YouSaid · the spoken record

James Anderson

lines on the record: 91
first: 2022-02-11
most recent: 2022-02-11
sittings or episodes: 1
sources: podcast

Every line below is reproduced as it was said and linked to the record it came from. Nothing here is summarised or generated. Directory · Search · Corrections

“It's about extremes and the conventional will not work over the course of time. I think as we've discussed very in depth, you sometimes don't know what the extreme will be, but you've got to have that consciousness that it is about the extreme, either about information or about companies or about individual teams. And I think it's embracing those extremes central. And I really didn't realize that at all when I started”
2022-02-11 · Masters in Business · James Anderson on Why Fund Management Is 'Broken' (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“It's precisely that. I think it is absolutely essential that they're interested in the task, the curiosity, and it's not about the financial rewards. I've seen far too many people are doing it and get stuck in it because it's a good job, in inverted commas, that it provides rewards and status of the like. You have to be obsessed about the fund management part of it. So I'd ask them to examine their conscience about whether they were, and I'd give them five years to decide that.”
2022-02-11 · Masters in Business · James Anderson on Why Fund Management Is 'Broken' (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“A belly of Paris, honey. The ladies' paradise is, I think, a fantastic example of that. You know, it is about creating the Amazon of its day. And I think its ability to tell the story is wondrous on these. But then at the other end, you have something like the kill, which is about the deep tragedies involved in this. And Germinal, which how terrible an existence it was. And, you know, I think this telling of a story of a whole society is something that our novels today lack, and I'm not quite sure that they need to lack.”
2022-02-11 · Masters in Business · James Anderson on Why Fund Management Is 'Broken' (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“People, whether in books or podcasts or blogs or whatever, who we found really interesting in recent times, which is if you like, left wing commentators on what's going on in the world and going on in China and Russia. People like Adam Two's and Branka.”
2022-02-11 · Masters in Business · James Anderson on Why Fund Management Is 'Broken' (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Some of the favorites are, I think, consistent with what we've been talking about. So I mentioned scale by Jeffrey West. I think it's a fantastic book. I do think, though, that one that is underestimated hugely in this score is the late great Hans Rosling, who was another person we talked to a lot. His factfulness as opposed to what we all perceive to be going on to the world, which he wrote as he was dying, is a book which I think is incredibly valuable and important in investing and thinking about the world. You know, what he says, phrase that stays with me, the secret silent miracle of human progress and how we've actually been advancing on this score is, I think, very, very important. As a last one, a category.”
2022-02-11 · Masters in Business · James Anderson on Why Fund Management Is 'Broken' (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Go after having been appointed, we're done really badly in a performance terms. And the then boss of Vanguard sat us down in a big formal room with all his colleagues and said, I've got something to say seriously to you. And I looked at my colleague, a colleague looked at me, and we both thought we were about to be reprimanded or even sacked. And he paused and said, we're really pleased with you because you did exactly what you said you would do. It just wasn't working in the markets over that period of time. And, you know, as a piece of help from a client, that was an enormously important moment to me that, you know, you could go back and say, look, they believe in what we're doing. They're going to have confidence in the long term. They know that ups and downs happen. And I am so grateful for that.”
2022-02-11 · Masters in Business · James Anderson on Why Fund Management Is 'Broken' (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, I mentioned Barry Max Ward earlier internally, who's been fantastic. There was a chairman of the Board of Scottish Mortgage called Donald Mackay, who was a Scottish economist, who corrected me saying it, he absolutely tried in the spirit of what he quoted frequently, Robert Byrne's the like in a way I couldn't as to try and raise our horizons from the local and the index plus to the world. And incredibly grateful. The last one I would mention, because we've been focusing on Scottish mortgages, et cetera, it's not a problem, but another part of my career that's been really, really beneficial to me, which I've enjoyed immensely, is we run money for Vanguard in the International Growth Fund as one of the managers. And the first year we went to see Vanguard close to 20 years.”
2022-02-11 · Masters in Business · James Anderson on Why Fund Management Is 'Broken' (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“And I think their seminars on long-term thinking and the podcasts on that are just absolutely top class and have been for years both before the pandemic and during it.”
2022-02-11 · Masters in Business · James Anderson on Why Fund Management Is 'Broken' (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“That sport, that individual sport could be. And I think it gives me pause for thought when we think we're struggling in markets any one day or anything like that, what these people put themselves through is truly remarkable. As a podcast, last one, I suspect it's been cited to you before, but I haven't come across it. I'm a great fan of what the Long Now Foundation do. Sure.”
