Sustainable Finance Around The World With SustainFinance's Paul Smith, CFA

We’re joined in this episode by Paul Smith, CFA, a co-founder of SustainFinance and the former CEO Of CFA Institute. We chat about:

His favorite experience leading CFA Institute, which is global beyond simple comprehension.
How prepared the industry is to navigate the climate transition
Whether ESG Investing is just a new form of colonialism

We also discussed his outlook for Hong Kong as a financial center and, as always, took questions from listeners.

Transcript

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[sloane]: Baby, welcome to the Free Money podcast. It's where we give you the Brooklyn Bay

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[sloane]: Area consensus about institutional investing that you crave, and uh, you know, maybe

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[sloane]: that's unhealthy and you know whatever we're just dealing with it.

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[ash_b]: We are speaking of unhealthy. My kids are going to get vaccinated next week. S.

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[sloane]: Ooh,

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[ash_b]: it's

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[ash_b]: happening. It's happening. Yeah, well, the the five g was a little weak in my house.

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[sloane]: wow, wow,

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[sloane]: yup, yup, yeah, A, and well,

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[ash_b]: you know, So we want a multihop relay that you know through the kids

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[sloane]: well, Well and then there's a discount on the Microsoft products that you get. Uh,

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[ash_b]: true.

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[sloane]: you know which, like I,

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[ash_b]: Actually, do what I think is the greatest incentive for Uh, kid uptake a vaccine

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[sloane]: hm,

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[ash_b]: to go see

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[ash_b]: doun in I, Max,

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[sloane]: Oh, yeah, we're doing that this weekend. It's really exciting. Uh,

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[ash_b]: I got to go do that. I saw it on the little, you know, I didn't watch it on my phone.

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[ash_b]: Uh, but I did watch it on the T. V, screen, and you can just sense that if you saw

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[ash_b]: this in the big theater, it would

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[sloane]: yup,

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[ash_b]: blow your fricking mind.

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[sloane]: yup, I'm so glad that there's finally a done movie that late. I mean, they obviously

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[sloane]: like with any Scifi movie That's like with a beloved book like this. You know,

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[sloane]: there's going to be critique and whatever, but like you know, the fact that there's

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[sloane]: not like widespread like you know. vitrial directed at this film tells me it's

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[sloane]: perfect. Uh,

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[ash_b]: I know

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[ash_b]: all the true believers,

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[sloane]: yeah,

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[ash_b]: including our former guest Jason Voss.

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[sloane]: yup,

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[ash_b]: Um, who's seen doing

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[ash_b]: fifty to a hundred times The ridge. Uh, he said that it's fantastic. My critique of

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[ash_b]: it is that it's only half a movie.

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[sloane]: yup,

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[ash_b]: That is my critique

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[sloane]: yp,

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[ash_b]: and uh, I must stand by that.

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[sloane]: Mhm, Mhm,

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[ash_b]: Um, it's actually correct. It's half a movie.

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[sloane]: Yep, but they're getting. We're getting the other half. Ah,

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[ash_b]: But have they failed it already? Like

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[sloane]: no,

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[ash_b]: I don't understand? I have to go back and do another movie

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[sloane]: yup, Yup, They got

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[ash_b]: just as silly. That's crazy to me.

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[sloane]: it's to Mi to mitigate financing risk. You know, I mean, like the it. I. I think

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[sloane]: that the director wanted to film it all at once, but the studio like that is insane.

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[sloane]: Um,

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[ash_b]: Well, that is the perfect transition to my first bit of news, Sloan. Because

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[ash_b]: sorry to cut you off here, but the Alberta investment Management Corporation is

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[ash_b]: investing five hundred million dollars. Maybe they're pulling their money with

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[ash_b]: others.

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[sloane]: Mhm,

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[ash_b]: I'm not exactly sure the details in new movie studios

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[sloane]: huh,

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[ash_b]: to fill the content void, because so much uh of the content is being created in these

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[ash_b]: like non traditional studios.

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[sloane]: Mhm.

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[ash_b]: right. Um, And so we're seeing Albert, Investor Management Corporation and inquotes a

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[ash_b]: sovereign wealth fund. That. Clearly,

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[sloane]: Oh,

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[ash_b]: that sovereign wealth fund did not approve of the the press release.

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[ash_b]: It is. It's like a story within a story there for his sludge.

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[sloane]: yeah, yeah, exactly like. Oh, we. we want to be invested in fail. but we don't want

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[sloane]: anyone to know we're investing in film.

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[ash_b]: Yeah, and the bi. The manager that's doing this is like, but we gotta like you know,

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[ash_b]: tip our hat in the fact that we have Audia, which is like, almost certainly who it

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[ash_b]: is. right.

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[sloane]: I mean, Yeah, it's a tough.

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[ash_b]: Uh, good times.

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[sloane]: It's a tough Fl. when you're like, you know getting I, I mean, I, I'm sympathetic

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[sloane]: with that, you know like you're getting to go fun up up and running, you know, it's

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[sloane]: it's tough to demonstrate legitimacy.

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[ash_b]: You got Yeah, credit. Five hundred million isn't enough for credibility. You

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[sloane]: Yeah,

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[ash_b]: got to throw in the like generic sovereignalth funline. But my point is

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[sloane]: it hits five hundred. A big check.

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[ash_b]: that is a big check and hopefully some of that money gets us dooned faster. That's

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[ash_b]: that was the connection to the top.

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[sloane]: I mean, I like I. That's really encouraging. I think like the You know I was. I was

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[sloane]: actuallyusing like earlier. that like the, The, The whole, Like you know,

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[sloane]: Proliferation of film distributors really creates like a much more. uh, you know,

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[sloane]: kind of interesting ecosystem for those people cause I, I mean, I have like a a

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[sloane]: cousin who's just like trying to get a T. V series off the off the ground.

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[ash_b]: O,

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[sloane]: Um, and yeah, I mean, it really seems like a good time to be doing stuff like that.

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[sloane]: There's a lot of entrepreneurial capital out there. There's a lot

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[ash_b]: Hm,

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[sloane]: of you know. Uh, a lot of places that you can wind up getting your thing distributed

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[sloane]: right Like you know, all the old networks are still there. Plus we have all the new

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[sloane]: ones.

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[ash_b]: Yeah,

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[sloane]: Um, you know, I don't know how it works for overall investment returns, but

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[sloane]: certainly from a creative standpoint. Um, you know, really really encouraging.

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[ash_b]: I agree. I could even envision kind of a goof ball comedy where two intrepid uh,

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[ash_b]: podcasters Uh,

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[ash_b]: you know, try to free the world's capital

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[sloane]: Yep,

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[ash_b]: and F can succeed.

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[sloane]: yp, yup, yup. Yeah. it would be like a, like, a, like a nice procedural, you know,

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[sloane]: or,

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[ash_b]: It'll be like it'll be like scrubs like they'll be like the comedy part and then it's

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[ash_b]: like And we save the planet.

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[sloane]: and we saved the.

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[ash_b]: All right. Sorry by next?

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[sloane]: Yeah. yeah, and like a little ma, little little magical realism in there too. I

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[sloane]: think would be great.

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[ash_b]: Yeah, a little goofyss, but at the same time Earth saved Um, all right. Next story,

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[ash_b]: the

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[ash_b]: Stickting pension funds,

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[sloane]: Ooh. good, good pension. A b. p.

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[ash_b]: also known as a B, P. Yeah, also known as a p. G, which

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[sloane]: oh,

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[ash_b]: is the investment arm of a B. P.

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[sloane]: Mhm,

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[ash_b]: Uh. they are located in the town of Hen, Netherlands,

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[ash_b]: Um. and they have announced that they are going to effective immediately divest

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[ash_b]: completely from the fossil fuels.

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[sloane]: that's great.

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[ash_b]: Um. Pretty wild. They got five hundred and twenty three, a billion euros of pension

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[ash_b]: fund dollars inside of them. but in terms of a divestment, Um, that's about fifteen

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[ash_b]: billion that they got to like, pull out of different assets

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[sloane]: Yp,

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[ash_b]: in the next little while, and redeploy and part of the news was like all of their

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[ash_b]: like asset managers being forced to comply, Like the fidelity saying, Oh, sh, shoot,

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[ash_b]: I guess we're going to have to figure out how to build an index, Um. without all the

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[ash_b]: fossil fuels in it for for a P, G. So it's a. That's a the reason we're continuing to

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[ash_b]: call out some of these divestments. At least I wanted to call this. This is like a

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[ash_b]: new level like we thought

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[sloane]: yeah. yeah.

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[ash_b]: Harvard was interesting. Like you know. Are they fifty billion? You know. this is

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[ash_b]: like six hundred and fifty billion dollars.

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[sloane]: well, yeah, Ex, exactly. it's I mean, fifteen billion dollars is would be on its

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[sloane]: own, like probably the the fifth or sixth largest university endowment. Um, you

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[sloane]: know, and like I, it, it's so interesting to see people moving away from this

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[sloane]: likecause. You know you, there are people who are making the case that like this

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[sloane]: divestment is going to have blood on its hands. because it kind of like leads people

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[sloane]: to. I mean, basically you know, the argument is, it shifts production to Iran and to

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[sloane]: Russia.

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[ash_b]: O.

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[sloane]: Um, you know, and to to play it, you know, but like I think, that's such a weak

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[sloane]: argument. Uh,

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[ash_b]: Yeah, it's a bad guy's argument,

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[sloane]: you know. Yeah, it's a bad guy. Well it,

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[ash_b]: but what about the bad guys?

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[sloane]: well it, but it's also. it's just one of those things where it's like Okay, So you

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[sloane]: know, if you believe that your secondary market investment has immediate real world

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[sloane]: effects. Uh, you know.

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[ash_b]: Yeah,

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[sloane]: Sure. sure. um, you know, but like it. If that's fifteen billion dollars that can go

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[sloane]: into solar and like the y, You know. we're in it with renewables. We're in a place

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[sloane]: where our deployment is like re, axing, and fourexing. Um,

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[ash_b]: yeah,

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[sloane]: y, you know, and like

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[ash_b]: I'm surprised from that Fifteen billion doesn't come to finance our

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[ash_b]: podcast. To be honest, I think when you think about like impact, you know

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[sloane]: that's a good point. Yeah, I mean like.

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[sloane]: yeah. yeah, yeah, ex, exact impact it scale.

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[ash_b]: impacted scale like we get the message out, and other, you know, we lay it out and

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[ash_b]: people play it up. That's

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[sloane]: That's true. that's true.

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[ash_b]: what I always. so.

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[ash_b]: Speaking of laying it out,

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[sloane]: Yep.

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[ash_b]: suclear capital.

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[sloane]: Oh yeah. I knew you were to bring this up.

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[ash_b]: Well, my favorite is when big rich asset managers cloak themselves

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[ash_b]: in alignment to get even richer.

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[sloane]: Yep.

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[ash_b]: And so the gy capital for those that don't know they're done raising funds, which

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[sloane]: Mhm.

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[ash_b]: is a pretty fricking big step change in this world of institut investment that we

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[ash_b]: inhabit. because everybody was always begging for access to Sekoya funds. It's like

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[ash_b]: the probably one of the world's best asset managers like just in terms

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[sloane]: yeah,

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[ash_b]: of performance, Like world's best,

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[sloane]: y

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[ash_b]: they're just delivering performance that's like, probably has three digits before the

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[ash_b]: decimal point.

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[sloane]: y. yep.

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[ash_b]: Um.

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[ash_b]: So what are they knowing? They're setting up something called Sokoya fund, which is a

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[ash_b]: permanent capital structure which those of you who know me know that I am very

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[ash_b]: intrigued by those permanent capital structures. I like aligning fund vehicles with

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[ash_b]: the underlying asset. It's totally what Sekleia is doing here. then Wa'll find a way

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[ash_b]: to go between private and public markets. They wa to hold their public companies, of

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[ash_b]: which they have many. When

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[sloane]: yp.

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[ash_b]: you're Sekoya. you have many public companies. Um. So that's the needo part? aligning

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[ash_b]: the structure with the founders, ▁l, Ps. Seemed to be on board,

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[sloane]: yep.

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[ash_b]: but it, part of me is like Hm. It's an internal fund of funds. So you now just

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[ash_b]: allocate capital into the Sequoa fund, and the Seclea fund becomes the single ▁l p.

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[ash_b]: in all the other funds. I'm

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[sloane]: y.

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[ash_b]: sure that ▁l p is goingnna negotiate very hard with itself.

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[sloane]: very. Yeah. I mean like you would never.

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[ash_b]: And so you get to pay fees at the top level and then you get to pay fees that you

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[ash_b]: don't even negotiate at the bottom level. So there's a little piece of me that's like

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[ash_b]: this is just a manager that's like three. And thirty wasn't enough, and so now we're

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[ash_b]: goingnna take one percent right off the top every year

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[sloane]: y.

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[ash_b]: and that you know, and then we're going to still charge you the three and thirty. And

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[ash_b]: but we're just not going to let you negotiate anything down below. So who does we'll

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[ash_b]: see? I do like innovation in in the markets. It's wild to see some fund with this

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[ash_b]: level of dominance do something this aggressive and and different, so

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[sloane]: Yep.

