Reinventing Equity Investing (Money Maze Podcast)
“America does as much trade with China in a week as it did with Russia in a year back then in relative terms.”
A wide-ranging conversation covering Anderson's transition from Baillie Gifford to Lingotto, his approach to identifying transformative companies, the role of AI in investment, China's strategic importance, and why Europe lacks ambition in scaling innovation.
Reinventing Equity Investing: With JamesAnderson
JamesAnderson — Money Maze Podcast, February 2025
Context. A wide-ranging conversation from Anderson's first months at Lingotto. He traces his career from Oxford history to Baillie Gifford to Lingotto, discusses the Bessembinder wealth-concentration data, explains why he sold Apple too early (the innovation thesis was right but the franchise power was underestimated), defends investing in China despite political risk, and laments Europe's failure to build scaling companies — using the Arm Holdings sale to SoftBank as a case study of failure at every level: company, board, shareholders, and government. Co-hosted with Mark Wallace of Rothschild & Co.
11| 12|# Reinventing Equity Investing: With James Anderson 13| 14|James Anderson — Money Maze Podcast, February 2025 15| 16|> Note: This transcript was auto-generated from YouTube closed captions and cleaned per SRF Part XVII.3. Filler words and stutters removed; wording preserved as spoken. 17| 18|--- 19| 20|America does as much trade with China in a week as it did with Russia in a year back then in relative terms and you know I personally don't believe that in the long run either from the point of view of security of the world or for our economic self-interests that we can separate us and from China One just needs to navigate that quietly at the moment welcome to the money ma podcast if this is your first time joining us I'm the host Simon Brewer today we're going to talk to one of the most successful investors of his generation former partner at bayy gford from ' 87 until 2022 he led their Flagship fund the Scottish Mortgage Investment Trust whose early investments from Google to Tesla paid handsome returns to investors and has made him both highly respected and widely admired now he is at lingotto the independent alternative investment management company wholly owned by exor one of Europe's largest diversifi holding companies whose Origins go back to the end of the 19th century and the anelli family when Giovani anelli founded fabria Italiana aobo or fat James we've been very much looking forward to this welcome to the money podcast it's a pleasure to be here thank you and today my co-pilot in this interview represents one of the few families that has survived evolved and prospered for Generations Roth child and Co and I'm delighted to welcome Mark Wallace managing director and co-head of portfolio management for their wealth management practice in London Mark welcome to you thank you son pleasure to be here as well disclosure I'm a senior advisor to Ross chars I've known you for a very long time and your colleagues I know you've had a very successful Journey as a team and so it's good to have you here at the mic to help raise the level of Gravitas in the conversation James let me start by just going back were you an especially curious child I think so I remember annoying my parents very much on a long car journey to a holiday of constantly asking why about everythin... [truncated] 21|