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.Investors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities. Investors' Chronicle is a service by the Financial Times. Hosted on Acast. See acast.com/privacy for more 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 2009 and has been deputy manager of Scottish Mortgage since March last year. Investors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities. Investors' Chronicle is a service by the Financial Times. Hosted on Acast. See acast.com/privacy for more information.

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...Investors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities. Investors' Chronicle is a service by the Financial Times. Hosted on Acast. See acast.com/privacy for more 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. Investors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities. Investors' Chronicle is a service by the Financial Times. Hosted on Acast. See acast.com/privacy for more 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. Investors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities. Investors' Chronicle is a service by the Financial Times. Hosted on Acast. See acast.com/privacy for more 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 WaltersInvestors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities. Investors' Chronicle is a service by the Financial Times. Hosted on Acast. See acast.com/privacy for more 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. Investors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities. Investors' Chronicle is a service by the Financial Times. Hosted on Acast. See acast.com/privacy for more 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.Investors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities. Investors' Chronicle is a service by the Financial Times. Hosted on Acast. See acast.com/privacy for more 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!Investors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities. Investors' Chronicle is a service by the Financial Times. Hosted on Acast. See acast.com/privacy for more 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!Investors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities. Investors' Chronicle is a service by the Financial Times. Hosted on Acast. See acast.com/privacy for more 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.  Investors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities. Investors' Chronicle is a service by the Financial Times. Hosted on Acast. See acast.com/privacy for more 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!Investors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities. Investors' Chronicle is a service by the Financial Times. Hosted on Acast. See acast.com/privacy for more 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 St’s Four Great Bottoms and The Asian Financial Crisis 1995-98: Birth of the Age of Debt.He also runs a course in finance called ‘The Practical History of Financial Markets’ and is keeper of The Library of Mistakes, a charitable venture he set up in Edinburgh in 2014. Time stamps01:10 Takeaways from the launch of The Library of Mistakes03:16 Outlook for inflation and money supply06:05 Diminishing role of central banks07:40 What indicators investors should look at08:48 Outlook for equities10:26 Implications of financial repression13:48 Role of tax 15:27 Impact of deglobalisation18:20 Is China investable?21:10 Companies that benefit from deglobalisation23:40 Index funds vs active managers28:28 Categorising by country vs sector31:38 Suggestions for novice investors33:18 Research of Hendrik Bessembinder34:45 Infrastructure and property38:29 Re-equitisation41:42 Problems with the search for yield44:20 Biggest personal mistake46:00 Most common mistakes made by private investorsInvestors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities. Investors' Chronicle is a service by the Financial Times. Hosted on Acast. See acast.com/privacy for more information.

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.Investors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities. Investors' Chronicle is a service by the Financial Times. Hosted on Acast. See acast.com/privacy for more 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 - M&A as part of investment case22:25 - Quality UK PLC's leaving the market23:52 - Participating in IPO's24:39 - Healthcare and financial services sectors26:57 - Filtering companies28:05 - Areas of expertise29:58 - Advice for your past self31:02 - A book that's influenced youInvestors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities. Investors' Chronicle is a service by the Financial Times. Hosted on Acast. See acast.com/privacy for more information.

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 analysed by experts, please email us at [email protected] for more information, or visit https://www.investorschronicle.co.uk/reader-portfolios/. This is a free investment review service and all portfolio submissions are welcome, whether you are starting out or have amassed millions. We don't reveal details of the portfolio owners so your anonymity is guaranteed.Investors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities. Investors' Chronicle is a service by the Financial Times. Hosted on Acast. See acast.com/privacy for more information.