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[ash_b]: good for them. Um, but put, I just suspect it has more to do with capturing a bigger

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[ash_b]: share of the pie.

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[sloane]: Yep. Well, from a marketing standpoint it's really interesting because it allows.

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[sloane]: Like you know, the them they can raise now they're They're so much less constrained

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[sloane]: in terms of how much money they can manage, because they have the public capital

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[sloane]: pot, right,

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[ash_b]: Yeah,

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[sloane]: Um, you know so that they can like it. You know, they still have this Sequoya name.

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[sloane]: They still have all that you know, Um, but they can invest. They can just be like

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[sloane]: another public tech manager. Uh,

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[ash_b]: it's true like that's the. That's the piece that I think would be interesting to

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[ash_b]: figure. out.

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[sloane]: y,

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[ash_b]: Are they just going to hold the things that they've bought privately Or when? like

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[ash_b]: will I be able to now invest in Sechoyia, and that will just go into the public

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[ash_b]: stocks that Sechoa owns. It'll be very fascinating.

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[sloane]: yeah, yeah, it's well, I mean, you know they're finally catching up with. Uh, you

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[sloane]: know the geniuses that invest vegan and becoming a registered investment adviser.

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[sloane]: Um. as part,

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[ash_b]: Yes, that's true. No, I think they saw them. I think they saw that Invest Vean

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[ash_b]: announcement and so yeah, Mm.

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[sloane]: Yeah, they saw the readting on the wall, Um, y, you know, Uh,

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[sloane]: but like but yeah, I, you know. I. I think that there are like, uh, y. You know,

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[sloane]: it's really cool to see them a lot do that alignment, But you know it's it it. it's

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[sloane]: It's just a very confusing kind of development for them.

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[ash_b]: Yeah, if it wasnt like just another layer of one percent of fees every single year on

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[ash_b]: a huge

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[sloane]: Yup, Yeah,

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[ash_b]: pool of capital that they already own, so they already did the work by the way.

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[ash_b]: Anyway, I, getting ahead of myself. I'm going to make enemies good for them.

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[sloane]: well, exact, exactly. It's like you know you got sort, you know somebody like all of

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[sloane]: a sudden camping out outside your house. Uh, the like I, you know. I think it's

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[sloane]: interesting thoughcause. like T ro price is a big. you know kind of tech manager

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[sloane]: that's been increasingly you know, gain its mutual funds holding late stage private.

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[ash_b]: Yeah,

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[sloane]: Um, you know investments, so like in In a way, it's kind of like you know. it's a.

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[sloane]: It's like the harmonization of all of those approaches. You know, the T rope.

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[ash_b]: and a lot of these hedge funds are doing it

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[sloane]: Yeah,

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[ash_b]: like. look what tiger's doing. I mean

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[ash_b]: there, there's this blend between

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[ash_b]: public and private that's definitely been taking place for. Ah, but a lot of it has

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[ash_b]: been the hedge Funs dipping into the venture and like eating their lunch. Maybe this

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[ash_b]: is you know.

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[ash_b]: Had you know the venture people trying to eat their dinner? I don't know

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[sloane]: yeah,

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[ash_b]: too many analogies.

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[sloane]: well it. Well it, but you know also like you know, I, I've noticed a lot of

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[sloane]: companies are coming. I mean, like you know, in this back world now we have you know

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[sloane]: companies coming, companies coming, companies coming public

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[ash_b]: How is our spat coming by the way?

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[sloane]: like left and right. uh, oh, there are uh ours back. You know. it's

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[ash_b]: Yeah,

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[sloane]: uh. it's you know. we're not really up in caught up with the Trumps of the world.

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[sloane]: uh,

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[ash_b]: well, Sloan, go dang I. I

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[sloane]: yeah,

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[ash_b]: was going to say if Trump can do us back. Like what? the flip?

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[sloane]: I know.

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[ash_b]: we've got as much of a media brand

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[ash_b]: as whatever it is. Truth, what is? Suppose the the truth,

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[sloane]: Yup, Truth, social,

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[ash_b]: Truth, Social

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[ash_b]: couldn't even remember it, but everybody knows free money.

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[sloane]: Yup, Yep.

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[sloane]: Well, it's and he's a. You know he's He basically did it with a powerpoint. I mean,

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[sloane]: I guess basically what needs to happen is we need to make a power pointint. uh,

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[ash_b]: Damn, that's a lot. That's

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[sloane]: yeah, it's a heavy lift. you know.

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[ash_b]: a lot of work. building stuff is hard. We're going to come to that later.

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[sloane]: Yeah, exactly. yeah. we. well, we got to get it, You know, we got get our guest in

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[sloane]: here first. uh,

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[ash_b]: Oh shit, let's do it.

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[sloane]: but y. well, I think. uh, I don't think we have him yet. Um,

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[ash_b]: Oh,

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[sloane]: you know the

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[sloane]: he. He's coming to us from far overseas. You know, so, um,

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[sloane]: you know hopeful,

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[ash_b]: well, I can give you a bit. I can give you a bit. Another a bonus news item.

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[sloane]: Oh great. yeah,

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[ash_b]: So one of the longtim, uh, guests of the show, Uh, are good friend from the firm

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[ash_b]: Ethic, Uh, dot com, Ethic dot com is ▁jy. Lepman and Jay Litman is the president of

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[ash_b]: Ethic, and they've recently announced. Um, And this is. this is the story. Slon, As

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[ash_b]: like the perils of us getting too famous. Um, and it it concerns me because these

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[ash_b]: podcasts are fire right,

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[sloane]: yeah, yeah, yeah,

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[ash_b]: So just wanted to get. this is like a warning shot for us. Um, ▁j, and and Doug and

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[ash_b]: Johnny, the three F founders have brought on Megan and Harry the Royals as impact

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[ash_b]: advisors to ethic and guess what happens when you bring royals into your company. The

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[ash_b]: daily male camps outside your mom's house

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[sloane]: your

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[sloane]: moms.

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[ash_b]: at.

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[ash_b]: Yes, Yes, And so, if you happen to go and look at the Daily Mail this morning, you

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[ash_b]: will see. Or maybe it was a day or two ago, exclusive, revealed

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[ash_b]: fun loving hippie banker, Thirty three

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[ash_b]: who founded Harry and Megan, Ethical Investment firm is a rugby mad, vegan, ex public

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[ash_b]: schoolboy from Surrey, who has great banter with Prince and has hung out at his ten

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[ash_b]: million mansion. This is in the daily bail with like twenty two pictures of him from

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[sloane]: Oh, my god. Oh my God,

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[ash_b]: like the random Internet.

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[ash_b]: So

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[sloane]: there's a picture holding a dog with his mother.

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[sloane]: there's a picture holding a dog with his mother.

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[ash_b]: I can only imagine.

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[ash_b]: Yes,

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[ash_b]: and like, Just see you guys know like Jas, to totally normal human being right. So

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[ash_b]: like this is a rag,

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[ash_b]: just going out and truck like anything royal related. Like if you get involved with

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[ash_b]: the royals at all

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[sloane]: This article

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[ash_b]: you,

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[sloane]: is so long.

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[ash_b]: it's like it feels like it's ten thousand words. Yeah,

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[sloane]: Yeah, it's like. I mean. it's It's really like Unb. I mean, and it gets into like de

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[sloane]: blzo.

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[ash_b]: I bets that,

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[sloane]: I. I just like skimmed. and like that you got down at the bottom of. Let theres like

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[sloane]: a critique from like a cab driver. Uh,

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[sloane]: you know of deblazo' like, Oh yeah, biild. a blazo should be hobbed up with the

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[sloane]: royals. You should be like you know, focused on helping people.

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[ash_b]: Yeah, that's a. There's a totally not a nonsquetor like connecting cabbies through

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[ash_b]: ethic into the royals, said Bill de Blzio I'm sure they're all related.

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[sloane]: Y. Yeah, I mean

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[sloane]: I. I didn't realize Jay was Vean too. That' the their rules, um,

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[ash_b]: Yeah, I did not realize that either

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[sloane]: who pals' in the app? Oh no, but I don't see him.

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[sloane]: Oh no. Um,

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[sloane]: how is that possible? Oh, I see him.

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[Paul smith]: Uhhuh,

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[sloane]: Hey, Wow,

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[sloane]: so I can see there.

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[ash_b]: sor but that pall, we, uh.

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[ash_b]: Our technologized podcast is maybe sometimes too technologized for even us.

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[Paul smith]: I'm just trying on a. I'm just trying on another device as well be cause this

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[Paul smith]: is. I've got you on my phone here. I'm just trying to see whether I can get you

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[Paul smith]: up on my ipad, which might be a better.

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[Paul smith]: uh, a better link. Can you see?

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[sloane]: Uh, I.

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[ash_b]: That quality sounds great.

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[sloane]: Yeah, you sound great for and you know, I mean, I guess we. we were uh,

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[sloane]: troubleshooting, Uh, the technology and we forgot to introduce you. This is. of

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[sloane]: course, Paul Smith, my former boss's boss, Bosed, C. If a institute

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[sloane]: now the founder of

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[ash_b]: Who's building sustainable finance into the Dna of the system?

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[Paul smith]: Yeah, well, I'm um, I'm yeah. I know it's all. it's all, um, um, good fun. I

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[Paul smith]: mean, you know the Um, sustainable finance issue that we, we kicked off about

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[Paul smith]: Couba, Cam Ier and myself kicked off about. I guess now just over a year ago,

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[Paul smith]: and obviously Um, since we started we, we look very clever because uh, just

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[Paul smith]: about the world and his wife has jumped on uh on on that particular uh,

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[ash_b]: Yeah,

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[Paul smith]: uh, theme And obviously we cop twenty six coming up as well in the next couple

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[Paul smith]: of days. Um, you know we look. Uh, we look pretty smart, but it's something that

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[Paul smith]: you know we've been. We've been passionate about for a while and we thought we

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[Paul smith]: would um, try and add our voice to what is uh, an increasing multitude.

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[sloane]: Yup, Yeah, I mean, we were just uh chatting before you came on about how, even like

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[sloane]: you know Harry, and uh, you know Prince Harry and Megan Marhall have gotten it on

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[sloane]: the sustainable investing game.

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[Paul smith]: Don't get me started on that slow.

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[ash_b]: you don't think this is Arthur finds a reallyally jumping the shark. This is just the

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[ash_b]: beginning. I help

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[Paul smith]: I wish I was as cool as

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[sloane]: Well,

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[Paul smith]: our as the funds. but anyway that,

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[Paul smith]: I'm certainly, I was only uh, slightly younger than the Fs. I think

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[ash_b]: eightng on.

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[sloane]: Yes, that's true. that's true. I mean it got to hold onto it. I mean I. I. I think

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[sloane]: maybe maybe it's like a jumping off point for this. you know, like I, I'd say, like

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[sloane]: you know you and I like we worked at this organization that, like a lot of people

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[sloane]: know the name of Um, you know, but like I would. I would you know, Venture to say

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[sloane]: that few people understand

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[sloane]: Um. You know it just because like, by sheer nature of it being so so so so global,

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[sloane]: Um, and I wonder if like there's a story or a, you know an experience that that you

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[sloane]: had cause you know you've been like you know, traveling to the C F a society in

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[sloane]: Nigeria, in Bangladesh, and you know in Peru in Chile. Um, you know. Like what? What

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[sloane]: stands out after you know? Now you've got some distance. you've worked out the

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[sloane]: trauma of having to actually run the thing.

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[sloane]: Um, what stands out now?

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[Paul smith]: well it. it's It's uh, a great question. And thank you for asking it, because

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[Paul smith]: you know the the most fun that I had at C. A was really Um, meeting societies,

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[Paul smith]: and and the great pleasure of going to visit people in there, Uh, in their home

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[Paul smith]: locations. Really, Because you know, if you enjoy travel, one of the problems

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[Paul smith]: with travel is that you never really feel that you get under the skin of a place

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[Paul smith]: because you're always an outsider, And and and the great pleasure of going to

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[Paul smith]: our local societies around the world, I visited Um. You know a hundred and fifty

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[Paul smith]: of them in over a hundred countries. Um. the great pleasure of doing that was

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[Paul smith]: that you were going to see local people who were pleased to see you and would uh

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[Paul smith]: show you things that as a tourist you you might not got to have seen And so so

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[Paul smith]: that was the pleasure. but you mentioned Nigeria. That was top of my list. Um,

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[Paul smith]: my, my, You perhaps know that, but the the most fun I had in Nigeria sounds a

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[Paul smith]: bit wacky. Was we? we were taken up to the north of Nigeria, to a city in the

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[Paul smith]: North Carno, uh k, n o, which is um, not quite in in the the bad lands of

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[Paul smith]: Nigeria, where Boka Harama are causing such trouble, but um, but close by, and

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[Paul smith]: so um, you know, we had a uh, um, uh, a land rover to take us into town with

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[Paul smith]: machine guns mounted mounted for and aft and security personnel, and a full of

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[Paul smith]: that sort of stuff, And I've never had that before in my life. You know, I've

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[Paul smith]: never. no one's ever cared whether I lived or died of before,

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[Paul smith]: but, but I think the local society didn't want, didn't want the head of the c f

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[Paul smith]: A to uh, to sort of peg it on their watch place.

