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

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“Analysts in investment banks having recommended all the educational companies, subsequent to the announcements, then said they were uninvestable. It was not a great way to handle it. They had made a mistake. And I think they need to be honest like we need to be honest about that. The second part of it would be about regulation of the e-commerce world. Now I'm wary, as I'll come on to as saying, that is all of technology, but let's deal with that for the moment. In my view, in our view,”
2022-02-11 · Masters in Business · James Anderson on Why Fund Management Is 'Broken' (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“I've listened to. I mentioned a book festival previously who had made it absolutely clear that they thought the educational system and the tutoring system was a very bad thing for Chinese society. And in retrospect, it's comic. Now, Scottish mortgage did not, I hasten to add, invest in these companies, but we did have holdings in some, particularly TAL, of the educational companies that needs to be honest about and in some mandates for which I have some responsibility as well. So I don't want to concede that. And I think that was a very bad, very serious mistake because we were not listening to what the available information, the available flow of government was saying about those areas. Absolutely agreed. I will at that point bring in your uninvestable both amused and annoyed me that many”
2022-02-11 · Masters in Business · James Anderson on Why Fund Management Is 'Broken' (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“My colleagues in Shanghai, BD Giffid at large, to be incredibly naive if we hadn't thought about these issues beforehand. The Chinese government does not conceal that it has the leading role in society. And surely we ought to have known that. So I think that we did have a mentality around this that we had to accept that there were risks. But if I then move on, I would differentiate in three ways that I think are critically important for why we are where we are now and what we might want to do going forward. The first one is I think there was a set of companies which both the Chinese authorities and moreover many in society, many writing in the media domestically, many authors who”
2022-02-11 · Masters in Business · James Anderson on Why Fund Management Is 'Broken' (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Right. And again, I appreciate having the chance to explore these questions rather than just simply provide one word I agree or I disagree or two words answers to you. So can I go back and Barry and I perhaps should have said it when I was talking about the attractions of distant countries I would have considered myself”
2022-02-11 · Masters in Business · James Anderson on Why Fund Management Is 'Broken' (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“I remember so acutely, and it follows on nicely from our discussions about Edinburgh, when the founder of Maituan first visitors here, obviously we'd seen him in China before, but when he first visited us here, he organized a room that looks out over historic Edinburgh and the castle. But before he would speak to me about the company, he required me to give him somewhere between half an hour and an hour's full disquisition on the differences between the Scottish The Edinburgh Enlightenment and the English Enlightenment. Now, fortunately, as I was mentioning, I've studied quite a lot of history and I've had to study quite a lot of Adam Smith over the ages, so I could just bout all of my end up. But the notion that this is a standardized company that Beechley wants to launch into its slides about its next quarter.”
2022-02-11 · Masters in Business · James Anderson on Why Fund Management Is 'Broken' (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“And I found this intriguing. We make exactly the same discussions. We have exactly the same set of 10 questions that we ask the companies in these areas. And we're looking for the similar outcomes that we have in America or to some extent in Europe. And my real emotion about this is that And I'm sure we'll come back to this despite the difficulties that this can sometimes leads in operations and that one shouldn't be naive about that the companies have absolutely lived up to that bargain for instance we've been large investors since well before it was a public company in Meituan the service company the food delivery and service companies now”
2022-02-11 · Masters in Business · James Anderson on Why Fund Management Is 'Broken' (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“I've always felt very comfortable, uncomfortable. I don't know about you with this label emerging markets. It's always been made up of some countries which emerged 2,000 years ago and then retreated with countries that are genuinely moving forward. I never liked at all in particular the whole brick discussion that used to happen. I think the differences... Between Brazil and Russia and to a quite a large extent India and China are profound on the level we're talking about. There are some extraordinarily brains within Russia, but I do not think they are central to the economic system faced as it is on comparative extortion and energy production. So I think you start with making that, but at the company level.”
2022-02-11 · Masters in Business · James Anderson on Why Fund Management Is 'Broken' (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Fundamentally, Barry, it is the same process, but of course the standards of proof need absolutely to be there. We were talking earlier about the importance of science and academia. Now, what I think the corollary of that is what's critically important to us in determining where we are searching, where we're looking for, is that we need to see evidence of, if you like, that rising educational standards, those rising academic stars in the markets that we're talking about. And we need those to be, if you like, in charge of society.”
2022-02-11 · Masters in Business · James Anderson on Why Fund Management Is 'Broken' (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“To offer the option of people working elsewhere. So we have offices in America and China as well as probably less imposing one in London. So, you know, I think we need to combine the history of the firm with the evolution, with the good of Edinburgh rather than the limitations. Equally, we have to be prepared to follow great people around the world.”
