Money Makers

The election of Donald Trump as American President took much of the world by surprise. By chance John Kay, the author and business economist, well known for his columns in the Financial Times, happened to be in New York when the result was announced. In the latest Money Makers podcast I asked him for his initial reactions to the outcome.

Value investing has had a bad run, one of its worst in market history. Is that finally about to change? There are signs that a patient, long-term investing style based on finding cheap securities is finally starting to make a comeback. In the latest Money Makers podcast, Joe Bauernfreund, manager of the British Empire Trust, an investment trust closely associated with a value approach, explains why he thinks the recent revival has legs – and where he is currently finding the best bargains for his global equity portfolio.

In this podcast, we turn our attention to gold, that most emotive of investment topics, derided by some as a “barbarous relic” and feted by others as a vital defence against inflation and the debasement of currency. Jonathan Davis is joined to discuss this always fascinating subject by the fund manager Charlie Morris, who in his day job, after 15 years at HSBC, now runs multi-asset portfolios for Newscape Capital and finds time to produce a regular free monthly commentary on gold called Atlas Pulse. After a wild ride that has seen gold rise from $400 an ounce in 2000 to a peak of $1,900 in 2012, it is now back trading in the $1,250 to $1,300 range. Is that good or bad value? How much gold should investors have in their portfolios? What is the best way to invest in it? Where is the price headed next? These are all questions that we discuss in this podcast. But we start with a more fundamental question. What is gold and how should investors set about thinking about it?

In this latest Money Makers podcast Jonathan Davis talks with Peter Spiller, who enjoys the distinction of being perhaps the longest continuously serving fund manager in the London investment trust sector. He has been managing the Capital Gearing Trust since 1982, over which time the trust has generated a compound annual return of 15% per annum, more than 4% better than the FTSE All-Share index over the same time frame. Put that another way, £1,000 invested at the outset would be worth £17,000 today.

In this second of a two-part Money Makers podcast, Jonathan Davis continues his conversation with Tim Price, fund manager and market commentator and author of 'Investing Through the Looking Glass'. The topic under discussion is how best to invest your money in the unprecedented zero interest rate world in which we live – when bank deposits and government bonds, once the risk-free assets on which millions relied for income, yield next to nothing and central banks around the world are busy creating money left, right and centre in a desperate and so far not very successful attempt to breathe life back into their stuttering economies.

In the latest Money Makers podcast, Jonathan Davis talks to Tim Price, the fund manager and market commentator, well known for his contributions to MoneyWeek and The Spectator. The podcast breaks down into two parts. In this first part Tim, a private client investment manager for the past 20 years, puts forward his arguments for believing that the world is facing “the mother and father of financial accidents waiting to happen”, a theme he has expounded at length in a new book 'Investing Through The Looking Glass'.

Dr Peter Warburton is one of the UK’s leading independent economists and author of an insightful and prescient book Debt and Delusion, first published in 1999, which argued that policymakers and investors alike were becoming complacent about the systematic buildup of debt across the global economy - a deepening problem that finally erupted with devastating consequences in the global financial crisis of 2008. Now eight years on from that crisis, he has revised and updated his research and in an exclusive interview discusses his latest findings.

Lee Gardhouse is Chief Investment Officer at Hargreaves Lansdown as well as running a number of multi-manager funds at the firm. In this audio interview he talks with Jonathan Davis about the bright side of Brexit for equities, as well as how best to defend your portfolio from volatility in its wake and his take on recent property fund suspensions.

All this week Money Makers has been discussing Brexit – what it might mean for investors and for the economy in the UK and overseas. In this podcast, Jonathan Davis talks to Ken Fisher, the West Coast money manager who also has a very successful wealth management firm in the UK and is a widely read columnist in Forbes and the FT. Fisher explains why Brexit will have less of an impact than people think, what everyone has overlooked about Donald Trump’s challenge for the US presidency in the meantime, and why the biggest threat to one of the longest but least enthusiastic bull markets in history doesn’t reside in any of the major cities on earth – but in the rural hinterlands, where all is not calm...

Leading economist and writer John Kay talks with Jonathan Davis about what underlying factors might have really driven the Brexit vote from an economic point of view – and what the most realistic outcomes are likely to be when the dust settles, as well as how things might affect investors, governments and the European project itself.

On this episode of Talking Money, Jonathan Davis speaks with the founder of a widely talked about new firm that thinks it might just have cracked the future of wealth management: Netwealth Investments.

In this edition of Talking Money, fund manager James Henderson explains why – despite others’ doubts – he doesn’t think we’re near the end of the bull market, and how talking to companies has revealed a robustness in firms that isn’t being reflected in valuations. As a patient long-term investor, Henderson argues there are attractive opportunities out there if you know where to look: he reveals how he has been finding them, including two examples of where he has recently started to build a position.

Mark Slater is one of the UK’s leading growth stock investors, whose methods are based on the rigorous criteria laid down by his father Jim Slater in the Zulu Principle and other books. In this episode of Talking Money, recorded at the recent London Investor conference, Jonathan Davis asks him what opportunities he is currently finding in the equity market.

Talking Money: Still a raging bull of Japan – An interview with hedge fund manager Hugh Sloane by Jonathan Davis

Jonathan Davis talks to Elory Dimson of the Judge Business School at Cambridge University about interest rate cuts and rises and how they affect share prices.