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[Paul smith]: Uh, it was a sort of a full court press as far as that was concerned, and we

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[Paul smith]: were going to see the Emir of Carno. Uh, you know that that the Uh, the most

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[Paul smith]: important dignitary in the region, who happens to have been the Finance Minister

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[Paul smith]: of Nigeria in one of his previous lives, and he'd been very supportive of the

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[Paul smith]: local society, and Um, we were going there. Really Um, as the president, C. If

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[Paul smith]: a, to thank him for all all of it, he donen for us, and and um, as as is normal,

416

00:21:32,059 --> 00:21:39,419

[Paul smith]: Uh, the Emir arrived at his dean, his, uh, his um, uh, receiving palace, Uh, on

417

00:21:39,319 --> 00:21:40,319

[Paul smith]: a white horse,

418

00:21:41,179 --> 00:21:48,059

[Paul smith]: Um, proceeded and succeeded by Uh, his retainers blowing trumpets and

419

00:21:48,379 --> 00:21:54,219

[Paul smith]: untilating, and very very formal, very colorful. Exciting,

420

00:21:54,289 --> 00:21:55,289

[ash_b]: sounds awesome.

421

00:21:55,179 --> 00:22:00,539

[Paul smith]: uh, procession, as he came to his, uh, his, his audience hall, and obviously

422

00:22:00,699 --> 00:22:04,139

[Paul smith]: you, No, I'm there, Dres. in a suit and tie, and probably what was a hundred and

423

00:22:04,219 --> 00:22:07,339

[Paul smith]: ten degree heat in in in the cells.

424

00:22:08,699 --> 00:22:11,899

[Paul smith]: and uh uh, it was all great fun. And and you know he's

425

00:22:12,049 --> 00:22:13,049

[ash_b]: It's amazing.

426

00:22:12,299 --> 00:22:19,259

[Paul smith]: He's a tremendous man. um, uh, uh, vi, emir, uh, and uh, you know we had to.

427

00:22:19,339 --> 00:22:24,619

[Paul smith]: Although he speaks perfectly Englishly, the protocol is that Uh, he's not

428

00:22:24,699 --> 00:22:28,779

[Paul smith]: allowed, or I'm not allowed to talk to him directly. Rather more precisely, we

429

00:22:28,759 --> 00:22:29,759

[Paul smith]: have to go through

430

00:22:29,169 --> 00:22:30,169

[ash_b]: Hm.

431

00:22:29,899 --> 00:22:34,939

[Paul smith]: an interpreter, and Um, that was amusing because the Emir speaks better English

432

00:22:35,179 --> 00:22:36,779

[Paul smith]: than his interpreteded. and I could.

433

00:22:38,139 --> 00:22:41,979

[Paul smith]: I. I could see, I could see that he was getting somewhat frustrated with the

434

00:22:41,979 --> 00:22:46,779

[Paul smith]: laborious translation of of what was some barely basic pleasantrs. But um,

435

00:22:47,899 --> 00:22:49,579

[Paul smith]: so so I guess you know. I guess that's uh.

436

00:22:49,729 --> 00:22:50,729

[ash_b]: what a cool story.

437

00:22:49,739 --> 00:22:53,979

[Paul smith]: You know, for me that was a highlight. it was. uh. It was really extraordinary

438

00:22:54,699 --> 00:23:00,299

[Paul smith]: to see Uh, the Amir in his hometown. Uh, a great pleasure and a great honor as

439

00:23:00,459 --> 00:23:05,019

[Paul smith]: well, and to do that and it was a. It was a real thrill. So that was you know.

440

00:23:05,099 --> 00:23:10,219

[Paul smith]: That was. that was pick of my particular pops, but Africa again, as as I mean, I

441

00:23:10,219 --> 00:23:14,619

[Paul smith]: love Latin America and had great fun in Peru and Chile and Uruguay and other

442

00:23:14,859 --> 00:23:20,139

[Paul smith]: countries. But Africa really stole my heart in terms of the countries that I

443

00:23:20,299 --> 00:23:25,419

[Paul smith]: visited where Uh, A. the people are just wonderful. I mean they're so committed.

444

00:23:25,659 --> 00:23:29,419

[Paul smith]: It always reminds you know. you know, Sloan. I, I, As me, I, I live in Hong

445

00:23:29,579 --> 00:23:30,619

[Paul smith]: Kong, have done for the last

446

00:23:30,409 --> 00:23:31,409

[ash_b]: Hm.

447

00:23:30,779 --> 00:23:37,099

[Paul smith]: twenty twenty five years, and Africa reminds me of Asia. Uh, when I first went

448

00:23:37,339 --> 00:23:41,979

[Paul smith]: out there in the mid nineties. In that, the, the commitment to education, the

449

00:23:42,059 --> 00:23:44,699

[Paul smith]: commitment to their children, the commitment to

450

00:23:45,739 --> 00:23:51,259

[Paul smith]: Um. You know, trying to build a better life year over year for themselves is

451

00:23:51,579 --> 00:23:59,019

[Paul smith]: overwhelming and incredibly, Um. Emotional to be part of that journey and to

452

00:23:59,419 --> 00:24:03,659

[Paul smith]: feel that you're contributing in some ways to that and the country that I think

453

00:24:03,899 --> 00:24:08,699

[Paul smith]: you know for me, encapulated that more than other was ▁zimbabwe, um,

454

00:24:08,689 --> 00:24:09,689

[ash_b]: M.

455

00:24:09,099 --> 00:24:14,139

[Paul smith]: which obviously uh, has had some terrible troubles. And and I, I can tell you,

456

00:24:14,219 --> 00:24:19,419

[Paul smith]: I've never ever laughed so much or heard so much laughter as it did when I

457

00:24:19,819 --> 00:24:24,219

[Paul smith]: visited Harari with the local society. They're wonderful people, and it just

458

00:24:24,299 --> 00:24:29,579

[Paul smith]: shows that the human spirit the more, the more B S you have to shovel in life.

459

00:24:30,299 --> 00:24:35,259

[Paul smith]: The more that you laugh, the more that you celebrate one another, the more that

460

00:24:35,339 --> 00:24:40,459

[Paul smith]: community is important to you, Um, just incredible people. That left me feeling

461

00:24:40,859 --> 00:24:42,059

[Paul smith]: in a very, um,

462

00:24:43,259 --> 00:24:48,539

[Paul smith]: very proud to be leading an organization that in some small way, and obviously

463

00:24:48,699 --> 00:24:51,899

[Paul smith]: one doesn't you know at the end of the day with financial education were not,

464

00:24:52,059 --> 00:24:57,579

[Paul smith]: you know. we're not rocket scientists were not creating new human vaccines or

465

00:24:57,739 --> 00:25:02,059

[Paul smith]: doing anything anything like that to fight off epidemics, but in our own very

466

00:25:02,299 --> 00:25:07,499

[Paul smith]: little small way, uh, making a difference to people's lives. And and um, you

467

00:25:07,579 --> 00:25:11,179

[Paul smith]: know, those would be the two experiences that I think I I would pick out from.

468

00:25:10,860 --> 00:25:11,860

[sloane]: Hm.

469

00:25:12,119 --> 00:25:13,119

[Paul smith]: But I, I would. also,

470

00:25:13,209 --> 00:25:14,209

[ash_b]: those are awesome.

471

00:25:13,339 --> 00:25:18,939

[Paul smith]: because I, I'm talking to people in in the U. S. of Ay. It. I ▁ought to say that

472

00:25:19,019 --> 00:25:23,179

[Paul smith]: I manage. I was so lucky I visited forty six states to the Union, far more than

473

00:25:23,499 --> 00:25:24,859

[Paul smith]: Americans have ever visited.

474

00:25:25,680 --> 00:25:27,200

[sloane]: Yep, Yep, you. any me be by ways.

475

00:25:27,549 --> 00:25:28,749

[ash_b]: I think I think you had me be, too,

476

00:25:28,399 --> 00:25:29,399

[Paul smith]: And and

477

00:25:28,989 --> 00:25:30,029

[ash_b]: and'd have to go and love.

478

00:25:30,379 --> 00:25:38,379

[Paul smith]: tell you, each one of them was a unique pleasurable experience. And because, as

479

00:25:38,459 --> 00:25:43,179

[Paul smith]: I said Earli, your meeting fellow travellers, people who are very committed to

480

00:25:43,179 --> 00:25:48,619

[Paul smith]: the cause of of T. Whether it's promote financial literacy or improve the

481

00:25:48,699 --> 00:25:53,739

[Paul smith]: quality of of uh, financial services in their communities, and not only that,

482

00:25:53,899 --> 00:25:57,899

[Paul smith]: but wherever you go in the U. S, there's something extraordinary to see. Not

483

00:25:58,059 --> 00:26:02,219

[Paul smith]: just nice people to meet, but something extraordinary. Um, you know, my favorite

484

00:26:02,379 --> 00:26:06,939

[Paul smith]: pick from there would be the Gilcree museum in Tulsa, Oklahoma, I can honestly

485

00:26:07,099 --> 00:26:13,019

[Paul smith]: say I've never been anywhere in the world to a museum that was as well set up

486

00:26:13,129 --> 00:26:14,129

[ash_b]: Huh,

487

00:26:13,579 --> 00:26:16,219

[Paul smith]: a, and as enjoyable to visit as that. And

488

00:26:15,900 --> 00:26:16,900

[sloane]: Hm.

489

00:26:16,459 --> 00:26:20,859

[Paul smith]: so, oh you, you say to people I've just been in Okla, Homer, and their eyes roll

490

00:26:21,099 --> 00:26:24,619

[Paul smith]: into the back of their heads, But I can tell you you're the the missing out.

491

00:26:25,549 --> 00:26:30,349

[ash_b]: I think we need to get a a book series together. You know, Paul Smith on the road, Or

492

00:26:30,589 --> 00:26:34,669

[ash_b]: like, Maybe it's a Netflix special'. Like all the Greatest Hits,

493

00:26:35,179 --> 00:26:39,179

[Paul smith]: It would be a. It would be a very, very short print run. I think as me.

494

00:26:40,669 --> 00:26:44,589

[ash_b]: I'm sitting here. I remember whats I drak alcoholic milk in Mongolia, and I thought

495

00:26:44,669 --> 00:26:45,869

[ash_b]: that was pretty wild. but

496

00:26:45,719 --> 00:26:46,719

[Paul smith]: Yeah, No,

497

00:26:48,139 --> 00:26:53,899

[Paul smith]: we had When I when I visited Mongoli, we had two charter holders there. And uh,

498

00:26:54,299 --> 00:26:59,979

[Paul smith]: so it wasn't perhaps one of my more um, cost effective trips, but it was. it

499

00:27:00,139 --> 00:27:03,579

[Paul smith]: was. certainly. It was certainly one of the most lively. they. they

500

00:27:03,169 --> 00:27:04,169

[ash_b]: yeah,

501

00:27:03,659 --> 00:27:05,899

[Paul smith]: are, Mongolians are wonderful people, but

502

00:27:05,729 --> 00:27:06,729

[ash_b]: I agree

503

00:27:06,059 --> 00:27:10,859

[Paul smith]: they they, they, they, they. They have a a unique way of celebrating.

504

00:27:11,020 --> 00:27:12,020

[sloane]: Yep.

505

00:27:13,899 --> 00:27:18,539

[Paul smith]: but I would say I would say, and I have to declare. Uh, because I own parts of.

506

00:27:18,699 --> 00:27:25,899

[Paul smith]: I'm a very small investor in the Um main brewing company in Mongolia. So before

507

00:27:26,059 --> 00:27:31,819

[Paul smith]: I say this, um, please take that disclaimer um Mongolian vodka, Mongolian vulker

508

00:27:31,979 --> 00:27:35,979

[Paul smith]: is the best in the world. No, ▁qu, no question about that whatsoever.

509

00:27:36,420 --> 00:27:37,420

[sloane]: well,

510

00:27:36,829 --> 00:27:39,869

[ash_b]: this broadcast brought to you by Magen. Vodka.

511

00:27:36,829 --> 00:27:39,869

[ash_b]: this broadcast brought to you by Magen. Vodka.

512

00:27:39,840 --> 00:27:41,520

[sloane]: yeah, exactly. I mean, like we have a.

513

00:27:41,069 --> 00:27:44,189

[ash_b]: This is the related related parties podcast. Don't worry.

514

00:27:43,920 --> 00:27:48,960

[sloane]: Yeah. we have a very, uh, very strong tradition of inviting people who have uh,

515

00:27:49,200 --> 00:27:51,840

[sloane]: financial interests and stuff to discuss their things.

