Money Maze Podcast
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© The Money Maze Podcast 2025
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The world of finance has a huge impact on all of us. This show aims to explore and unravel some of the mysteries surrounding the investing business, via interviews with masters of the real life money maze.
Expect tips for mastering capital allocation, making better business decisions, strategies for taking your career to the next level, and revelatory profiles of leading industry figures.
Whether you're a current or aspiring investment professional, a regular investor, or a student exploring career options, we hope you gain some helpful insights and enjoy the shows. Thank you for listening!
Visit our website to learn more & access further content: moneymazepodcast.com
Expect tips for mastering capital allocation, making better business decisions, strategies for taking your career to the next level, and revelatory profiles of leading industry figures.
Whether you're a current or aspiring investment professional, a regular investor, or a student exploring career options, we hope you gain some helpful insights and enjoy the shows. Thank you for listening!
Visit our website to learn more & access further content: moneymazepodcast.com
216 Episodes
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When someone speaks with a deep of understanding of the banking and finance systems, is widely respected, and then expresses a strong but debatable view, about a developing asset class, we think it’s important to hear that voice and to challenge and distil its key messages.
So in this episode we welcome back a former guest who appeared on the MMP in March 2023 during the banking storm, during with Silicon Valley Bank and then Credit Suisse. His conclusion was unequivocally that this was no repeat of the 2008 GFC, as has been proven.
In addressing his recent report from Oliver Wyman, titled “private credit is reshaping wealth portfolios”, we wanted to challenge him on several issues, including; Is it that innocuous? Is this a trend which will serve big private asset firms at the expense of individuals? How about bad times and souring loans? Does the loss of liquidity matter? Are we swapping risks from the regulated banking sector to the unregulated world of the giant private market firms?
And so Huw and I face off in a discussion on the risks and opportunities that are the hallmarks of this fast-growing slice of the investing world.
The Money Maze Podcast is kindly sponsored by Schroders, IFM Investors, World Gold Council and LSEG.
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Enjoy a variety of career tips & life lessons from finance leaders in this compilation special.
This episode brings together some of the most insightful lessons and perspectives we’ve gleaned from past guests, covering everything from life wisdom to industry-specific strategies.
You’ll hear from an extraordinary lineup, including Peter Frankopan, Ron Biscardi, Luba Nikulina, and James Anderson.
But that’s not all—we’ve also included insights from Michael Manning, Stephen Roberts, Marcie Frost, Mark Boggett, and Chrsitina McGuire. We hope you find this useful!
The Money Maze Podcast is kindly sponsored by Schroders, IFM Investors, World Gold Council and LSEG.
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Has the demise of London's leading financial services been "greatly exaggerated", and does the underlying evidence tell a very different story?
In this interview, held at Mansion House in the historic City of London financial district, the Right Honourable Alastair King (696th Lord Mayor of the City of London) explains his view that the UK enjoys an unrivalled position, untouched by other European capitals.
He explains London and the wider UK “moat”, and why it exhibits persistency and resilience. Perhaps the most unexpected statistic is the significant growth in employment numbers in the City since Brexit.
He discusses the importance of the Mansion House Reforms and the £75bn of investment by 2030, headed into private assets. He discusses why we must recognise that we need to take more risk, judiciously but emphatically (and this is directed at both public and private markets).
Lord Alastair then touches on the lessons we can learn from Canada and Australia and his current priorities. Finally, he explains why we need to get on planes/trains in order to trumpet the UK and drive new business opportunities.
The Money Maze Podcast is kindly sponsored by Schroders, IFM Investors, World Gold Council and LSEG.
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Economist John Stuart Mill observed that “landlords grow rich in their sleep". Yet, as evidenced by the failure over the years of many real estate businesses, success is also highly dependent on entry price, debt levels and execution.
Brookfield, based in Toronto, has developed over 120 years into one of the world’s largest alternative investment management companies, with over $1 trillion of assets under management.
It is also one of the world’s largest real estate operators, and in this conversation, Brian starts by tackling the questions of “how you buy well” and “what goes wrong”?
