Afleveringen
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During periods of global economic uncertainty and heightened financial market volatility, it is worth considering how investors should think about risk when constructing their portfolios.
To this end, I was delighted to have the chance to talk recently to David Dredge at Convex Strategies in Singapore. David not only understands risk, but he also delivers his great insights in a highly entertaining way.
He spends his time immersed in understanding sources of risk and developing strategies that mitigate their impact.
He does this by embracing convexity, which is buying pockets of cheap volatility as insurance against negative outcomes in conditions of uncertainty.
When should investors do this? He says, just like insuring your house, always.
He has strong views that contradict the accepted assumptions behind Modern Portfolio Theory, which he calls Sharpe World, which, in his view, falsely equates risk with volatility.
David is full of anecdotes and illustrations of the risks investors assume in markets regulated to a Sharpe World and operated by what he calls, Rational Accounting Man.
This episode is probably the most challenging one I have edited. We spoke for nearly two hours, and I could have happily gone on for longer.
I thought about making it two episodes, but maybe take a break, if you can draw yourself away and come back to it.
I've listened to this one a few times already, and I keep hearing new gems.
As ever, none of what you are about to hear is any kind of advice. I hope you find it as entertaining and informative as I did, but this should not be used as the basis of an investment decision. Please take personal financial advice before investing a penny of your money in these crazy markets.
Please enjoy my conversation with the maverick, David Dredge.
Brought to you by Progressive Equity.
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During periods of global economic uncertainty and heightened financial market volatility, it is worth considering how investors should think about risk when constructing their portfolios.
To this end, I was delighted to have the chance to talk recently to David Dredge at Convex Strategies in Singapore. David not only understands risk, but he also delivers his great insights in a highly entertaining way.
He spends his time immersed in understanding sources of risk and developing strategies that mitigate their impact.
He does this by embracing convexity, which is buying pockets of cheap volatility as insurance against negative outcomes in conditions of uncertainty.
When should investors do this? He says, just like insuring your house, always.
He has strong views that contradict the accepted assumptions behind Modern Portfolio Theory, which he calls Sharpe World, which, in his view, falsely equates risk with volatility.
David is full of anecdotes and illustrations of the risks investors assume in markets regulated to a Sharpe World and operated by what he calls, Rational Accounting Man.
This episode is probably the most challenging one I have edited. We spoke for nearly two hours, and I could have happily gone on for longer.
I thought about making it two episodes, but maybe take a break, if you can draw yourself away and come back to it.
I've listened to this one a few times already, and I keep hearing new gems.
As ever, none of what you are about to hear is any kind of advice. I hope you find it as entertaining and informative as I did, but this should not be used as the basis of an investment decision. Please take personal financial advice before investing a penny of your money in these crazy markets.
Please make sure you are subscribed to enjoy my conversation with the maverick, David Dredge.
Brought to you by Progressive Equity.
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Zijn er afleveringen die ontbreken?
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I have always been interested in founder-led companies. Entrepreneurs and family-run companies often have unconventional attitudes to risk and return. They often back themselves to take operational risk. They tend to be more innovative. You could say that they are more prone to being maverick. But also, you could say that they are more cautious and mindful of capital preservation and the value of staying in the game for the benefit of future generations.
Investing to capture the founder-led effect is a way to achieve an asymmetric return, with better downside protection in tough times and higher upside returns in good times. Sounds great in theory, but how do you go about it in practice?
In this episode, I chat with a Chinese Australian who invests globally in founder-led companies.
Lawrence Lam has run the Lumenary Global Founders Fund since 2017. As the name suggests, his process attempts to identify companies that are run for the long term and have the founder effect.
So, what is the founder effect, and how can investors determine whether a management team has this elusive characteristic?
Well, Lawrence has helpfully written a book called "The Founder Effect - The Three Pillars of Success in Founder-Led Companies." Itâs a great read if you are trying to understand good long-term management decisions and how to spot them.
This is a fascinating conversation with someone who loves what he does and scours the worldâs stock markets to find his secret formula at work.
We learn how he balances the less correlated world for opportunities to buy founder-led companies that offer good value, why China offers a great way to diversify a portfolio, how BYD is poised to become the next Toyota, and how meeting management might useful for understanding if the company is likely to do well next quarter, but not so useful for understanding whether it will compound for you over the next couple of decades.
As Lawrence says, he looks for the long-term track record of key decision-making, simple organisational structure, skin in the game, and close alignment with shareholders.