516

00:27:52,619 --> 00:27:55,819

[Paul smith]: I needed, needless to say, it's called Genngus Kalmvnker as

517

00:27:55,500 --> 00:27:56,500

[sloane]: That's

518

00:27:55,599 --> 00:27:56,599

[Paul smith]: well, so

519

00:27:58,240 --> 00:28:01,120

[sloane]: yeah. we'll talk about sponsorship deals later. Yeah, uh,

520

00:28:00,769 --> 00:28:01,769

[ash_b]: Yes,

521

00:28:01,280 --> 00:28:05,200

[sloane]: um, but you know, I mean like I, you know, as you're doing those visits, you know

522

00:28:05,200 --> 00:28:09,600

[sloane]: you're going to monkolia, you're going to to to Nigeria. but you're also going to

523

00:28:09,760 --> 00:28:16,240

[sloane]: invesco into New Burger Burman, And to you know you pick a big firm. Um, you know I,

524

00:28:16,400 --> 00:28:19,680

[sloane]: I would. I would guess that you've kind of had some discussions with the leadership

525

00:28:19,840 --> 00:28:23,680

[sloane]: there over the last, you know a little bit, and and probably that you know a lot of

526

00:28:23,680 --> 00:28:27,360

[sloane]: those discussions talked about. You know how do we hire good employees, which is of

527

00:28:27,360 --> 00:28:28,560

[sloane]: course central to the C. F.

528

00:28:28,279 --> 00:28:29,279

[Paul smith]: Yp,

529

00:28:28,640 --> 00:28:32,080

[sloane]: A institute. You know, deal, but also how do we really start to think about

530

00:28:32,240 --> 00:28:36,640

[sloane]: sustainability? Um, and integrated into you know the World Chef Institute.

531

00:28:36,800 --> 00:28:40,960

[sloane]: Obviously, you know, I, I think we had a e, s, G guy you know, starting in like you

532

00:28:41,040 --> 00:28:46,560

[sloane]: know, two thousand eleven, or or even earlier than that, Um, I don't know when Matt

533

00:28:46,800 --> 00:28:51,520

[sloane]: started working there, but it was a long time ago. anyway. Um, how would you kind of

534

00:28:51,680 --> 00:28:57,280

[sloane]: characterize those you know, big muckty mucks, and how prepared their firms are for

535

00:28:57,680 --> 00:29:01,440

[sloane]: kind of the climate transition, the S. D transition, and like how committed to

536

00:29:01,520 --> 00:29:02,640

[sloane]: sustainability they are.

537

00:29:04,219 --> 00:29:10,779

[Paul smith]: yeah, I, I mean O. obviously I. I think regionally uh, it differs um Europe, I

538

00:29:10,939 --> 00:29:15,579

[Paul smith]: think is, uh, the big, uh, uh, The big dogs are further forward in Europe,

539

00:29:15,639 --> 00:29:16,639

[Paul smith]: because of

540

00:29:17,419 --> 00:29:22,619

[Paul smith]: social pressure, obviously, but also regulatory, Uh pressure, the legislative

541

00:29:22,779 --> 00:29:28,859

[Paul smith]: pressure, um, uh, they have to be further ahead than the U S counterparts, Who

542

00:29:29,259 --> 00:29:34,779

[Paul smith]: who are in the game definitely in are catching up Um Asia, Ah, it's pockets.

543

00:29:35,339 --> 00:29:39,659

[Paul smith]: Basically there. Some some countries, Singapore, Hong, Kong, the further ahead,

544

00:29:39,979 --> 00:29:43,739

[Paul smith]: Japan, perhaps arguably are further ahead than others. but uh, so you know,

545

00:29:43,819 --> 00:29:47,499

[Paul smith]: there is a a regional Ta to all of this, but I. I. I think you know. One of the

546

00:29:47,499 --> 00:29:52,619

[Paul smith]: few advantages of being old is that you have uh a little bit of perspective on

547

00:29:52,859 --> 00:29:57,019

[Paul smith]: some of these things And I would say when we. You know when I first started

548

00:29:57,579 --> 00:30:03,659

[Paul smith]: really thinking about e, s. g, let's say ten twelve years ago, Um, you know the

549

00:30:03,899 --> 00:30:07,739

[Paul smith]: industry was maybe two out of ten in terms of its preparedness and its

550

00:30:08,219 --> 00:30:11,579

[Paul smith]: understanding of the subject. And now I, I'd say you know it's a comfortable

551

00:30:11,739 --> 00:30:16,299

[Paul smith]: five out of ten, if not six out of ten, Um, on a on a global basis. Now you know

552

00:30:16,459 --> 00:30:23,579

[Paul smith]: that's lots of room to improve, but as um, an understanding at every level of

553

00:30:23,579 --> 00:30:30,059

[Paul smith]: the asset management industry, top to bossom, that uh, e, s, g, uh is a theme

554

00:30:30,699 --> 00:30:36,139

[Paul smith]: that they need to uh, take cognisance off. Now Granted some of the companies

555

00:30:36,459 --> 00:30:42,139

[Paul smith]: that we're talking about Uh, perhaps pay lip service to that rather more than

556

00:30:42,219 --> 00:30:48,219

[Paul smith]: have it in their d, n, a, Um, But I think it's it changes. It changes almost

557

00:30:48,459 --> 00:30:54,939

[Paul smith]: week by week. Really in that um, uh, the conversation now is so widespread.

558

00:30:55,979 --> 00:31:03,579

[Paul smith]: Uh, it's such a rich one. Um, you know I, I, you think about If you think about

559

00:31:03,899 --> 00:31:09,179

[Paul smith]: Uh, Dave Chapll at Netflix, you think about climate Vs you, you know. Um, what?

560

00:31:09,419 --> 00:31:14,059

[Paul smith]: Whatever your particular twist, whether it's the e, the s or the G.

561

00:31:14,759 --> 00:31:15,759

[Paul smith]: there are

562

00:31:16,619 --> 00:31:17,659

[Paul smith]: really uh.

563

00:31:18,779 --> 00:31:21,819

[Paul smith]: in depth conversations happening that affect

564

00:31:23,019 --> 00:31:28,699

[Paul smith]: companies that you may or may not be investing in, let alone your own company as

565

00:31:28,679 --> 00:31:29,679

[Paul smith]: an investor.

566

00:31:29,020 --> 00:31:30,020

[sloane]: Hm.

567

00:31:30,699 --> 00:31:36,779

[Paul smith]: So if you are, If you are turning a blind eye to that conversation, then really

568

00:31:37,099 --> 00:31:41,739

[Paul smith]: you are. you're You're running into difficulty. And and then I think you know a

569

00:31:42,059 --> 00:31:45,339

[Paul smith]: again rolling that Realel a little bit forward. You got to think about your

570

00:31:45,419 --> 00:31:49,819

[Paul smith]: clients, Your you, the people who are going to subscribe to your mutual funds or

571

00:31:45,469 --> 00:31:57,949

[ash_b]: hm, hm,

572

00:31:49,899 --> 00:31:54,059

[Paul smith]: give you managed a counsel, whatever else it hands to be. Um, And they're

573

00:31:54,219 --> 00:31:57,579

[Paul smith]: increasingly of a generation that cares passionately about a lot of these

574

00:31:57,739 --> 00:32:02,299

[Paul smith]: subjects. Um, and uh, you know that's a book and even old dudes like me, I have

575

00:32:02,379 --> 00:32:06,699

[Paul smith]: to share with you that uh, my first grandchild, my first grandnu was born three

576

00:32:06,720 --> 00:32:08,560

[sloane]: Oh, my good congratulations. Pab,

577

00:32:06,779 --> 00:32:12,539

[Paul smith]: or four days ago. And uh, thank you, and mother and mother and baby, Uh, got out

578

00:32:12,279 --> 00:32:13,279

[Paul smith]: of hospital

579

00:32:12,889 --> 00:32:13,889

[ash_b]: Amazing,

580

00:32:13,339 --> 00:32:16,539

[Paul smith]: yesterday, so I was able to hold. and obviously, because of cod of the

581

00:32:16,539 --> 00:32:20,059

[Paul smith]: restrictions, we were'towed to visit. as so, I was able to hold the next

582

00:32:20,219 --> 00:32:26,859

[Paul smith]: generation in my arms this morning. And Um, so, even even even people as old as

583

00:32:26,479 --> 00:32:27,479

[Paul smith]: I,

584

00:32:28,059 --> 00:32:35,099

[Paul smith]: um, are focusing for various reasons on the future, and uh, I think. uh, yes,

585

00:32:35,499 --> 00:32:38,059

[Paul smith]: you know, greenwashing's still an issue at every level.

586

00:32:37,969 --> 00:32:38,969

[ash_b]: yeah,

587

00:32:39,019 --> 00:32:44,139

[Paul smith]: Uh, yes, a lot of businesses are not really walking the talk yet. They haven't

588

00:32:44,299 --> 00:32:49,739

[Paul smith]: really retooolled, Um. There's not the skill sets that there should be in in in

589

00:32:49,899 --> 00:32:54,059

[Paul smith]: this conversation, but it's changing. It's changing all the time is changing for

590

00:32:54,059 --> 00:32:59,019

[Paul smith]: the better and our old employer, for instance, Sloan has now got uh, n s. G

591

00:32:58,700 --> 00:32:59,700

[sloane]: yup,

592

00:32:59,209 --> 00:33:00,209

[ash_b]: hm,

593

00:32:59,259 --> 00:33:03,499

[Paul smith]: certificate. That's going very well. Uh, that people are are are using to

594

00:33:03,579 --> 00:33:08,219

[Paul smith]: qualify their staff. Um, but you know it's a it's. It's a journey to process,

595

00:33:08,539 --> 00:33:13,099

[Paul smith]: but I think we need to be uh positive about that process, and to say that the

596

00:33:13,179 --> 00:33:18,299

[Paul smith]: indusies come a huge, a huge long way are further to travel, but is on the right

597

00:33:18,459 --> 00:33:23,499

[Paul smith]: road. Um. and I think the change that I've witnessed over the last ten years is

598

00:33:23,739 --> 00:33:27,579

[Paul smith]: that the e s g conversation used to be about risk

599

00:33:27,489 --> 00:33:28,489

[ash_b]: mhm.

600

00:33:27,899 --> 00:33:31,979

[Paul smith]: management. You know how do you? How do you protect yourselves from the downside

601

00:33:32,299 --> 00:33:36,459

[Paul smith]: of climate change or something like that, And today it's much more about

602

00:33:36,619 --> 00:33:37,819

[Paul smith]: investment opportunity.

603

00:33:37,609 --> 00:33:38,609

[ash_b]: Yep,

604

00:33:38,779 --> 00:33:44,059

[Paul smith]: And I think that I think that's a tremendous leap forward in and of itself. It's

605

00:33:38,779 --> 00:33:44,059

[Paul smith]: And I think that I think that's a tremendous leap forward in and of itself. It's

606

00:33:44,219 --> 00:33:48,139

[Paul smith]: the people are thinking about e, s g, from the perspective of how does it help

607

00:33:44,219 --> 00:33:48,139

[Paul smith]: the people are thinking about e, s g, from the perspective of how does it help

608

00:33:48,299 --> 00:33:53,179

[Paul smith]: us make money, rather than how does it help help prevent us losing money. And I

609

00:33:48,299 --> 00:33:53,179

[Paul smith]: us make money, rather than how does it help help prevent us losing money. And I

610

00:33:53,179 --> 00:33:56,939

[Paul smith]: think that's a. That's a watershed change that's really only come in in the last

611

00:33:53,179 --> 00:33:56,939

[Paul smith]: think that's a. That's a watershed change that's really only come in in the last

612

00:33:57,099 --> 00:33:58,139

[Paul smith]: twelve to eighteen months.

613

00:33:57,099 --> 00:33:58,139

[Paul smith]: twelve to eighteen months.

614

00:33:58,509 --> 00:34:04,829

[ash_b]: yeah, especially in private markets, you see tons of um, uh, investments in. you know

615

00:34:04,989 --> 00:34:09,389

[ash_b]: climate related technologies, Climate related, anytics, like this is such a booming

616

00:34:09,549 --> 00:34:11,229

[ash_b]: area. There's even entire venture

617

00:34:11,039 --> 00:34:12,039

[Paul smith]: Yeah,

618

00:34:11,469 --> 00:34:16,029

[ash_b]: firms that are kind of being stood up around these thematics. Um, you know that

619

00:34:15,679 --> 00:34:16,679

[Paul smith]: y,

620

00:34:16,189 --> 00:34:21,869

[ash_b]: those are kind of easy to spot as being e, s. g, managers like we're trying to solve

621

00:34:22,029 --> 00:34:25,469

[ash_b]: climate change and a venture fund like you can look at that and say, I'm probably

622

00:34:25,709 --> 00:34:30,509

[ash_b]: pretty impacctable. Um. But are there like if I'm an alloctor and a lot of my work,

623

00:34:30,829 --> 00:34:35,069

[ash_b]: Paul is like how how do we empower like the world of allocators with better decision

624

00:34:35,309 --> 00:34:37,389

[ash_b]: making tools? Um, coming out of this,

625

00:34:37,119 --> 00:34:38,119

[Paul smith]: y.

626

00:34:37,549 --> 00:34:43,229

[ash_b]: it would be great to hear like what you think of as the giveaways when a manager is

627

00:34:43,389 --> 00:34:49,309

[ash_b]: either Um authentically committed to sustainability or not authentically committed

628

00:34:49,389 --> 00:34:54,349

[ash_b]: Like, Have you kind of come up with any you know, red flags or or green flights?