2022-02-11 · Masters in Business · James Anderson on Why Fund Management Is 'Broken' (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, Barry, it's something that... And on that one, I will make some comments. You know, I think that Edinburgh has got fantastic attributes and fantastic drawbacks. I can wander out five or ten minutes and I can visit the graveyards of David Hume and Adam Smith. And that whole intellectual heritage, which in a sense you were being fair enough by saying academic, but I think it ought to be much broader. You know, there is an intellectual heritage and we need to get back to the bravery that Scotland demonstrated then, which was actually inherent in the history of the investment trust rather than becoming an insta inward-looking and rather parochial place. And I think that's a battle you have to fight, but there is enough of the good here. For instance, what they do at the Edinburgh Fest intellects to come here is still incredibly valuable to us. But we also have...”
2022-02-11 · Masters in Business · James Anderson on Why Fund Management Is 'Broken' (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Worthier study, and I think that is a tragedy both for the world, but also in terms of trying to do reasonable investment. You will not make the point even more forcibly. You will not find much of what I'm talking about in the CFA's requirements of new investors.”
2022-02-11 · Masters in Business · James Anderson on Why Fund Management Is 'Broken' (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“To 30 years have owed a lot to the Santa Fe Institute and it's very different take on economics, on change, on increasing returns, on disequilibrium. And, you know, I think we're all in the sense as Keane said. We're often much more in practical circles at the whim of, as he said, dead economists. Hopefully most of these people are still very much living. Well, they are still very much living, but I think we own much more to not just economists, but to philosophers, to scientists, and thinking about the process of change than we care to acknowledge in markets. And I think, you know, if I go back to when you were asking me about what I see as problems in the stock market, I think a lot of it is this other element of the self-referential we believe only finance, only market development are”
2022-02-11 · Masters in Business · James Anderson on Why Fund Management Is 'Broken' (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Do technologies, finance, and innovation work together. And I won't go through them all because plainly you've had many distinguished guests in the past who've talked about this a lot and many have done more to create it. But the whole emphasis of the work around the Santa Fe Institute about the process of change from hard technologies like the work of Jessica Transik on batteries to the more general conceptual work of Brian Arthur and Jeffrey West. I think thinking about how the world changes is hugely important to us. And I'd make two observations about the Santa Fe Institute on that score. One would be a huge offer of thanks to Bill Miller for his work in establishing and financing it. And secondly, I think most of the successful investors of the last 50”
2022-02-11 · Masters in Business · James Anderson on Why Fund Management Is 'Broken' (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Oh, absolutely. And I mentioned curiosity earlier. I think you've got to be interested in everything that forms that. Now, I know in a certain sense people in recent years have paid a lot of attention to the psychology and the behavioral factors in markets, but I think you can do it with a different set of thinkers. Some of them are directly scientists. I would almost classify that as being most important to us. I put it as the philosophers of change. For instance, not just in reading, but also in extraordinary helpful direct conversations. The work of Carlotta Perez at Sussex University has been extremely valuable to us.”
2022-02-11 · Masters in Business · James Anderson on Why Fund Management Is 'Broken' (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“75% confidence interval that that 15 to 25% across all the different parts of the industry was the improvement rate. Now, if you had that 75% and it's competing with an industry improving at 3% bit, as long as you've got patience, it's going to work out in your favor. So I think you've not just got more impactful set of findings but I think you've also got a far greater probability and you'll come if I bring that up to date a year or so ago. I think the probabilities of that 15 to 25% were moving up towards somewhere around 90% in most stock market bets you know you're lucky if you get 55%”
2022-02-11 · Masters in Business · James Anderson on Why Fund Management Is 'Broken' (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“What was critically important to us remains critically important to us in thinking about that scale of the market that we were addressing earlier was do we have that confidence that the whole panoply of technologies connected with making electric vehicles better and cheaper can continue to compound at somewhere between 15 to 25 percent per annum that we had back in 2013-14 you know to me that's both a far more valuable background to investing but also you know here i'd be particularly interested in your thoughts a far higher probability of being right you know i think that back in 2014 we had a probability”
2022-02-11 · Masters in Business · James Anderson on Why Fund Management Is 'Broken' (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“No. But I respect that, but I think it's a decent simplification. An element of top down envisioning of what the world looks like, but it's not from, you know, to go back to the analogy with the quarterly earnings. It's not from what is the Fed about to do. And to be frank, even if I knew what the Fed was about to do, I'm not sure it would help me make good decisions. But it is trying to think what are going to be the main driving forces of our economy over the years to come. And where can there be those forces of change and where can we get insight into them? So rather than looking for what a bunch of market commentators or hedge funds are saying, we try and talk to academics and scientists who can give us some checkpoints on whether those fundamental points are happening. So to continue with the Tesla one on that theme.”