As always, none of what you are about to hear is financial or any other type of advice. It is hopefully entertaining and informative, but what you hear should not be used as the basis for an investment decision. Please take personal financial advice before investing a penny of your money in these crazy markets. And with that âŠ
Please enjoy my conversation with the maverick Lawrence Lam.
Brought to you by Progressive Equity.
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I have always been interested in founder-led companies. Entrepreneurs and family-run companies often have unconventional attitudes to risk and return. They often back themselves to take operational risk. They tend to be more innovative. You could say that they are more prone to being maverick. But also, you could say that they are more cautious and mindful of capital preservation and the value of staying in the game for the benefit of future generations.
Investing to capture the founder-led effect is a way to achieve an asymmetric return, with better downside protection in tough times and higher upside returns in good times. Sounds great in theory, but how do you go about it in practice?
In this episode, I chat with a Chinese Australian who invests globally in founder-led companies.
Lawrence Lam has run the Lumenary Global Founders Fund since 2017. As the name suggests, his process attempts to identify companies that are run for the long term and have the founder effect.
So, what is the founder effect, and how can investors determine whether a management team has this elusive characteristic?
Well, Lawrence has helpfully written a book called "The Founder Effect - The Three Pillars of Success in Founder-Led Companies." Itâs a great read if you are trying to understand good long-term management decisions and how to spot them.
This is a fascinating conversation with someone who loves what he does and scours the worldâs stock markets to find his secret formula at work.
We learn how he balances the less correlated world for opportunities to buy founder-led companies that offer good value, why China offers a great way to diversify a portfolio, how BYD is poised to become the next Toyota, and how meeting management might useful for understanding if the company is likely to do well next quarter, but not so useful for understanding whether it will compound for you over the next couple of decades.
As Lawrence says, he looks for the long-term track record of key decision-making, simple organisational structure, skin in the game, and close alignment with shareholders.
As always, none of what you are about to hear is financial or any other type of advice. It is hopefully entertaining and informative, but what you hear should not be used as the basis for an investment decision. Please take personal financial advice before investing a penny of your money in these crazy markets. And with that âŠ
Please enjoy my conversation with the maverick Lawrence Lam.
Brought to you by Progressive Equity.
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Things are changing in global markets. There are noticeable shifts taking place. The worldâs capital is rotating. As always, many factors are at work, but we might be witnessing a once-in-a-generation shift away from US assets, which have recently dominated global capital allocations.
Global investors are diversifying their portfolios.
That is why I was keen to host this episode.
David Seaman of Alpha Cygni Asset Management and a seasoned emerging markets investor joins me for a fascinating discussion with Sean Peche, the manager of The Ranmore Global Equity Fund.
Sean recounts how he honed his value investing credentials at Orbis after qualifying as an accountant in South Africa and before launching Ranmore in London in 2008.
Sean has a first-hand take on how capital flows have shaped equity values and built up todayâs imbalances.
While relative value is not sufficient reason for capital to flow, it is a necessary pre-condition. Sean says there are now multiple reasons investors, typically fully loaded in the US market, want to recycle their capital.
He talks about how he looks for value, why he has recently moved overweight in the UK, why emerging markets have many developed market characteristics, and why he doesnât meet the management of the companies he invests in.
As he says, he can best objectively determine the effectiveness of management by watching what they do, not necessarily by listening to what they say.
Sean delivers a master class on the principles of value investing combined with an acute sense of how the world is changing and how best to load up on asymmetric risk opportunities that will likely operate in his favour as we confront an unforecastable future.
Now, please enjoy our conversation with the maverick, Sean Peche ..
Brought to you by Progressive Equity
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Things are changing in global markets. There are noticeable shifts taking place. The worldâs capital is rotating. As always, many factors are at work, but we might be witnessing a once-in-a-generation shift away from US assets, which have recently dominated global capital allocations.
Global investors are diversifying their portfolios.
That is why I was keen to host this episode today.
David Seaman of Alpha Cygni Asset Management and a seasoned emerging markets investor joins me for a fascinating discussion with Sean Peche, the manager of The Ranmore Global Equity Fund.
Sean recounts how he honed his value investing credentials at Orbis after qualifying as an accountant in South Africa and before launching Ranmore in London in 2008.
Sean has a first-hand take on how capital flows have shaped equity values and built up todayâs imbalances.
While relative value is not sufficient reason for capital to flow, it is a necessary pre-condition. Sean says there are now multiple reasons investors, typically fully loaded in the US market, want to recycle their capital.