629

00:34:56,219 --> 00:35:00,939

[Paul smith]: yeah. I, I think there are a few indicators, Uh, as be the first thing. is that

630

00:35:01,099 --> 00:35:06,779

[Paul smith]: any any good company that's interested in this area, I think has to have a

631

00:35:06,919 --> 00:35:07,919

[Paul smith]: purpose statement

632

00:35:08,939 --> 00:35:13,019

[Paul smith]: allied to their mission and vision. It's what's the purpose of this. Now we've

633

00:35:13,099 --> 00:35:16,139

[Paul smith]: all read some terrible examples of purpose

634

00:35:17,319 --> 00:35:18,319

[Paul smith]: which are

635

00:35:19,099 --> 00:35:23,899

[Paul smith]: which are really just guff. So the first, the first thing you want to focus upon

636

00:35:24,379 --> 00:35:29,659

[Paul smith]: are are, does the company have a purpose statement? and does that purpose

637

00:35:29,819 --> 00:35:34,459

[Paul smith]: statement have real teeth? Are there delivererables attached to it? Are their

638

00:35:34,539 --> 00:35:40,539

[Paul smith]: ccapies? Are their data points attached to that purpose statement? or is it just

639

00:35:40,699 --> 00:35:45,179

[Paul smith]: hot air? Is it just waffle? Basically are, Are they just doing it for cosmetic

640

00:35:45,419 --> 00:35:49,819

[Paul smith]: reasons? And then, I think the second thing that you can do underpinning that

641

00:35:49,899 --> 00:35:56,219

[Paul smith]: purpose statement is to see whether the organization is aligned behind that at

642

00:35:56,299 --> 00:36:00,059

[Paul smith]: the board? Let start with the board level. You know what does that board look

643

00:35:59,919 --> 00:36:00,919

[Paul smith]: like?

644

00:36:01,309 --> 00:37:59,629

[ash_b]: Ssssssssssssss.

645

00:36:01,659 --> 00:36:08,779

[Paul smith]: Does it have skills in the e, s, G world that correspond to the purpose that the

646

00:36:08,859 --> 00:36:13,499

[Paul smith]: Ha company is espousing, and I think that you know there are some simple. There

647

00:36:13,659 --> 00:36:17,739

[Paul smith]: is some simple indicators there as well. When you look at the s of the e, S and

648

00:36:17,819 --> 00:36:23,099

[Paul smith]: G, you know what's the gender makes. What's the uh, uh, ethnicity mix on that

649

00:36:23,339 --> 00:36:28,699

[Paul smith]: board? A? Is it you use the word out as me of of authenticity? You know, are

650

00:36:28,859 --> 00:36:31,339

[Paul smith]: they really are? Are they are their actions

651

00:36:32,379 --> 00:36:37,339

[Paul smith]: showing that they're living up to the commitments that they say they they're

652

00:36:37,499 --> 00:36:42,699

[Paul smith]: making. So I think I think there are some very simple tests at that level. And

653

00:36:42,779 --> 00:36:46,859

[Paul smith]: then, as you come down into the more granular area, Uh, when you're looking to

654

00:36:46,939 --> 00:36:51,099

[Paul smith]: allocate towards asset management companies, I think you know you've got lots of

655

00:36:51,179 --> 00:36:56,219

[Paul smith]: data points within the fund fact sheets. the prospectuses, Uh, All of those

656

00:36:56,459 --> 00:37:00,619

[Paul smith]: things where you can cross check and not lease their proxy voting record, which

657

00:37:00,699 --> 00:37:06,379

[Paul smith]: I think is the Uh is, is one of the biggest issues. Um, and there, you can

658

00:37:06,539 --> 00:37:10,619

[Paul smith]: almost make a direct correlation on the proxy voting record between how many

659

00:37:10,699 --> 00:37:15,099

[Paul smith]: people are in their proxy voting team. You know if if if they've only got three

660

00:37:15,339 --> 00:37:21,259

[Paul smith]: people covering proxy voting worldwide and they say that as part of their, you

661

00:37:21,339 --> 00:37:25,499

[Paul smith]: know, their vision of their company is that they want to take activist roles in

662

00:37:25,659 --> 00:37:29,659

[Paul smith]: making sure that corporations that they invest in live up to their vestt E

663

00:37:29,819 --> 00:37:33,179

[Paul smith]: credentials. You can call them out on that one to start with, because if you

664

00:37:33,579 --> 00:37:38,379

[Paul smith]: got, if you only caught three people doing that are over a. A. a list of maybe

665

00:37:38,939 --> 00:37:43,099

[Paul smith]: uh, two or three hundred companies that you've invested in. Um, you know that's

666

00:37:42,980 --> 00:37:43,980

[sloane]: H,

667

00:37:43,339 --> 00:37:47,899

[Paul smith]: that's really not going to work. So I think Uh, now you know I, I, a. again. I

668

00:37:47,879 --> 00:37:48,879

[Paul smith]: wouldn't. I wouldn't be

669

00:37:50,139 --> 00:37:54,859

[Paul smith]: necessarily too aggressive about this because it is a. It is a journey and

670

00:37:55,179 --> 00:38:00,539

[Paul smith]: companies are having to move from where they were to where they want to be, so I

671

00:38:00,619 --> 00:38:04,299

[Paul smith]: think that's the final point that I would say is that you know, are they adding

672

00:38:04,539 --> 00:38:10,379

[Paul smith]: resource every year? Are they getting better O at at trying to put some some

673

00:38:10,619 --> 00:38:14,699

[Paul smith]: flesh on the bone of their of their e s g commitments. And and I think that's

674

00:38:14,859 --> 00:38:19,099

[Paul smith]: you know, we early days, so it's hard perhaps to get that data series so that

675

00:38:19,179 --> 00:38:22,219

[Paul smith]: you can look year over year. But I think that's what you're looking for Really

676

00:38:22,459 --> 00:38:27,179

[Paul smith]: is not perfection. Ah is movement. And and something I should have said earlier

677

00:38:27,339 --> 00:38:31,179

[Paul smith]: on is is that I think. uh, you know, I think too often the asset management

678

00:38:31,499 --> 00:38:33,259

[Paul smith]: industry hides behind

679

00:38:33,220 --> 00:38:34,220

[sloane]: yeah,

680

00:38:33,839 --> 00:38:34,839

[Paul smith]: perfection.

681

00:38:35,659 --> 00:38:41,099

[Paul smith]: Uh, and says you know we can't. We can't possibly invest in E, s. G, because the

682

00:38:41,259 --> 00:38:45,819

[Paul smith]: datas pour on the underlying companies or whatever, else, rather than say Well,

683

00:38:46,139 --> 00:38:51,739

[Paul smith]: you know, um, yes, the data poor. We don't know with absolute certainty, but

684

00:38:52,139 --> 00:38:55,579

[Paul smith]: doing ▁x wise, Eid is going to move the needle in the right direction

685

00:38:56,619 --> 00:39:00,619

[Paul smith]: And I think that's that's what you're looking for. Really, You're looking for

686

00:39:01,179 --> 00:39:05,259

[Paul smith]: intentionality and evidence that those intentions are being put to place, And I

687

00:39:05,339 --> 00:39:09,499

[Paul smith]: think there's there's plenty of ways of of looking at that. I. I. I also just

688

00:39:10,039 --> 00:39:11,039

[Paul smith]: sorry

689

00:39:10,489 --> 00:39:11,489

[ash_b]: 's all good it.

690

00:39:10,699 --> 00:39:11,899

[Paul smith]: you have to shut me up in a same.

691

00:39:14,299 --> 00:39:18,059

[Paul smith]: Iy. I also think the other thing that's very curious in our industry is that

692

00:39:18,539 --> 00:39:23,739

[Paul smith]: company's company or asset managers will say. Well, I can't invest in ▁x wy's

693

00:39:23,819 --> 00:39:26,059

[Paul smith]: ed, because the case isn't proven for it.

694

00:39:27,179 --> 00:39:31,019

[Paul smith]: And and you feel like shaking them by the throat and sing well. Once the case is

695

00:39:31,179 --> 00:39:35,019

[Paul smith]: proven, You do realize there's no point then investing in that company, don't

696

00:39:35,099 --> 00:39:39,819

[Paul smith]: you? And it? it's like it. It's it's like we've forgotten as an industry that

697

00:39:39,979 --> 00:39:44,619

[Paul smith]: our job is to go into the darkness rather than into the light,

698

00:39:45,739 --> 00:39:49,899

[Paul smith]: and that I think is a is a big mistake that our industry is making. We are

699

00:39:49,979 --> 00:39:54,619

[Paul smith]: always looking for perfection. We're always looking for data where the purpose

700

00:39:54,699 --> 00:39:57,579

[Paul smith]: of a good asset manager is to is to root

701

00:39:57,340 --> 00:39:58,340

[sloane]: yep,

702

00:39:57,819 --> 00:40:04,059

[Paul smith]: around in the undergrowth where the light of day has not been shown to seek out

703

00:40:04,459 --> 00:40:10,059

[Paul smith]: the next best thing, and by definition that is, that's carriess risk with it and

704

00:40:08,189 --> 00:40:13,949

[ash_b]: I want that on a thrt. I literally put. our job is to go into the darkness, not into

705

00:40:10,079 --> 00:40:11,079

[Paul smith]: how we expect.

706

00:40:14,109 --> 00:40:15,469

[ash_b]: the light on a Thrt, Because

707

00:40:14,420 --> 00:40:15,420

[sloane]: y, yup, Yeah,

708

00:40:14,879 --> 00:40:15,879

[Paul smith]: Yeah,

709

00:40:15,280 --> 00:40:18,800

[sloane]: it's yeah. we haven't updated the Free Money merged store in a while, but uh

710

00:40:18,989 --> 00:40:24,109

[ash_b]: this is this. This is like coming right after the E. g, industrial complex will have

711

00:40:24,529 --> 00:40:25,529

[ash_b]: this one,

712

00:40:26,160 --> 00:40:30,720

[sloane]: yeah, I, it's I mean. It's a fascin and you know you're so right, Like be cause, the

713

00:40:30,880 --> 00:40:35,120

[sloane]: I, you know, I think that when people talk about investing in early stage crypto

714

00:40:35,360 --> 00:40:38,640

[sloane]: funds, for instance, they're never going well. The you know, the data on how these

715

00:40:38,319 --> 00:40:39,319

[Paul smith]: yeah, yeah,

716

00:40:38,800 --> 00:40:42,560

[sloane]: are useful is never. you know is not yet established. They're like. Oh, wow, that

717

00:40:42,560 --> 00:40:46,960

[sloane]: you know line goes up. We can make a lot of money, Um, you know, I think that people

718

00:40:47,120 --> 00:40:51,040

[sloane]: are a little bit conflicted about something that has the potential to actually do

719

00:40:51,200 --> 00:40:56,080

[sloane]: good in the world. Um, but you know there's also like I, You know, our our homeies

720

00:40:56,320 --> 00:41:02,560

[sloane]: at C, f, a, uh, U. K, really c f A Scotland. Um, had a a a thing that I saw you know

721

00:41:02,720 --> 00:41:07,760

[sloane]: some some stuff from on Lincton, Um, a couple of of weeks ago about how you know

722

00:41:08,000 --> 00:41:12,960

[sloane]: this. This sort of idea that maybe e, s g is a form of modern colonialism, like you

723

00:41:13,040 --> 00:41:18,880

[sloane]: know, made friendly and acceptable right. like some, you know Hippi, liberal say in

724

00:41:18,960 --> 00:41:24,480

[sloane]: Brooklyn, perhaps thinks it's important to have Uh, you know certain policies and

725

00:41:24,560 --> 00:41:28,960

[sloane]: procedures in place, and you know, basically you know, lines up the powers of

726

00:41:29,120 --> 00:41:33,440

[sloane]: capitalism to force companies, no matter where they are and no matter what the

727

00:41:33,520 --> 00:41:38,480

[sloane]: management thinks. Uh, you know to kind of align with that vision and you know I,

728

00:41:38,720 --> 00:41:41,920

[sloane]: One of the things I think that's really interesting about sustained finance is that

729

00:41:42,160 --> 00:41:46,000

[sloane]: you've actually kind of struck partnerships with a number of like Malaysian and

730

00:41:46,080 --> 00:41:51,760

[sloane]: Turkish governance authorities. Um, you know so I'm I'm curious. How you how you

731

00:41:51,920 --> 00:41:56,960

[sloane]: think about that critique of you know e, s g, as as you know, kind of a neo

732

00:41:57,200 --> 00:42:01,920

[sloane]: colonialism, Um, that's been in a packaged more friendly like

733

00:42:01,309 --> 00:43:59,629

[ash_b]: Ssssssssssssss.

