Algy's Investment Podcast

Pete Davies: Where are the Risks and Rewards Over the Next Decade? | #24

Pete Davies, Head of Developed Markets Strategy at Lansdowne Partners, explains why this decade could look nothing like the last. From rising public-sector risk to the return of tangible assets and a new AI investment cycle. We cover: * The macro shift investors aren’t positioned for: re-industrialisation, capex, and de-globalisation * Why banks - not tech - may offer lower risk today * The AI thesis most investors misunderstand (and who actually profits) * Steel, energy, and “real assets” making a comeback * How elite fund managers think about risk, concentration, and mistakes• Stocks with potential to double * Would he buy Starlink if it IPO’d? 00:00 Intro 02:27 The Big Macro Shift Investors Aren’t Positioned For 03:59 De-globalisation, Political Risk & The New Market Regime 06:28 The Hidden Danger of Investment “Style Boxes” 08:53 Why Active Management May Beat the Index This Decade 11:44 Inside the Portfolio: Why So Much Capital Is in Banks 14:22 Banks vs Tech: Where Is Risk Really Lower?19:34 The AI Investment Thesis Most Investors Miss 21:01 Picks, Shovels & Who Actually Profits From AI 24:15 Robotics, Physical Intelligence & The Next Wave 28:42 Defence Spending, Geopolitics & Aerospace Winners 38:45 Tariffs, Trade Wars & Protecting Local Assets 45:20 Gold, Energy & Nuclear: Positioning for Resource Scarcity 1:04:22 Housing, Construction & the Case for “Real Assets” 1:11:45 How Elite Fund Managers Think About Risk 1:15:30 Investment Mistakes & What They Teach You 1:19:33 AI vs The Human Brain: What Machines Still Can’t Do 1:20:51 Stocks That Could Double (And Where Upside Lives) 1:22:02 Adapting After 30+ Years in Markets 1:24:00 Would He Buy Starlink? 1:26:32 Final Takeaways for Investors This episode was recorded on 12th January 2026

John Chatfeild-Roberts: The Investment Philosophy That Compounds Wealth Through Any Market! | #23

This episode was recorded on 10th September 2025. My guest, John Chatfeild-Roberts is a veteran UK fund manager at Jupiter Asset Management and former Chief Investment Officer of the firm. With over three decades of investment experience, he is best known for his work on the Jupiter Merlin multi-manager investment team, where he focuses on fund selection, portfolio construction, and long-term capital preservation. In this exceptional podcast episode, I sit down with John Chatfeild-Roberts, who has spent 30 years building one of the most successful fund-of-funds businesses in the UK - managing over £6 billion for more than 200,000 investors through the Jupiter Merlin portfolios. KEY TOPICS COVERED: Investment Philosophy & Strategy: - How to identify outstanding fund managers before everyone else - The "right people, right time, right quantities" approach to investing- Why patience is the ultimate competitive advantage in investing - Active vs passive investing: when each makes sense Risk Management & Portfolio Construction: - Why most people buy at the top and sell at the bottom (and how to avoid it) - The liquidity lessons that shaped 30 years of investing - Concentrated portfolios: Why they own just 13-14 funds with top 5 holdings at 60% - How they navigated the 2008 financial crisis (by positioning in 2006-2007) Inflation Protection: - Why inflation has compounded at 4.5% annually since 1981 - The two main real assets that protect purchasing power- Gold allocation strategies (peaked at 12-13% during GFC) - How £2,388 season ticket became £12,896 in 34 years Fund Manager Selection: - What makes an outstanding fund manager (love of the game, competitiveness, patience) - Why manager selection beats geographical asset allocation - The importance of neurodiversity in investment teams - How to avoid groupthink in decision-making TIMESTAMPS:00:00 - Introduction02:23 - Growing up and early life challenges04:07 - Transition from army to fund management05:21 - What is a fund of funds?10:41 - Investment philosophy explained18:41 - Best fund manager selection (Findlay Park - 23x returns)24:01 - Portfolio construction strategy27:04 - Crisis management and the importance of quality holdings29:45 - Most stressful periods (COVID, GFC)33:33 - Best investment calls (China/commodities insight)35:14 - Can investors time the market?40:08 - Inflation concerns and protection strategies48:39 - Why fund of funds has a bright future50:09 - Book recommendations for young investors Important Disclaimer & Recording Date Notice: This episode was recorded on 10th September 2025. The views, opinions, market commentary, and portfolio positioning expressed by the guest reflect information and circumstances at the time of recording only and may have changed since that date.Any references to specific assets, asset allocations, or portfolio weightings (including, but not limited to, gold) are provided for general discussion purposes only and do not represent current holdings or ongoing investment strategy. Portfolio positions may change at any time and without notice.All content on Algy’s Investment Podcast is provided for general information and educational purposes only and does not constitute financial, investment, legal, or other professional advice, nor should it be relied upon as such. Nothing in this episode is intended as a recommendation, endorsement, or solicitation to buy, sell, or hold any investment or financial product.Listeners should not make investment decisions based solely on the content of this episode and should seek independent professional advice tailored to their individual circumstances.Guests and presenters may have held, may currently hold, or may in the future hold positions in investments discussed. Neither the podcast nor its guests accept any liability for actions taken based on this content.

