[REPLAY] Anthony Dalwood, CEO, Gresham House Plc

Money Maze Podcast

Business, Investing, Management, News, Business News

4.8 • 216 Ratings

🗓️ 21 January 2021

⏱️ 32 minutes

🔗️ Recording | iTunes | RSS

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Summary

Tony Dalwood studied Economics and Accounting at Bristol University and then Management and Business at Cambridge, where he took his post graduate degree and won a Blue playing Rugby. He then played Rugby for Saracens and Rosslyn Park, before his journey into Asset Management. He talks of his career, beginning as a value-orientated equity manager, and his transition into the world of private equity, at that stage, an embryonic asset class. He discusses his subsequent roles as CEO of Schroder Ventures (London), and work as Chairman of the London Pensions Fund Authority Investment Panel. The conversation moves to life as CEO of Gresham House, a quoted company investing in alternative assets. He discusses real asset investing, describing the investment characteristics and approach to investing in Forestry, New Energy, Housing and Infrastructure. He then talks of today’s narrow equity markets, some of the parallels with the situation 20 years ago, and of today’s equity market disenchantment with the approach to value investing. Finally he discusses small cap investing in the UK, the challenges facing public markets and the likely composition of portfolios in the future.

Transcript

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0:00.0	Welcome to the Money Maze podcast. I'm Simon Brewer, and we've created this show to explore and unravel some of the mysteries surrounding the investment business.
0:19.3	And we hope through direct and insightful interviews with
0:22.3	masters of the real-life money maze, we're going to learn about different approaches to
0:27.5	allocating capital, making investment and business decisions, and navigating the pitfalls that line
0:34.2	the paths to prosperity. Whether you're a current or aspiring investor or a student
0:39.3	exploring career options, we hope you gain some helpful insights and enjoy the shows. Thank you for
0:45.6	listening. So welcome to the money maze. I had in front of me somebody who planted 4.1 million
0:54.0	trees last year and if he actually
0:55.9	didn't do it himself, his company did. He's in charge of the largest commercial forestry asset
1:00.7	manager in the UK, developing an organisation built around an alternative investment platform,
1:06.1	which involves housing, infrastructure, new energy, and also does some traditional small cap value investing
1:12.3	and seems to be in tune with the ESG swelling currents around us. So I'm delighted to welcome
1:19.0	to the show today, the chief executive of Gresham House, Tony Dallwood. Hi, Simon. Pleasure to be here.
1:24.6	Tony, I like to start out a little bit with people's backgrounds and and I'm curious. When somebody ends up having a successful journey through the city, as you did,
1:32.5	what were you like as a child? I think I was quite driven. If I look back at my university days
1:37.4	where there was a long time before that, and I spent as long as I possibly could at university,
1:41.6	ended up going to two universities. But my nickname in the rugby team at Cambridge then was smiles.
1:46.8	So I think that came about around the fact that I was quite intense on the rugby field
1:51.2	because I had one ambition when I was on the rugby field at that place,
1:54.1	and that was to play in the varsity match.
1:56.3	And that was the target.
1:57.4	And so I became quite focused, almost like Nelson, one eye, one arm and one ambition.
	...

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