YouSaid · the spoken record

Tom Slater

lines on the record: 59
first: 2020-12-18
most recent: 2020-12-18
sittings or episodes: 1
sources: podcast

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“Yeah, it's a really interesting question. The film was actually founded in 1908. So if you look at the full sweep of its existence, the growth hasn't been that explosive. But certainly our assets under management have grown reasonably sharply of late. But if you actually look at the flows of our clients, there's significant flows both in and out. And the net of those two numbers is just about zero. So the growth in assets has been much more to do with investment performance alpha generated for our clients than it has from an exercise around asset gathering. And the reason for those two wave flows is a mixture of both the core base of pension fund clients gradually reducing their exposure to equities over time. And then also clients rebalancing their”
2020-12-18 · Masters in Business · Tom Slater on Growth Investing (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Which I think is a very rare structure these days if you look at the fund management industry. But the 40-odd partners who work directly in the firm are personally liable for the firm's liabilities. And so when it comes to things like MIFID regulations, we tend to follow the absolute letter of the law and declare our performance relative to the 1.5% above the benchmark. slightly more enthusiastic way than many of our peers might.”
2020-12-18 · Masters in Business · Tom Slater on Growth Investing (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“I think that is actually an artifact of MIFID regulation that we have to declare our performance objective, not just a benchmark, but a performance objective for the fund. I think if I link that to a characteristic of Bailey Gifford, we have an extremely strong compliance culture. If you go way back in time after the Maxwell scandal and the raid on the pension fund, who is that pension fund given to manage? It was Bailey Gift because the firm has a reputation of being white and white when it comes to all of these compliance and management traits. And that's really a function of the fact that the firm is an unlimited liability part.”
2020-12-18 · Masters in Business · Tom Slater on Growth Investing (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yes, we do not look at the index when we construct portfolios. I think indices are a good way to evaluate the performance of a fund manager so long as you do it over a time scale which is commensurate with the way in which the fund is managed. But I think it's an extremely dangerous way to start constructing a portfolio. So our portfolios are constructed simply of the stocks that we think offer the most exciting possibilities, the greatest chance of being exceptional companies, by which we mean addressing large opportunities, having some form of sustainable edge and something special about the culture and the way in which they go about the task. So I would discourage people from looking at the one-year numbers because I think one-year numbers are filled with noise and actually extending the timeframe, looking at three years, looking”
2020-12-18 · Masters in Business · Tom Slater on Growth Investing (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“At the same time, though, the passive management industry, I think, has been guilty of coming up with so many indices against which to manage assets passively that you can't help but conclude it is little more than an asset gathering exercise. There are more indices than there are stocks to invest in, which was”
2020-12-18 · Masters in Business · Tom Slater on Growth Investing (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Of course, diverging too much from the market is what leads you to your clients to fire you. And so I think when you hear those sort of howls from the active management industry about losing assets to passive management, in some ways the industry has been the architect of its own demise by providing sufficient value to savers. And that leads to these sort of remarkable results from the likes of Kramers and Petagisto that show that there being a correlation between active share and performance. So you have this remarkable idea that you don't even need to know what bets your fund manager is taking simply that the fact they are taking bets is likely to lead to a better outcome just because the aggregate statistics are dragged down. By those who aren't actually offering a genuine act of experience”
2020-12-18 · Masters in Business · Tom Slater on Growth Investing (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Think it's a really interesting area. The start of it was looking at this polarization between active management and passive management. And thinking through, well, what are we really trying to say about the case here? And it struck me that both passive and active had become terms that had become quite corrupted. So in the case of the active management industry, you see so many funds that label themselves as active that charge fees for active management but have huge overlap with the index or low active share as it's known. And so what those companies are really focused on is business risk and not producing an outcome that diverges too much from the market because”
2020-12-18 · Masters in Business · Tom Slater on Growth Investing (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yes, in a lot of ways it was. I started working at Bailey Gifford in September of 2000. So just after the peak of the Berman, and then for the next three years, or the first three years of my career, watch markets declined substantially. I think there's a slight danger in calling it formative in that, of course, there had been a lot of speculative excess in that period. But some amazing things have come out of it as well subsequently. We've had a lot of time for the work of Carlotta Perez at Sussex University in this regard and the link between financial mania and subsequent technological innovation.”
2020-12-18 · Masters in Business · Tom Slater on Growth Investing (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, that was my background. I studied maths and computer science at university. I was thinking probably about doing something in academia. It was quite an interesting and exciting time in the computer science world 96 to 2000 when I was at university. But I had a very good friend that I studied maths with and she went and worked in the city of London doing our final university she came back. Fran Sanderson, her name was, she came back and she said to me that this is the direction we want to be looking at. And that was really the first time I encountered the world of investment management, probably the summer of 1999.”
2020-12-18 · Masters in Business · Tom Slater on Growth Investing (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source