Money Maze Podcast

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Dave Yarrow is considered one of the world’s greatest photographers. 3 former US presidents have his masterpieces adorning their walls, along with a string of actors and sports personalities and he oversees a multi million dollar fine-art business.

He has helped raise $8 million for charity, and his energy and passion for his work mean that up to the outbreak of coronavirus, he had not spent 18 Days in the same place in the last 2 years.

This is all after spending the first 25 years of his life in the city, first as a broker and then starting his own Hedge Fund, Clareville Capital, which he ran for 17 years.

Dave Yarrow talks about his youth, growing up in Glasgow, and his passion for photography that led him to take the iconic shot of Maradona in the Azteca Stadium, trophy aloft, at the 1986 Mexico World Cup. He talks about his reasons for joining the City, and the journey from broking to establish his own hedge fund, Clareville Capital in 1997. He gives a frank assessment of the highs and lows of managing money, and the capricious nature of the investing community.

Having continued to take photographs, and with marital and business difficulties weighing on him, he takes the leap to start DY Photography. This second career reveals an enthralling story into a world which required developing new skills and understanding where the opportunity lay. As with money management the key lay in great groundwork and research before careful execution.

He describes how he became “a photo-maker, not a photo-taker” and how he has grown a business built on extraordinary shots, with compelling animals, people, and iconic settings and shots. He talks about navigating the maze of social media and helping raise over $8 million for charities. Finally, he gives his advice for today’s youth thinking about their future. What a journey.

Technological revolutions are by their nature rare events: the printing press, mobile telephony and the internet.
The associated excitement can capture the imagination, spur a raft of associated breakthroughs, encourage investors to dream of extraordinary returns, yet their byproduct is often to create excessive short-term exuberance, and expectations that might be correct in time, but invariably expect too much, too soon.
Scott Guthrie understands this space better than most, being a Microsoft lifer who has been at the epicentre of their success in Cloud and now AI, overseeing the development of both the Azure and Copilot products.
Alongside Simon, the discussion is co-hosted by Rob Rooney. Rob is the former CEO of Morgan Stanley International and was their Global Head of Technology and Operations. He now runs two fintech firms: HyperJar and Hyperlayer.
Scott begins by explaining why investors & business alike should look beyond the typical 1-2 year timelines used in common AI narratives, and instead examine the potential 5-10 year outlook for the technology.
He then shares some practical examples of how AI may cut costs & boost productivity for finance firms, why they’ve partnered with LSEG, and their reasons for building a staggering 500 new data centres globally!
In the wide ranging interview recorded at the LSEG Tech Leaders Summit ,he covers the central questions surrounding AI: Is it really a new game changer? How will it play out? Will regulation stifle or stimulate progress? How does it recalibrate productivity? Do we even have the electricity to support it? And how is AI being integrated into the burgeoning cloud industry?
​​The Money Maze Podcast is kindly sponsored bySchroders, IFM Investors and the World Gold Council. We’re pleased to now announce our fourth sponsor: LSEG!
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To celebrate our new sponsorship with LiveTrade, Bordeaux Index's new world-leading fine wine trading platform, we're pleased to be replaying our episode with Gary Boom. Originally recorded last summer, he discusses why he started the business and examines the investment opportunities in the fine wine and spirits market.

In this episode Gary Boom, CEO of Bordeaux Index starts by explaining how the poorly organised, past its sell-by- date old model of wine trading has been revolutionised by Bordeaux Index over the last 20 years, with the introduction of scale, liquidity and expertise underscoring the investment attributes of fine wines and whiskies.
The conversation examines long term data provided by Credit Suisse who found that post-World War Two, collectible wines have delivered returns of circa 10% nominal, and real returns of around 7% USD (per annum) . Gary discusses the composition of returns and the indices used to measure them, and explains why consumption creates a virtuous circle, where replacement and scarcity provide strong tailwinds. He talks about the liquidity provided by Live Trade, which they established and which provides narrow bid/ask spreads in over 500 wines.
He talks about the Chinese influence in buying high-end Bordeaux wines, the Champagne and Burgundy markets’ evolution as well as how challenges around counterfeiting are being met.
With reference to the late Stephen Spurrier, he discusses the rise of some of the great new world wines which wines he believes will prove good investments and how family offices and wealthy individuals can build significant portfolios of wine to take advantage of its lower correlation to other assets.
He speaks about climate impact on wine producing regions, his gloomy view on UK wines and why Bollinger Group has taken a stake in their business.
Finally he talks about why wine has proved and continues to be a great career for both sexes, some advice for today’s youth, and whose wines and their owners he would most like to meet and drink.

In this miniseries we are interviewing a group of the largest institutional investors (the ‘super allocators’), to understand how these immense pools of capital think about the assets they invest in, shifting asset allocations, passive versus active, public versus private, and steering through turbulent waters.
This first conversation is with CalSTRS, the $300+ billion California State Teachers’ Retirement System. It is the largest educator-only pension fund in the world and the second largest pension fund in the United States.
In this episode, the fund’s CIO Christopher Ailman discusses its evolution and the key considerations undertaken during his tenure. He makes the case for predominantly passive equity allocations, the approach to fixed income and benchmark considerations.
He also covers infrastructure and its key role (given their long term horizons), PE allocation, and why VC does not fit their size and style.
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The Money Maze Podcast is kindly sponsored by Schroders, Bremont Watches, LiveTrade and Mintus.

In this interview, we return to Canada. Having interviewed Jo Taylor of OTPP last year, this time we sought out one of the most well-known and successful women in private equity, someone who is also proving to be a huge role model for young women pursuing careers in the investment industry.
Suyi Kim, educated at the University of Seoul and then Stanford, explains the attraction PE had for her as she pivoted from consultancy.
She discusses sourcing the deals, when they entered and exited Alibaba, the differences in the opportunities in PE investing across continents, and importantly, how they approach China.
She discusses how PE has changed, why it remains a bottom-up process, the potential for high returns, and why it is an attractive business for young people to consider. Finally; she shares her two most important words: “Be Curious”!
​​The Money Maze Podcast is kindly sponsored by Schroders and IFM Investors
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