred lines between aggressive growth and alleged fraud, and the profound personal and professional consequences that culminated in the tragic final chapter of Lynch’s life. Katie and Jeremy's Book Choices where: Bonfire of the Vanities by Tom Wolfe The Day of the Jackal by Frederick ForsythFall by John PrestonBad Blood by John CarreyrouKatie and Jeremy's Music choices where:Charles Trenet - BoumCharles Trenet - La MerThis content is issued by Zeus Capital Limited (“Zeus”) (Incorporated in England & Wales No. 4417845), which is authorised and regulated in the United Kingdom by the Financial Conduct Authority (“FCA”) for designated investment business, (Reg No. 224621) and is a member firm of the London Stock Exchange. This content is for information purposes only and neither the information contained, nor the opinions expressed within, constitute or are to be construed as an offer or a solicitation of an offer to buy or sell the securities or other instruments mentioned in it. Zeus shall not be liable for any direct or indirect damages, including lost profits arising in any way from the information contained in this material. This material is for the use of intended recipients only.

This week Nick talks to Charles SkinnerCharles Skinner is a leading authority on Entrepreneurship Through Acquisition (ETA). As CEO, he transformed a £3m business into a £100m exit and grew another company’s value 30-fold to £300m, earning AIM Company of the Year in 2016. He is currently the CEO of Restore PLC, and the author of Buy, Run, Build: A Guide to Entrepreneurship Through Acquisition. Charles also advises the ETA search fund Mentmore Associates and chairs four private companies. Nick and Charles discuss Charles Skinner’s unconventional career path, beginning in investment banking before moving into venture capital, journalism and ultimately discovering his strengths in running and improving real businesses. Charles reflects on how he gradually shifted away from finance-led roles towards hands-on leadership, realising he was far more interested in building companies than simply analysing them. He and Nick explore the early stages of his journey, including lessons learned from missteps, the appeal of smaller operational businesses, and the importance of understanding people, staying humble and learning from failure. They then turn to the rise, challenges and rebuilding of Restore, the company most associated with Charles’s leadership. Nick and Charles also explore themes such as entrepreneurship through acquisition, decentralised leadership, motivating teams, and managing crises with transparency and decisiveness. Charles illustrates these ideas with candid stories about leadership errors, boardroom politics and the importance of “running towards the gunfire” when problems arise.Charles’s book choices were: The Practice of Management by Peter F Druckerhttps://www.worldofbooks.com/en-gb/products/practice-of-management-the-book-peter-f-drucker-9780434903894Parkinson's Law by C Northcote Parkinsonhttps://www.worldofbooks.com/en-gb/products/parkinson-s-law-book-c-northcote-parkinson-9780140023664 Charles’s music choice was: Bach: The Goldberg Variations played by Glenn Gouldhttps://open.spotify.com/album/1aCpHSQE5ghxibsQ5gkBe0Charles' Book - Buy, Run, Build: A Guide to Entrepreneurship Through Acquisition - is available hereThis content is issued by Zeus Capital Limited (“Zeus”) (Incorporated in England & Wales No. 4417845), which is authorised and regulated in the United Kingdom by the Financial Conduct Authority (“FCA”) for designated investment business, (Reg No. 224621) and is a member firm of the London Stock Exchange. This content is for information purposes only and neither the information contained, nor the opinions expressed within, constitute or are to be construed as an offer or a solicitation of an offer to buy or sell the securities or other instruments mentioned in it. Zeus shall not be liable for any direct or indirect damages, including lost profits arising in any way from the information contained in this material. This material is for the use of intended recipients only.

In this week's episode Nick talks to Allan LockhartAllan Lockhart is the CEO of NewRiver REIT plc and has over 35 years of experience in the UK retail real estate sector. He began his career with Strutt & Parker in 1988, advising leading property companies and institutions on retail leasing, investment, and development. In 2002, he joined Halladale Plc as Retail Director, where he focused on identifying value-add opportunities within the UK retail market and delivering effective asset management strategies. Following Halladale’s successful sale in early 2007, Allan co-founded NewRiver, serving as Property Director from its IPO before being appointed Chief Executive Officer in May 2018.Nick and Allan’s discussion focuses on the transformation of UK retail real estate and the future of the sector. Allan Lockhart, CEO of NewRiver REIT, reflects on his unconventional career path from insurance broking to property investment and how shifts in technology, e-commerce, and consumer behaviour have reshaped retail spaces. He explains the evolution from long-term leases to a more operationally driven market and champions omnichannel retailing — where physical stores complement online sales as critical “last-mile” distribution points. He highlights the enduring strength of convenience-led retail, retail parks, and grocery-anchored assets as consumers prioritize accessibility and efficiency.The conversation then widens into economic and policy themes. Allan emphasizes the resilience of UK consumers amid inflation and high interest rates, buoyed by strong employment and elevated savings. He calls for decisive government fiscal reform to reduce debt and stimulate investment, particularly through business rate and stamp duty reforms that could unlock real estate growth. Looking ahead, he envisions NewRiver doubling in size through strategic acquisitions and data-driven decision-making, with AI and predictive analytics central to this growth. Allan's Book Choices were:The Outsiders : Eight Unconventional CEOs and Their Radically Rational Blueprint for Success by William N. ThorndikeThe Fourth Turning Is Here by Neil HoweAllan's Music Choice:Sex Pistols -Anarchy in the UK This content is issued by Zeus Capital Limited (“Zeus”) (Incorporated in England & Wales No. 4417845), which is authorised and regulated in the United Kingdom by the Financial Conduct Authority (“FCA”) for designated investment business, (Reg No. 224621) and is a member firm of the London Stock Exchange. This content is for information purposes only and neither the information contained, nor the opinions expressed within, constitute or are to be construed as an offer or a solicitation of an offer to buy or sell the securities or other instruments mentioned in it. Zeus shall not be liable for any direct or indirect damages, including lost profits arising in any way from the information contained in this material. This material is for the use of intended recipients only.