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This week on Investment Uncut, show hosts Dan Mikulskis and Mary Spencer learn how to be a deliberate amateur with Sally Bridgeland.

Key takeaways:

• Sally has been a consultant, an actuary, chief-exec of an asset owner and now has a wide range of non-exec roles on the boards of a number of different asset owners giving her a fascinating perspective over the investment chain
• The two principles of Reiki –
  • Just for today, don’t get angry
  • Just for today, don’t worry
• Everything has to come together for big beneficial changes to happen – it’s like the growth of cycling in the UK
• The difference between asset manager and asset owner perspective is purpose
• Something to be done on asset manager remuneration - to align timelines
• Sally’s role as the champion as the “so what” - The question at the board table is always: so what or what should we do about it?
• Why the first stage of procrastination can be asking for more training
• Attitude in a board meeting matters - how intellectual one-upmanship around the board table is all too common and can hold boards back
• Why numbers are just 20% of the advice – it’s how you present it. Its how you go about solving problems, how you think about problems, not just technical knowledge, impact of advice can be improved by considering culture
• Sally’s core advice: be a deliberate amateur (have the humility to admit you don’t know everything)
• We discuss the changing role of diversity on boards over Sally’s time in the industry
• The importance of personality types around the table in making decisions that stick
• Role of a good chair:
  • Recognise the “first mover / first speaker” advantage so go round the table in way that is helpful
  • Use the 80/20 rule and try and get consensus on the 80% that everyone agrees with (people will always tend to focus their airtime on what they disagree with)
  • Make the committee process like pushing water downhill – airing concerns in advance and hearing them out
• The big trends in investing over recent decades:
  • Diversification away from U
  • Liability driven investing
  • Responsible investment
  • The things that have bigger commercial gains get traction quicker
• The one area Sally wishes she had appreciated sooner – old age care, matters massively to pensioners, but is unsustainable in the current system

One thing to takeaway

• Keeping a sense of perspective and purpose, and a lot of that is timeframe. What’s going to make a difference in 5, 10 years’ time and trying to anticipate that now

Most under appreciated thing about investing?

• The emotional side of investing – not getting too downhearted or overconfident. Nobody knew the future anyway

Recommendations

• Tempered Radicals 
• How people use difference to inspire change

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Each LCP investment uncut podcast is for information and marketing purposes only and does not constitute any form of investment or financial advice or a financial promotion (under the Financial Services and Markets Act 2000). All views expressed by the podcast hosts and guests are purely their own opinions and do not represent those of LCP, its clients or affiliates. Our podcast listeners should always seek independent financial or legal advice before making any financial or investment decisions. Please refer to the Legal Notices section on the LCP website for further information.​