He talks about how he looks for value, why he has recently moved overweight in the UK, why emerging markets have many developed market characteristics, and why he doesnât meet the management of the companies he invests in.
As he says, he can best objectively determine the effectiveness of management by watching what they do, not necessarily by listening to what they say.
Sean delivers a master class on the principles of value investing combined with an acute sense of how the world is changing and how best to load up on asymmetric risk opportunities that will likely operate in his favour as we confront an unforecastable future.
Now, please enjoy our conversation with the maverick, Sean Peche ..
Brought to you by Progressive Equity
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During the pandemic, an Argentinian economist called Javier Milei began to make a name for himself on TV panel shows for his wild libertarian ideas and idiosyncratic, abrasive delivery. Milei raged against politicians of all persuasions, always prepared to outrage his opponents and entertain his audiences.
By 2021, he had become a congressman, denouncing the political class as useless parasites who had never worked and thought only of self-enrichment. He assured his electorate that he would kick these criminals out. He didn't seek to lead lambs, he told them, but to awaken lions, and the lions he awoke were younger people attracted to his unique combination of in-depth economic knowledge and flamboyant shock-jock delivery.
While other politicians and the mainstream media depicted him as a performative clown, Milei had taught economics for twenty years and published over fifty academic papers. Unlike most academics, Milei was a showman, playing drums for a Rolling Stones cover band. He was an evangelist who sold out increasingly large venues, lecturing his audiences about the workings of the price mechanism, the moral justification for capitalism, and the crime of collectivism while raising a sense of moral outrage.
The coincidence of Argentina's economic cycle of despair with Milei's arrival as a chainsaw-wielding showman, backed up by the deep conviction that he knew the solution to his country's woes, unexpectedly led him to the highest office in the land in less than a year. Last December, he became Argentina's 59th president. He won the largest number of votes and the largest percentage of votes recorded in any election since the transition to democracy, but it came with only a minority position in the legislature.
This left him with an enormous challenge in executing his reforms, but despite this, his first year in office has been largely successful. Unanswered are the questions as to whether Milei's remedies will prove sustainable, whether this time will differ from all the other times, and whether he can end Argentina's era of missed opportunities. Can he continue painful reforms while remaining sufficiently popular to complete the project?
I spent a few days in Buenos Aries in early November to learn more about this man and the libertarian experiment he was implementing. I met several people there, including Robert Marstrand, an author and investor who writes the investment stack OfWealth.
Robert has a background in investment banking and has lived in Argentina for 16 years. He was very generous with his time and explained the opportunity for Argentina and how investors might like to think about this Maverick nation with its maverick president.
Please enjoy our conversation about Argentina and its maverick president.
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Have you ever wondered how fund managers deliver a successful long-short strategy?
David Seaman of Alpha Cygni Investment Management recently joined me for a conversation with Richard Stuckey, the manager of the Ennismore Global Equity Fund, about managing such a strategy in smaller global companies.
In this fascinating chat, Richard discusses different approaches to shorting equities and how they involve different approaches to risk management at the stock and portfolio levels. He outlines a couple of examples of stocks he and his team have successfully shorted that turned out to be deceptions.
We then discuss two long positions he recently added to his portfolio. Genus, a UKâlisted animal genetics company, Genus and Paradox Interactive, a Scandinavian-listed games publisher
Richard then discusses the geographic spread of his fund and how to think about market inefficiency driven by the rise of the mega-cap tech stocks, passive investment and meme-driven markets.
And⊠importantly, how to adapt investment strategy in a market that can remain inefficient for a long time.
This is a masterclass in the often counterintuitive art of managing an absolute return strategy in a volatile and illiquid asset class.
While not for everyone, it can offer downside protection in choppy markets while providing long-term exposure to quality compounding equities.
I must remind you that this is only for information purposes and is NOT investment advice. The views expressed in the podcast are personal to the contributors and do not represent Progressive Equity's views.
Please enjoy our conversation with Richard Stuckey.
Made possible by Progressive Equity.
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In this episode, Progressiveâs legendary technology analyst, George OâConnor, joins me in a conversation with Mark Blandford, the online betting pioneer and founder of Sporting Bet.
Always interested in horse racing and betting on horses, Mark moved from traditional bookmaking into the emerging world of the internet in the late 1990s, building Sporting Bet into a high-growth AIM company, later acquiring US-facing Paradise Poker.
Things changed suddenly in the US online gambling market in 2006, and Mark eventually left Sporting Bet to focus on his racehorses and his family office.
In 2002, Mark was named AIM Entrepreneur of the Year, and in 2015, his horse, Next Sensation, won Cheltenham.
