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Adam Walkom is a former investment bank trader and management consultant who is now a founding partner of Permanent Wealth Partners and author of Plan for Happy - A step-by-step guide to growing your wealth.
Building wealth and investing are both much more of an art form than a science and have much more to do with human and behavioural psychology than economics.
Join Adam as he goes on a journey interviewing fascinating guests who share their deeply-held insights and experiences from years of building wealth and investing professionally.
37 Episodes
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Today’s guest is Duncan MacInnes from Ruffer. Duncan is manager of the Ruffer Diversified Return Fund.Duncan and I discuss the following:What it is like to manage Cautious funds in the present market conditions.How Ruffer made profits in all of the recent crises - the Dot.com bust, GFC in 2008 and Covid crash in March 2020.How standard retail advice and risk profiling is pushing clients towards the “killing pen of fixed income”.And finally Ruffer’s famous (or infamous) Bitcoin trade and what they/he thinks of crypto.I hope you enjoy my conversation with Duncan MacInnes from RufferLink: Permanent Wealth PartnersLink: Ruffer
Today’s guest is Miles Dean, head of international tax and Partner at Andersen LLP, to talk all things non-dom. With the recent headlines around Rishi Sunak and his wife Akshata Murthy and their tax affairs I wanted to talk to an expert to try and understand the true situation.Miles & I discussed the following:The specific rules around being non-domiciled and how it applies to foreigners coming to the UK.Why these rules exist in the first place.The tax rules in India that means Ms Murthy’s Indian income must already have had tax paid on it.Whether it is harder to easier to avoid tax today than 20 years ago.And make sure you listen to the end where Miles shares some key points around tax for anyone considering moving either to or from the UK.I hope you enjoy my conversation with Miles Deanhttps://www.permanentwealth.co.uk/https://uk.andersen.com/team/miles-dean/
Today’s discussion is with Izabella Kaminska, journalist at the FT for many years, but has now moved out into her own independent publication called The Blind Spot (www.the-blindspot.com)Izabella and I discuss a number of topics based a lot around the current state of the media.There are a number of key learnings and reminders for me from this conversation. Namely:“Truth is the first casualty of war” has never been more true than today in regards to Russia/Ukraine;When we look through this lens, we also see that the response to the Covid pandemic was exactly the same, i.e. just like a war;As much as we try to deny it, Twitter hysteria has shown it impacts both Government policy AND public mood;And make sure to listen to the end where Izabella describesThe major geopolitical implications we are facing over the next 20 years.I hope you enjoy this enlightening conversation with Izabella Kaminska.
In this episode, Adrian Johnson and I discuss recent market movements connected with the Ukrainian crisis, and try to put them in some sort of contextWe discussed:How we are thinking about this sell-off versus previous market events;The way clients can think about risk at these times and the role of time (and timing);How our clients actually have in-built protection for these events due to the structure of their financial plans and portfolios; andFinally, what options we recommend, whether you are working or retired.
I’m thrilled today to be joined by Hugh Karp, founder of Nexus Mutual, which is an crypto-based insurance platform.Nexus Mutual has been mentioned in conversations with Raoul Pal and in the Pantera fund newsletter so is achieving a huge amount in the short-time its been around.Hugh and I discuss all things crypto in this conversation where there is so much going on:We discuss:A way to think about the value of crypto assetsAn explanation on a number of different coins and how they work/what they do.The future of NFTs and use cases around themWhat web3 is and the impact on how we use our data And make sure you listen to the end where Hugh describes how crypto can massively disrupt traditional finance. I hope you enjoy my conversation with Hugh Karp
Today’s episode has a very special guest in Advertising and Behavioural Psychology guru, Rory Sutherland.Join Rory and I on this whirlwind discussion around the psychological biases impacting how we all think about money and investing.For those that know Rory Sutherland, he was in true rambunctious form.In this fascinating conversation, Rory unpacksWhat are the distortions in the current financial system that make it much harder for young people;The biggest issue the pension system gets wrongHow we’re braver in risk when we feel there is safety in numbersThe 3 key purchases which we all should make as we get olderAnd be sure to listen to the end where we discuss how the traditional definition of retirement has been thrown on its head by flexible working habits.
Today’s special guest is McKinsey consultant turned entrepreneur Jeremy King.Jeremy King is the founder of Attest, a fast-growing market research SaaS platform.Attest just recently raised another $60m in a Series B funding to continue on their stellar growth and have many of the largest companies in their world as clients.Jeremy and I talk about a number of things around:What even the best marketers get wrong – in terms of not looking outside of their building…The greatest way to increase the value of your business.The most succinct and complete how-to guide to start a business, get customers and funding description I have ever heard.The importance of looking at what goes wrong in your organisation and using those to learn.And be sure to listen to the end where Jeremy describes the biggest improvement to their working style that they discovered during lockdown.I hope you enjoy my discussion with Jeremy King from Attest.
