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Money Maze Podcast

The world of finance has a huge impact on all of us. This show aims to explore and unravel some of the mysteries surrounding the investing business, via interviews with masters of the real life money maze.

Expect tips for mastering capital allocation, making better business decisions, strategies for taking your career to the next level, and revelatory profiles of leading industry figures.

Whether you're a current or aspiring investment professional, a regular investor, or a student exploring career options, we hope you gain some helpful insights and enjoy the shows. Thank you for listening!

Visit our website to learn more & access further content: moneymazepodcast.com

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#207
Today · 1 hr 3 min
The Black Box Dilemma: Who Controls What AI Can Say? With CTGT’s Founder & CEO, Cyril Gorlla.
If you are a West Coast based tech start-up, profiled in the Wall Street Journal, Forbes, and Business Insider, are asked to present at JPMorgan's Investor Summit alongside Jamie Dimon, are backed by Google's AI fund, and have a mission to help organizations detect and correct biased or unreliable outputs from AI models and you are not yet 24, something’s going on! So today the Money Maze meets its youngest guest, Cyril Gorlla, founder of CTGT. Joining as a co-interviewer is J.P. Morgan Asset Management's Head of Investment Platform, Kristian West. In an extremely complex area, Cyril discusses 8 key items; What is the problem with LLMs being probabilistic rather than deterministic? Why can't an AI reliably explain why it produced a particular answer? When does an AI mistake matter and how good are the guardrails? What is the real lesson from the Hugging Face incident? As AI becomes embedded in banks, insurers, healthcare systems and governments, what should worry us? There is a growing geopolitical divide in AI development between the US and China. Weigh the implications. “Quis custodiet ipsos custodes? Who watches the watchmen?” Is intelligence becoming a commodity? The Money Maze Podcast is kindly sponsored by J.P. Morgan Asset Management*, IFM Investors, World Gold Council and LSEG. *During the episode we cite J.P. Morgan Asset Management as Europe’s leading active ETF provider by assets under management. This is sourced from J.P. Morgan Asset management and Bloomberg, data as of 30 March 2026.
#206
September 25 · 1 hr 2 min
The Region that Defies Prediction. The Middle East’s Past Upheavals and the Storms Yet to Break. With Author Simon Sebag Montefiore
Today we welcome a reappearance of author Simon Sebag Montefiore. These few lines set the tone for an outstanding book and brilliant guest: “But even in easier times, the Middle East has the ability to surprise even the most informed observers and intelligence maestros. After all, the experts failed to predict the emergence of Turkey in 1922, the crowning of Reza Shah in Persia in 1925, the creation of Israel in 1948, Gamal Abdel Nasser’s Suez gambit in 1956 and his union of Egypt and Syria in 1958, Israel’s victory in 1967, the fall of Shah Mohammad Reza Pahlavi and rise of Ruhollah Khomeini, 9/11, the Arab Spring, October 7, 2023, Midnight Hammer, and much that has followed.” The Money Maze Podcast is kindly sponsored by J.P. Morgan Asset Management*, IFM Investors, World Gold Council and LSEG. *During the episode we cite J.P. Morgan Asset Management as Europe’s leading active ETF provider by assets under management. This is sourced from J.P. Morgan Asset management and Bloomberg, data as of 30 March 2026.
#205
September 17 · 59 min
Fraud, Fees and Fake Degrees! Where is the Allocation to Alternatives Headed? Albourne’s CEO, John Claisse, Explains their approach, Why Due Diligence Matters, and Where the Investment Flows are Secular, Not Cyclical.