Mark has also had several winners as a venture capital investor and has several strategic public company investments. His wide-ranging portfolio includes interests in NASDAQ-listed Gambling.com and the UK-listed small-caps Gaming Realms, B90 and Good Life Plus.
Among his private investments, Mark has stakes in platform, payment, ag-tech, and ed-tech businesses.
He discusses his interest in quantitative analysis, improving operating efficiencies and working with entrepreneurs who are prepared to listen and take advice.
This is a fascinating conversation with many lessons and reminders of how technology can change industries AND how a changing regulatory environment can create radical uncertainty and existential risk. Mark talks openly about his eventful journey from a traditional bricks-and-mortar bookmaker to a seasoned VC and investor.
I must remind you that none of what you are about to hear is investment advice, but it is solely for your information and entertainment. Please take professional advice before investing your money in these crazy markets.
Please enjoy our conversation with the maverick, Mark Blandford.
Brought to you by Progressive Equity
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Dominic Frisby is an author, comedian, singer-songwriter, voice-over artist, self-taught financial commentator and the creator of the popular Substack, The Flying Frisby.
The main pillar of Dominicâs investment philosophy is based on gold and Bitcoin, and he has written extensively about both.
He was an early adopter of real asset protection, writing a book on the role of Bitcoin ten years ago.
I wanted to get his view on the role of real assets in investment portfolios and how investors might like to consider protecting their capital from fiat currency debasement.
Dominic didnât disappoint and added plenty of thoughts on politics, the prospects for liberty and some valuable health tips for the over 50s. Have you tried hanging from a high bar? It works for me.
Please enjoy my conversation with the maverick, Dominic Frisby.
Brought to you by Progressive Equity.
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Dominic Frisby is an author, comedian, singer-songwriter, voice-over artist, self-taught financial commentator and the creator of the popular Substack, The Flying Frisby.
The main pillar of Dominicâs investment philosophy is based on gold and Bitcoin, and he has written extensively about both.
He was an early adopter of real asset protection, writing a book on the role of Bitcoin ten years ago.
I wanted to get his view on the role of real assets in investment portfolios and how investors might like to consider protecting their capital from fiat currency debasement.
Dominic didnât disappoint and added plenty of thoughts on politics, the prospects for liberty and some valuable health tips for the over 50s. Have you tried hanging from a high bar? It works for me.
Please enjoy my conversation with the maverick, Dominic Frisby.
Brought to you by Progressive Equity.
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Have you ever wondered what investing in Emerging Markets is all about? Itâs complicated, right? And having witnessed a decade or more of US dollar dominance and outperforming developed markets, particularly US markets, why bother looking at the rest of the world? After all, isnât that where all the bad stuff happens, like currency crises and debt defaults?
Recently, there have been signs that Emerging Markets might be re-emerging. This year, there have been signs that the dollarâs dominance may not be so dominant. Following the Fedâs decision to cut rates by 50 basis points, China announced an intention to add significant heft to its policy of loosening monetary and fiscal conditions in the worldâs second-largest economy.
Following an extended period of being considered uninvestable, Chinese equities had a near 30% bounce in a couple of weeks. Was this just some hasty short closing or a re-awakening of the biggest emerging markets? This is currently one of the fiercest debates among global investors.
I wanted to get the perspective of an emerging markets expert, so I was delighted to have the chance to speak with Leila Kardouche of Variis Partners. Leila is a veteran of the space, and she and her small team recently launched a new London-based emerging markets partnership. This partnership fills a space left by several high-profile investors who have recently left this area due to its long period of disappointing returns.
In this episode, we learn about the structure of Emerging Markets and how benchmark indices such as the MSCI are not very helpful in uncovering the full potential of the growth opportunities often obscured within these markets. Among other things, Leila discusses how to evaluate political risk in this widely diverse range of markets as we tour whatâs hot and whatâs not in an investment universe covering 85% of the worldâs population.
Critically, Leila and the Variis team focus on stock selection. Leila discusses how the challenges of growing businesses in emerging markets have produced some very successful compounding growth opportunities. Yes, these companies have outperformed strongly even within markets like China, which has been disappointing overall.
For my recent Substack covering emerging markets, please see, Are Emerging Markets Re-emerging?
Be sure you are subscribed to In The Company of Mavericks on your podcast app to avoid missing the next and future episodes.
Made possible by Progressive Equity.