2022-02-11 · Masters in Business · James Anderson on Why Fund Management Is 'Broken' (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yes, yes, well, it's continuing to be a battle, isn't it? Oh, gosh, the two most recent Netflix productions we've watched are actually both films. We were watching the abandoned daughter, the film of the Elena Ferranti book, which deeply annoyed me, fantastic acting. But why did it need to be made of the story of an American academic rather than a middle class individual from Naples? It undermined everything from my point of view. And I think suggests just how far there are still, for all the thoughts that Netflix and Amazon could provide international insights, there are biases of that. And the other film we watched on this score oddly enough was The Hand of God, the Sorrentino version, which is about Naples, and thereby we much, much improved it. If I may risk a local one, sure. The documentary on Amazon about Andy Mari, the tennis player, resurfacing, is, I think, a fantastic description of just how hard, how competitive.”
2022-02-11 · Masters in Business · James Anderson on Why Fund Management Is 'Broken' (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Important part of local communities and of the increasingly rare ability of an activity to go through all the different groups, classes, income levels of society and to attract everything from recent immigrants to people very badly down on their luck. I have no interest in trying to make money out of it. And indeed, I've structured as regards my activities as donations rather than in any way wanting to have ownership.”
2022-02-11 · Masters in Business · James Anderson on Why Fund Management Is 'Broken' (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yes, I am. I am. It's spending it more broadly. But the most prominent and most successful football clubs, and this is much more England than Scotland, are effectively owned either by Russians or by Middle Eastern states with questionable human rights records. And I think that they are effectively doing the functional equivalent of what you're talking about there with ESG in trying to make themselves cuddly and approachable by spending hundreds of millions on football clubs rather than anything else. But my take on football, and I would not the same level, but I worry about the financial imperatives of many of the American sort of private equity-derived owners as well. My belief is that soccer, football is an intensely”
2022-02-11 · Masters in Business · James Anderson on Why Fund Management Is 'Broken' (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“To be honest, Barry, I'm perfectly happy to talk about it, but mentally and practically, I separate the two fields a lot. I feel very uncomfortable with not just the private equity, but still more the greenwashing of various unpleasant states that is done through sport and particularly through soccer in Europe. Explain what do you mean by...”
2022-02-11 · Masters in Business · James Anderson on Why Fund Management Is 'Broken' (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“It's very important that Lady Gifford as an organization allows Tom to have this freedom because perhaps this is back to the manger thing I think you need the ability to stand out from the ordinary to occasionally annoy your colleagues quite a lot in doing all this and I think it's quite important that Thomas given support and patience to do that”
2022-02-11 · Masters in Business · James Anderson on Why Fund Management Is 'Broken' (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah. Well, I think it's been, firstly, it's been a great joy to work with TOP. We often, you probably know or recall that Tom has a more mathematical background than I do, but very often we leave each other the chance to come to a view. And it's quite interesting how often we agree, but for different reasons. And I found that particularly delightful over the years. I think Tom is 100% committed to the idea that we need to keep evolving. He might not have used the word eccentric, but I think the desire to keep pushing on, Tom and indeed the next likely assistant, Lawrence Burns, share that view. I think there is a word of caution here, I think that”
2022-02-11 · Masters in Business · James Anderson on Why Fund Management Is 'Broken' (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“To me Charlie Borger manifests that extreme curiosity about everything and it's been very much, and you know I bow to defer to your experience of this, an essential part of pushing Warren Buffett and Berkshire Hathaway into areas where they might not have ventured otherwise. And I think he has an astonishing ability to be honest about some of the failings. You know, for instance, his words about how Google has, I think he said the greatest competitive advantage out therefore they ought to have understood it is, I think, quite revealing of the whole process. I probably also slightly empathize with, I think Buffet is more, to my mind, a creature who is comfortable with broad-scale popular and media exposure. I think Charlie Munger is rather less so, and I probably feel more similar in that degree as well.”
2022-02-11 · Masters in Business · James Anderson on Why Fund Management Is 'Broken' (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“I talked about sub-Spain different aspects, but this is Jeffrey West in scale talking about the exponential chessboard, isn't it? And where you get to as you add grades of rice or multiply out at Moore's law. So, you know, I think it's partly that. I think you could have got some degree of confidence over the longevity of it, again, to cite ASML.”