He then discusses the most significant geographical opportunities, from hospitality in Spain to student accommodation in the UK.
He elaborates on the themes that unify the world of real estate, the blurring of lines between real estate and infrastructure and the “chronic shortage of housing” that is common to the US, Australia, the UK and Korea.
The Money Maze Podcast is kindly sponsored by Schroders, IFM Investors, World Gold Council and LSEG.
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Peter Frankopan is a Professor of Global History at Oxford, and author of The Silk Roads.
His work has been both profound and enduring, with the book being translated into more than 45 languages and selling nearly 3 million copies worldwide. The updated version has just been published.
In this conversation, Peter reflects on the potent forces at work both within and outside of Asia.
He assesses the changing world order and discusses if the complexity of interplays which may appear uncomfortable to us, are actually less violent and dramatic when viewed through a historic lens.
From China to Iran, India to the Baltics, this globe-trotting conversation discusses, hot-spots, malevolent actors, animosities, frictions and fallacies.
They also shine a light on his favourite cocktail and top sporting event!
The Money Maze Podcast is kindly sponsored by Schroders, IFM Investors, World Gold Council and LSEG.
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If you are an asset allocator, what is the most effective way to widen your lens on identifying potential investment managers? And if you are an investment manager, how can you be more effective in meeting some of those key allocators who might transform your business?
In April 2020, Ron Biscardi launched iConnections, whose platform allows managers to share fund information with allocators.
Ron started iConnections as a small virtual events platform during COVID-19, with 'no money, no employees, no software and no clients'. In just five years, it's grown into the world's largest cap intro platform (facilitating 35,000+ meetings, so far!).
Ron explains how his background in engineering and then capital introduction led him to found the business.
He explains why they built the technology, rather than buying it, and discusses the enduring attraction of conferences. Plus he also covers why data is the great enabler to help attendees maximise their productivity.
Finally, he discusses why conferences such as iConnections Global Alts (Miami) is so successful, and how gathering intelligence, meeting your peers and building your brand can follow.
The Money Maze Podcast is kindly sponsored by Schroders, IFM Investors, World Gold Council and LSEG.
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Today we welcome one of the Middle East’s most successful angel investors and venture capitalists, listed in 'FORBES 100 Most Powerful Business Women 2025'.
Noor Sweid explains her journey, from early career in management consultancy and relocating to Dubai, followed by growing and listing a business on the London Stock Exchange and NASDAQ Dubai in 2008 (Depa), through to establishing her VC business, Global Ventures, in 2018.
She sets the scene for the investing dynamics of MENA (Middle East North Africa), where the domestic market comprises 450 million people, half of whom are below 30 years old.
Noor explains both the geographic and industry opportunities, why she established Global Ventures, and the priorities in their investment process.
From fintech, agritech, consumer goods and solving the most pressing medical challenges, she details their approach, selection criteria, and the characteristics they look for.
She explains how they prioritise, how much they become involved in their investee companies, what they look for in “winning entrepreneurs” and why they believe their success rate can be higher than typical industry norms.
Subscribe to stay up to date with our range of fascinating interviews, featuring some of the biggest names in global finance and business!
The Money Maze Podcast is kindly sponsored by Schroders, IFM Investors, World Gold Council and LSEG.
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From the 1950s onwards, the foundations of investment consulting were laid, as pension funds and institutional investors sought professional guidance on asset allocation and portfolio management.
This was enhanced in the 1960s & 70s by the introduction of Modern Portfolio Theory by Harry Markowitz and the Capital Asset Pricing Model (CAPM) by William Sharpe.
Today, the investment consulting industry has become a vast cog in the investing machinery, increasingly extending its reach from institutional through to individual investors.
In this interview, Michael Manning, CEO of NEPC, with nearly $2 trillion under advice, sits at the epicenter of these developments.
We learn how the world of consulting has developed, the reasons behind its growth, how it has adapted, and its move into the individual market.
Michael then discusses the investment terrain. Is the US peaking relatively, and what might that mean? How to assess passive versus active? Is private equity due to disappoint? And how to assess the risk/returns of private debt, infrastructure and real estate.