Adrian Johnson – Partner at Permanent Wealth Partners.Please join Adrian & myself for a discussion on the most misunderstood word in finance today – Risk.We dig deep into risk and try to unpick why it matters and the most common misconceptions around it.Risk has a lot of pre-conceptions and actually is difficult for most people to think about. We want to try and remove the difficulty around the conversation.We discuss:The dangers of the default strategy for most financial firms where a simple questionnaire determines your investment strategyThe 3 specific tools we use when thinking about investment riskThe debilitating downside version of risk and how you can easily protect yourself from it.Some simple mitigation techniques that can add significant value to your lifetime wealthI hope you enjoy this discussion.
Geoff Bamber – CEO of Digme Fitness.I was thrilled to talk to Geoff as his career covers 3 of the main passions of my life – finance, entrepreneurship and fitness.In a former life, Geoff managed a long-short hedge fund then for reasons he explains in this episode, decided to pivot in his career to start a chain of spinning and fitness studios.In this fascinating conversation, Geoff and I discuss:What its really like to manage money professionally and all the non-performance pressures you faceWhat eventually pushed him away from finance and towards the fitness industryWhat is was like to manage a business that had to close its doors during lockdownHow having an overarching vision for your business can allow you to take the non-obvious pathAnd make sure you listen to the end where Geoff reveals how they really choose those songs for a spinning class! I’ll give you a clue – its not random.
In this wide-ranging and sometimes scary discussion, Suzanne highlights how important planning and preparation are for your legal affairs.We discuss, apart from other things, the inevitables of life – death & taxes. Also:The common misconception that everything just goes to your spouse on your deathThe enormous benefits of putting in place LPAsHow bad things can potentially get with no preparation.What are the 2 simplest actions you can take to prevent disaster
Today, I’m joined by Ronnie Mortimer, family lawyer at Fladgate LLPThis discussion is a little bit different from the others as this concentrates on the discussion around risk and protecting yourself legally in the event of a divorce or re-marriage.If you already have assets in place and are considering marrying (or re-marrying) then this is a must listen.In this episode, Ronnie & I discuss- What are the key ways you can plan to avoid ending up in court.- The average age of divorce for men and women (this surprised me).- The key legal difference between people who just live together and married couples.- What the courts look for in the event of divorce and how to protect yourself from it.And make sure to listen to the end where Ronnie discusses the common pitfalls of owning property that grown-up children live in – and how not to lose the property!I hope you enjoy my discussion with Ronnie Mortimer.
Today’s episode is with Steve Davies – performance coach and former fund manager of the Jupiter UK Growth fund.Steve’s story is fascinating. In this deeply personal interview Steve goes through his the ups and downs of his career as a fund manager – warts and all – and discusses where things worked for him and where they didn’t.Steve is very honest in terms of the personal impact the markets had on him and what drove his career change into being a performance coach.We also discuss:The change in market conditions during the last few years which he found most difficult to deal with as a fund managerHow profit figures can be totally misleading and what they key metric was they focused on.The major health scare that prompted a change in career.The simple changes that drive the biggest impact on personal and professional health. For any professional looking to be at the peak of their game, this really is an important discussion that I’m sure you will find valuable. I hope you enjoy my discussion with Steve Davies.
My conversation with George Crowdy – fund manager within the sustainable fund team at Royal London Asset Management.George is a member of the sustainable team which has been running ethical funds all the way back to 1990.What was fascinating about this conversation is how George describes Royal London’s detailed quantitative process in terms of how they think about sustainable investing. He also describes:· The strength of the tailwinds for sustainable investing including how investors and consumers now having far more information to make informed decisions· The key difference between ethical investing and sustainable investing.· How they believe sustainable is more aligned with producing higher returns for shareholders because they are solving problems that the world needs to be solved.· How sustainable investing is the truest expression of active investing where you are looking to pick the future winners that will be benefitting all of society.George is one of the younger breed of fund managers who really has a great understanding of the trends that are important to younger consumers and investors and it was a pleasure to talk markets with him today.