2022-02-11 · Masters in Business · James Anderson on Why Fund Management Is 'Broken' (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Figure out Totally. Well, I would add in, Barry, which I suspect you would agree with, that I don't think the human mind is very good at exponential change.”
2022-02-11 · Masters in Business · James Anderson on Why Fund Management Is 'Broken' (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“And I had a conversation with somebody who I think has been a guest of yours in the past with Dennis Lynch or Bachabar on this score about this, who was saying, if I had just known... When I started in 1983 that Moore's Law was going to continue for the rest of my career of failure. Did I need to know anything else? I needed to be able to translate that into the individual companies. And I might not have known that it was SML rather than the Japanese or that it was Amazon rather than some of the others. But fundamentally, I think if I'd taken that seriously at that juncture, how much else would one have needed it to have known?”
2022-02-11 · Masters in Business · James Anderson on Why Fund Management Is 'Broken' (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“I genuinely do not believe That it makes a great deal of difference The long run value of company as to whether earnings are beaten or missed, I genuinely don't believe it creates a lot of change to your long-run terms of investment that you could predict what's going on in the minds of the Federal Reserve, in the minds of what GDP growth will be. There is very little evidence to my mind that these are either significant in the long run. or that you have a great margin of success. In all of these, I think that you are fighting a battle over it's the Catholic Church's pre-Reformation feeling of counting the angels on a pinhead. And I'm just not sure it's either doable or worthwhile. It round Barry, I tend to think”
2022-02-11 · Masters in Business · James Anderson on Why Fund Management Is 'Broken' (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Less competition and also which I think comes back to something we touched on before where your probability of being right and the impact of being right has a greater both chance and a greater degree of importance. I think that too much the information we're dealing with in markets or what purports to be information is fundamentally unimportant. And I can imagine we might come back to that too.”
2022-02-11 · Masters in Business · James Anderson on Why Fund Management Is 'Broken' (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“A field where it's a little bit easier to make a different analogy, it's pretty impossible to think that Scotland would ever win a World Championship at, say, soccer because everybody competes with it. But if on the other hand, we translates it to sort of British sports like darts or snooker, then it's possible for Scots to be good. You should compete in games where there isn't that much of an enduring competitive disadvantage at any rate and possibly where you're doing something that not many other people are doing.”
2022-02-11 · Masters in Business · James Anderson on Why Fund Management Is 'Broken' (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Doing this, I cited Santa Fe earlier. I think I'm probably going to misquote, but I would cite you Brian Arthur about this as saying the most important element and the most interesting time to invest is when there are major disequilibriums. And that's what happens when you get this process of change that is so much more dramatic than we tend to think about. I think that one's aided because we tend to be very static. It's partly a timeframe problem, but it's partly because that's the way we've been trained. And thereby it's a lot less competitive to think about this process of change, as opposed to the 150 different people who will be telling you what the Fed's going to be doing next week to try and think of those ingredients in structural change and how it can scale is, I think.”
2022-02-11 · Masters in Business · James Anderson on Why Fund Management Is 'Broken' (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, I absolutely think it is. But equally, I think that there are certain advantages doing this. I think the puzzle to me of so much of finance and of so much of intellectual discourse about the economy has been that effectively everybody is trying to think about us being in equilibrium and the mild adjustments that you could have within that, whether it be in traditional value investing, whether it be in the conception that the economy effectively always mean reverted to the whole academic professions of the last 30 or 40 years and their formulas for”
2022-02-11 · Masters in Business · James Anderson on Why Fund Management Is 'Broken' (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“It has generated the ability, not just in America, but in China and to a certain extent in other countries of the world, the ability to inculcate, to help create these great companies that we're talking about at scale. And I don't think that's going away. I think it is a better way of doing finance. I always mentioned at the beginning that I was semi-trained as a historian, I think. And there was a British foreign secretary in the 19th century who said that he had to create a new world to re-establish the balance of the old. And if, you know, go back to our discussion about the failings of public equity markets.”
2022-02-11 · Masters in Business · James Anderson on Why Fund Management Is 'Broken' (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Oh, I think. I would probably argue that they started overheating in December of what we were talking about December 2020 and January, February of 2021. And I think that the warning signs once saw at that point one can talk about anything from the SPACs onwards to individual valuations are quite serious. But I think I would want to differentiate between the cyclical and the structural and for sure what you're talking about means that you're even more vulnerable to the cyclical. But I would be absolutely amazed if after some resetting of prices and expectations, if this industry doesn't continue to grow and become more important. And I think a lot of that is because actually”
2022-02-11 · Masters in Business · James Anderson on Why Fund Management Is 'Broken' (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Run companies better than their current incumbents, and we try and be supportive at different times. It may ultimately be a good thing that by and large, if and when companies do go public and we're not pressing them to do so, but on the whole, unlike many traditional venture capitalists, we can usually buy more stock rather than look to have an avenue to sell out. And I think that's important in conceptualizing our position.”