The Money Maze Podcast is kindly sponsored by Schroders, IFM Investors, World Gold Council and LSEG.
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Through direct, entertaining & insightful interviews with masters of the real life money maze, we hope to learn about different approaches to allocating capital, making business decisions and navigating the pitfalls that line the paths to prosperity.
Each episode, with invite leading figures from the investment management and finance sector onto the show, who share their investment insights and career tips with our community. We're driven by a commitment to opening up the industry, which can often be shrouded in the fog of jargon and apparent complexity.
To provide listeners with a wider perspective, we also occasionally feature guests from the arts or wider business world.
The interviews is available completely free on all major podcast apps, on YouTube and via www.moneymazepodcast.com
If you have any questions or guest ideas, feel free to email us at info@moneymazepodcast.com.
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The Money Maze Podcast is kindly sponsored by Schroders, World Gold Council, IFM Investors and LSEG.
1 Chris Wood, former guest and highly respected global strategist, recently made a bold prediction, namely that the US stock market has reached its all-time relative peak, similar to Japan in 1989.
His recent commentaries include one describing Trump’s “Liberation Day” as “Impoverishment Day” and that Trump is the “Bull in the China Shop”.
In this conversation, Chris gives his take on whether US equities are peaking, or just pausing.
Alongside sharing some thoughts on US equities, Chris also analyses the dollar, the bitcoin/gold dilemma, EM fixed income, private equity, and private debt.
The Money Maze Podcast is kindly sponsored by Schroders, IFM Investors, World Gold Council and LSEG.
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Economic theory suggests that when competition decreases, remaining firms may have more market power, which can lead to increased opportunities to expand, innovate, or capture a larger market share.
Does that analogy apply to the world of shorting? And even if you are considered one of the best in the business, can you stay afloat with a rising tide of bullishness and asset inflation?
To discuss what’s changed and where might the opportunities lie, we welcome back Carson Block, who first appeared in September 2021. He discusses sourcing ideas and the warning signs and characteristics of companies they typically like to short along with examples of companies that meet their criteria.
He discusses if AI can assist in screening for pattern recognition in potential candidates. He then reflects on the resilience needed to survive bull markets and hostile adversaries, and just as short-sellers leave the field, what may lie ahead! Recorded January 2025.
The Money Maze Podcast is kindly sponsored by Schroders, IFM Investors, World Gold Council and LSEG.
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Some of our conversations are deliberately different, and the man I interview here has cost me a lot of money! I also consider him a friend and somebody whose perspective I have valued.
It could be said that Neil Woodford, CBE, has had a career of two halves, the first of which encompassed extraordinary investment success at Invesco Perpetual and then at Woodford Investment Management (2014-2019).
At its peak, Woodford’s business managed £15bn and was backed by Hargreaves Lansdowne and St. James’s Place. Its clients included Kent County Council’s pension fund, a range of wealth management firms and 300,000+ retail investors.
Yet in 2019 the fund was suspended and then liquidated, following a shift in asset allocation from blue-chip public equities to illiquid, unlisted companies (he denies this was the cause of the collapse in this discussion). In the run up to the collapse, he experienced approximately £7bn of outflows.
Using an investment lens, here we try to examine and understand what went right, what went wrong and now what may lie ahead.
Neil remains under investigation by the UK Financial Conduct Authority at the time of this interview (March 2025).
The Money Maze Podcast is kindly sponsored by Schroders, World Gold Council, LSEG and IFM Investors.
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In the world of mythology, Apollo is one the most revered and significant of all the ancient Greek and Roman Gods.
It was also the name given to an asset management business created in 1990 and today with assets of over $750 billion*, it’s a leading provider of alternative asset management and retirement solutions.
In this conversation we understand Apollo’s growth, reach and specialisations. More importantly we discuss the convergence of the public and private asset management industries, where the accelerating marriage of alternatives and traditional assets appears irreversible. From institutional portfolios, now expanding into individual allocations, the trend appears early in its evolution.