2022-02-11 · Masters in Business · James Anderson on Why Fund Management Is 'Broken' (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“For years and years and years, I think our longest holding is in Atlas Copco in Sweden, which I first brought in, I think, 1985, and we still own it. But sometimes we've given up and made very bad mistakes on that point of view. We were large owners of Apple. I myself did the exercise of trying to see whether I thought it could be in the top 5% of outcomes over the next 10 years. And I didn't think it could do, it could be. Now that's approximately five years ago now. So, you know, there is a fallibility about this process, but it's absolutely about it. Does it have the chance from here to continue to replicate the style of performance that with successes we think is the outcome?”
2022-02-11 · Masters in Business · James Anderson on Why Fund Management Is 'Broken' (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Have to say that if anything we have been I'd almost say taken aback by the excellence, the brilliance of Texas executions since that period of time. And I don't think it's just in quarterly earnings terms, again, to go back to that. I think their ability to build out the factories, to build out their expertise in the batteries broadly defined, their ability to internationalize, their ability to in fact increase their leadership over the industry rather than shrink is truly remarkable. So, you know, you're being kind enough to say it was not an ill-timed reduction, which it wasn't in terms of having held on before, but it's perfectly possible we'd be wrong. And that's much of my mind, Barry, because, you know, I think, if anything, although we pride ourselves hugely on our ability to endure and to back companies,”
2022-02-11 · Masters in Business · James Anderson on Why Fund Management Is 'Broken' (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“What we're constantly trying to answer, and I will mention some less successful examples of this than how Tesla has seemed at least so far. What we're trying constantly to ask ourselves is, has this company got the possibility to be in the top 5% of outcomes over the next five years and even longer if we can? And do we try to make it longer? So you're looking at can it still produce enough return to make it into that sort of very high level competition? We did not think last January that the total market capitalization, total enterprise values that Tesla was getting to, that we could see that degree of upside. It was not about a worry that it would go down. Which, of course, in the case of Tesserie, more than the case of many companies, always existed, it's that we doubted there was sufficient upside. Now, to bring that up to date,”
2022-02-11 · Masters in Business · James Anderson on Why Fund Management Is 'Broken' (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“I'll try and answer that directly first, but then I'd like to cover a bit of the intermediary stage because I think it is the holding on that is critically important in this. And I was very interested. You had a discussion a few months ago, I think, with Bill Gurley about the importance of the holding all elements of this, which I think is essential to it. But let me try and run the Tesla one to you.”
2022-02-11 · Masters in Business · James Anderson on Why Fund Management Is 'Broken' (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah. Well, firstly, I don't think I will have any difficulty persuading you of this, Barry, let alone the audience. I think one accepts that the hit rate is about making qualitative judgments rather than quantitative ones. And when we were discussing earlier earnings calls and the like, I think that that rush to what you can measure rather than what you can think about and not even analyze, but creatively inquire about is hugely important. And I think your biggest single objective on that is to try and understand whether there is a reason that only the one company you're investing in can do what's happening. So we worry a lot about companies in which the clones can easily happen on that score.”
2022-02-11 · Masters in Business · James Anderson on Why Fund Management Is 'Broken' (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“And I consider that both the extraordinary European example of a really deep technology company that has actually succeeded. I also consider it's possibly in terms of what it enables most deeply and important company in the world. None of the internet companies would basically exist unless ASML continued Moore's law. Although there are individuals who've done absolutely superb jobs, it's not so much associated with the philosophy of one all-domineering founders. And I find that thereby an example that is even more intriguing. How do you get to this level of ambition, this level of attainment, this level of world leadership without having that sort of leader? But I'm assuredly of the view that having one of these sort of visionary leaders At the start, it's hugely important.”
2022-02-11 · Masters in Business · James Anderson on Why Fund Management Is 'Broken' (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“We're talking Amazon then, but I think the Tesla story in that sense is even more remarkable. Somebody I much admire within the industry, John L. Can a Ferrari and Stilantis, has said very clearly that he didn't think it could have, Tesla could have been done by anybody from inside the industry. So I think that different vision is very rarely comes about without there being one single individual funders. Now, to undermine my own case, Barry, because I think the nuance and the discussion is important here. Funnily enough, one of the companies that people don't seem to focus on a lot and they don't seem to ask me a lot about or my colleagues, but which we probably most admire in the changes that have happened in the world, would be ASML in Holland.”
