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cover art for Guy Spier: Our brains didn’t evolve for a modern economy

Thursday, June 23, 2022

Guy Spier: Our brains didn’t evolve for a modern economy

To be a successful stock picker over a long period of time, not only do you have to be a scrupulous researcher, you also have to guard against powerful human emotions.

In this podcast, famed value investor Guy Spier talks through how his investment process has developed over the past two and half decades and why he’s feeling more optimistic in the current market rout than he has in previous crises.

In conversation with the IC’s Mary McDougall, he talks through his investment thesis in some key holdings, explains why he bought and sold Twitter and questions whether fear and concern over China has sparked more critical stories about the investment case, or if it reflects a genuine underlying reality.

They discuss the benefits that can be gleaned from studying your heroes, the challenges and opportunities presented by feelings of envy and the extent to which fund management is an attractive way to live a life.

Guy has managed Aquamarine Fund since 1997, achieving annualised returns of 9.5 per cent since its launch, compared with 8.1 per cent for the S&P 500 Index and 3.6 per cent for the FTSE 100 Index.

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Friday, May 19, 2023

The Companies and Markets show: British Land, luxury shares and outer space

In the latest episode of the Companies and Markets show, our team delve into the British Land results. What do they tell us and is there a valuation risk here? It’s then on to this week’s cover feature, on the ‘space economy’. The team discuss investment opportunities for UK investors wanting to get a piece of the action.LVMH’s decision to not split its shares has our economics expert questioning whether investments in a luxury company can be a status symbol. And what impact do stock splits have?Finally, the interim results of easyJet. Does the future look sunny for the budget airline?Dan Jones is joined by Mark Robinson, Julian Hofmann, Hermione Taylor and Michael Fahy.

Friday, May 12, 2023

The Companies and Markets show: Banks, the American dream and Wetherspoons

The episode begins with an examination of the recent fall in Virgin Money’s profits. What drove it and what lies ahead for the bank?The team then go on to this week’s cover story on British stocks moving listings to the US. How big of a trend is it? And are companies right to see the US as the magical solution to boost their valuations?Finally, a trading update from JD Wetherspoons. Positive news from the pub company who had their busiest Saturday ever at the start of May. But what about cost of living pressures? Can consumers be relied upon to keep buying drinks though prices are rising?Dan Jones is joined by Julian Hofmann, Jemma Slingo and Mark Robinson.

Friday, May 5, 2023

The Companies and Markets show: Manufacturers, AGMs and the energy transition

In this week’s Companies and Markets show, the panel discuss specialist manufacturer Morgan Advanced Materials' results and digs into what drove revenues in 2022. The team then talk annual general meetings and unpick the obstacles that have arisen since conferences began to move online. Lastly is our latest cover story on the energy transition, discussing UK stock picks and giving listeners an insight into threats facing renewables investment trusts.Dan Jones is joined by Mark Robinson, Val Cipriani and Jennifer Johnson.