Scott Kleinman, Co-President of Apollo Asset Management, reviews the liquidity aspects implied by this phenomenon. He discusses the role of banks, where regulation has allowed the growth of non-bank enterprises like Apollo to blossom, and the trade-offs, risk, reward and liquidity, investors will make.
He also describes opportunities and challenges, outside of the US where capital is less abundant, and securitisation malfunctioning. Finally, Scott offers some great advice to youth that “you can’t escape hard work” and “you should never stop asking why?!”
The Money Maze Podcast is kindly sponsored by Schroders, IFM Investors, World Gold Council and LSEG.
Sign up to our Newsletter | Follow us on LinkedIn | Watch on YouTube | As of 31st December 2024
When Warren Buffet singles you out for praise, it might be fair to say you have summited the investment equivalent of K2, Annapurna and Kangchenjunga, the most challenging of mountain peaks!
In a capricious investing world, where success is often transient, reputations easily tarnished and hubris punished, to have not only stayed the course for 55 years, but thrived, built Oaktree Capital into one of the largest investors in distressed securities worldwide and cemented a vast loyal following is extraordinary.
His investment memos written over the years are world class: engaging, lucid and approachable.
In this 1 hour conversation, Howard Marks shares some of his most important investing lessons. It’s a conversation everyone interested in investing should hear.
Howard explains, why it’s not what you buy, it’s what you pay that counts, why you need to be contrarian to succeed in investing, why over confidence is the enemy of performance, and - given the inevitable nature of cycles - why he subscribes to Voltaire’s comment that “history never repeats itself, but man always does”.
And that is before he discusses the role of luck, the future of the US, the “illusion of knowledge”, and much more with one of the investment greats!
The Money Maze Podcast is kindly sponsored by Schroders, World Gold Council, LSEG and IFM Investors.
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In this episode we’ve been very fortunate to find someone who ranks amongst the most qualified anywhere in the world to discuss this topic.
He was the former CFO of Billiton, then as CEO, built Xstrata into one of the world’s largest diversified mining companies, helping grow their market value from US$500m to US$60bn, at one point employing over 90,000 people.
In this conversation we examine the most important supply and demand mismatches of critical materials. We assess the energy transition, discuss where the opportunities and challenges lie, what Vision Blue Resources is seeking to build, and how investors are positioned.
We expand the conversation to discuss valuation opportunities in the wider commodity space, geopolitical hotspots and their implications for commodity prices.
Mick also talks about effective management, building optionality into your business and why investors misunderstand how mining companies frequently demonstrate much better governance and responsibility than standard thinking suggests.
The Money Maze Podcast is kindly sponsored by Schroders, IFM Investors, World Gold Council and LSEG.
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Star Trek’s opening lines were potent: "Space: The final frontier. These are the voyages of the Starship Enterprise. Its mission? To boldly go where no man has gone before!”
Whether Star Trek or Star Wars, such films offered tantalising glimpses of another world. But it’s actually here now! The WEF & McKinsey predict that the space sector will reach a value of $1.8tn by 2035. That’s only 1 decade ahead!
Mark is CEO of the world’s first listed space tech fund, Seraphim Space, and he discusses this final frontier. He explains what is going on in the world of space and where there is money to be made.
Mark first discusses why Elon Musk has transformed the industry by lowering the price point of launch in such a gargantuan way and why the worlds of public and private are scrambling for a piece of the action.
He describes their investment process, how targets are identified, weighed, and capital allocated. He explains why data, digital infrastructure, communications, health and space debris are priorities, with their emphasis on profitable, shorter term opportunities.
He discusses why the militaries are disproportionately investing, where he thinks money will be made, and why the Seraphim Investment Trust’s discount is a source of continued frustration.
The Money Maze Podcast is kindly sponsored by Schroders, World Gold Council, LSEG and IFM Investors.
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In today’s episode we have the chance to talk to one of the most successful investors of his generation, James Anderson, Former Partner at Baillie Gifford.
I'm joined by Mark Wallace, MD of Rothschild & Co, who brings his expertise on US tech equities to this discussion.
From 1987 until 2022 he led their flagship fund, the Scottish Mortgage Investment Trust. His early investments in Google through to Tesla paid handsome returns to investors, and have made him both highly respected and widely admired.