William de Gale: Investing in Tech, Making 300% Returns & His Top Stock Pick for 2026 | #23 Part 2

William de Gale, is Co-Founder and Lead Portfolio Manager at BlueBox Asset Management, where he manages the BlueBox Global Technology Fund. He brings over 20 years of experience in global technology investing, including more than a decade at BlackRock running its offshore global technology strategy with top-decile performance. William specialises in identifying high-conviction, high-growth technology companies with the potential to deliver strong long-term returns.Our guest challenges conventional wisdom about technology investing, explaining why they avoid the typical pitfalls of chasing disruptors, obsessing over revenue growth, and concentrating portfolios in mega-cap stocks. Instead, they focus on profitable "enablers" in the $10-250 billion market cap sweet spot, maintaining a remarkably low 30% annual turnover while generating strong returns.Key topics covered:1. Why semiconductors represent 40% of the portfolio and the rationale behind this weighting2. The case for cloud software platforms as mispriced opportunities in the AI era3. How all S&P 500 earnings growth since 2007 has come from technology companies4. Outstanding CEOs including Satya Nadella (Microsoft), Lisa Su (AMD), and Marcos Galperin (Mercado Libre)5. The fund's 24% return over the past year and what drove performance6. Why Adobe could be the next big opportunity despite market skepticism7. The importance of embracing volatility versus trying to avoid risk8. Why investors need at least a two-year time horizon in technologyThis episode offers valuable insights for anyone interested in technology investing, active fund management, and understanding where value is truly being created in today's tech landscape.Chapters: 00:00:00 - What Makes This Investment Strategy Unique 00:04:31 - The Investment Team Structure 00:07:53 - Portfolio Construction Deep Dive 00:09:09 - Software Exposure and AI Misunderstanding 00:10:06 - Growth Expectations Across Holdings 00:10:47 - Three Outstanding CEOs 00:17:27 - Portfolio Concentration vs Passive ETFs 00:19:28 - Portfolio Turnover in Practice 00:20:11 - Technology's Earnings Dominance 00:22:04 - Performance Attribution Review 00:24:40 - Avoiding Company Bankruptcies 00:25:23 - Best and Worst Decisions This Year 00:26:16 - Mispriced Valuations: The Cloud Software Opportunity 00:28:32 - Required Time Horizon for Investors 00:30:15 - Outperforming Without Tech 00:31:33 - Stock Tip: Adobe for 2026 00:33:31 - Closing RemarksLinks & Resources:BlueBox Asset ManagementWebsite: https://www.blueboxfunds.com/ [https://www.blueboxfunds.com/] LinkedIn: https://www.linkedin.com/company/bluebox-asset-management/?originalSubdomain=uk [https://www.linkedin.com/company/bluebox-asset-management/?originalSubdomain=uk] William de GaleLinkedIn: https://www.linkedin.com/in/william-de-gale-fca-cfa-a2692258/?originalSubdomain=uk [https://www.linkedin.com/in/william-de-gale-fca-cfa-a2692258/?originalSubdomain=uk] Investment Disclaimer: This podcast is for educational and informational purposes only. It is not investment advice. Always do your own research and consult with a qualified financial advisor before making investment decisions.Subscribe for more investor insights and interviews with top Fund Managers.