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Have you ever wondered what investing in Emerging Markets is all about? Itâs complicated, right? And having witnessed a decade or more of US dollar dominance and outperforming developed markets, particularly US markets, why bother looking at the rest of the world? After all, isnât that where all the bad stuff happens, like currency crises and debt defaults?
Recently, there have been signs that Emerging Markets might be re-emerging. This year, there have been signs that the dollarâs dominance may not be quite so dominant. Following the Fedâs decision to cut rates by 50 basis points, China announced an intention to add significant heft to its policy of loosening monetary and fiscal conditions in the worldâs second-largest economy.
Following an extended period of being considered uninvestable, Chinese equities had a near 30% bounce in a couple of weeks. Was this just some hasty short closing or a re-awakening of the biggest emerging markets? This is currently one of the fiercest debates among global investors.
I wanted to get the perspective of an emerging markets expert, so I was delighted to have the chance to speak with Leila Kardouche of Variis Partners. Leila is a veteran of the space, and she and her small team recently launched a new London-based emerging markets partnership, filling a space left by several high-profile investors who have recently left this area due to its long period of disappointing returns.
In this episode, we learn about the structure of Emerging Markets and how benchmark indices such as the MSCI are not very helpful in uncovering the full potential of the growth opportunities often obscured within these markets. Among other things, Leila discusses how to evaluate political risk in this widely diverse range of markets as we take a tour of whatâs hot and whatâs not in an investment universe covering 85% of the worldâs population.
Critically, Leila and the Variis team focus on stock selection. Leila discusses how the challenges of growing businesses in emerging markets have produced some very successful compounding growth opportunities. Yes, these companies have outperformed strongly even within markets like China, which has been disappointing overall.
Be sure you are subscribed to In The Company of Mavericks on your podcast app to avoid missing the next and future episodes.
Made possible by Progressive Equity.
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A few months ago, I chatted with Adam Rackley, the SVS Dowgate Cape Wrath Focus Fund manager featured in Episode 39, Market Capitulations & Narrative Shifts.
We were reading a great new Substack called Sweet Stocks, which featured weekly in-depth write-ups of some fascinating quality compounding growth stocks. Not only were we impressed with Sweet Stocksâ quality, but the weekly publication cadence also meant it was the work of a highly experienced and disciplined analyst.
A few weeks later, we chatted with Alex Sweet, the man behind the Substack, about what motivates his work, his investment philosophy, his analytical rigour, and, crucially, some of his UK stock ideas.
Alex didnât disappoint. He gave a masterclass on investing in quality compounding companies capable of âbeating the fadeâ and on how he uses his fundamental analytical approach to find these anomalous gems globally.
This episode teaches how Adam and Alex use similar, in-depth fundamental frameworks to derive different strategies. Adam focuses on contrarian deep value, while Alex focuses on growth at a reasonable price.
These two investors illustrate the type of discipline involved in professional investment analysis. They also share an interest in the crazy world of Ultrarunning. Alex talks about his newfound passion for the Backyard Ultra, an offshoot of the Barkley Marathons, an event he hopes to run 300 miles in three days later this year.
The stocks we cover in this episode are 4imprint, YouGov and Loungers.
I must just tell you that the people on this podcast might own shares in the companies mentioned, but nothing you are about to hear is investment advice. The opinions expressed are purely the contributors' personal views and do not represent the views of Progressive Equity or any other organisation mentioned in this podcast. I hope you find this content informative and entertaining. I learned a lot, but please take professional financial advice before investing a penny in these crazy markets.
I also wrote a Substack article about this podcast at HyperNormalTimes.
Made possible by Progressive Equity. -
Adam Rackley joins me for a conversation with growth stock analyst and ultra runner Alex Sweet of Sweet Stocks.
Alex discusses his background and investment philosophy, and we chat about three UK equities he has covered in his newsletters: 4imprint, YouGov & Loungers.
COMING SOON on all good podcast apps.
Made possible by Progressive Equity
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For this episode, I am joined by Duncan MacInnes, manager of The Ruffer Investment Company, for a conversation about his investment philosophy and how he thinks about risk in todayâs financial markets.
He describes himself as a pragmatic, macro-informed, value investor.
The Ruffer Investment Company is a billion-pound London-listed investment company with the simple aim of delivering consistent positive returns regardless of how financial markets perform with the ambition to protect and increase the real value of its investor's capital.
A simple but challenging mandate.
To achieve this distinctive objective, Duncan has a highly differentiated strategy and has constructed a portfolio that looks nothing like most portfolios.
Since launch in the early 2000s, Ruffer has a good long term track record.
