Investment Uncut:
The most underappreciated thing about investing

Our viewpoint

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Every week show hosts Dan and Mary ask our Investment Uncut guests 'What is the most underappreciated thing about investing?'. As we wrap up for season 3, we gather their answers from all 42 episodes!

Our guests' answers

Season 3 Episode 1:
Back to school buzz with Aaron Punwani

The value of a good investment consultant (!) 

Season 3 Episode 2:
The tip of the iceberg with Laasya Shekaran

The influence and power of investing – money talks and no matter whether you are a big or small investor you can align your investments in a way that has a real impact.

Season 3 Episode 3:
Inside GB's power market with Rajiv Gogna
The most underappreciated thing about the GB Power Market: How vastly complex it is; this conversation only scratches the surface – plugging in your device and paying your bill is only the first percent of what’s going on.
Season 3 Episode 4:
Impact with Karen Shackleton

The importance of really understanding what you are investing in. 

Season 3 Episode 5:
African institutional investors with Norbert Fullerton
In an industry driven by individualism, the power of partnerships is greatly underappreciated. 
Season 3 Episode 6: The
Great British investment chat with Becky O’Connor

The power of compounding.

Season 3 Episode 7:
Bubbles, Quants and Value with Rob Arnott

The importance of not following crowds – the market doesn’t reward comfort, if a decision feels comfortable and right then it’s probably a bad decision. If it feels uncomfortable it is more likely to be rewarded.

Season 3 Episode 8:
The future of inclusion with Zoe Burdo
The most underappreciated thing about inclusion: The emotional energy that those taking this conversation forward put into this issue on an ongoing basis at a grassroots level.
Season 3 Episode 9:
From Bitcoin to Britcoin with Nikki Matthews
The power of rebalancing. 
Season 3 Episode 10:
The COP26 debrief with Jason Mitchell

Expected returns don’t equal realised returns. ESG lies in an unexpected return dimension.

Season 3 Episode 11:
Dawn of a new interest rate cycle with Karen Ward

We need to pay more attention to what policymakers are telling us, their influence is greater than it’s ever been.

Season 3 Episode 12:
A new inflation era with Jon Camfield

 That inflation is a threat to fixed income bonds.

Season 3 Episode 13:
FYI with Maria Nazarova-Doyle

How easy it is to start investing. You don’t need special skills or lots of money, a lot of people could think more about investing. 

Season 3 Episode 14:
The one about China with Chris Kushlis

You aren’t going to be right even close to 100% of the time. It's important to have the humility to know you’re going to be wrong sometimes, but still take a really clear view and back it.

Season 3 Episode 15:
The 2021 wrap

In our final episode of 2021, we cover all of our most appreciated things through the year.

Season 3 Episode 16:
The 2022 forecast of forecasts
Investing is not abstract numbers and charts on a page. It does relate to the real world and we are seeing this come out more and more. 
Season 3 Episode 17:
How to do meetings with Robert Thomas
There are only perfect answers with the benefit of hindsight. Getting things spot on is more often due to good luck than judgement. If you get the framework right you maximise the chance of getting something right, but you can never be sure today (only in hindsight).
Season 3 Episode 18:
The power of stories with Stacy Havener

The people. This gets lost the bigger the firm gets as it becomes a bigger business risk to have your people be a big part of the story. It’s impossible to unpack what’s actually going on in decision-making, but are the reasons really more about people than we all think? 

Season 3 Episode 19:
Guidance in the age of responsibility with Tom McPhail
Investing – it’s not actually that hard, just get started.
Season 3 Episode 20:
Vote like an owner with Sonia Hierzig

The importance of active ownership in addressing systemic risk.

Season 3 Episode 21:
What you need to know about the new governance single code with Rachika Cooray

The importance of governance as a real practical pursuit not just a tick box paperwork exercise.

Season 3 Episode 22:
Book club: Trillions with Robin Wigglesworth

How difficult investing can really be! 

Season 3 Episode 23:
The best and worst of times to be an investor with Joe Wiggins

Doing nothing is incredibly powerful, not lazy or negligent. Far too much value is placed on activity and the industry perpetuates that.