2022-02-11 · Masters in Business · James Anderson on Why Fund Management Is 'Broken' (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Over a long period of time in contentious ideas. And I think it's much better done in private markets. In some ways, I think that we've been helped, to be honest, the process we have, the 10 questions we ask companies very much can be applied to the set of companies that we've invested in private markets and that we got used to the style of returns in public markets which are reliant on some extreme winners and accepting that there will be individual problems. So that helped, but I think as well the fact that we tried very hard not to interfere. Yes, we absolutely take an interest, but I don't consider Tom and I don't consider we can possibly”
2022-02-11 · Masters in Business · James Anderson on Why Fund Management Is 'Broken' (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“It's been a scintillating experience, Barry. And I feel immensely privileged that we seem to have managed to make the adaption from public markets to private markets much more easily than I would expect it. I thought this would be a decades long project that we would barely be getting started on at this juncture. But in many parts of the world, it's moved more quickly and more, I think, helpfully and hopefully than I would expected because, you know, as we touched on earlier, I think we now live in a world where it's very hard. And I think this was in many ways part of the issue with Tesla all along. Very hard for public companies to do heavy investment.”
2022-02-11 · Masters in Business · James Anderson on Why Fund Management Is 'Broken' (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“So, the market doesn't care. Yeah, well, I was talking about John Kay earlier, and I remember one discussion we had, we were discussing potential regulation of the major social media and internet companies in America. And he stared at me and said, you don't seriously mean to tell me that you don't think American companies don't already dominate American democracy. And I must confess, it may be that as well, isn't it? That's effectively the quiet where we are. But I still think preserving the forms of democracy and hopefully some of the substance as well does ultimately matter an awful lot.”
2022-02-11 · Masters in Business · James Anderson on Why Fund Management Is 'Broken' (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“These are deep systemic problems that I do get concerned about. When do those start influencing the markets? That's much more difficult to say. But if I was sort of 20 years earlier in my career, I think I would be concerned about these issues.”
2022-02-11 · Masters in Business · James Anderson on Why Fund Management Is 'Broken' (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Illegitimate anti democratic actions as they're perceived to be in China to wonder, in all honesty, whether America will be a democracy in five years' time. I appeal to a particularly ironic session when on January 6th last year, I was being asked about this type of action, even if it was in early days of it in China what was going on in America was going on. I'm surprised the capital markets are not more bothered by what's happening in American politics and society than they are. And I think it's consistent to say, given what I've been talking about, that it's rational in terms of deep underlying movements to worry about a society where life expectation is falling. And I believe in right in saying that life expectancy in China is now above that in America.”
2022-02-11 · Masters in Business · James Anderson on Why Fund Management Is 'Broken' (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“The complications even in healthcare, which I was talking in an upbeat way about a few minutes ago, mean that the ability of new young companies to rise in America is more constrained than it was. We are effectively talking about entrenched oligopolies in many cases, which are not necessarily helping the up and comers. To make the point firmer, what TikTok bike dancers done is much more interesting in the social media world than what anybody in America has accomplished it would seem to us seem to me over the last few years. So I think there is some erosion because of the excess dominance of the companies that we all grew to know and in many cases lava over the past. The second one, which is much, much more controversial, but I think one cannot exclude. I found it very difficult in the last two years or so when people”
2022-02-11 · Masters in Business · James Anderson on Why Fund Management Is 'Broken' (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“So Barry, I could adventure some comments that may not necessarily be wholly popular with your listeners, but I think it's important to say, absolutely, America still possesses the combination of the right individuals often coming from outside in the world, as some of the examples we've been talking about, the scale of the market, the scale of financial apparatus that it will remain formidable. But I have to say I've increasingly had some reservations. We were talking a few minutes ago about Chinese regulation. I wonder whether the lack of regulation of the American internet world and”
2022-02-11 · Masters in Business · James Anderson on Why Fund Management Is 'Broken' (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“I found India very difficult. To me, there are far too many companies that are reliant on their connections, their political health, their wealth at a far too short-term run for my real liking. And it's become mentally quite a problem for me. So what I've said to some of my younger colleagues is to ignore me and to go on and see whether there are companies that fit this. Because I found it difficult historically. I don't think I've necessarily wholly been wrong, but I think it needs a more open mind than I have at this juncture. So hopefully useful out in this case.”