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.Trial the IC’s print and digital subscription at the special price of just £4 for 4 weeks: investorschronicle.co.uk/marketing/n95pod4t/ Investors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities. Investors' Chronicle is a service by the Financial Times. Hosted on Acast. See acast.com/privacy for more 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. Investors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities. Investors' Chronicle is a service by the Financial Times. Hosted on Acast. See acast.com/privacy for more 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).Investors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities. Investors' Chronicle is a service by the Financial Times. Hosted on Acast. See acast.com/privacy for more 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?'. Investors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities. Investors' Chronicle is a service by the Financial Times. Hosted on Acast. See acast.com/privacy for more information.

Paul Major, manager of Bellevue Healthcare Trust (BBH), believes the future of healthcare will be very different from what we have today and looks to invest in companies at the forefront of making change possible - from those improving disease diagnosis to companies delivering care at home.  In this podcast, he tells the IC’s Mary McDougall where he thinks the most important innovations are developing in healthcare, how he approaches investing in the companies involved and explains the investment case for some of the trust’s largest holdings. Investors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities. Investors' Chronicle is a service by the Financial Times. Hosted on Acast. See acast.com/privacy for more information.

Alex Hamer joins the Companies and Markets roundtable to discuss the ongoing commodities crisis caused by the war in Ukraine, including some of the more niche ones like helium and uranium. The team also dive into some of the M&A activity we're seeing - or rather, not seeing.Then Michael Fahy joins the show to talk through his feature: 'Travel industry bears Covid scars'.Investors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities. Investors' Chronicle is a service by the Financial Times. Hosted on Acast. See acast.com/privacy for more information.

With little more than three weeks left until the end of the tax year, make sure you’ve used up as much of your Individual Savings Account allowance as possible. For those who like to get ahead, you might want to start thinking about where to invest next year’s Isa allowance too, from April 6. But deciding what to invest in is not straightforward. Inflation, war and volatility are currently the dominant themes in markets and the outlook for investors is very uncertain. In this podcast, George Bear, assistant portfolio manager at IG and Michel Perera, chief investment officer at Canaccord Genuity Wealth Management, explain the relative merits of cash vs stocks and shares Isas and talk through how current events are impacting markets and where you might consider investing to preserve and grow your savings. This podcast is sponsored by IG.Investors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities. Investors' Chronicle is a service by the Financial Times. Hosted on Acast. See acast.com/privacy for more information.

On the Companies and Markets show this week Mary McDougall joins Alex Newman and Julian Hofmann to discuss the changing face of ESG, volatility in Russian shares causing havoc on investment platforms, and asking why the FTSE 100 is weighted towards value stocks.Then deputy IC editor Dan Jones joins the pod to discuss his long read: 'Running the rule over the subscription economy'.Investors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities. Investors' Chronicle is a service by the Financial Times. Hosted on Acast. See acast.com/privacy for more information.

There’s no one correct way to set up an investment portfolio but there are several pitfalls to avoid so you don’t leave yourself over exposed, or with little chance of achieving desirable returns. To help us adopt the Charlie Munger approach of not doing anything stupid, Sam Dickens, portfolio manager at IG tells the IC’s Mary McDougall how you can construct and monitor a robust portfolio. They discuss how to assess your risk tolerance, what level of diversification might be optimal and what asset allocation could look like for someone investing for the long term. This podcast is sponsored by IG. Subscribe today and get 4 weeks for just £4.Claim your first 4 weeks of Investors' Chronicle Print + Digital for just £4. Your subscription will include access to investorschronicle.co.uk, our magazine app, plus the magazine delivered to your door.Investors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities. Investors' Chronicle is a service by the Financial Times. Hosted on Acast. See acast.com/privacy for more information.

Investors' Chronicle staff Michael Fahy and Arthur Sants join regulars Mark Robinson and Julian Hofmann to discuss the continued market effects of the war in Ukraine. Of particular interest this week is defence shares, with companies specialising in hardware and software reaping rewards of an increased pressure of NATO countries to invest in armaments. Investors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities. Investors' Chronicle is a service by the Financial Times. Hosted on Acast. See acast.com/privacy for more information.

