[REPLAY] A Conversation with Simon Hallett - Former CIO of Harding Loevner & Owner of Plymouth Argyle FC

Money Maze Podcast

Business, Investing, Management, News, Business News

4.8 • 216 Ratings

🗓️ 27 July 2021

⏱️ 44 minutes

🔗️ Recording | iTunes | RSS

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Summary

Simon Hallett, former CIO of the $80 billion asset manager, Harding Loevner, describes his journey from Plymouth, England, to Oxford University and then Hong Kong before boldly heading to the USA.

Harding Loevner’s impressive 30 year track record in managing global equities is examined, with a discussion that covers behavioural biases, the need to restrict portfolio managers’ freedom, to the increasing reliance on quantitative disciplines to enhance the investment process.

Hallett explains why top-down thinking should be strictly limited in building an equity portfolio, why their firm has only 2 Bloomberg terminals and stock-price watching is actively discouraged. He also discusses the merits of being partially owned by Affiliated Managers Group (AMG).

Finally he then explains his decision to buy Plymouth Argyle Football Club – heart over logic, possibly, but why the management of a football team and player selections have more in common with selecting stocks than you might think. Finally he gives some great advice to “keep your nose clean” and “ stay the course” – applicable for both football and investing!

To celebrate our latest interview, featuring Peter Davies of Lansdowne Partners, we're re-releasing this episode thanks to the similar themes discussed. Like Harding Loevner, Lansdowne Partners is focused on international equity investing. Both firms have benefitted from the post-2010 boom in high growth tech stocks. Additionally, both Peter and Simon have links to Oxford University, and both figures cite the sporting world as an inspiration for their investing strategy and philosophy.

Transcript

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0:00.0	Welcome to the Money Maze podcast. I'm Simon Brewer and we've created this show to explore and unravel some of the mysteries surrounding the investment business. We hope through direct and insightful interviews with Masters of the
0:22.2	Real Life Money Maze, we're going to learn about different approaches to allocating capital,
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1:08.4	Thank you for listening.
1:11.5	We're delighted to announce our first sponsorship with Bramont, an award-winning British
1:16.5	company that produces beautifully engineered chronometers, designed to appeal to those who share
1:22.0	the passion and appreciation of the innovation and mastery behind a beautiful mechanical wristwatch,
1:28.6	brought to you by our title partner, the luxury British watchmaker, Vermont.
1:35.4	There are only two people I know who were brought up in Plymouth and then studied at Oxford.
1:40.2	One is my guest today, and the other is my wife.
1:43.1	And since I was born 100 miles up the M5 in Bristol
1:46.1	and was rejected by Oxford, to quote Aretha Flanklin, respect. And after a journey through
1:51.9	Midland Bank, Jardine Fleming and Hong Kong, he spent 30 years living in the US and helping build
1:57.7	Harding Lovener into the $80 billion equity manager it is today with a preeminent
2:03.2	reputation.
2:04.4	He's recently stepped down as their chief investment officer, but I'm delighted today to have Simon
	...

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