2022-02-11 · Masters in Business · James Anderson on Why Fund Management Is 'Broken' (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“The course of what I've said about the power of truly great businesses has come from reinterpreting the industries in which they operate and very often as the examples you show, they are people who are basically from outside the industry. I think it is very, very hard not to think that that is absolutely critical factor. I would be intrigued we may come on to one or two counter examples, but I would be intrigued at how many companies have managed to rise to true greatness without having had that at the start of the life stories. And again, that's something that basically Henrik Bessenbinder would have agree with us. If you go back early companies, that is also true of them. And I find we”
2022-02-11 · Masters in Business · James Anderson on Why Fund Management Is 'Broken' (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Or media company equally sucked up in the whole boom was, I think you could make that differentiation. So, you know, I know that a period of stress and plainly there's another one at the beginning of this year, that correlations go to one and all companies are regarded as the same. But I genuinely believe that the market and the articulation given by individuals and companies of their culture and ambitions does enable you to differentiate.”
2022-02-11 · Masters in Business · James Anderson on Why Fund Management Is 'Broken' (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“That may be, I mean, I almost think, if you want, I come back to my comments about our ownership. We made it more difficult for ourselves barry by weighting those intervening six or seven years because I think one's skepticism had only grown over that point. I'm always amused, frustrated now when people talk about the late 1990s as some sort of just simply a bubble. I think there was also, and here for once, I would find myself agreeing with Peter Thiel, there was also a huge amount of clarity around that point. And I think people's ability to explore those ideas was there. But yet if I compare what Amazon was saying, what Jeff Azos was saying about that point of time compared to what the average telecom”
2022-02-11 · Masters in Business · James Anderson on Why Fund Management Is 'Broken' (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Has been created by just 90 companies. Now talking to Hedrick, he would agree that these companies don't just have huge markets, but they have a willingness to say we don't know that it's going to take us. And you mentioned there, as we all often do, Amazon within this. Now, possibly of all the many brilliant things that Jeff Bezos has said and done, I think it was one of his initial comments that there was this weirdness about his business that everything he and Amazon used got better and cheaper usually by around 50% per annum. And then he paused and probably gave a characteristic laugh and said, which I think is really important, I don't know where this is going to take me, but I think it is going to be very...”
2022-02-11 · Masters in Business · James Anderson on Why Fund Management Is 'Broken' (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Just our own experience, but from the work of Hendrik Bessenbinder at Aristotle State University in just stocks outperforming treasury bills and thereonwards. And to put this in context, his data on the American market goes back to 1926, 24,000 companies in US common stock since then. Over that time, half the value over T-bills”
2022-02-11 · Masters in Business · James Anderson on Why Fund Management Is 'Broken' (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Management that can accept that type of open-endedness and that type of time horizon and that type of business decisions that we were talking about. Now if I'd look at this from an intellectual point of view, we've had a splendid relationship with a set of academics who've tried to focus on what's really happened in the stock market from that point of view. I think the history is going right back to the Dutch East India Company that a very small number of people dominate. And this was our experience ourselves that you had to have that ability of the management to think in those broad terms. But we acquired ever greater conviction of this when it wasn't”
2022-02-11 · Masters in Business · James Anderson on Why Fund Management Is 'Broken' (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“I think fundamentally there are two important tracks in this, Barry, to discuss and try and elucidate our thought process of. Now, I think really you're looking for the scale, and this has become almost banal to say, but the scale of the addressable market that is there. And very often, I think it's key to stress this. That scale is not necessarily all that obvious at the start of it. You know, when Amazon was a bookseller, when Tesla was a sporting goods company, or you read about the early days of Alibaba, when there were 20 of it, you can't really get to that. But I think that means that a critical important part of this is”
2022-02-11 · Masters in Business · James Anderson on Why Fund Management Is 'Broken' (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“And I think that is profoundly dangerous and does have an impact. So I think it actually goes well beyond just the time frame, I say just as though that's an unimportant one, plainly it's deeply, deeply important. But I think you actually get the immediate discussions as well as the long-term discussions biased towards whether the next quarter is going to be up or down relative to a set of analyst expectations.”