Like other growth-oriented portflios, Henderson Smaller Companies (HSL) has had a difficult start to the year amid concerns about monetary tightening and, more recently, the crisis in Ukraine. Neil Hermon, who works on the fund, makes the case for top holdings like Impax Asset Management (IPX) and Future (FUTR) continuing to flourish in the longer-term, and for investors who like secular growth stocks to see now as a potential buying opportunity. But he warns about plenty of risks, from buying "growth at all costs" to churning a portfolio based on market rotations or macro events.He also discusses how his smaller companies funds have built up substantial exposure to mid cap shares, and why this makes sense over a rigid focus on small caps.Investors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities. Investors' Chronicle is a service by the Financial Times. Hosted on Acast. See acast.com/privacy for more information.

Being a successful investor has as much to do with your behaviour as it does with studying annual reports. As Morgan Housel puts it in his brilliant book The Psychology of Money, “investing is not really about what you know, it’s about how you behave”.In this podcast, Henry Cobbe, head of research at Elston Consulting, discusses with the IC’s Mary McDougall the most common mistakes that investors make and how to mitigate against them. They also talk through how to approach investment research and the importance of seeking different sources. Investors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities. Investors' Chronicle is a service by the Financial Times. Hosted on Acast. See acast.com/privacy for more information.

Alex Newman, Jemma Slingo, and Mark Robinson discuss some of the economic ramifications of Russia's invasion of Ukraine, before touching briefly on the banking and logistics sectors.Then Julian Hofmann joins the pod to discuss his feature 'Ready for a turnaround: the art of distinguishing value traps from recovery gems'.Investors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities. Investors' Chronicle is a service by the Financial Times. Hosted on Acast. See acast.com/privacy for more information.

The IC’s favourite economist Chris Dillow is back on the podcast this week! He talks through what leading indicators are telling us about prospects for the stock market, his thoughts on inflation and why retail sales data in the UK look surprisingly encouraging. He also cautions against paying too much attention to medium term earnings forecasts, reminds us to be humble about how little we know and explains why he doesn’t think investors should change their asset allocation as they get older, contrary to popular belief. Investors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities. Investors' Chronicle is a service by the Financial Times. Hosted on Acast. See acast.com/privacy for more information.

For many people, investing in a way to help make the world a better place is a priority. But as sustainable investing has exploded in popularity, so have the investment options and it can be very difficult to know what the best approach is.Some people don’t want to own any companies that they deem to have a negative impact on the environment and society. Others take the view that it’s better to engage with companies - which you can do as a shareholder - and encourage them to do better.In this podcast, Amy Lazenby, investment director at Close Brothers Asset Management, talks through what sustainable investing means to her, what options you have for constructing a sustainable investment portfolio and how to navigate a myriad of reporting standards to make sure a company or fund is meeting the environmental, social and governance (ESG) standards that you expect. Investors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities. Investors' Chronicle is a service by the Financial Times. Hosted on Acast. See acast.com/privacy for more information.

William Green has interviewed slews of the world’s most legendary investors from John Templeton to Charlie Munger and synthesised what we can learn from them in his bestseller Richer, Wiser, Happier, which draws on hundreds of hours of interviews with over 40 of the world’s most successful investors. In a tribute to his late father, whose favourite publication was Investors’ Chronicle, William discusses with the IC’s Mary McDougall what makes a great investor and what sacrifices might come with it. What the motivations are beyond money, whether the rise of index funds and commission free trading sites has made active investing harder and why his obsession with investing didn’t tempt him to be a money manager himself…Investors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities. Investors' Chronicle is a service by the Financial Times. Hosted on Acast. See acast.com/privacy for more information.