734

00:42:06,539 --> 00:42:11,419

[Paul smith]: I think it a great question, and it is something that I think we all

735

00:42:12,459 --> 00:42:14,939

[Paul smith]: need to wrestle with this idea that

736

00:42:16,299 --> 00:42:21,019

[Paul smith]: which has some substance to it. Obviously a lot of substance to it. E, s g is a

737

00:42:21,339 --> 00:42:27,339

[Paul smith]: uh, a contric um. that the developed world is foisting upon the developing

738

00:42:27,579 --> 00:42:33,179

[Paul smith]: world. That we are making the developing world pay for the for our sins

739

00:42:33,739 --> 00:42:39,259

[Paul smith]: effectively through carbon taxes or through phasing out fossil fuels, or uh,

740

00:42:39,819 --> 00:42:43,979

[Paul smith]: pollution, or whatever else it happens to be, and A, and I think there is uh, an

741

00:42:44,059 --> 00:42:46,379

[Paul smith]: enormous amount of of um,

742

00:42:47,419 --> 00:42:52,619

[Paul smith]: uh, validity to that comment. I don't think it's the intention necessarily that

743

00:42:52,859 --> 00:42:59,179

[Paul smith]: to be clear, but I is, it is the end effect that the Third world, the developing

744

00:42:59,339 --> 00:43:04,699

[Paul smith]: world will suffer, Uh, disproportionately Uh in this ▁quest. And and you know

745

00:43:04,779 --> 00:43:07,419

[Paul smith]: Cop Twenty Six has that firmly on its agenda,

746

00:43:08,619 --> 00:43:15,739

[Paul smith]: Um, you know, how do we financially advise the developing world, Uh, to work

747

00:43:16,059 --> 00:43:20,379

[Paul smith]: with the developed world in in coping with some of these climate change issues,

748

00:43:20,539 --> 00:43:25,099

[Paul smith]: And you've got countries obviously like a lot in Latin America, Columbia, for

749

00:43:25,179 --> 00:43:32,139

[Paul smith]: instance, as are as an oil producer, Uh, South Africa, India, China, as coal

750

00:43:32,379 --> 00:43:40,059

[Paul smith]: producing coal burning countries Um, how do we help them a overtime upgrade, Um,

751

00:43:40,859 --> 00:43:46,459

[Paul smith]: their, Uh, their fossil fuel, Uh, production engines into something that's going

752

00:43:46,619 --> 00:43:50,859

[Paul smith]: to be more, um, uh, environmentally. Friendly,

753

00:43:52,139 --> 00:43:58,139

[Paul smith]: I. I. I. I'm a little bit um, pessimistic, I suppose on that particular issue

754

00:43:58,619 --> 00:44:04,059

[Paul smith]: and I think I would point to coovacs and the challenges that we've had over

755

00:44:04,299 --> 00:44:10,299

[Paul smith]: something as as really as clear as the as, as trying to spread the the, the The

756

00:44:10,379 --> 00:44:15,419

[Paul smith]: Code vaccines into the developing world where we fail so far to do it,

757

00:44:16,319 --> 00:44:17,319

[Paul smith]: Um,

758

00:44:17,979 --> 00:44:23,339

[Paul smith]: and I suspect, ▁ultimately, the pledges that are made in Glasgow in in the next

759

00:44:23,579 --> 00:44:29,179

[Paul smith]: week or so, as the pledges that we made in Paris, Uh, back in, Uh, two thousand

760

00:44:29,819 --> 00:44:36,459

[Paul smith]: per sixteen, um, fifteen were, uh, will will prove. To be um forgotten pretty

761

00:44:36,279 --> 00:44:37,279

[Paul smith]: quickly,

762

00:44:38,139 --> 00:44:42,699

[Paul smith]: so I think I think it is the challenge is The biggest challenge is how do we

763

00:44:42,859 --> 00:44:45,979

[Paul smith]: help Uh, the developing world move forward.

764

00:44:47,099 --> 00:44:53,259

[Paul smith]: I, I would say that, Um. And and you're kinda to point out that we do work in in

765

00:44:53,659 --> 00:45:00,539

[Paul smith]: in uh, Turkey, um, in other uh developing countries, But there's a huge appetite

766

00:45:01,019 --> 00:45:06,139

[Paul smith]: in those countries to move the ball down the road as far as as as this

767

00:45:05,860 --> 00:45:06,860

[sloane]: Yes,

768

00:45:06,379 --> 00:45:09,899

[Paul smith]: subject is concerned, Uh, for their own citizens, health, a partart for anything

769

00:45:10,139 --> 00:45:15,899

[Paul smith]: else. It's not a uh. It's not uh, just in terms of contributing to to the to to

770

00:45:16,139 --> 00:45:21,979

[Paul smith]: the global issues, Um, and we need to get alongside them and Um. if we fail to

771

00:45:22,059 --> 00:45:27,259

[Paul smith]: do that, then uh, I think our, our, our challenges will only be deepened and and

772

00:45:27,499 --> 00:45:31,739

[Paul smith]: inacbated. but I'm not a. I'm not foolish enough to believe that the

773

00:45:32,939 --> 00:45:35,819

[Paul smith]: uh, uh, developed world is going to um,

774

00:45:36,859 --> 00:45:38,139

[Paul smith]: uh, come alongside the

775

00:45:37,729 --> 00:45:38,729

[ash_b]: M

776

00:45:38,299 --> 00:45:43,659

[Paul smith]: developing world in any major way, I will be. It will be incremental to be

777

00:45:43,739 --> 00:45:49,899

[Paul smith]: little by little, Uh, and uh, alas. I suspect the developing world will suffer

778

00:45:50,619 --> 00:45:59,259

[Paul smith]: disproportionately um A as we try and transition Uh out of our, um, uh, a

779

00:45:59,549 --> 00:46:03,389

[ash_b]: one, Just the last question for you before we let you go. I. I think

780

00:45:59,659 --> 00:46:02,299

[Paul smith]: carbonized world effectively, but

781

00:46:04,829 --> 00:46:07,789

[ash_b]: the the transition in Hong Kong, given that where you're sitting is just pretty

782

00:46:07,949 --> 00:46:12,749

[ash_b]: fascinating from those of us that like are focused on the geography of global finance

783

00:46:13,149 --> 00:46:19,229

[ash_b]: and W, we capital. You know pools and flows and and who who are like you know, the

784

00:46:19,389 --> 00:46:23,709

[ash_b]: stewards of those pools of capital. Obviously, Hong Kong has been one of the biggest

785

00:46:24,029 --> 00:46:29,869

[ash_b]: most successful financial centers, Um on earth, and but there's a lot of regulatory

786

00:46:30,029 --> 00:46:34,349

[ash_b]: changes going on in Beijing. Um. there's a lot of uncertainty around Hong Kong. I

787

00:46:34,429 --> 00:46:38,029

[ash_b]: mean, given your work at C, F. A, and the fact that you're living in in Hong Kong,

788

00:46:38,189 --> 00:46:43,389

[ash_b]: and just welcome another member of your family in Hong Kong, it sounds like Um, give

789

00:46:43,549 --> 00:46:48,669

[ash_b]: us your take on Hong Kong. before you go. I get. how's it going? And and you know, do

790

00:46:48,749 --> 00:46:53,069

[ash_b]: you have a level of optimism or pessimism? Or maybe maybe you can't completely say

791

00:46:54,969 --> 00:46:55,969

[ash_b]: which is part of the issue

792

00:46:59,899 --> 00:47:04,699

[Paul smith]: no again I. I don't flatter myself that Uh, Beijing is listening into my phone

793

00:47:03,229 --> 00:47:05,469

[ash_b]: they're listening to slog, though, so be careful.

794

00:47:04,880 --> 00:47:06,160

[sloane]: yeah, yeah, I have it.

795

00:47:06,239 --> 00:47:07,239

[Paul smith]: or

796

00:47:10,519 --> 00:47:11,519

[Paul smith]: no, I.

797

00:47:12,219 --> 00:47:18,459

[Paul smith]: I, I don't think I'm I'm um, the the biggest concern, um, I. I, I think from a

798

00:47:18,459 --> 00:47:23,819

[Paul smith]: purely financial perspective, I think Um, some people are getting uh, what's

799

00:47:23,979 --> 00:47:27,099

[Paul smith]: happening in China wrong in that, um,

800

00:47:27,759 --> 00:47:28,759

[Paul smith]: uh,

801

00:47:29,499 --> 00:47:35,019

[Paul smith]: I, I don't think President. she is anti business at all. I don't think he's anti

802

00:47:35,739 --> 00:47:43,579

[Paul smith]: people getting wealthy. What I think is Um is trying to reshape and reppoint the

803

00:47:43,279 --> 00:47:44,279

[Paul smith]: country

804

00:47:45,039 --> 00:47:46,039

[Paul smith]: away from

805

00:47:47,019 --> 00:47:52,459

[Paul smith]: some of the Uh problems. The oligarchical problems, if I can put it that way,

806

00:47:52,539 --> 00:47:57,739

[Paul smith]: and the property market problems that have grown up over the last um ten years.

807

00:47:57,979 --> 00:48:02,059

[Paul smith]: And and I would point to you know, just to bring it home to Americans, I would

808

00:48:00,749 --> 00:48:49,469

[ash_b]: Sss, is a good call.

809

00:48:00,749 --> 00:48:49,469

[ash_b]: Sss, is a good call.

810

00:48:02,219 --> 00:48:07,419

[Paul smith]: say you know, Um, think about Teddy Roosevelt, and uh, think about breaking

811

00:48:07,579 --> 00:48:13,099

[Paul smith]: apart the Uh, the Island steel and oil cartels back in the early nineteen

812

00:48:13,339 --> 00:48:19,099

[Paul smith]: hundreds, Um. You know the Tstpasting actions of of the first ten years of of

813

00:48:19,259 --> 00:48:23,739

[Paul smith]: the last century, and I think that's what she is trying to do. Um. I think

814

00:48:25,019 --> 00:48:31,499

[Paul smith]: he, uh, He's focusing on pockets of a agregious profit extraction within the

815

00:48:31,739 --> 00:48:34,939

[Paul smith]: industry and trying to do that. But at trying to break that apart,

816

00:48:36,059 --> 00:48:40,459

[Paul smith]: The challenge obviously in in in the system that exists in China, is that that

817

00:48:40,859 --> 00:48:48,139

[Paul smith]: Uh looks to us in the West as being Um, very autocratic. It probably looked that

818

00:48:48,219 --> 00:48:50,939

[Paul smith]: way to Andrew Carnege in Nineteen o four I,

819

00:48:54,779 --> 00:48:57,179

[Paul smith]: we would have to. You'd have to ask him. um,

820

00:48:58,779 --> 00:49:02,539

[Paul smith]: uh, you know, I think it's a I. I think there's a little again. A little bit of

821

00:49:02,619 --> 00:49:07,019

[Paul smith]: historical perspective Is is important on that. Uh, as far as Hong Kong is

822

00:49:07,099 --> 00:49:11,419

[Paul smith]: concerned, I, I, you know Hong Kong, Um, in my view,

823

00:49:12,699 --> 00:49:14,299

[Paul smith]: is going to struggle to

824

00:49:15,339 --> 00:49:21,259

[Paul smith]: Um, hold itself out to be a global financial center. Going forward, Um, I think

825

00:49:21,579 --> 00:49:28,699

[Paul smith]: it is. It has a very bright future as a financial center for China, and

826

00:49:28,939 --> 00:49:34,619

[Paul smith]: bizarrely, this polarization between West and east. Uh creates a renewed

827

00:49:34,859 --> 00:49:39,739

[Paul smith]: opportunity for Hong Kong to play that bridge between West and East, but to some

828

00:49:39,899 --> 00:49:45,419

[Paul smith]: extent, to some extent, a up to three or four years ago, Uh had begun to erode

829

00:49:45,659 --> 00:49:50,779

[Paul smith]: that. Um. I. access to Shanghai. Access to Beijing was so open for Western

830

00:49:51,019 --> 00:49:57,099

[Paul smith]: companies that they were bypassing Hong Kong. Now, I think as as Uh, China, Ah

831

00:49:57,899 --> 00:50:02,859

[Paul smith]: and the West pull apart. Uh, oddly enough, Hong Kong comes back into focus and

832

00:50:02,939 --> 00:50:06,619

[Paul smith]: you can see that you can see that in the boom in the stock market, the listings,

833

00:50:06,859 --> 00:50:12,699

[Paul smith]: the, uh, uh, redomonciliations of listings away from New York and London to Hong

834

00:50:12,859 --> 00:50:17,259

[Paul smith]: Kong. Uh, those things are actually good for Hong Kong, and I think we'll

835

00:50:17,499 --> 00:50:23,899

[Paul smith]: provide Hong Kong with a very real purpose over the next decade, as a again as

836

00:50:24,059 --> 00:50:29,099

[Paul smith]: China's window on the world, So I'm not negative about Hong Kong financially at

837

00:50:29,179 --> 00:50:36,379

[Paul smith]: all. Um, I wish in Hong Kong, we had Um, a government that was a little more

838

00:50:36,539 --> 00:50:41,099

[Paul smith]: visionary and helped our young people a little bit more to

839

00:50:41,999 --> 00:50:42,999

[Paul smith]: understand.

