『Far From The Finishing Post』のカバーアート

Far From The Finishing Post

Far From The Finishing Post

著者: Troy Asset Management
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Far From The Finishing Post explores the ideas and practices of leading investors in an effort to continuously grow our collective knowledge. This podcast is intended for UK listeners only. The views and information contained within this podcast do not constitute investment advice and should not be used as the basis for investment decisions. Any reference to securities should not be construed as a recommendation to buy or sell these securities. Any opinions expressed are those of the relevant individuals and do not necessarily reflect the views of Troy Asset Management and may be subject to change without notice. Past performance is not a guide to future performance and the value of an investment may fall as well as rise.

© 2025 Far From The Finishing Post
個人ファイナンス 経済学
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  • Alastair Unwin (Polar Capital) - Investing in an AI-first World
    2025/10/15

    Alastair Unwin is a fund manager on Polar Capital’s Technology team. We discuss Alastair’s career as a technology investor, AI’s exponential curve of improvement and potential as a general purpose technology, as well as the issues that investors should consider as ever more capital is spent to realise AI’s promise.

    Show notes:

    [01:33] Alastair discusses how he got into investing

    [03:14] Lessons from Herald, Neptune and Polar

    [05:05] Heuristics for technology investing

    [07:29] AI scaling laws

    [10:10] AI bottlenecks

    [13:45] Capital formation and AI’s new infrastructure

    [17:42] A hardware cycle

    [19:37] Motivations for increasing capex

    [25:08] Capex in the context of improving models and the global wage bill

    [28:49] Increasing circularity of AI financing

    [31:14] Is it winner takes all or will models be commoditised?

    [33:34] Nvidia and the depreciable life of chips

    [37:52] Hyperscalers’ ability to win in the new paradigm

    [40:32] Alphabet’s prospects

    [44:21] Adoption rates and use cases

    [49:03] Sitting with ambiguity and not being dogmatically convicted

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    51 分
  • Sebastian Lyon & Charlotte Yonge (Troy) - Evolve to Preserve
    2025/07/28

    Sebastian Lyon and Charlotte Yonge co-manage Personal Assets Trust and Troy’s Multi-Asset strategy. We discuss the strategy’s evolution over the last 25 years, Troy’s equity-centric approach to multi-asset investing, and why creating a resilient portfolio is as relevant as ever in today’s world.

    Show notes:

    [01:34] Founding philosophy

    [04:21] Avoiding complexity

    [07:25] Reasons for not owning derivatives

    [08:45] Charlotte’s career

    [10:41] Becoming co-manager

    [12:35] How Sebastian and Charlotte complement each other

    [16:43] Avoiding wasting assets

    [19:19] Finding opportunities with asymmetric risk

    [21:44] Hubbell and Verisign

    [24:45] Evolution of fixed income investments

    [27:08] Shortening of duration

    [31:00] Will the US$ remain a safe haven?

    [34:55] Attractions of the Japanese Yen

    [36:11] Gold as essential portfolio insurance

    [38:44] Does the macro impact asset allocation?

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    42 分
  • Seth Brennan (Lincoln Peak Capital) - Partnership, Autonomy, Alignment
    2025/04/30

    Seth Brennan is co-founder of Lincoln Peak Capital, which owns minority stakes in several asset management companies, including Troy. We discuss Lincoln Peak's long-term partnership model and the importance of autonomy and a strong alignment of interests as foundations for success.

    Show notes:

    [01:15] Seth discusses how he got into the industry

    [02:49] Joining Affiliated Managers Group

    [03:43] Lessons from AMG

    [06:37] Setting up Lincoln Peak

    [07:51] Starting a business in 2008

    [10:01] The importance of having long-term capital

    [14:10] Lincoln Peak’s long-term ambitions

    [16:20] Exits

    [18:51] The due diligence process and reasons for a transaction

    [22:53] Importance of autonomy and alignment

    [25:01] Adding value to partner firms

    [28:26] Avoiding the temptation to intervene

    [31:52] Continuing relevance of active management

    [34:44] Catalyst for Troy transaction

    [35:35] Why Lincoln Peak is a good partner for Troy

    [37:14] Sebastian’s strengths as an investor

    [38:35] Be curious and ask questions

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    40 分
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