When putting together an investment portfolio, for an optimal risk / return profile you’ll want significant exposure to overseas stocks. The UK now makes up around 4 per cent of the global stock market and, while many pundits believe UK stocks are attractive relative to international peers, the UK has been among the poorest performing of the major equity regions over the past decade. In this podcast, IG’s chief market analyst Chris Beauchamp and the IC’s deputy editor Dan Jones discuss how much exposure investors should have to UK stocks and the pros and cons of investing in different geographies. They also talk about currency and cost implications of investing overseas in the context of both funds and individual shares.Investors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities. Investors' Chronicle is a service by the Financial Times. Hosted on Acast. See acast.com/privacy for more information.

As 2021 fades in the memory, the spectre of inflation is firmly on investors’ minds and Simon Gergel gives his view on what that may mean for markets in 2022. After a year where finding genuinely under-priced good businesses – rather than those that are cheap for a reason – paid dividends, Simon explains how extreme pricing anomalies still appear prevalent. This could be where investors are overlooking longer-term potential or, equally, being over exuberant on short-term earnings momentum. To see the full podcast series visit https://www.merchantstrust.co.uk/podcast/Investors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities. Investors' Chronicle is a service by the Financial Times. Hosted on Acast. See acast.com/privacy for more information.

Buying shares can be much more risky than buying funds, but get it right and the returns can be greater too. In the fifth episode of our investing explained podcast series, IG’s chief market analyst Chris Beauchamp and the IC’s former associate editor Algy Hall talk through what a share is, different styles for investing in shares and multiple approaches to assessing valuations. Algy also talks about his most successful stock screens, how to see through company marketing spin and how to account for intangible assets. Chris sheds light on how the success of different styles can differ across geographies and sectors, where different valuation metrics are suitable and how to know when is the right time to sell. This podcast is sponsored by IG. Investors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities. Investors' Chronicle is a service by the Financial Times. Hosted on Acast. See acast.com/privacy for more information.

Nick Train’s stock picking success over the past 30 years has made him one of the UK’s best known fund managers. But over the past 12 months both his global and UK-focussed funds have notably underperformed their peers. In this interview, he tells the IC’s Leonora Walters why he is resolutely sticking with his investment approach and why quality companies could do ‘extraordinarily well.' Train talks through the investment case for London Stock Exchange (LSE), Unilever (ULVR) and Schroders (SDR) among others and explains why he finally lost patience with Pearson (PSON).  Investors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities. Investors' Chronicle is a service by the Financial Times. Hosted on Acast. See acast.com/privacy for more information.

Investment funds are the core of most private investor portfolios and are suitable for everyone, regardless of your level of knowledge. The tricky thing is, there are lots of different types of funds, and thousands available. In the fourth episode of our investing explained podcast series, the IC’s funds editor Dave Baxter and Elston Consulting’s research head Henry Cobbe talk through some of the key distinctions and how you might consider putting them together in a portfolio. They explain the difference between active and passive, listed and unlisted, and how to think about managing risk. This podcast is sponsored by IG. Investors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities. Investors' Chronicle is a service by the Financial Times. Hosted on Acast. See acast.com/privacy for more information.

The opening weeks of 2022 have proved difficult for some of the most popular funds and Rathbone Global Opportunities (GB00B7FQLN12) is no exception. Like other growth-oriented portfolios, it has suffered a gruelling few weeks as investors worry about the potential for tighter monetary policy.James Thomson, who has worked on the fund since 2003, talks about the psychology of running a fund in a market meltdown, resisting the temptation to rush into cyclical stocks, and the challenges of separating hype from substance in the tech sector. He also discusses the outlook for holdings Nvidia (US:NVDA), Microsoft (US:MSFT) and Amazon (US:AMZN).Investors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities. Investors' Chronicle is a service by the Financial Times. Hosted on Acast. See acast.com/privacy for more information.

With a new year upon us, Walter Price and Mike Seidenberg of Allianz Technology Trust joined host Cherry Reynard late in December to look at some of the defining moments for the tech sector in 2021 and to reflect on the future of the sector. To see the full podcast series visit https://www.allianztechnologytrust.com/podcast/ Investors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities. Investors' Chronicle is a service by the Financial Times. Hosted on Acast. See acast.com/privacy for more information.