840

00:50:43,579 --> 00:50:49,019

[Paul smith]: Uh. the direction that we're headed in in Hong Kong are to become more

841

00:50:49,179 --> 00:50:54,139

[Paul smith]: comfortable with it, to see the opportunity that's there for them, and most

842

00:50:54,459 --> 00:51:00,139

[Paul smith]: importantly to break up some of the ogppliies in Hong Kong that have uh ruled

843

00:51:00,379 --> 00:51:06,779

[Paul smith]: Hong Kong for Uh, the post Second World War period, Um, where it's time to and

844

00:51:07,179 --> 00:51:11,179

[Paul smith]: time to move on from that, I think Co. That's Beijing's view as well, and I'd

845

00:51:11,259 --> 00:51:14,619

[Paul smith]: like. I'd like the Hong Kong government to take a little bit more of an

846

00:51:14,699 --> 00:51:20,219

[Paul smith]: aggressive approach to our home grown problems. Um, rather than focus

847

00:51:20,619 --> 00:51:25,979

[Paul smith]: necessarily on what Beijing wants us to do. Uh, there's plenty of work close to

848

00:51:25,979 --> 00:51:30,619

[Paul smith]: the home that we could do, but would help Hong Kong people become much more

849

00:51:30,779 --> 00:51:35,659

[Paul smith]: comfortable with the realities of the world that they now live in. So very

850

00:51:35,819 --> 00:51:40,139

[Paul smith]: positive about Hong Kong. Don't think it's going to be a global center. Uh, for

851

00:51:40,219 --> 00:51:45,659

[Paul smith]: the next decade, Uh, it will reinvent itself as China's window on the world, and

852

00:51:45,899 --> 00:51:51,499

[Paul smith]: through that, maybe in ten fifteen years becomes a truly global financial

853

00:51:52,059 --> 00:51:54,299

[Paul smith]: cententer again, but with

854

00:51:54,460 --> 00:51:55,460

[sloane]: hey,

855

00:51:55,019 --> 00:52:01,259

[Paul smith]: uh very heavily, Ah, Chinese characteristics. So my, my, my thought for Hong

856

00:52:01,419 --> 00:52:06,539

[Paul smith]: Kong. It's still a wonderful place to live. It's still my home. Ah, I, still

857

00:52:06,699 --> 00:52:11,659

[Paul smith]: where all my friends are, and Um, I love it and it's been very kind to me and I

858

00:52:11,659 --> 00:52:15,019

[Paul smith]: have absolutely no intention of abandoning it unless

859

00:52:15,289 --> 00:52:16,289

[ash_b]: On that note,

860

00:52:15,439 --> 00:52:16,439

[Paul smith]: out, which is

861

00:52:16,460 --> 00:52:17,460

[sloane]: yeah, yeah, exactly.

862

00:52:17,499 --> 00:52:19,179

[Paul smith]: very always a po. Them,

863

00:52:18,269 --> 00:52:19,549

[ash_b]: we got to kick you out of here.

864

00:52:19,760 --> 00:52:23,360

[sloane]: yeah, yeah, yeah, exact. Well, Paul, thank you. Thank you so much for hoping on our

865

00:52:20,669 --> 00:52:30,029

[ash_b]: Sorke you's awesome,

866

00:52:23,600 --> 00:52:26,880

[sloane]: our funny little podcast and talking to us about the stuff. that's I think, a great

867

00:52:26,960 --> 00:52:29,920

[sloane]: perspective on Hong Kong, sustainable finance and the rest of it.

868

00:52:29,879 --> 00:52:30,879

[Paul smith]: but pra

869

00:52:33,280 --> 00:52:34,640

[sloane]: Uh chat too soon. By

870

00:52:34,459 --> 00:52:36,379

[Paul smith]: thank you. Thank you so much. lovely. See,

871

00:52:37,199 --> 00:52:38,199

[Paul smith]: but

872

00:52:39,239 --> 00:52:40,239

[Paul smith]: bye.

873

00:52:40,240 --> 00:52:41,600

[sloane]: Wow, what a guy?

874

00:52:41,629 --> 00:52:43,709

[ash_b]: gangus convodka. This,

875

00:52:44,749 --> 00:52:48,749

[ash_b]: this genngs Kan is smooth and won't actually kill you.

876

00:52:49,040 --> 00:52:52,560

[sloane]: Yeah, exactly. I mean. like I. I, You know, I do wonder about that right. Like Does

877

00:52:52,720 --> 00:52:54,400

[sloane]: gaus convoa like? Does

878

00:52:54,289 --> 00:52:55,289

[ash_b]: Kill you.

879

00:52:54,560 --> 00:52:56,880

[sloane]: it burn? Does it burn extra? Uh,

880

00:52:56,849 --> 00:52:57,849

[ash_b]: Yeah,

881

00:52:58,829 --> 00:53:00,269

[ash_b]: it's got some consequences.

882

00:53:02,240 --> 00:53:05,520

[sloane]: Yeah, you got to deal with the the, the consequences of your action. I mean, you

883

00:53:05,600 --> 00:53:09,520

[sloane]: know I like I, you know I. I, I haven't had a drink in almost three years at this

884

00:53:09,420 --> 00:53:10,420

[sloane]: point, so you

885

00:53:09,809 --> 00:53:10,809

[ash_b]: Wow.

886

00:53:10,320 --> 00:53:14,480

[sloane]: know. I mean, uh, like you know, the whole stuff is academic at this point, but uh,

887

00:53:14,509 --> 00:53:15,629

[ash_b]: Yeah, interesting

888

00:53:15,120 --> 00:53:17,280

[sloane]: you know, but if I were to have a drink,

889

00:53:18,109 --> 00:53:19,389

[ash_b]: it would be Gis.

890

00:53:20,500 --> 00:53:21,500

[sloane]: Um,

891

00:53:20,929 --> 00:53:21,929

[ash_b]: brought you by

892

00:53:22,400 --> 00:53:26,080

[sloane]: but yeah, exactly uh. time for our next segment.

893

00:53:26,609 --> 00:53:27,609

[ash_b]: Building

894

00:53:26,820 --> 00:53:27,820

[sloane]: Oh,

895

00:53:27,609 --> 00:53:28,609

[ash_b]: stuff is hard.

896

00:53:28,880 --> 00:53:31,440

[sloane]: building stuff is hard. Let me actually play the sound effect.

897

00:53:32,720 --> 00:53:36,480

[sloane]: Well, I can't play the sound effect. I'm s the technology. Really, it? just it. it's

898

00:53:36,560 --> 00:53:37,600

[sloane]: a. it's

899

00:53:37,249 --> 00:53:38,249

[ash_b]: Yeah,

900

00:53:37,760 --> 00:53:42,800

[sloane]: an. It's an embarrassment of riches. Uh, you know to be this good at technology,

901

00:53:43,440 --> 00:53:46,000

[sloane]: this good Really at everything that we do.

902

00:53:46,009 --> 00:53:47,009

[ash_b]: Yeah, I

903

00:53:46,580 --> 00:53:47,580

[sloane]: um,

904

00:53:46,989 --> 00:53:49,709

[ash_b]: did write a book about technology, but that was investing,

905

00:53:49,540 --> 00:53:50,540

[sloane]: yeah,

906

00:53:50,029 --> 00:53:51,469

[ash_b]: so not podcasting

907

00:53:51,460 --> 00:53:52,460

[sloane]: yeah,

908

00:53:52,029 --> 00:53:53,789

[ash_b]: the buildings of his hard. I have one,

909

00:53:53,700 --> 00:53:54,700

[sloane]: mm,

910

00:53:54,269 --> 00:53:58,509

[ash_b]: but let's start with you this week. Did did you have any difficult? Uh, for those

911

00:53:58,589 --> 00:54:02,749

[ash_b]: that don't know building stuff is hard as to say, segment in which we reflect on how

912

00:54:02,989 --> 00:54:04,189

[ash_b]: hard it is to build stuff?

913

00:54:04,340 --> 00:54:05,340

[sloane]: um,

914

00:54:04,909 --> 00:54:06,189

[ash_b]: Um from scratch.

915

00:54:06,480 --> 00:54:10,000

[sloane]: yeah, I mean I. I think the thing that I'm wrestling with right now is just doing

916

00:54:10,400 --> 00:54:16,240

[sloane]: marketing. Um, you know at all. Um, because, like I, I think you know, I'm trying to

917

00:54:16,320 --> 00:54:22,720

[sloane]: buil this asset manager Invest vegan, and like I, the to actually go out and like

918

00:54:23,200 --> 00:54:27,200

[sloane]: get on people's calendars and it just feels so needy. Uh,

919

00:54:28,880 --> 00:54:32,720

[sloane]: and like I, you know, I, I think that you know when you're trying to start an asset

920

00:54:32,800 --> 00:54:34,480

[sloane]: manager from scratch like it feels

921

00:54:34,049 --> 00:54:35,049

[ash_b]: Yeah,

922

00:54:34,560 --> 00:54:36,960

[sloane]: like being a Dod door brush salesman. you know,

923

00:54:36,809 --> 00:54:37,809

[ash_b]: totally

924

00:54:37,360 --> 00:54:41,680

[sloane]: Um, you know where you're like, Uh, can I talk to about the are wonderful benefits

925

00:54:41,840 --> 00:54:44,560

[sloane]: of you know investing vegan. Ah, yeah, Um,

926

00:54:45,460 --> 00:54:46,460

[sloane]: and

927

00:54:45,929 --> 00:54:46,929

[ash_b]: totally

928

00:54:46,320 --> 00:54:50,160

[sloane]: uh, Yeah, and I, I just have a hear. I mean like I have the sense that like you

929

00:54:50,160 --> 00:54:54,320

[sloane]: know, asset managers should spend as little time as possible on marketing because

930

00:54:54,640 --> 00:55:01,040

[sloane]: it's a like direct detraction from investment time. Um, which is what I get paid to

931

00:55:00,980 --> 00:55:01,980

[sloane]: do. Um.

932

00:55:01,409 --> 00:55:02,409

[ash_b]: right

933

00:55:02,400 --> 00:55:08,000

[sloane]: And so yeah, I, I think squaring that circle and figuring out, Um. you know, like

934

00:55:08,160 --> 00:55:12,720

[sloane]: what percentage of my time to commit to it has been my real? I like psychic struggle

935

00:55:12,960 --> 00:55:14,800

[sloane]: over the last, you know, a little bit here,

936

00:55:16,189 --> 00:55:19,149

[ash_b]: It. it'll be fun to like. Watch you go through this over the next couple of years,

937

00:55:19,389 --> 00:55:25,069

[ash_b]: Because obviously like as the tr as the purists, Um, you know, trying to help the

938

00:55:25,149 --> 00:55:28,829

[ash_b]: asset owners. We, we want you to spend your time not on marketing Right,

939

00:55:28,860 --> 00:55:29,860

[sloane]: Yup, Yeah, exactly,

940

00:55:28,989 --> 00:55:33,309

[ash_b]: And so we're always. We're always crabby when the managers are marketing too much and

941

00:55:33,389 --> 00:55:38,109

[ash_b]: they've got these big I R teams and it's like man, what a waste. Like how much of my

942

00:55:38,109 --> 00:55:40,429

[ash_b]: fees are going to pay for you the marketing budget,

943

00:55:40,380 --> 00:55:41,380

[sloane]: yup,

944

00:55:40,929 --> 00:55:41,929

[ash_b]: Um.

945

00:55:42,669 --> 00:55:46,429

[ash_b]: but it's uh, you know you. we could almost call this segment. Selling stuff is hard.

946

00:55:46,209 --> 00:55:47,209

[ash_b]: Because if

947

00:55:46,420 --> 00:55:47,420

[sloane]: Yeah,

948

00:55:46,909 --> 00:55:50,589

[ash_b]: you're buil, if you're building something, and and it works, you got to go sell it

949

00:55:50,289 --> 00:55:51,289

[ash_b]: And

950

00:55:50,540 --> 00:55:51,540

[sloane]: exactly.

951

00:55:50,909 --> 00:55:55,869

[ash_b]: that's just like a muscle that you got to develop as an as an entrepreneur. Um, I

952

00:55:55,869 --> 00:56:01,069

[ash_b]: mean, I've like done more sales calls, mostly for like software. Know that that ive

953

00:56:01,229 --> 00:56:06,429

[ash_b]: built or data, Um, or selling the equity in a company I'm building like it's like

954

00:56:06,249 --> 00:56:07,249

[ash_b]: constant,

955

00:56:06,940 --> 00:56:07,940

[sloane]: yep.

956

00:56:07,629 --> 00:56:11,709

[ash_b]: and and so again, building like that authenticity around what you're selling. That's

957

00:56:11,789 --> 00:56:16,029

[ash_b]: the cool thing about what your buildingslo like You're living it, and you have a

958

00:56:16,109 --> 00:56:19,789

[ash_b]: passion around it. And like you're demonstrating that you can make money doing it, Um

959

00:56:17,060 --> 00:56:18,060

[sloane]: yep.

960

00:56:19,500 --> 00:56:20,500

[sloane]: yep.

961

00:56:19,949 --> 00:56:21,629

[ash_b]: in terms of investment strategy, So

962

00:56:21,760 --> 00:56:26,480

[sloane]: Yeah, it's yeah. it's really. Um. It's it's been great journey so far and yeah, I

963

00:56:26,480 --> 00:56:29,760

[sloane]: mean it's It's the funny thing about it is you know it's going to last for a very

964

00:56:29,920 --> 00:56:32,640

[sloane]: long time, so I'm just kind of committed to the journey. What about you?

965

00:56:33,549 --> 00:56:37,229

[ash_b]: mine was, uh, So I had a very important meeting in Los Angeles.

966

00:56:37,260 --> 00:56:38,260

[sloane]: Ooh?