Today I’m joined by Elena Todorova – superstar mortgage broker and fount of knowledge on everything property and mortgages.In today’s episode Elena and I discuss the following- How mortgage rates continue to come down and show no sign of stopping at this point- The bottle-neck impact of the cut in Stamp Duty- A surprising anecdote about central London commercial rates (going higher!)- The best deals available at the moment for both residential and BTL mortgagesAnd make sure to listen to the end where Elena explains whether Buying Agents are worth using for certain buyers.I hope you enjoy my discussion with Elena Todorova.
My discussion today is with Jean-Marc Routier, Product Strategist at BlackRock. Emerging Market equities. ESG for Active Equities The unique aspect about Jean-Marc is he has an inside view on how the largest asset manager in the world – BlackRock – is making decisions around ESG that impact their entire funds business. This funds business has $8.2 Trillion under management which is larger than Germany’s GDP for reference. In a fascinating and really insightful conversation, Jean-Marc and I cover the following: How pursuing an ESG objective will provide a significant advantage for all asset managersThe underlying factors that currently make up the perfect storm for ESG assets.Why BlackRock decided to remove Coal companies from all their active funds from last year. And what they will be doing this year.How the largest company in the world just added ESG to their CEOs KPI for the year.And make sure to listen to the end, where Jean-Marc defines the important difference between companies that “Do Good” and others that “Do No Harm” and the implications for investing in either. I hope you enjoy my discussion with Jean-Marc Routier
Today we’re going off on a slightly different path.My discussion today is with Simon Bowen. Founder of Models Method – a firm that helps professionals explain their complex services through drawing simple models or diagrams.The unique aspect about Simon is the way he describes the underlying behavioural psychology of why drawing models or diagrams resonates with so many people.In a way, it is simply working out what you do well – then finding an easy way to describe that to people. Sounds simple, but in practice much more difficult.In a fascinating and really insightful conversation, Simon and I cover the following:- How every person who serves a client can use simple models to explain their service proposition- Why drawing models is the most ethical form of sales- The in-built resistance we all have to change and how to turn that around to benefit the clientAnd make sure to listen to the end, where Simon shares a personal story on how simply drawing models was able to help a teenager who was going off on the wrong track.This is a highly visual discussion and may be better enjoyed on video. It is also available at https://vimeo.com/520865049#I hope you enjoy my discussion with Simon Bowen of Models Method.
My discussion today is with Ed Margot, Investment Strategist at FE Invest. FE Invest have nearly £4 Billion under management for clients.The unique aspect about Ed is the way he describes the mathematical and historical approach that FE use to manage portfolios.In a fascinating and really insightful conversation, Ed and I cover the following:How higher amount of equity risk actually provides a lower amount of total risk, contrary to popular (and the regulator’s) opinionThe importance of equities in retirement portfolios.How to use Bonds to generate returns in a Balanced portfolio.Why Gilts are not dead and how they favour them over Corporate Bonds.And make sure to listen to the end, where Ed describes how investment returns are not necessarily generated by asset class, but really by the underlying investments.I hope you enjoy my discussion with Ed Margot of FE Invest.
Today, Adam is joined by Rob Burgeman, discretionary fund manager at Brewin Dolphin. Brewin manages nearly £50 billion of client assets and Rob and his team are responsible for managing their clients individual portfolios.In this episode, Rob & I explore:The key sectors they are looking at for 2021 market performance.Why he's positive on the U.K economy (hint: pent-up demand)The 4 most dangerous words in investment - which we disagree on!How personal investors actually have a big advantage over professional investors.The professional investor view of Bitcoin and why it’s a problem for them.The impact of ESG and Ethical on investing and how things will not go back to how they used to be.And make sure to listen to the end where Rob, correctly as in turns out, predicts the biggest issue that markets will face this year. I hope you enjoy this episode and make sure to like and/or rate it
Today’s discussion looks at the prospect of a Labour Government in the UK and what it means for taxation policy.I am joined by Nimesh Shah, CEO of Blick Rothenberg, a chartered accountants and tax advisory business. Nimesh and I dig into the announcements, rumours and reports on what we can expect potentially in a few months time. In detail we discuss.The situation for non-doms and how recent announcements have already caused a stir;How being a Landlord cannot get much worse;The potential for small business to benefit; And make sure you listen to the end where we talk about the potential opportunities a new Labour government would have. I hope you enjoy my conversation with Nimesh Shah
Today’s special guest is Abraham Okusanya, author of “Beyond The 4% Rule” and founder of Timeline portfolios. Abrahams’ firm Timeline now has over £4bn in assets in the portfolio and Why index investing just takes market worry away.How the technology revolution is only just beginning for individual investors.What the best way to draw your retirement income is – focusing on different amounts at different times. I hope you enjoy my conversation with Abraham
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