John Claisse explores the evolution of alternative investing, from private markets and hedge funds to AI, digital assets, due diligence and opportunities across Asia. Albourne has expanded from its genesis in Sussex in 1994, to one of the most recognized global investment advisors in the world of alternatives. It is unusual both as an employee-owned organisation, and because it has adhered to its original vision of advising only and never to manage capital. John Claisse frames the alternative industry today. He discusses institutional priorities, the change in allocating behaviour, the secular shift of retail flows into private assets, and what clients want across the alternative assets spectrum. He discusses private equity and private credit trends in light of the current malaise, and why he expects further growth in these asset flows in the years ahead. He weighs some of the investment dilemmas facing allocators, why Hedge Fund interest is strong, why digital assets are being increasingly scrutinised for their potential appeal, and where investment allocations might be headed. *Please note that at the 53:00 mark, Simon Sebag Monetfiore's upcoming book is mistakenly titled The Crucible. The correct title is The Cauldron: The Making of the Modern Middle East The Money Maze Podcast is kindly sponsored by J.P. Morgan Asset Management*, IFM Investors, World Gold Council and LSEG. *During the episode we cite J.P. Morgan Asset Management as Europe’s leading active ETF provider by assets under management. This is sourced from J.P. Morgan Asset management and Bloomberg, data as of 30 March 2026.
#204
September 3 · 50 min
Come Fly with Me! Delta Air Lines, The World’s Biggest Airline Discusses Why it’s Not the Business Warren Buffett Used to Avoid - With CEO, Ed Bastian.
“Airlines are a terrible business. They’re capital‑intensive, unionized, and heavily regulated… there’s very little moat.” So Warren Buffett once observed. But is that still true? In this episode, we examine the thesis for investability and try to understand the direction and shape of flying. Ed discusses the economics, competition, premiumisation, the case for “a moat” or structural advantage, and what customers want. He also explains why the competitive landscape has changed, why new entrants will find it much harder, the opportunity with retail-in-flight, the extraordinary partnership with American Express via Sky Miles, and the reason why future returns might well be higher than those of the past. ‍ The Money Maze Podcast is kindly sponsored by J.P. Morgan Asset Management*, IFM Investors, World Gold Council and LSEG. *During the episode we cite J.P. Morgan Asset Management as Europe’s leading active ETF provider by assets under management. This is sourced from J.P. Morgan Asset management and Bloomberg, data as of 30 March 2026.
August 20 · 56 min
AI and the Investment Edge: Enhancement, Replacement, or Reinvention?
It is already changing how firms conduct research, construct portfolios, manage risk, and make investment decisions. In this special compilation episode, we bring together three perspectives from across public markets, hedge funds and private markets, to explore how AI is transforming investment management today and where it may lead tomorrow. Andrew Veglio, founder and CEO of Vantage Investment Management, examines where AI sits in the evolution of technologies and argues the end game is replacement not improvement of much of what we, as investors, do. Kristian West, Head of Investment Platform at J.P. Morgan Asset Management discusses how they are embedding AI across their global investment platform, sharpening research, investment process and execution. Then Lucia Soares, Chief Information Officer and Head of Tech Transformation, shares how Carlyle is using AI to accelerate decision-making, improve portfolio and risk management, and create value across its portfolio companies. Together, they discuss AI's impact on alpha generation, research, trading, portfolio construction, productivity, and the implications for the role of human judgement in our investing world. The Money Maze Podcast is kindly sponsored by J.P. Morgan Asset Management*, IFM Investors, World Gold Council and LSEG. *During the episode we cite J.P. Morgan Asset Management as Europe’s leading active ETF provider by assets under management. This is sourced from J.P. Morgan Asset management and Bloomberg, data as of 30 March 2026.
August 6 · 45 min
A New Era: Richard Oldfield on the Future of Schroders and the Asset Management Industry
Most CEOs take years to make their mark. But after three decades dissecting and helping other people’s businesses at PwC, our guest today spent just two years inside Schroders before deciding it was time to sell the 222-year-old business. In this conversation, Richard Oldfield explains why he was convinced it was the right path to take, and why the family-controlled business and its board were persuaded. He describes the irresistible forces changing the investment business and specifically analyses the co-existence of private and public assets, the potential paths of passive and active, and if size matters more than ever. He discusses the footprint, asset mix and culture which Nuveen offers and how the combined group will manage $2.5tn, becoming one of the world’s largest active managers. He explains why public markets are essential, how AI is being implemented in their business, the important Asian opportunity, and why benchmarks can provide the wrong skew in understanding risks. The Money Maze Podcast is kindly sponsored by J.P. Morgan Asset Management*, IFM Investors, World Gold Council and LSEG. *During the episode we cite J.P. Morgan Asset Management as Europe’s leading active ETF provider by assets under management. This is sourced from J.P. Morgan Asset management and Bloomberg, data as of 30 March 2026.