Investors and savers take note. Tax wrappers can make a huge difference to the value of your savings over time. You have two main options: put more money into your pension or invest within an individual savings account, better known as an Isa. Ideally you can do both. In the third episode of our investing explained podcast series, Jeremy Naylor, presenter at IG and Svenja Keller, financial coach and founder of SK Inspire, explain the nuances of tax wrappers and how to use them as effectively as possible. They talk through the different types of Isas and pensions available, the pros and cons of different options and how to prioritise between them.This podcast is sponsored by IG. Investors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities. Investors' Chronicle is a service by the Financial Times. Hosted on Acast. See acast.com/privacy for more information.

Few UK small cap investment trusts trade on a premium to their net assets, but Odyssean Investment Trust is currently one of them. In this interview, manager Stuart Widdowson explains why he brings a private equity mindset to public markets, how he seeks to spot special situations and how he feels about the current investment outlook. He also talks through the investment case for some of his holdings, shares which books have been most influential for his investment approach and explains why he tends to avoid participating in IPOs.Investors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities. Investors' Chronicle is a service by the Financial Times. Hosted on Acast. See acast.com/privacy for more information.

Wild stock market movements such as those seen with ‘meme’ stocks last year make investing look like an exciting or treacherous roller coaster - depending on your perspective. But the truth is, successful investing should be disciplined and boring - as you slowly let your money grow.The trouble is, there are thousands of stocks and funds to pick between. In this podcast, Mary McDougall speaks with the IC's funds editor Dave Baxter and IG's analyst and presenter Daniela Sabin to find out how much you should invest, what your options are, why diversification matters and how to pick between an active or passive strategy. Investors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities. Investors' Chronicle is a service by the Financial Times. Hosted on Acast. See acast.com/privacy for more information.

We’re kicking off 2022 with a double interview. Firstly, everyone’s favourite stock picking expert Simon Thompson is on the pod to discuss the feature he’s written this week: Secrets of Successful Investing. Then IC properties writer Alex Newman joins us off the back of a busy week, with the government asking housebuilders for a 4-billion-pound plan to resolve the unsafe cladding crisis, and a peer-to-peer property lender launching in the UK.Investors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities. Investors' Chronicle is a service by the Financial Times. Hosted on Acast. See acast.com/privacy for more information.

Do you want to kickstart the year by sorting out your finances? Frightened of the stock market and unsure where to start? Investing can seem complicated, confusing and downright scary, but get it right and it’s a powerful tool for growing your wealth.Over a series of ten weekly podcasts, we’ll be breaking down the complexities of the financial world to help you learn about how you can build yourself a better future through sensible investing.  Our first podcast covers why you should invest, with Investors’ Chronicle’s Mary McDougall in conversation with Jeremy Naylor, presenter at IG and financial wellbeing expert Jason Butler. Hear their views on how to establish an investment plan, how it fits within your wider finances and why it’s best to start as early as you can. They also discuss the role of crypto in an investment portfolio, why you need to be careful when using social media and how to avoid being ripped off by financial institutions. This podcast is sponsored by IG. Investors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities. Investors' Chronicle is a service by the Financial Times. Hosted on Acast. See acast.com/privacy for more information.

