In this episode of the Money Wise UK Podcast, host George Ladds speaks with Matthew Spencer of Orbis Investments — one of the most distinctive voices in the world of multi-asset investing.

Matthew shares his journey from aspiring sports coach in South Africa to becoming part of Orbis’ global investment team, reflecting on early mentors, work ethic, and the lessons learned along the way.

Together, they explore:

• The people and books that shaped Matthew’s approach to investing

• Coaching the Bermuda National Hockey Team — and what it taught him about leadership

• The origins of Orbis Investments and its founder Allan Gray’s philosophy

• Why Orbis uses a performance-based fee model — and how it aligns incentives with clients

• Active vs. Passive investing: why both have a place, but concentration risk matters

• The real story behind Orbis’ exposure to gold and how they manage “competition for capital”

• How Orbis maintains culture, discipline, and accountability through its “investment academy”

• The power of compounding, and why the industry needs to talk more about the benefits of investing, not just the risks

It’s an honest and energising discussion about investment philosophy, culture, and long-term thinking — reminding us that success is deliberate, alignment matters, and patient capital still has a place in a fast-changing world.

Listen now to hear how Orbis is doing things differently — and what investors and advisers can learn from its approach to purpose-driven active management.

Disclaimer: This conversation is for information only and isn’t investment advice. Past performance is not a guide to future returns. Investing involves risk, including loss of capital.