#203
July 23 · 54 min
The Golden Age of Absolute Returns?  With Davidson Kempner’s Managing Partner and CIO, Tony Yoseloff 
In the world of global credit and event-driven investing, there are few firms that have been both quietly competitive, whilst simultaneously successful and long-standing. Founded over 40 years ago, Davidson Kempner may not be a household name, but they have navigated cycles by identifying the opportunities which emerge from dislocations, and complexity when the power between borrowers and lenders shifts. In this conversation, we discuss if it’s possible to assess where we are in the economic cycle. Tony then disentangles the term “private credit” and explains where he believes blockages and problems exist. He talks about the interdependence of private equity and private debt, and why he thinks the market may be underestimating the time needed to work through these issues. He explains where he sees capital is as scarce and where it has been abundant, and what that means for risk-taking. Finally, he discusses why Europe may have less growth but has many opportunities, why lending in India appeals, and most interestingly why we may be in “a golden age of absolute return.” The Money Maze Podcast is kindly sponsored by J.P. Morgan Asset Management*, IFM Investors, World Gold Council and LSEG. *During the episode we cite J.P. Morgan Asset Management as Europe’s leading active ETF provider by assets under management. This is sourced from J.P. Morgan Asset management and Bloomberg, data as of 30 March 2026.
#202
July 9 · 52 min
What Do You Call an Institution That Can Play Anywhere in the Capital Stack? With Sixth Street’s Co-CIO & Co-President Julian Salisbury
In a world where investment classification rules supreme, Sixth Street believes that its flexible architecture, approach, and culture make the firm different. Sixth Street, founded in 2009, manages more than $130 bn, suggesting flexible capital unlocks opportunities in a world that never stands still. Sixth Street’s Partner, Co-President & Co-CIO Julian Salisbury is a veteran of 25 years at Goldman Sachs, including former head of its asset management and merchant banking businesses. Julian discusses how Sixth Street works as One Team with a shared mission to deliver the best investment opportunities for its investors, as well as Sixth Street’s priorities when identifying and sourcing opportunities, industry preferences, timelines, and exits. He then explores the conundrum of growing assets and preserving alpha and reflects on current obstacles in the private markets. He also describes “the complexity premium,” changes in the world of direct lending, calibrating risk in an untraditional fund structure and private markets, and more. The Money Maze Podcast is kindly sponsored by J.P. Morgan Asset Management*, IFM Investors, World Gold Council and LSEG. *During the episode we cite J.P. Morgan Asset Management as Europe’s leading active ETF provider by assets under management. This is sourced from J.P. Morgan Asset management and Bloomberg, data as of 30 March 2026.
#201
June 25 · 1 hr
The Future of Flight? Building an Electric Aviation Business with the Man in the Pilot’s Seat - Kyle Clark, CEO & Founder, BETA Technologies
BETA Technologies is a Nasdaq-listed aircraft manufacturer breaking new ground with its advanced pursuit of building world-beating electric planes. Kyle Clark, Founder and CEO, explains the economic advantages of electric aircraft. He discusses assembly to operating systems, and then explains how oil majors are the beneficiaries of planes constantly refuelling, but those who own and make the electric airplanes & their batteries have a much greater continued advantage. He describes how the US wants to lead in electric aviation, the military demand, why regulation can help as it creates barriers to entry, why for their roll out, cargo, medical & logistics are coming before people. However, longer flights, more people, and the peace of flying electric, are all part of a fascinating new chapter in flight. The Money Maze Podcast is kindly sponsored by J.P. Morgan Asset Management*, IFM Investors, World Gold Council and LSEG. *During the episode we cite J.P. Morgan Asset Management as Europe’s leading active ETF provider by assets under management. This is sourced from J.P. Morgan Asset management and Bloomberg, data as of 30 March 2026.
