168: From Rare Earths to Broader Metals: Investment Opportunities & Strategic Priorities for the West

03/06/25 • 51 min

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In this episode we’ve been very fortunate to find someone who ranks amongst the most qualified anywhere in the world to discuss this topic.
He was the former CFO of Billiton, then as CEO, built Xstrata into one of the world’s largest diversified mining companies, helping grow their market value from US$500m to US$60bn, at one point employing over 90,000 people.
In this conversation we examine the most important supply and demand mismatches of critical materials. We assess the energy transition, discuss where the opportunities and challenges lie, what Vision Blue Resources is seeking to build, and how investors are positioned.
We expand the conversation to discuss valuation opportunities in the wider commodity space, geopolitical hotspots and their implications for commodity prices.
Mick also talks about effective management, building optionality into your business and why investors misunderstand how mining companies frequently demonstrate much better governance and responsibility than standard thinking suggests.
The Money Maze Podcast is kindly sponsored by Schroders, IFM Investors, World Gold Council and LSEG.
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167: Space: The Next Frontier of Asset Allocation? With Mark Boggett, CEO of Seraphim Space

Star Trek’s opening lines were potent: "Space: The final frontier. These are the voyages of the Starship Enterprise. Its mission? To boldly go where no man has gone before!”
Whether Star Trek or Star Wars, such films offered tantalising glimpses of another world. But it’s actually here now! The WEF & McKinsey predict that the space sector will reach a value of $1.8tn by 2035. That’s only 1 decade ahead!
Mark is CEO of the world’s first listed space tech fund, Seraphim Space, and he discusses this final frontier. He explains what is going on in the world of space and where there is money to be made.
Mark first discusses why Elon Musk has transformed the industry by lowering the price point of launch in such a gargantuan way and why the worlds of public and private are scrambling for a piece of the action.
He describes their investment process, how targets are identified, weighed, and capital allocated. He explains why data, digital infrastructure, communications, health and space debris are priorities, with their emphasis on profitable, shorter term opportunities.
He discusses why the militaries are disproportionately investing, where he thinks money will be made, and why the Seraphim Investment Trust’s discount is a source of continued frustration.
The Money Maze Podcast is kindly sponsored by Schroders, World Gold Council, LSEG and IFM Investors.
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169: Unlocking Investment Wisdom - With Howard Marks, Co-Founder of Oaktree Capital Management

When Warren Buffet singles you out for praise, it might be fair to say you have summited the investment equivalent of K2, Annapurna and Kangchenjunga, the most challenging of mountain peaks!
In a capricious investing world, where success is often transient, reputations easily tarnished and hubris punished, to have not only stayed the course for 55 years, but thrived, built Oaktree Capital into one of the largest investors in distressed securities worldwide and cemented a vast loyal following is extraordinary.
His investment memos written over the years are world class: engaging, lucid and approachable.
In this 1 hour conversation, Howard Marks shares some of his most important investing lessons. It’s a conversation everyone interested in investing should hear.
Howard explains, why it’s not what you buy, it’s what you pay that counts, why you need to be contrarian to succeed in investing, why over confidence is the enemy of performance, and - given the inevitable nature of cycles - why he subscribes to Voltaire’s comment that “history never repeats itself, but man always does”.
And that is before he discusses the role of luck, the future of the US, the “illusion of knowledge”, and much more with one of the investment greats!
The Money Maze Podcast is kindly sponsored by Schroders, World Gold Council, LSEG and IFM Investors.
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