Fund managers’ podcast picks for the Christmas period

Many fund houses like to take the opportunity at this time of year to reel off a list of books that their managers are reading. And we’re no different. But changing consumption habits mean podcasts have become almost as popular as books as a source of information. 

If you have a couple of spare moments and find yourself in need of some aural nourishment this Christmas, pour yourself a sherry, grab a mince pie and take some inspiration from our fund managers’ podcast picks. 

“Founders”

My most-listened-to podcast of 2024 was “Founders” – I generally listen to it on my commute and have got through about 150 episodes so far. Each week the host David Senra reads a biography (or three) of an entrepreneur, pulls together his notes on what he found interesting and invariably contrasts them with previous subjects. He clearly loves his chosen path and is a passionate advocate of entrepreneurialism.

You might assume that most successful people get there in their 20s, but the evidence, as highlighted on this podcast, suggests otherwise. It is rare that someone has a good idea then successfully executes on it. More often than not, driven and motivated individuals start off with a tiny business or idea, experiment and make loads of mistakes, persevere, then somehow overcome the odds to succeed. At some point, somebody draws on these lessons, writes a book and helps nudge humanity forwards. The podcast is an efficient and interesting way to learn from those who have gone before us.

“The Decision Education Podcast”

Ever since reading Annie Duke’s book “Thinking in Bets”, I have been fascinated with the concept of ‘resulting’ – the mistake of equating the quality of a decision with its outcome. The nature of investing makes it all too easy to fall into that trap. We’ve all done it: dodged a bullet when an unanticipated takeover bid rescues a failing investment or seen something come out of left field, such as Covid, to derail even the most thorough and well-considered idea.  

My focus these days is on the decision-making process itself and evaluating the quality of decisions based on the information available at the time. One of my favourite podcasts on the subject is “The Decision Education Podcast” which contains interviews with a range of guests.   Episode 22 interviews Dr Daniel Kahneman, a winner of the Nobel Prize in Economics. Although Dr Kahneman died a few months after the episode was released, he was arguably the most influential figure in the field.  

“Founders”

My colleague Philip Wolstencroft has already named “Founders” as his podcast pick, but I wanted to draw attention to one episode in particular. Amancio Ortega is the founder of Inditex, the world’s largest clothes retailer, and parent company of Zara. A true pioneer, Ortega spotted consumer preference for omnichannel retail (the same shopping experience across every channel) well before his peers. The episode explores his singular customer obsession in all its forms (retail, technology and quick inventory turns) which helped propelled Inditex to international dominance. 

I have been fortunate enough to see Ortega at work, at Inditex’s headquarters in A Coruña, Spain. Although he is in his 80s and one of the richest¹ people on the planet (and, for a brief period, the richest1), such is his attention to detail, I witnessed him showing his colleagues how he wanted a particular piece of fabric to be cut.  

Fashion may not strike listeners as an area in need of particular innovation – people have been wearing clothes for millennia – but the episode brings to life the parallels between Henry Ford and Ortega in revolutionising their respective industries by emphasising efficiency and vertical integration, as well as reflecting customer desires in design rather than dictating them. Well worth a listen!