2022-02-11 · Masters in Business · James Anderson on Why Fund Management Is 'Broken' (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“That is annoyed in the quarterly report sense. And I would cite, for instance, the extreme drawdowns we saw with Amazon around the time of developing Prime, which was plainly a fantastically good long-term value-creating proposition, but yet the preoccupation was with the short-term impact on earnings. I think you can drill into that again in a different way by asking what are the questions that happen in quarterly earnings calls. As you know, very rarely do you see major investors in the company, the focus of those discussions. It is about the brokerage industry, the investment banks, and the next quarter.”
2022-02-11 · Masters in Business · James Anderson on Why Fund Management Is 'Broken' (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“That's certainly part of it, but I don't think it is underneath even in terms of the moment the critical part of it. I'd cite, for instance, that I spend a lot of time asking companies when they've been fortunate enough to be successful, what have been the critical moments, critical decisions. And very rarely, Barry do they say it was because we had a great quarter in 1993 or because we beat out his expectations in 2005. And indeed, I think if you drill down from that, very often the most significant moments of companies' history have been when they've done something.”
2022-02-11 · Masters in Business · James Anderson on Why Fund Management Is 'Broken' (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“New ideas? Yeah, that's absolutely right. Buybacks, in many cases, excessive dividend, insufficient investment, and particularly in capital intensive business, which, as you know, have not on the whole been what's been on people's minds for most of the last 30 years.”
2022-02-11 · Masters in Business · James Anderson on Why Fund Management Is 'Broken' (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“overall facts that both in Britain and America for a very long decades now more money has been given back by companies in the quoted markets than has been raised. You know, it's become a machine for recycling rather than a machine for creation. Now, I could go on, but fundamentally, I think that is the great trouble and has led us to have, have to reinvent a different way of really providing serious equity capital outside the public markets.”
2022-02-11 · Masters in Business · James Anderson on Why Fund Management Is 'Broken' (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, well, I'd be very interested to pursue this follow-up questions from you, Barry, because I think it's a critically important issue. I think fundamental management has inherently become inward-looking. And you know this as well as I do, people measure themselves by how they do to their comparators. If I go back to the early days of stock markets, what we were in the business of was helping to create and nurture great companies that were going to move society as well as investors onwards. And I think that we've lost that sense of purpose over the years. So that is absolutely essential to how I see it. I would evidence it by not just all the type of short-run performance statistics and short-run media coverage there is. But by the”
2022-02-11 · Masters in Business · James Anderson on Why Fund Management Is 'Broken' (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“And so the unpopularity of that form, which existed back in 1983, it was just a fascinating project to try and get involved and gradually see the benefits of it. And I much admired my predecessor, Max Ward, who had the same thirst for growth investing. Bailey Gifford had made a huge mistake because in the late 1970s, Max was by far our most outstanding investor. And because so many of our assets were in the UK at that time, Max was persuaded to be in charge of the UK market when his heart was in America. And I think Scottish mortgage and Vediger might have been further onwards if we'd reverted that.”
2022-02-11 · Masters in Business · James Anderson on Why Fund Management Is 'Broken' (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“That's right, and to be honest, Barry, I think that some of the events and the early years of Scottish mortgage quite fascinating. You might be intrigued to read, for instance, its accounts of 1929-30, when it was much more concerned about which member of the Scottish middle classes was going to be appointed to the board than it was by what was happening on Wall Street. It's a count of why Canada and Argentina were more interesting than America was interesting the backstory for many years. But I've always thought that investment trusts are a fantastic instrument. And that's come across even more in recent years because our freedom to go where we want and invest in whichever form we want and to try and offer at low cost to retail investors has been something that I really value.”
2022-02-11 · Masters in Business · James Anderson on Why Fund Management Is 'Broken' (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Agree. Fund management is great if you're really curious about the world. Journalism was the only other thing I considered. And I didn't much like London. So Edinburgh was.”
2022-02-11 · Masters in Business · James Anderson on Why Fund Management Is 'Broken' (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Barry, I think it's a combination of a fairly normal British establishment story with a few twists. I came from a very medical family. I didn't much care for the idea of being a doctor, although everybody assumed that's because I wasn't remotely clever enough, which used to annoy me a bit. I did a history degree at Oxford, which may or may not have been relevant. I then spent a couple of years at university abroad, in particular a year at Johns Hopkins in Bologna in Italy, which was originally set up to use for the CIA expense on the Italian Communist Party. It evolved by then, but it gave me a thirst for hearing different interpretations. There were people from approximately 40 different countries and really made me a great deal more curious than I was when I was being talked down straight lines at Oxford. And I think you would probably...”
2022-02-11 · Masters in Business · James Anderson on Why Fund Management Is 'Broken' (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source