2022-02-11 · Masters in Business · James Anderson on Why Fund Management Is 'Broken' (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“what can be done and what are the advantages of different places. And one of the things that stays with me is an article that Stefan Bansell wrote for Figaro in France. why it could happen in Boston rather than or in America rather than in France. And a lot of that was around the backing from a venture capital community. And I think that's what some of the healthcare venture capitalists have done to add to that expertise by making it at much more scale with much bigger resources has been something that's potentially going to enable serious development in healthcare plus technology companies over the coming years. So that's a revival that I think we ought to note.”
2022-02-11 · Masters in Business · James Anderson on Why Fund Management Is 'Broken' (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, let's do an American one. And I don't think I would have said this three or five years ago. I thought that three or five years ago that both innovation in biotechnology and healthcare in America was fairly limited and that where it was happening, it was emigrating under the power of combination of genomics and machine learning to being a West Coast phenomenon. I think what's happened in Boston since then is pretty awe-inspiring and actually touches back on some of the questions that we're talking about. So we've been shareholders in Moderna for some period of time and both at the Moderna direct level as well as at flagship one. We've done a lot of talking with Stefan Benzel and Nubarfian about, you know,”
2022-02-11 · Masters in Business · James Anderson on Why Fund Management Is 'Broken' (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“They invented it literally in a pub in Cambridge. But they couldn't commercialize it. They couldn't scale it. And I think the depth of the problem in Britain is very much there. I come back to places that might do better on this score. I am. I think you and I would say that in America and in China, there are networks of people who could act at scale. And I don't think that really exists in Europe. Europe is still way too atomized. There's not enough communication between the truly exceptional in different countries on an industrial level, on an entrepreneurial level, on a looking to the future level. And I think we need to do a much better job on that. And it's just impossible to have the sort of scale that really Europe needs without those connections being built much more in the future.”
2022-02-11 · Masters in Business · James Anderson on Why Fund Management Is 'Broken' (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“First taken over by Softbank. We tried, we were arms bigger shareholders. We tried to persuade them they shouldn't be selling out. It was important to have a critical mass world leading technology companies. Now, we got very little support from that at all levels, and I think that is symbolic of the problems. Equally, as you may know, we've been investors in Illumina for a very long period of time. Now one of my other directors on the board of Scottish mortgage gentlemen called Patrick Maxwell, who's a professor of physics at Cambridge, lives three or four doors down in Cambridge from the person who actually invented the core net technology behind Illumina.”
2022-02-11 · Masters in Business · James Anderson on Why Fund Management Is 'Broken' (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“The inability to scale that really matters here. And I think this has got deep cultural roots. And to be honest, and I think this is not how most people think about it, it bothers me more in Britain than it does in anywhere else. And it's not that we don't have the ability in academia, in science to generate companies. It is that somehow, and I think the capital markets have a lot to do with this, Britain does not possess the ability to scale companies. I think that is such a deep and serious problem that there needs to be much more willingness to address it. I'll give you a couple of quick examples on that, Scott Hugh. A very contemporary one is ARM. And it may or may not be that Navidia giving up and taking them. But when ARM was first...”
2022-02-11 · Masters in Business · James Anderson on Why Fund Management Is 'Broken' (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Of LVMH buying the LV part because it was the LV part that I admired and I felt that Monsieur Arnaud had managed to, how should we put it rather aggressively take over LV and plainly he's done a fantastic job and his colleagues have done a fantastically job in LVMH and you know we've own caring and Ferrari from much the same point of view. But I think the real failure has come in consumer facing technology. I express my admiration earlier for what ASML is doing, which is truly profoundly meant out there. And I think it's about”
2022-02-11 · Masters in Business · James Anderson on Why Fund Management Is 'Broken' (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“From the Well, Barry, it probably seems even longer to me because I spent most of my first 15 years or so as an investor in Europe. And so, you know, it's been something that's intrigued, frustrated, and occasionally given hope to me for a very, very long period of time. And I have tended to carry on having quite a big interest in it. Well, let's think about what we've been discussing. I think the real issue in Europe is much more about scaling. I think there are plenty of decent companies, some outstanding companies. One of my worst miscalculations, sins of a mission over the years, has been that I got very annoyed by way back in time Moitt Hennessy, the MH.”
