Algy's Investment Podcast

Every investor is being told the same story: the money is in AI, US technology and the trade that has worked for the last fifteen years. Hugh Yarrow believes the biggest opportunity is somewhere very different. He explains why some of Britain's highest-quality businesses are trading at their cheapest valuations since the Global Financial Crisis, why compounding beats chasing trends, and why the best way to build wealth is to get rich slowly.

Hugh Yarrow is the co-founder of Evenlode Investment and lead Portfolio Manager of the Evenlode Income fund. He has run the same investment strategy since launching the fund in October 2009, investing in high-quality British market leaders with durable competitive advantages and holding them for the long term.

He explains:
▪️ Why he calls it a "get rich slowly" strategy
▪️ Why quality UK companies are trading at their cheapest valuations since 2009
▪️ Why most of his portfolio could double over the next five years
▪️ Why the companies labelled "AI losers" could actually be AI underdogs
▪️ Why he won't own banks, oil producers or mining companies
▪️ How he identifies businesses that can compound for decades

(00:00:00) Intro
(00:02:34) The "Get Rich Slowly" Investment Strategy
(00:05:43) How Hugh Builds a Winning Portfolio (00:09:19) Why Quality Investing Is Back in Favour (00:13:46) The DNA of a Great Business
(00:17:37) How to Build a Low-Risk, High-Return Portfolio
(00:20:25) The Power of Compounding Explained (00:21:41) How Many Stocks Do You Actually Need? (00:24:05) The Sectors He Won’t Invest In
(00:25:44) How Big Can The Strategy Get Before It Breaks?
(00:26:32) Margin Of Safety, And What Happens When He Gets One Wrong
(00:30:06) How To Avoid Groupthink And Over-Processing
(00:33:41) What The Portfolio Is Trading On Today
(00:34:08) Why Free Cash Flow Tells You More Than Profit
(00:37:57) Dividends, Payout Ratios And The UK Buyback Boom
(00:41:06) Are Companies Buying Back Shares At The Right Price?
(00:42:52) Would Warren Buffett Invest in This Fund?
(00:44:24) What Higher Interest Rates Did To Quality Companies
(00:47:52) Could Most of These Companies Double?
(00:49:55) Why Foreign Investors Are Buying UK Companies
(00:51:33) Are Value Investors Finally Coming Back? (00:52:32) The AI "Underdogs" Everyone Is Ignoring
(00:56:19) Is The AI Trade Sucking Liquidity Out Of Markets?
(00:58:45) Why The Business Model Matters More Than The CEO
(00:59:58) Halma: The Hidden Champion Of The UK Market
(01:02:36) Howden Joinery: Built For The White Van Man
(01:05:05) RELX And The Power Of Ploughing Money Back In
(01:06:27) How Much of the Portfolio Depends on the Economy?
(01:11:04) What's On The Watch List
(01:12:47) What Success Looks Like In Ten Years
(01:13:54) The Person Who Shaped Hugh's Investing Career
(01:15:24) The Three Things He Wants Investors To Remember
(01:16:28) Disclaimer

Connect with Hugh Yarrow: LinkedIn - https://www.linkedin.com/in/hugh-yarrow-13189482/

Learn more about the Evenlode Income Fund: Website - https://evenlodeinvestment.com/our-strategies/ifsl-evenlode-income-fund/

Recorded on: 08/06/2026

Is the UK equity market the most interesting place to invest right now? Jack Barrat explains how value investing has evolved, why the most uncomfortable trades often deliver the biggest returns, and how AI is quietly transforming the way active fund managers research companies.

Jack Barrat is Co-Manager of the Man GLG UK Income Fund at Man Group. He joined forces with Henry Dixon in 2013 and together they run a value-driven capital cycle strategy managing over £3.5 billion in assets, compounding at just over 10% per year post-fees across 13 years.

He explains:

▪️ Why value investing in 2026 looks nothing like it did in 1980

▪️ How buying airlines during Covid and banks at 0.5x book value generated returns of 100-200%

▪️ Why managing a long/short hedge fund makes you a better long-only investor

▪️ How AI is already changing the way professional fund managers analyse companies

▪️ Why Jack believes around three quarters of the portfolio has the potential to double from current levels

(00:00) Intro
(01:41) The Starbucks Meeting That Started It All
(03:44) Why Man GLG Gives Them Complete Freedom
(04:36) Compounding at 10% a Year for 13 Years
(07:44) The Toughest Year of Jack's Career
(08:53) Why Running Long/Short Makes You A Better Investor
(10:00) What Really Motivates Jack
(12:04) The Investing Framework Behind £3.5bn
(13:23) How to Spot a Value Trap
(14:31) The Trades That Returned 100–200%
(15:55) Where the Biggest Opportunities Are Today
(17:42) How AI Is Changing Fund Management
(26:06) Why the UK Is One of the Cheapest Markets
(27:49) Where the 4.5% Yield Comes From
(28:30) Why Share Buybacks Matter31:40 What Risk Really Means
(33:13) When This Strategy Struggles
(34:39) Building a High-Conviction Portfolio
(39:02) What Great Management Teams Look Like
(43:15) Finding Opportunities and Sizing Positions
(47:17) UK vs US Stocks: Which Is Better Value?(49:34) Why 75% of the Portfolio Could Double
(51:23) What Keeps Jack Awake at Night
(52:25) Three Books Every Investor Should Read
(54:27) Jack's Daily Routine
(57:07) Meet the Team
(59:24) Disclaimer