June 11 · 53 min
What Does It Take to Run One of the World’s Most Powerful Law Firms? With Alan Mason, Global Managing Partner, Freshfields
For the first time in our 6-year existence, the MMP wanted to dive into this somewhat opaque world, in line with our mission to de-mystify areas of business and finance vital to us all. Alan discusses the evolution of the top law firms, why US competition is ferocious, why he relocated to the US to help drive their business, and how they can advise global tech clients simultaneously. He answers the questions of “what do clients want”, “how do you stay at the top”, acquiring and retaining talent, culture, expansion, using data, reward, and the work/life balance. He also offers a series of compelling insights, laced with laughter, and with a particularly well thought out set of perspectives on how AI is, and may, re-sculpture the legal landscape. The Money Maze Podcast is kindly sponsored by J.P. Morgan Asset Management*, IFM Investors, World Gold Council and LSEG. *During the episode we cite J.P. Morgan Asset Management as Europe’s leading active ETF provider by assets under management. This is sourced from J.P. Morgan Asset management and Bloomberg, data as of 30 March 2026.
May 28 · 57 min
“The Craft of Active Equity Ownership.” The Cevian Approach to Activism, with Managing Partner & Co-Founder, Lars Förberg.
“Activism” might be one of the less helpful terms in modern investing, a label that conjures everything from boardroom bust-ups, to terse exchanges between disgruntled shareholders and incumbent managements. However, in this conversation, Lars explains the early insights gained from collaborations with the great Carl Icahn, to building Cevian, and creating a long-term, extremely successful fund, investing in a small number of listed European and UK companies to help bring about significant, value-creating change. He explains the voyage from identification to ownership; from constructive engagement to taking a place on the board; to working to bring about change and improving the business’ execution to driving improved shareholder returns through operational improvements. He contrasts their approach to that of private equity, discusses investing as they did to bring about change at ABB, to pondering on the question of “why more people don’t do this?” The Money Maze Podcast is kindly sponsored by J.P. Morgan Asset Management*, IFM Investors, World Gold Council and LSEG. *During the episode we cite J.P. Morgan Asset Management as Europe’s leading active ETF provider by assets under management. This is sourced from J.P. Morgan Asset management and Bloomberg, data as of 30 March 2026.
#200
May 14 · 39 min
Is the 60/40 Portfolio Still Fit for Purpose? State Street Investment Management’s CEO, Yie Hsin Hung, Discusses Flows, Valuations, EM, Private Equity Returns and Tokenisation, the Next Investment Frontier
We were surprised, when researching for this interview, to learn that State Street Investment Management are the fourth largest asset manager globally, with circa $6 Trillion of assets. Size confers both opportunity and challenges, however, and in this conversation Yie-Hsin talks about the global savings gap and the evolution of Asset Management. She addresses the place of the historic 60/40 allocations in a world where bonds may not deliver, and inflation is stubborn. She reflects on the turbulence in private markets, the emerging market debt and equity opportunities and why tokenisation is becoming an increasingly potent force. In January 2026, State Street launched its own Digital Asset Platform, which includes wallet management, custodial, and cash capabilities to support tokenized asset development. The Money Maze Podcast is kindly sponsored by J.P. Morgan Asset Management*, IFM Investors, World Gold Council and LSEG. *During the episode we cite J.P. Morgan Asset Management as Europe’s leading active ETF provider by assets under management. This is sourced from J.P. Morgan Asset management and Bloomberg, data as of 30 March 2026. ‍
#199
April 30 · 38 min
Can A.I. Improve Investment Results? With Rob Arnott, Founder & Chair of Research Affiliates.
Rob Arnott, Founder & Chair of Research Affiliates, discusses where AI works well & can assist across the money management ecosystem, the risk of ‘AI hallucination’ & over-reliance, quant vs human judgement, and the future of work. Amidst the volumes written about AI’s impact on the business and investing worlds, we wanted to ask some specific questions about adoption, learning, implementation and limitations within the investing universe. We asked these questions of Rob Arnott, founder of Research Affiliates and a previous guest, whose firm is steeped in data, systematic disciplines and empirical evidence. In a compelling and engaging conversation, Rob discusses why common sense can beat data, how AI can hallucinate, its creative limitations, but its unequivocal potency in improving multiple areas of the investing business. Finally, when asked for his convictions across markets, he discusses the exceptional value in US small vs large cap equity! The Money Maze Podcast is kindly sponsored by J.P. Morgan Asset Management*, IFM Investors, World Gold Council and LSEG. *During the episode we cite J.P. Morgan Asset Management as Europe’s leading active ETF provider by assets under management. This is sourced from J.P. Morgan Asset management and Bloomberg, data as of 30 March 2026.
