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This week we speak to Independent Trustee Director Graham Jung from Ross Trustees. We cover Graham’s advice to consultants and asset managers working with trustees, including key things they miss and the questions trustees should be asking right now. We discuss why Graham believes trustees are not the impediment to better decision making they are sometimes seen as, and reflections on what’s changed over Graham’s career in investment.

Links mentioned:

• Graham's questions to ask your consultant and asset managers (January 2022)

We discuss:

• Graham’s blog entitled “12 things to ask your investment consultant & asset manager” – why these questions, why now..
  • and why Graham says to consultants: “don’t just tell me what, tell me so what”
  • How consultants and asset managers need to expose their thinking on the big questions and how this affects their clients – not just replaying what happened
• Which managers should trustees hear from and how often
• Interest rates and inflation are clearly key themes, we discuss how Graham sees these being handled by investors and the questions they should ask on this
• Where Graham thinks trustee groups should spend their time and focus in wrestling with all these questions
• Strategic observations: the benefit of trustees being nimble and the challenges of strategic asset allocation in this environment
• What consultants and asset managers miss / or get wrong
  
  • Why picking up the phone and pitching a product doesn’t work in this market – be comfortable saying you don’t have something that fits
  • Speak trustees language, understand the pension fund industry
  • Be comfortable disagreeing
  • And, service is vital – managers will firefight very well when things no going well, but the industry is interconnected, don’t underestimate that
  • Poor, unthinking service is an easier way to put yourself on the sidelines than maybe even performance

What's one thing to take away

Trustees are not the impediment to better decision making – it’s lazy to assume they are.

The most underappreciated thing about investing?

Even the world’s very very best investors are right 55% of the time and wrong 45% of the time. So even the best investors are wrong nearly 50% of the time. Recognise that and prepare to revisit decisions, you can’t be definitive. Your discussions this year may look silly and naïve in a year’s time.

Recommendations:

• Vaxxers – Sarah gilbert and Catherine Green – the human side of the science behind the vaccine
• Viral - Elina Chan – the case for covid and where it came from

• The Death of Gentlemanly Capitalism – Philip Auger – the history behind the Big Bang and how things changed

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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.​