Season 3 Episode 24:
#BreakTheBias with Jessica Clark

Understanding what is actually meant by “experience”.

Season 3 Episode 25:
The battery era with Gurpal Ruprai 
The most underappreciated thing about battery storage: Level of possible cannibalisation in this market – there’s a lot of interest in building batteries (not just for this purpose) – which is a real risk to returns.
Season 3 Episode 26:
Risk revisited with Allison Schrager

That it’s actually about risk management.

Season 3 Episode 27:
What we’ve learnt from (almost) 100 episodes

The most underappreciated thing about podcasting:

  • Mary: The thought process of what the next episode is and how to structure the conversation.
  • Dan: It’s really challenging to edit a long recording down to a much shorter episode. And overall, how fun and rewarding it is!
Season 3 Episode 28:
It’s not about “what”, but “so what” with Graham Jung
Even the world’s 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.
Season 3 Episode 29:
Inconvenient truths about private equity with Ludovic Phalippou
The element of luck in investing. We tend to think of people as “heroes” – and the corollary is that if someone has made a lot of money they must be very clever (and able to repeat it). But often there is a loophole that was successfully exploited in the past which may have closed. 
Season 3 Episode 30:
Behind every passive return sits an active investor with Matt Gibson
Holding nerve on underperformance is something investors get wrong a lot: people lose faith quickly, read across from underperformance to other smaller monitoring points, and jump to a conclusion at the wrong time which locks in a loss. A sell decision is often justified on other points but often really driven by underperformance.
Season 3 Episode 31:
Microaggressions with Mawa Turay
The most underappreciated thing about microaggressions: The psychological hold of microaggressions, and the cycle of doubting what has happened. Recognise its hard psychological work for those trying to advance the conversation.
Season 3 Episode 32:
Tour de Real Assets with Andy Jacobson
There’s an underappreciation of what long-term really means especially in the context of big structural mega themes. Going in with your eyes open and resisting the temptation to overreact on short-term noise, these are multi-year investments and it’s essential to approach with that mindset.
Season 3 Episode 33:
The fundamentals of fund research with Deb Clarke
It’s tough - it can be seen as glamorous, but the reality is that you don’t get all decisions right, in fact, a very large number of decisions will turn out to be wrong.
Season 3 Episode 34:
In the mind of the media with Charlotte Moore

The complexity and psychology involved in investing. 

Season 3 Episode 35:
GROW your decisions with Naomi L'Estrange
You have more influence than you think as an investor – you may think you’re only a small voice but most say nothing so if you have something clear to say you will get heard. The things you put in contracts, the data you ask managers to report on, things that go in targets, guidelines.
Season 3 Episode 36:
Whistlestop tour of the LCP Strategic Portfolio with David Wrigley

Being aware of opportunities, having access to the information on how you’re allocated and where opportunities are.

The role of buy-ins for a DB pension fund – they are so much more than longevity hedges.

Season 3 Episode 37:
Grow the pie with Alex Edmans
It has a huge impact on wider society – the way you make money is to support businesses that create value for society.
Season 3 Episode 38:
Joy at work with Rebecca Newton
The most underappreciated thing about joy at work: The impact it can have on your work and your life, whatever your role.
Season 3 Episode 39:
Asset manager diversity: the stats are in with Laasya Shekaran
The most underappreciated thing about asset manager diversity: The need to think about the bigger picture in terms of systemic risks.
Season 3 Episode 40:
Emergency pod: what pension schemes are doing in higher interest rates with Steve Hodder
For the everyday investor, the underappreciation that equities do have a long-term upward trajectory.  
Season 3 Episode 41:
Multiples are not valuation with Michael Mauboussin
Temperament is more important than smarts. The ability to act countercyclically and fill in peak valleys.
Season 3 Episode 42:
Portfolio for the Future with John L Bowman
10-12% returns from the 60/40 portfolio is not normal. We’re now returning to a more normal environment where you need to do more to get to the same outcomes. A more normal environment is real returns at 3-5%.

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