Being a contrarian investor has been a tough gig over much of the past decade but Alex Wright, manager of Fidelity Special Values (FSV) and Fidelity Special Situations believes the best way of making money is to go against the consensus. In this interview, he tells Mary McDougall how he identifies mispriced assets, what he has been buying and selling recently and in what sectors he sees the best opportunities. He also explains how he mitigates the challenges faced by value investors. The interview was recorded on 8 December.  00:00 - Intro00:55 - What did you learn from Anthony Bolton?02:17 - Investing style03:33 - Process for spotting mispriced assets04:33 - How intangibles affect thinking05:23 - Avoiding value traps07:23 - Turnarounds08:50 - Recent fund performance and current outlook11:24 - What have you been buying and selling recently?14:17 - Inflation impact17:42 - Fund turnover19:10 - Challenge of needing lots of investment ideas20:09 - Need for a large portfolio21:54 - Pricing methodology24:39 - When to sell when stocks don't rerate as you hoped?30:06 - Why small caps hold better value31:44 - Liquidity problems in funds?34:13 - Volatility vs risk36:13 - M&A39:10 - UK vs European markets41:38 - UK holdings you're excited forInvestors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities. Investors' Chronicle is a service by the Financial Times. Hosted on Acast. See acast.com/privacy for more information.

The private equity sector may have generated very strong returns in recent history but many investors are yet to be won over. That's one interpretation of the fact that many of the private equity investment trusts available in the UK have had a stellar run of performance but still see their shares languish on substantial discounts to the value of portfolio assets.Steven Tredget, who works on Oakley Capital Investments (OCI), tells Dave Baxter about the trust's great performance in recent years, the processes behind it and its future prospects. But he also takes aim at those who obsess over share price discounts, warning that this can only prolong the problem.He also discusses the spate of private equity acquisition activity of 2021, and makes the case for private equity as an ESG-friendly asset class.Investors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities. Investors' Chronicle is a service by the Financial Times. Hosted on Acast. See acast.com/privacy for more information.

Terry Smith, founder and chief executive of Fundsmith, has built the UK’s largest actively-managed fund via rigorous implementation of the simple mantra 'buy good companies, don’t overpay, do nothing'.In this interview, Smith tells Mary McDougall how he analyses and selects companies, how the rise of software has folded into his investment thinking and what trends he thinks currently look most promising.He also talks about the extent to which fund size is a challenge going forward, and what spurred him to buy Amazon (US:AMZN) this summer.Fundsmith Equity Fund has delivered an annualised total return of 18.4 per cent since its inception in November 2010, compared with 12.8 per cent for its benchmark MSCI World Index. It had assets under management of £27.9bn on 30 November 2021.Investors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities. Investors' Chronicle is a service by the Financial Times. Hosted on Acast. See acast.com/privacy for more information.

Ian Mortimer and Matthew Page, managers of the Guinness Global Equity Income fund, take a different approach from some income managers by seeking companies with a "moderate yield and growing dividend" rather than chasing higher payouts.They talk to Dave Baxter about how this approach has worked in different scenarios and their view on the outlook for dividends - from surprisingly resilient sectors to their relative lack of exposure to Asia.The managers also tackle the thorny issue of inflation and make the case for quality dividend-payers as a buffer in a time of rising prices, while addressing questions about performance.Investors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities. Investors' Chronicle is a service by the Financial Times. Hosted on Acast. See acast.com/privacy for more information.

Sam Cosh, manager of European Assets Trust (EAT), tells Leonora Walters why this trust is able to increase its dividend for 2021, and profiles some of the investments which are making this possible. He also explains how he selects stocks, and highlights holdings which should do well going forward despite the pressure of the pandemic.European Assets Trust, launched in 1983, has a market capitalisation of £518m and paid a yield of 5.5 per cent on 17 November, according to Winterflood data.Investors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities. Investors' Chronicle is a service by the Financial Times. Hosted on Acast. See acast.com/privacy for more information.

The latest episode of Connected Investor, the podcast from the Brunner Investment Trust, ponders the issue of tightening regulatory factors in China – what will that mean for China itself, the fortunes of companies and markets there and ultimately for the global economy and markets? To see the full podcast series visit https://www.brunner.co.uk/podcast/.Investors' Chronicle has supported private investors in the UK for over 160 years by highlighting rewarding investment opportunities. Investors' Chronicle is a service by the Financial Times. Hosted on Acast. See acast.com/privacy for more information.