William de Gale: Investing in Tech, Making 300% Returns & His Top Stock Pick for 2026 | #22 PART 1

William de Gale, is Co-Founder and Lead Portfolio Manager at BlueBox Asset Management, where he manages the BlueBox Global Technology Fund. He brings over 20 years of experience in global technology investing, including more than a decade at BlackRock running its offshore global technology strategy with top-decile performance. William specialises in identifying high-conviction, high-growth technology companies with the potential to deliver strong long-term returns. In this deep-dive conversation, William reveals:- Why the AI boom ISN'T a bubble (yet) - and the warning signs to watch for- The difference between Google and ChatGPT that most people miss- Why chip manufacturers represent 40% of his portfolio- His contrarian bet: Why Adobe and software platforms will be AI's biggest winners- The "picks and shovels" strategy that consistently outperforms disruptors- Why Nvidia's ecosystem is powerful but not unbeatable- His surprise top stock pick for 2026 (it's not what you think)William explains why companies selling the infrastructure (TSMC, ASML, Lam Research) consistently outperform the headline-grabbing disruptors, and why the market is wrong about AI's impact on software platforms. Chapters: 00:00 - Intro 02:00 - Military to Finance Journey03:29 - Google vs ChatGPT06:13 - Who Owns OpenAI?07:24 - AI Energy Use08:10 - What Are GPUs?10:05 - AI Data Centers13:19 - AI Investment Scale14:07 - Safety & Guardrails15:17 - Big Spenders in AI18:11 - Artificial General Intelligence19:32 - AI Bubble Risk?22:18 - AI & Human Knowledge23:37 - What's Next After AI?24:13 - Tech Returns: 15% Growth26:02 - TSMC Leadership27:47 - Nvidia Explained28:33 - Nvidia vs Apple Ecosystem31:29 - Picks & Shovels Stocks Links & Resources:BlueBox Asset ManagementWebsite: https://www.blueboxfunds.com/LinkedIn: https://www.linkedin.com/company/bluebox-asset-management/?originalSubdomain=ukWilliam de GaleLinkedIn: https://www.linkedin.com/in/william-de-gale-fca-cfa-a2692258/?originalSubdomain=ukInvestment Disclaimer: This podcast is for educational and informational purposes only. It is not investment advice. Always do your own research and consult with a qualified financial advisor before making investment decisions.

Freddie Lait: Fund Manager Sold His House to Start £1 Billion Fund | The Risk That Paid Off | #21