Recorded on: 27/04/2026

Are the best investors buying when everyone else is panicking? Anne-Christine Farstad breaks down how contrarian investors spot market overreactions, why volatility creates opportunity, and why valuation matters more than forecasting the future.

Anne-Christine Farstad is a Contrarian Equity Portfolio Manager at MFS Investment Management. She has spent over 20 years navigating market bubbles, crashes, the rise of passive investing, and global equity cycles.

She explains:
▪️Why market fear creates the best investment opportunities
▪️How to spot stocks already pricing in “Armageddon”
▪️Why volatility is a contrarian investor’s biggest advantage
▪️The danger of buying cheap stocks that stay cheap
▪️Why passive investing has changed markets forever

Recorded on: 18/03/2026

Evy Hambro is the Co-Lead Manager of the BlackRock World Mining Trust, one of the world’s leading natural resources funds, delivering over 27x returns since inception. He has spent decades analysing global commodity markets, central bank behaviour, and mining equities.

He explains:
▪️Why gold is no longer a “barbarous relic” but a critical financial asset
▪️The real reason governments can’t stop printing money
▪️How central banks are quietly accumulating gold at record levels
▪️Why AI could drive the next commodities supercycle
▪️The biggest mistake investors make when buying gold

Chapters:
0:00 Intro
1:55 Why Gold Has Always Been Money
2:57 What's Really Driving the Gold Price
4:18 The £15,000 Gold Bar Story
7:40 Gordon Brown's Catastrophic Gold Sale
10:58 Is Gold a True Inflation Hedge?
13:14 How to Buy Gold Without Getting It Wrong
19:17 Is This the Start of a New Commodity Cycle?21:30 Why Central Banks Are Buying Gold Again
27:55 Why Mining Stocks Are So Volatile
35:17 Inside the BlackRock Mining Trust
38:20 What Makes a Great Mining Company
42:46 The Stock That Went Up 8x in Months
47:12 How Profitable Are Mining Companies Right Now
50:43 Would BlackRock Invest in Politically Unstable Countries?
53:20 Evy's Biggest Investing Mistakes
56:03 How AI Is Transforming Mining
1:00:34 Are Gold Companies Over-Earning?
1:08:57 The Dinner Party Indicator

Follow Evy on LinkedIn - https://www.linkedin.com/in/evy-h-5399b4b5/

Recorded on: 02/03/2026

This content is intended for UK investors only. This podcast is for informational purposes only and does not constitute financial advice. Capital is at risk.

Pete Davies, Head of Developed Markets Strategy at Lansdowne Partners, explains why this decade could look nothing like the last. From rising public-sector risk to the return of tangible assets and a new AI investment cycle.

We cover:

​The macro shift investors aren’t positioned for: re-industrialisation, capex, and de-globalisation
​Why banks - not tech - may offer lower risk today
​The AI thesis most investors misunderstand (and who actually profits)
​Steel, energy, and “real assets” making a comeback
​How elite fund managers think about risk, concentration, and mistakes• Stocks with potential to double
​Would he buy Starlink if it IPO’d?

00:00 Intro
02:27 The Big Macro Shift Investors Aren’t Positioned For
03:59 De-globalisation, Political Risk & The New Market Regime
06:28 The Hidden Danger of Investment “Style Boxes”
08:53 Why Active Management May Beat the Index This Decade
11:44 Inside the Portfolio: Why So Much Capital Is in Banks
14:22 Banks vs Tech: Where Is Risk Really Lower?19:34 The AI Investment Thesis Most Investors Miss
21:01 Picks, Shovels & Who Actually Profits From AI
24:15 Robotics, Physical Intelligence & The Next Wave
28:42 Defence Spending, Geopolitics & Aerospace Winners
38:45 Tariffs, Trade Wars & Protecting Local Assets
45:20 Gold, Energy & Nuclear: Positioning for Resource Scarcity
1:04:22 Housing, Construction & the Case for “Real Assets”
1:11:45 How Elite Fund Managers Think About Risk
1:15:30 Investment Mistakes & What They Teach You
1:19:33 AI vs The Human Brain: What Machines Still Can’t Do
1:20:51 Stocks That Could Double (And Where Upside Lives)
1:22:02 Adapting After 30+ Years in Markets
1:24:00 Would He Buy Starlink?
1:26:32 Final Takeaways for Investors

This episode was recorded on 12th January 2026