Hello, I'm Ted Sides, and this is Capital Allocators.

This show is an open exploration of the people and process behind capital allocation.

Through conversations with leaders in the money game, we learn how these holders of the keys to the kingdom allocate their time and their capital.

You can keep up to date by visiting Capital Allocatorspodcast.com.

My guest on today's show is Sir Paul Marshall, a co-founder and chairman of Marshall Waste's asset management,

which is Europe's largest hedge fund overseeing $48 billion in assets. The firm specializes

in long-short equity management and notably combines fundamental investing with systematic and

quantitative strategies.

Paul recently authored the book 10 and a half lessons from experience,

perspectives on fund management, and the show completes a trifecta of consecutive book

authors whose work I thoroughly enjoyed this summer.

Alongside his long history in the business, Paul has been

deeply involved in philanthropy, focused on education, and he was knighted for his work in

2016. And if that's not quite enough, his son Winston is a band member of the popular folk rock band

Mumford & Sons. Our conversation covers Paul's background, the history of

Marshall Waste, and the firm's evolution. We touch on his thoughts about quantitative and

qualitative investing and on internal and external fund management. And then we turn to his new book,

covering lessons relating to market efficiency, skill, portfolio

construction, shorting, man and machines, size, and careers.

Please enjoy my conversation with Sir Paul Marshall.

Paul, terrific to see you.

I'd love you to see you, Ted, after all these years.

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