In this episode, I sit down with Freddie Lait, founder of Latitude Investment Management, who went from studying mathematics at Oxford to working at Goldman Sachs and Rothschild, before taking the ultimate leap - selling his house to start his own fund management business in 2016.Today, Freddie manages a £1 billion portfolio with a disciplined, long-term investment philosophy that has generated exceptional returns. In this conversation, we dive deep into:Key Topics Covered: * Why Freddie sold his house to start his fund (and the financial risk involved) * The investment philosophy behind Latitude's success * How to construct a portfolio for long-term wealth creation * Why earnings growth and dividends matter more than valuation multiples * The 6.5% free cash flow yield strategy explained * How 75% of his portfolio is positioned for inflation * Portfolio management vs. stock analysis - which matters more? * Why patience is the rarest commodity in investing * The 10-year rule for judging fund managers * Building a team of exceptional analysts * Managing a concentrated portfolio of 24 global stocks * The difference between investing before and after COVID * His 30-year vision for the fund About Freddie Lait:Freddie is the founder and CIO of Latitude Investment Management, launched in 2016. With 16 years of fund management experience, including roles at Goldman Sachs Asset Management and Rothschild, Freddie has built a reputation for disciplined, long-term value creation. His fund focuses on global equities with strong earnings growth, solid free cash flow, and inflation-resistant characteristics.00:00 [https://www.youtube.com/watch?v=UxL4if-u_YA] - Introduction to Freddie Lait02:00 [https://www.youtube.com/watch?v=UxL4if-u_YA&t=120s] - When Did Fund Management Become Your Career?04:51 [https://www.youtube.com/watch?v=UxL4if-u_YA&t=291s] - What Is Financial Modeling?06:22 [https://www.youtube.com/watch?v=UxL4if-u_YA&t=382s] - The Scary Decision to Start Your Own Fund10:01 [https://www.youtube.com/watch?v=UxL4if-u_YA&t=601s] - Investment Philosophy Behind Latitude Investment Management13:45 [https://www.youtube.com/watch?v=UxL4if-u_YA&t=825s] - Why Patience Is a Rare Commodity in Investing18:30 [https://www.youtube.com/watch?v=UxL4if-u_YA&t=1110s] - Finding High-Quality Companies with Strong Returns23:15 [https://www.youtube.com/watch?v=UxL4if-u_YA&t=1395s] - The Importance of Free Cash Flow in Stock Selection28:40 [https://www.youtube.com/watch?v=UxL4if-u_YA&t=1720s] - Portfolio Construction: Concentration vs. Diversification33:20 [https://www.youtube.com/watch?v=UxL4if-u_YA&t=2000s] - Managing Risk in a 24-Stock Portfolio38:50 [https://www.youtube.com/watch?v=UxL4if-u_YA&t=2330s] - Sector Preferences and What to Avoid42:30 [https://www.youtube.com/watch?v=UxL4if-u_YA&t=2550s] - Understanding Free Cash Flow Yield (6.5% Strategy)47:15 [https://www.youtube.com/watch?v=UxL4if-u_YA&t=2835s] - Inflation Protection: 75% of Portfolio Positively Linked52:40 [https://www.youtube.com/watch?v=UxL4if-u_YA&t=3160s] - Technology Adoption and Portfolio Transformation56:20 [https://www.youtube.com/watch?v=UxL4if-u_YA&t=3380s] - Google and the Magnificent Seven Discussion1:01:30 [https://www.youtube.com/watch?v=UxL4if-u_YA&t=3690s] - The 80/20 Rule in Portfolio Management1:04:45 [https://www.youtube.com/watch?v=UxL4if-u_YA&t=3885s] - Building and Leading an Investment Team1:09:20 - Personal Weaknesses: Being Too Logical1:12:50 - The 10,000 Hour Rule and 16 Years of Experience1:16:40 - What Time Period Should Fund Managers Be Judged Over?1:21:30 - Current Fund Size: £1 Billion and Growing1:24:15 - Managing Cash Inflows Operationally1:26:45 - Final Thoughts and Closing RemarksSubscribe for more conversations with successful investors, entrepreneurs, and product leaders!#investing [https://www.youtube.com/hashtag/investing] #fundmanagement [https://www.youtube.com/hashtag/fundmanagement] #portfoliomanagement [https://www.youtube.com/hashtag/portfoliomanagement] #stocks [https://www.youtube.com/hashtag/stocks] #finance [https://www.youtube.com/hashtag/finance] #stockmarket [https://www.youtube.com/hashtag/stockmarket] #wealth [https://www.youtube.com/hashtag/wealth] #wealthbuilding [https://www.youtube.com/hashtag/wealthbuilding]