Money Maze Podcast

“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.

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.
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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.

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.

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.