However, over the last couple of years, performance has slipped as risk assets, particularly equities, have outperformed Duncanâs expectations.
But Rufferâs performance has a tendency, as Duncan says, to perform like ketchup coming out of a glass bottle.
The events of early August, as the yen carry trade sent markets in a spin, offered a brief glimpse of the better times that might lie ahead for this fund.
Duncan offers a master class in different, often esoteric, markets and how he has used instruments such as gold, FX, credit spreads, derivatives, inflation-linked bonds and even bitcoin to find uncorrelated returns and asymmetric and reflexive risk profiles.
Duncan is positive on the outlook for gold, the yen, and commodities. However, he thinks investors are over their skis regarding US equities, specifically the Mag Seven.
He is more positive about UK equities and describes why the consensual view that Chinese equities are uninvestable draws him to them.
As he says, we are all invested in China already, but at several times the value of most Chinese stocks.
As always, nothing you hear in this podcast is investment advice, and all the views expressed by the contributors are in a personal capacity only and do not represent the views of Progressive Equity or any other organization mentioned in this podcast.
Please enjoy my conversation with the maverick, Duncan MacInnes.
Made possible by Progressive Equity.
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Coming soon, Duncan MacInnes presents a tour de force of the major financial asset classes and how to manage risk in today's crazy markets.
He covers why he is so bullish on gold, gold miners, the yen and UK equities, and long Chinese equities, the ugliest in his portfolio of ugly ducklings.
He also riffs on the yen carry trade, Bitcoin, premium drinks, and how we might know we are nearer the top than the bottom of the current equity market cycle.
Made possible by Progressive Equity Research.
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In todayâs episode, I am joined by Mark Wharrier, an experienced professional investor who previously worked with companies such as Mercury and Black Rock and is now focused on investing in public and private companies.
We have a fascinating conversation with Ami Daniel, the co-founder and CEO of AIM-listed Windward.
Windward is a 14-year-old company that provides B2B data and software solutions. It helps governments and businesses track, manage, comply with, and protect maritime assets worldwide. Its solutions provide awareness and insights into what Ami calls the problem of big oceans and small ships.
Windward was listed on AIM in 2021 and is currently valued at ÂŁ120m.
Ami is a high-energy entrepreneur. Having survived a near-death experience while serving in the Israeli Navy in 2006, he has established Windward as a high-growth, recurring revenue company with a large addressable market. Ami is one of lifeâs optimists and a joy to chat with.
In this episode, he discusses the challenges of running an unprofitable growth company, how being told "NO" is only temporary, the importance of building resilience, and why listing in London has been such a positive move for him and the business.
It was great having Markâs experienced approach to guide Ami through the key pillars of Windwardâs investment case and paint a picture of what Windward could become as it approaches profitability and reinvests in its rapidly growing platform.
I must remind you that this is for information purposes only. None of what you hear in this episode is investment or any other type of advice, and the views expressed are purely those of the contributors and not the views of Progressive Equity or any other organisation mentioned in this podcast.
Please enjoy our conversation with the maverick, Ami Daniel.Made possible by Progressive Equity.
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Coming soon on your favourite podcast app is a fascinating chat with Ami Daniel, co-founder and CEO of Windward. Ami is a high-energy entrepreneur driving the fastest annual recurring revenue business in the London market, and he was a joy to talk with. Windward has an impressive customer list and is building a suite of AI-powered products to drive Ami's ambition for Winward to become a multiple hundred-million-dollar revenue "rule of 40 company."
Please subscribe so that you don't miss this and further episodes.
Made possible by Progressive Equity.
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In todayâs episode, I am joined by Tim Price of Price Value Partners, a private wealth manager in London since the late 1990s.
Originally an English literature graduate, Tim started work as a bond salesman for a Japanese bank.
However, he switched to private client wealth management, where he was to develop his well-reasoned but highly differentiated approach to managing money.
Tim has developed this approach based on extensive reading in economics, history, finance, and investing.
In this episode, he shares the main influences, which range from the Swiss Italian Renaissance mathematician Daniel Bernoulli to the Austrian economist Ludwig von Mises and the Roman Emperor Diocletian.
His strategy has three main themes focusing on âŠ. value equities, systematic trend following and real assets.
He has no time for the traditional 60/40 equity/bond portfolio.
Due to the unsustainable level of sovereign debt and the sluggish outlook for economic growth, he describes bond investors as dancing around a live volcano.
I have been reading Timâs newsletters for a while and highly recommend subscribing.
Made possible by Progressive Equity Research.
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