3 quality podcasts.....

4th Oct '23 by ShoeShineBoy

6 comments 672 reads

The daily commute and also working from home allows me to consume a lot of podcasts. There is a lot of dross created but the following are 3 really good listens. My rubbish notes included below.

Russ Mould on Vox Markets: Will the BoE really hold rates higher for longer ?

https://tinyurl.com/2xr6hvcs

# Retail REITs doing okay but question mark hanging over Office REITs (SSB: but for how long ? Lots of employers now asking their workers to return to the office 3+ days per week).

# Discussion on how to buy bonds. GILTs paying 4.5% to 5% (SSB: sorry to say I hold TN24 which matures at the end of January. What to do then with the cash I still need to figure out, suggestions welcome).

# National Savings paying 6%.

# Note that bond funds never mature and so the investor is exposed to duration risk. But retail investors should expect managers to manage this risk re a mix of short and long duration bonds.

# Justin Waite suggests interest rates are like “table top mountain” re higher for longer. RM: history says this is unlikely to be the case because either the economy or the markets will break first and the MPC will be forced to bring rates down.

# “Table top mountain” scenario is consistent with a soft landing / no recession. How likely is this ?

# Oil is the biggest variable for inflation especially if central bankers cut rates too fast.

# Natural corrective mechanism for high oil prices: the cure for high prices is high prices because people demand less! (SSB: don't tell the BBC, they'll be outraged :-)

# Oil was $19 only 3 years ago during covid.

# De-globalisation will help workers over capital ie a reversal of the last 40 years.

SSB: really enjoy listening to Russ Mould, he is a sensible guy who isn't afraid to challenge the consensus.

Christopher Mills on The Funds Fantastic Show: It's hard to be optimistic, but we're busy money-makers.

https://tinyurl.com/3sfr3zdu

SSB: Paul Hill has interviewed CM a number of times. Harwood Capital manages NAS and OIG.

# Niox used to be Circassia (6 mins).

# Harwood Capital investment philosophy is to find companies trading at a discount + a strong b/sheet + ensure it's not a value trap by speaking with the company plus other investors to…

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KevinS1

5th Oct '23

Hi SSB,

Totally agree - I've listened to a couple of them as they are in my usual weekly half-dozen, but will now make sure I pick up the other one as well.

Of course we need to include Paul's weekly update in there as well.

I would also add the weekly Money-Makers podcast as well - usually an interesting guest or two and very useful for those people who maybe interested in Investment Trusts.

Vox Markets churn out a lot of stuff, but I usually enjoy Paul Hill's interviews with fund-managers - not particularly interested in the specific company interviews. I liked his interview this week with Cockney Rebel.

PI World used to do some interesting interviews, but not seen anything from Tamzin recently.

The fortnightly Twin-Petes used to be good, but since Wheelie has left its lost a bit of its shine.

I am sure there are some others out there as well.

Thanks for your post.

Helvellyn

Thanks for sharing .

ShoeShineBoy

Hi KevinS1,

Thanks for the feedback.

Money Makers podcast is excellent. I listen every week. Good way to take on lots of information in a short space of time. Particularly liked the interview last week with Evy Hambro of BRWM. I'm looking to add to my BRWM holding on any big down days, the big dividend goes ex in early March. I'm a big fan of the general direction of resources.

fwiw, my all time favourite podcast is the IC interview with Terry Smith dated 01.12.21 entitled "The problem is most people don't read the accounts". Great title :-)

littledavesab

6th Oct '23

Hi I concur with the Money Makers podcast reference - covers the world of Investment Trusts weekly and great interviews with fund managers. Plus the markets discounting of IT's is a clear signal on markets bullishness or lack of. - Out of interest are there any threads on IT's here ? I assume as subscribers most here would be interested in IT's as well as or instead of plain OEIC's?

PI World also good - but is more the audio of the Youtube presentations. Audio version is good if short of time and only able to listen while driving ! Gives me feel of a stock and if it is of interest can review in more detail or even find the slides on youtube etc.

There are a ton of others - best ones may be

Rule Breaking Investor - David Gardner of the (US) Motley Fool. Funny how the US Fool is to the UK writers! Not listened for a while note to self...

This Week in Startups - not strictly a investing pod, but is entertaining , I listen very occasionally as like to know what is happening in the US tech world more out of interest. Hosted by a immodest and possibly controversial US angel investor.

You can also find Berkshire Hathaway annual shareholder meetings (listened to the latest - interesting but the old boys do sound like they are getting on a bit in audio format!) and likes of Barclays, AJ Bell Goldman Sachs - Exchanges, + IG, HL, Morningstar all have their own which appear on my feed but rarely get listened to - unless someone of interest catches my eye - or unless I want some active traders view of the market.

+ Invest in Progress by Scottish Mortgage - listened to one/two episodes talking about their unlisted investments........and came away sadly not impressed,... with the thought that I could be listening to an over enthusiastic newbie getting excited about some AIM shiny jam tomorrow thing......... But they are obviously much more clever than me !!

Anthony127

7th Oct '23

Thanks for the prompt ShoeShineBoy I took your advice and listened to the Terry Smith interview with Investors Chronicle and found myself avidly taking notes. Well worth listening to.

Hi Anthony127,

I often take notes when I come across a good podcast. After all, if it helps me to develop good habits then it's quicker/easier to read the notes than to listen to the whole interview again. I had a dig through my email and found my notes on the Terry Smith interview....

- Discussion mainly around the Fundsmith open ended fund and his buy criteria, especially free cash flow.
- Investors don’t read the annual reports, only the RNS presentation slides.
- No amount of cheapness will make a bad company good.
- 3 basic choices with cash generated from a business: 1.) invest in the existing business 2.) acquire another business to bolt on/integrate 3.) pay dividends. Simple really.
- Smith & his team avoid overpaying by focusing on free cash flow yield. Good explain available on YouTube.
- They try to invest in businesses with relatively predictable free cashflow.
- The difficulty is forecasting future cash flows 5 or 10 years out because growth rates are a guess!
- Companies with lots of intangible assets (eg - software or pharma) will have a higher PE because assets are generally being expensed through the P&L rather than capitalised on the balance sheet. In other words, intangible assets are built by depressing current earnings rather than future earnings. Brilliantly simple.
- Fundsmith can’t buy a 2bn company now compared with 2010 (but presumably the trust can ?).
- TS has a dig at Woodford re: holding illiquid assets in open ended funds :-) Schoolboy error.
- Trends that TS is optimistic about.... e-commerce, working from home, pets, tele medicine & education (esp pets re: nutrition, testing, vet practices).
- High margin v low margin - obvious again.
- Managing money is about reading annual reports etc, industry publications, estimating future returns/forecasts. Daily life is pretty dull but it pays off in the long-term.
https://tinyurl.com/2p9hbf9f

3 quality podcasts.....

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ShoeShineBoy

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