2022-02-11 · Masters in Business · James Anderson on Why Fund Management Is 'Broken' (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“A year in a different city each year and to actually usually carry on for two or three years. And I did this in Berlin, I did this in Amsterdam. I was just starting doing Paris. I was wanting to do it in one of the cities in China that we were talking about. I think trying to understand the culture of individual citizen regions is probably much more relevant than talking about countries at large. And I feel that quite strongly about the USA for instance. I think that fits with history. There was somebody who wrote a book called, what was it called, the geography of genius in the past. One of the points it was making is that the truly great ideas very rarely came from the major cities. They came from quite small places. And I think from Athens to Edinburgh onwards, that was the case in point. And I think it is the difference.”
2022-02-11 · Masters in Business · James Anderson on Why Fund Management Is 'Broken' (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Has become more important, but predominantly ours has been Huangzhou, Guang Dong, a Shenzhen portfolio or set of individual companies rather than anything else. And I would even say that was true in Europe. We were talking earlier about the oddities of America, but I'm really interested in why Eindhoven or Amsterdam or Stockholm or Berlin can do things which doesn't seem to happen elsewhere in Europe. So, you know, I think I'm much more a believer in the culture of individual cities. And for a long time, it's been a real frustration under the COVID and lockdowns. One of my practices was to go and spend”
2022-02-11 · Masters in Business · James Anderson on Why Fund Management Is 'Broken' (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, It's not about countries, whether it's in inverted commas emerging markets or in inverted commas the West. It is about individual cities and regions. And I say that both in the current context and the historically this has been the way. For a long period of time, it's not quite so at the moment, but for a long period of time, we didn't have anything resembling a portfolio of American stocks. We had a set of West Coast conceptualized as a business. And, you know, I think the difference between your capitalism and San Francisco capitalism, it may have softened somewhat now, but was so strong for some reason that I think that that's important to consider. I would say this was true about China too, predominantly, okay, Beijing.”
2022-02-11 · Masters in Business · James Anderson on Why Fund Management Is 'Broken' (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“We don't think that the untrammeled dominance of the few internet and e-commerce dominant companies is a good thing for society at large.”
2022-02-11 · Masters in Business · James Anderson on Why Fund Management Is 'Broken' (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Point that Dan Wang of Gavikal makes of extremely artic in an extremely articulate manner, but it's one that we would share. We don't necessarily think that the Chinese government sees internet companies as the peak of attainment in technology, technological and societal advance. I think those who think that perhaps it's not a good thing for the brightest brains in the West to be spending their time on getting us to click on more adverts, possibly have a point. And we don't really see, for instance, if we look either in a beneficial sense about what's going on in batteries, autonomous vehicles and the like, or in a more worrying sense in AI, that there is actually a desire of the Chinese part to say that. I think there's a desire to say”
2022-02-11 · Masters in Business · James Anderson on Why Fund Management Is 'Broken' (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Wholehearted opponent, either for the long term good of the technology sector or at least the internet sector and what has happened in China. And I think it may actually be good policy and not bad for economic outcomes in the long run. Lastly, I would, as I've probably been implying, differentiate between this and hard technology. I think it's a”
2022-02-11 · Masters in Business · James Anderson on Why Fund Management Is 'Broken' (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“It doesn't have such malign social impacts. I still don't think that America has faced up to those issues in broad terms. I think that would be fascinating to see what happens over the next 10 years. I don't, if I may, and I know we're all struggling for the right words, view the policy and the attitudes of the Chinese government as in any way either illegitimate, unforecastable, or something that one doesn't regard as perfectly intellectually and practically humanitarian legal from the point of view of the overall setup of the society. Yes, it happened a great deal quicker than we are used to in the West and without as many abilities to control it. But how far does that tell us that really the West has a problem with overdone companies? So I am not”
2022-02-11 · Masters in Business · James Anderson on Why Fund Management Is 'Broken' (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“All of us in the West, whether it be Europe, whether it be the UK, or whether it be still more America, have to think through very seriously what the correct societal attitude, regulatory attitude, government policy is towards the internet companies and the e-commerce companies. I think they're on trammel dominance has many both economic and societal problems within it. If I look at it in that light, I think the governance that the Chinese authorities are looking for and currently obtaining from those internet companies is justifiable and more than justifiable. I think in the long run, it makes for a better functioning of the whole sector. It doesn't crush new competition.”
2022-02-11 · Masters in Business · James Anderson on Why Fund Management Is 'Broken' (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source