Now he is at Lingotto, the independent investment management company wholly owned by Exor N.V..
James discusses how his approach to evaluating companies has evolved and what he means by “the normal ways of looking at companies is no longer valid”. He discusses companies’ life cycles and why such a small percentage of listed companies actually deliver the big returns.
He then reflects on the importance of the academic community in sourcing, as well as validating investment ideas before moving on to the vision exhibited by founders and vested principals in newer businesses, from Amazon to Tesla.
He describes his investing priorities thematically, including risks, mistakes, accessing long-term capital and why Europe seems to lack ambition in both seizing and scaling the opportunities.
Finally, he reflects on the public versus private debate, asking and answering the question as to which of those two may be the better sources of return.
The Money Maze Podcast is kindly sponsored by Schroders, IFM Investors, World Gold Council and LSEG.
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Enjoy a variety of career tips & life lessons from finance leaders in this New Year compilation special.
This episode brings together some of the most insightful lessons and perspectives we’ve gleaned from past guests, covering everything from life wisdom to industry-specific strategies.
You’ll hear from an extraordinary lineup, including Sir Chris Hohn, Nicolai Tangen, Mathieu Chabran, David Neal, Ray Dalio, Baroness Dambisa Moyo, and Suyi Kim.
But that’s not all—we’ve also included insights from David Schwimmer, Ian Charles, Mark Delaney, Colm Kelleher, Marcie Frost, Anthony Scaramucci, Scott Guthrie, Emmanuel Roman, and Sir Tony Blair. We hope you find this useful!
The Money Maze Podcast is kindly sponsored by Schroders, World Gold Council, IFM Investors and LSEG.
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Today is the first time we welcome back a guest who has changed firms between interviews. We recorded Luba Nikulina, on Thanksgiving day, 2022, and our guest was then Head Global of Research at WTW, an organisation advising on over $3 trillion of assets.
Today Luba is the Chief Strategy Officer at IFM Investors, a leading asset manager in infrastructure with a significant presence in other asset management capabilities.
Luba explains the switch, and unpacks the investment thesis behind the increasing inclusion of infrastructure in institutional portfolios.
She reflects on its position within the growing private assets sleeve of allocators, and why Australia and Canada have adopted significantly larger allocations of 10-20%, but why many other major countries are now building theirs.
She assesses infrastructure’s risks, rewards and liquidity characteristics. She explains the barriers to competition, the projects involved, including bridges, toll roads, data centres and new energy assets. In short she would say it’s the “buoyant, brilliant ballast in the investment boat”.
The Money Maze Podcast is kindly sponsored by Schroders, World Gold Council and LSEG.
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In this episode, Simon shares an update on the show, reflecting on notable interviews and summarising the wide range of initiatives under development beyond the Money Maze Podcast itself.
Although we have said this for each of the 5 years since we started, this year has been incredibly exciting, surpassing both out expectations, and 2+ million global downloads, officially releasing over 200 episodes since starting the podcast in 2020.
In the last few months, we’ve been lucky enough to feature Scott Bessent, Trump’s appointed Secretary of State, Cliff Asness of AQR, Colm Kelleher of UBS, David Schwimmer of LSEG, Mark Delaney of Australian Super, Suyi Kim of CPP Investments, Marcie Frost of CalPERS, Baroness Dambisa Moyo and many more.
We’ve also had the privilege of hosting some of the most significant figures within geopolitics, such as former UK Prime Minister, Sir Tony Blair, and General Patrick Sanders, just retired head of the British army. Browse our channel to listen!
Plus, check out our other initiatives: Money Maze Learn, Money Maze Multilingual, Money Maze Curated Podcasts, and our YouTube channel for full video interviews. We also offer a select number of internships, mostly over the summer.
Otherwise, we wish our listeners and viewers an enjoyable festive break!
The Money Maze Podcast is kindly sponsored by Schroders, IFM Investors, World Gold Council and LSEG.
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Way too cosy an interview; if you can't ask more insightful questions it just turns into an interview of your friends. Great for you but not very insightful for us!