#198
April 16 · 55 min
Inside Saudi Arabia’s Sports and Investment Strategy: The Why, Where and How, with Danny Townsend, CEO.
Sport is one the world’s most powerful convening forces, but the way fans connect and engage is evolving, technology is offering new experiences and the investing world increasingly wants a piece of the action. One of the powerful new players, is SURJ, Saudi Arabia’s sports investment arm, and leading their team is Danny Townsend, CEO, whose career has moved from professional football, to leading sports and entertainment businesses. We also welcome a co-interviewer, a titan of the sports commentary world, John Inverdale. In today’s discussion, Danny explains how they weigh the state of play. Priorities, opportunities, risks, trends, & forces in sport. He discusses the influence of technology, how the fan experience is changing and why much of it is AI proof. He discusses which sports might be ripe for change, where barriers to evolution lie, and how Saudi’s long term vision blends investment and societal ambitions. ‍The Money Maze Podcast is kindly sponsored by J.P. Morgan Asset Management, IFM Investors, World Gold Council and LSEG. During the episode we cite J.P. Morgan Asset Management as Europe’s leading active ETF provider by assets under management. This is sourced from J.P. Morgan Asset management and Bloomberg, data as of 30 March 2026.
#197
April 2 · 1 hr 5 min
From the Shadow of the Death Camps to Leading Sequoia: A Family’s Journey Through Peril & Possibility (With Sir Michael Moritz)
Some lives trace the currents of history; a childhood in Wales, growing up in the shadow of parents who had escaped Nazi Germany, academic distinction at Oxford and Wharton, followed by a career that moved from journalism to the apex of Silicon Valley venture capital and a philanthropic record that speaks quietly, but profoundly. In this episode, we also welcome co-interviewer, Sandra Robertson, former guest and previous CIO at Oxford University Endowment Management. In this fascinating conversation Michael starts by discussing what “makes a brilliant entrepreneur”, before reflecting on investing in Stripe, why the US has such an edge in VC, and on weighing, vision valuation and imagination. He discusses allocating his own personal capital and his priorities, and then on his philanthropy and the process around identifying beneficiaries and assessing the impact of gifts made. Then we turn to Ausländer, where he fuses pathos and humour, and has created a brilliant story of his family’s destruction and part survival, and raised vital questions around antisemitism and where the storm clouds are gathering. Ausländer by Michael Moritz is published in the UK by Profile Books You can also find the book here. ‍The Money Maze Podcast is kindly sponsored by Schroders, IFM Investors, World Gold Council and LSEG.
#196
March 19 · 57 min
Scale, Strategy, and Stewardship: Rachel Elwell, CEO, on Border to Coast’s Growing Power in UK Pensions
Moreover, if executed well, it offers the potential to act with a long-term horizon as true asset owners, and to unlock investment opportunities that individual funds might struggle to access alone. Today in the UK, one of the most consequential organisations in UK pensions, is Border to Coast. They sit at the centre of one of the most significant shifts in UK institutional investing in a generation, and as of April 2026, will oversee nearly £120bn of local authority assets. Rachel Elwell explains their investment approach, the motivation behind the merged pools and the advantages scale offers. Specifically, she discusses insourcing versus outsourcing, passive v active, where and why, UK v global, and the role of private assets, fees, as well as why Leeds is such a great place to live and work. The Money Maze Podcast is kindly sponsored by Schroders, IFM Investors, World Gold Council and LSEG.
#195
March 5 · 1 hr 4 min
From Battlefield to Boardroom: Assessing the Cyber War Frontlines - Jen Easterly on the New Era of Cyber Risk
We have had some extremely distinguished guests over the last 6 years, but we haven’t secured one who combines, a Rhodes Scholar, US Army Colonel, Counter terrorism expert, leading the US’s cyber intelligence defence agency, and a lecturer at Oxford and beyond, whilst also having worked at Morgan Stanley, and now CEO at RSAC. Jen plots a journey from Oxford to Westpoint, from Colonel of the US’s first Cyber Battalion to the Whitehouse, working under Condoleezza Rice and then chosen by President Biden to create CISA, The US’s first cyber defense agency. In a whirlwind, world-wide tour, Jen plots the risks, defines the adversaries, reflects on intelligence, cooperation, and the real and present cyber risks to industries. She offers advice to boards, the existential risks for businesses who think this is just a “technology issue” and leaves us with a stark observation. If the cost of annual cybercrimes were aggregated into one number, it would be equivalent in GDP terms to being the third largest economy in the world! The Money Maze Podcast is kindly sponsored by Schroders, IFM Investors, World Gold Council and LSEG. Sign up to our Newsletter | Follow us on LinkedIn | Watch on YouTube
#194
February 19 · 1 hr 6 min
General David Petraeus: Inside a World Glowing Red
A first! For the first time since our inception 6 years ago, we welcome back a guest for their third visit. General David Petraeus, once described by Simon Sebag Montefiore as the ultimate soldier-scholar, is Chairman of the KKR Global Institute. Prior to this, David had a distinguished US military career and was the CIA Director during the Obama administration. He assesses the heat map of geopolitical and military tensions which is glowing red. Starting with the Indo-Pacific he assesses President Xi’s removal of his top Generals, what this might mean, and why peace must prevail despite the undercurrent of tensions. Having returned recently from Ukraine, he then gives some fresh perspectives which challenge stale narratives and describes the immense scale of loss of Russian lives and the technological prowess of Ukraine manufacturing and know-how. He then weights Iran’s options; the US’s potential moves and the perspective of other Middle Eastern nations. Finally he offers advice for leaders in an environment where “just in time” has morphed into “just in case”. The Money Maze Podcast is kindly sponsored by Schroders, IFM Investors, World Gold Council and LSEG. Sign up to our Newsletter | Follow us on LinkedIn | Watch on YouTube
#193
February 5 · 50 min
From Hedge Fund Roots to Alternative Credit Leadership: Soraya Chabarek, President & CEO, MCQS
While women leaders in finance are gradually becoming more common, that cannot be said the alternatives industry. But as traditional investment firms increasingly acquire alternatives and private markets firms, their leaders, styles and backgrounds are experiencing a changing topography. One of those to have been instrumental in helping build some well-known alts firms, from GLG to Moore Capital and now MCQS, is their President and CEO, Soraya Chabarek. Soraya discusses the characteristics of some of the top hedge fund performers, the egos and enigmas, females in finance, the art of selling, and how she helped reposition CQS from a hedge fund manager into an alternative credit platform. She gives her view on where the risks and opportunities lie in today’s credit market, how founder-led firms scale beyond star culture, and on resilience, grit, and what she looks for in a hire. The Money Maze Podcast is kindly sponsored by Schroders, IFM Investors, World Gold Council and LSEG. Sign up to our Newsletter | Follow us on LinkedIn | Watch on YouTube
#192
January 22 · 47 min
Emerging and Frontier Markets: Cyclical Bounce or the Beginning of a Secular Advance? A discussion with Peter Elam Håkansson, CEO and Founder of East Capital.
Emerging Markets, once the darling of the asset allocators world, have found themselves increasingly discarded by those same allocators. Such became the re-allocation away from them and the magnetism of the US & its technology companies, that as recently as the end of 2024, Emerging Markets were at a 50 year low, relative to the S&P 500. With some improved relative performance, it may be asked if this is a flicker, or are we at the foothills of a bigger reallocation? East Capital’s CEO, Peter Håkansson, discusses the opportunities, the lessons drawn from researching them for 3 decades, and what the drop in EM Government bond yields might be signalling. He explains why no central heating might indicate corporate failure ahead, which fundamentals matter, and why they prefer to take their bets in company position sizing, rather than in the country weights. He also discusses Frontier markets, the impact of foreign exchange and as a music lover he is, “reasons to be cheerful!” (Ian Dury & the Blockheads) The Money Maze Podcast is kindly sponsored by Schroders, IFM Investors, World Gold Council and LSEG. Sign up to our Newsletter | Follow us on LinkedIn | Watch on YouTube

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