967

00:56:37,789 --> 00:56:39,869

[ash_b]: Uh, I think it was Friday

968

00:56:41,389 --> 00:56:44,749

[ash_b]: and all the planes were cancelled at eleven p M here on the

969

00:56:44,460 --> 00:56:45,460

[sloane]: sick.

970

00:56:44,569 --> 00:56:45,569

[ash_b]: West Coast,

971

00:56:46,989 --> 00:56:51,069

[ash_b]: and it was really important for something that I'm building, which is uh, still very

972

00:56:51,169 --> 00:56:52,169

[ash_b]: confidential

973

00:56:51,780 --> 00:56:52,780

[sloane]: M.

974

00:56:52,189 --> 00:56:57,149

[ash_b]: but still very important for me. And so I woke up at five in the morning and drove to

975

00:56:57,309 --> 00:56:59,789

[ash_b]: Los Angeles, which is a six hour drive

976

00:56:59,620 --> 00:57:00,620

[sloane]: s.

977

00:57:01,309 --> 00:57:04,109

[ash_b]: and had a ninety minute lunch, and turned around and drove back.

978

00:57:04,340 --> 00:57:05,340

[sloane]: wow.

979

00:57:05,309 --> 00:57:10,029

[ash_b]: And uh, yeah, so like, in case you think this is glamorous building stuff.

980

00:57:11,649 --> 00:57:12,649

[ash_b]: Put

981

00:57:11,780 --> 00:57:12,780

[sloane]: no.

982

00:57:12,349 --> 00:57:17,149

[ash_b]: that out of your mind. I literally had dinner at Denny's on

983

00:57:16,820 --> 00:57:17,820

[sloane]: Oh.

984

00:57:17,309 --> 00:57:19,709

[ash_b]: a Fcked truck stop. Yeah,

985

00:57:19,040 --> 00:57:22,400

[sloane]: oh. that's so good. Did you go for the triple slam breakfast Cause I, I think they

986

00:57:22,480 --> 00:57:24,080

[sloane]: serve that all twenty four hours.

987

00:57:23,629 --> 00:57:29,309

[ash_b]: you know what, I had a waffful egg sandwich. Ve, no, uh, sorry, little waffle. It was

988

00:57:29,389 --> 00:57:30,749

[ash_b]: freed toast sandwich

989

00:57:31,820 --> 00:57:32,820

[sloane]: That's terrify.

990

00:57:32,429 --> 00:57:34,189

[ash_b]: and it was a little bit of a mistake.

991

00:57:34,500 --> 00:57:35,500

[sloane]: Yeah,

992

00:57:35,049 --> 00:57:36,049

[ash_b]: I Ow it.

993

00:57:35,840 --> 00:57:38,720

[sloane]: and then Sp, like multiple hours in a car After that,

994

00:57:38,929 --> 00:57:39,929

[ash_b]: Yeah, it was

995

00:57:40,729 --> 00:57:41,729

[ash_b]: interesting.

996

00:57:41,460 --> 00:57:42,460

[sloane]: Yeah,

997

00:57:42,029 --> 00:57:47,229

[ash_b]: Uh, so that was Yeah. So that was my. my. Like The pain. That was the pain cave. I

998

00:57:47,309 --> 00:57:48,749

[ash_b]: was in Uh this week. So

999

00:57:49,729 --> 00:57:50,729

[ash_b]: but you got to do it.

1000

00:57:50,800 --> 00:57:53,840

[sloane]: you got to do it. Yeah, I mean it's like if you know if somebody wanted to meet with

1001

00:57:53,920 --> 00:57:55,840

[sloane]: me in Boston, I' drive to Boston. Um.

1002

00:57:57,040 --> 00:57:58,640

[sloane]: but yeah, like such as life.

1003

00:57:58,929 --> 00:57:59,929

[ash_b]: Yeah,

1004

00:57:59,360 --> 00:58:02,400

[sloane]: Um, let's uh, let you know we got get another segment

1005

00:58:03,084 --> 01:00:00,844

[mediaboard_sounds]: Ssssssssssss,

1006

00:58:04,080 --> 00:58:07,920

[sloane]: in an actual sound effect, Uh, se minutement,

1007

00:58:04,609 --> 00:58:05,609

[ash_b]: segments.

1008

00:58:06,329 --> 00:58:07,329

[ash_b]: they keep hitting

1009

00:58:08,669 --> 00:58:10,909

[ash_b]: segments of the show that we do.

1010

00:58:11,840 --> 00:58:16,000

[sloane]: um, let's you know. So the first question is you know you just publish this paper on

1011

00:58:15,769 --> 00:58:16,769

[ash_b]: I did.

1012

00:58:16,320 --> 00:58:21,200

[sloane]: the the economic case for transparency and private equity. Um, you want to like talk

1013

00:58:21,360 --> 00:58:23,280

[sloane]: about. Can you give us a couple of high points about that?

1014

00:58:22,989 --> 00:58:27,869

[ash_b]: Yeah. Sure. sure, I can give you the high level. Um, We think there should be more

1015

00:58:28,029 --> 00:58:31,789

[ash_b]: transparency in Private equity is the first thing. that's

1016

00:58:31,460 --> 00:58:32,460

[sloane]: Why?

1017

00:58:31,949 --> 00:58:33,069

[ash_b]: the title of the paper.

1018

00:58:34,589 --> 00:58:39,229

[ash_b]: Um, I mean, look, the the punch line is like. Private equity is like barely an

1019

00:58:39,309 --> 00:58:40,589

[ash_b]: alternative asset like

1020

00:58:40,220 --> 00:58:41,220

[sloane]: Yep,

1021

00:58:40,749 --> 00:58:45,389

[ash_b]: this is mainstream, right, like huge commitments into the space, more capital flowing

1022

00:58:45,469 --> 00:58:50,189

[ash_b]: to liquid markets than like ever before. Um. it's mainstream and so we need to put

1023

00:58:50,009 --> 00:58:51,009

[ash_b]: rules

1024

00:58:51,709 --> 00:58:57,709

[ash_b]: um around how the managers report to the allocators just to level the playing field.

1025

00:58:57,869 --> 00:59:01,229

[ash_b]: Like I'm not saying like, we need to put rules around how much you can charge fees.

1026

00:59:01,549 --> 00:59:06,109

[ash_b]: I'm saying we need to put rules around how you report the fees you're charging

1027

00:59:06,020 --> 00:59:07,020

[sloane]: M.

1028

00:59:06,989 --> 00:59:12,429

[ash_b]: Um, so that we can all have like a shared understanding of what's good. What's bad?

1029

00:59:12,669 --> 00:59:14,029

[ash_b]: What am I actually buying

1030

00:59:14,420 --> 00:59:15,420

[sloane]: Yeah,

1031

00:59:14,829 --> 00:59:21,069

[ash_b]: Um? the C. The classic Here is like Um, seventy six percent of private equity. G, Ps,

1032

00:59:21,149 --> 00:59:28,109

[ash_b]: claiming to be top cortile. Um. That's a real stat, and that comes out of the

1033

00:59:28,429 --> 00:59:35,469

[ash_b]: intransitivity of the metrics used Um in private equity. The transitive property is

1034

00:59:35,549 --> 00:59:37,549

[ash_b]: like. If A is bigger than Be

1035

00:59:37,860 --> 00:59:38,860

[sloane]: Mhm,

1036

00:59:38,269 --> 00:59:39,629

[ash_b]: and be as bigger than C,

1037

00:59:40,669 --> 00:59:42,509

[ash_b]: Um, then A is bigger than C.

1038

00:59:42,580 --> 00:59:43,580

[sloane]: Yup, Yup,

1039

00:59:42,749 --> 00:59:47,149

[ash_b]: Right. And and that's like a rule. Well. Unfortunately, because of the way we

1040

00:59:47,229 --> 00:59:51,869

[ash_b]: calculate I r rs, Um, which is often something that ▁l Ps want, Because that's how

1041

00:59:51,889 --> 00:59:52,889

[ash_b]: they get compensated

1042

00:59:52,660 --> 00:59:53,660

[sloane]: Mhm.

1043

00:59:53,309 --> 00:59:57,149

[ash_b]: Um. The, the private equity people can gain them, and when they recognize cash flows,

1044

00:59:57,229 --> 01:00:03,389

[ash_b]: et cetera, Uh, And so the poll paper is about how we get to that level playing field

1045

01:00:02,764 --> 01:02:01,084

[mediaboard_sounds]: Ssssssssssssss.

1046

01:00:03,709 --> 01:00:08,029

[ash_b]: for the benefit of the ▁l Ps. But I admit also the benefit of the industry. The

1047

01:00:08,349 --> 01:00:13,629

[ash_b]: industry needs to go into the defined contribution world of pensions. So these are

1048

01:00:13,789 --> 01:00:18,669

[ash_b]: much shorter horizon assets. That's the future of pensions, Um. And in order to make

1049

01:00:16,780 --> 01:00:17,780

[sloane]: yup,

1050

01:00:18,829 --> 01:00:23,069

[ash_b]: that step, the carrot to the the general partners in private equity, here is look if

1051

01:00:23,149 --> 01:00:26,189

[ash_b]: you make these steps toward transparency, you're going to unlock all this define

1052

01:00:26,429 --> 01:00:30,669

[ash_b]: contribution capital. That can't do it today because you can't give them a daily nav,

1053

01:00:30,660 --> 01:00:31,660

[sloane]: M.

1054

01:00:31,629 --> 01:00:37,149

[ash_b]: Um. And so I think uh, we're going to see some new rules coming out of S e C around

1055

01:00:37,469 --> 01:00:43,389

[ash_b]: Um, Private equity and the fees, and the paper is about, in particular the types of

1056

01:00:43,469 --> 01:00:46,429

[ash_b]: data. ▁l, Ps, need to ask G, Ps. For so,

1057

01:00:47,549 --> 01:00:52,909

[ash_b]: um, it's fairly approachable and we are going to publish Um, like A. In terms of

1058

01:00:52,989 --> 01:00:57,549

[ash_b]: reading, The paper's fairly approachable, is not horrifically dense. Um, and then

1059

01:00:57,789 --> 01:01:01,549

[ash_b]: which I do? I do, write a lot of stuff. that's hoerrific But let let's move on.

1060

01:01:02,209 --> 01:01:03,209

[ash_b]: Uh.

1061

01:01:02,500 --> 01:01:03,500

[sloane]: Yeah,

1062

01:01:04,080 --> 01:01:07,040

[sloane]: people don't really know that the moonlight is a horror author, but you know

1063

01:01:09,360 --> 01:01:10,880

[sloane]: the Stephen King of finance,

1064

01:01:12,049 --> 01:01:13,049

[ash_b]: oh, it was next.

1065

01:01:14,240 --> 01:01:18,720

[sloane]: so this is a. You know, I think an equally serious question. Um, people like to

1066

01:01:18,720 --> 01:01:23,280

[sloane]: argue that blank is a sandwich. Uh, like a hotd dog is a sandwich. A taco is a

1067

01:01:23,360 --> 01:01:28,720

[sloane]: sandwich. So on, and so forth, What? What is? Uh, your worst opinion along those

1068

01:01:28,500 --> 01:01:29,500

[sloane]: lines,

1069

01:01:29,309 --> 01:01:36,589

[ash_b]: Hm. Hm. I got one. but before I do it, Do you think the people of Bologna, Italy are

1070

01:01:37,709 --> 01:01:43,789

[ash_b]: angry that we took a bunch of pieces of pigs and converted them into baloney?

1071

01:01:44,960 --> 01:01:47,680

[sloane]: I think the pigs are probably the angest about it, but

1072

01:01:49,200 --> 01:01:51,760

[sloane]: but yeah, I mean, yeah, like, uh, they must be.

1073

01:01:50,429 --> 01:01:54,269

[ash_b]: you know, like they're like. What the frick? You took

1074

01:01:53,860 --> 01:01:54,860

[sloane]: Yeah,

1075

01:01:54,429 --> 01:02:00,829

[ash_b]: the worst equote sausage on earth, and you named it after us. anyways. uh, I think

1076

01:02:01,389 --> 01:02:07,309

[ash_b]: uh, I think uh, my take on a sandwich is um, a meat loaf sandwich, so that I think

1077

01:02:02,764 --> 01:04:01,084

[mediaboard_sounds]: Ssssssssssssss.

1078

01:02:06,140 --> 01:02:07,140

[sloane]: Mm,

1079

01:02:07,389 --> 01:02:11,549

[ash_b]: that's a real thing and so does my wife and my kids. um,

1080

01:02:08,100 --> 01:02:09,100

[sloane]: Mhm.

1081

01:02:12,669 --> 01:02:16,669

[ash_b]: uh, I, I think that is a delicious sandwich. Frankly, but you know it's not for

1082

01:02:16,749 --> 01:02:19,789

[ash_b]: everybody, but that's my worst take. I guess I think I'm pretty standard

1083

01:02:19,900 --> 01:02:20,900

[sloane]: Hm,

1084

01:02:21,069 --> 01:02:24,189

[ash_b]: stand standard sandwich fair, not a shit sandwich guy. Uh,

1085

01:02:24,060 --> 01:02:25,060

[sloane]: yeah, na.

1086

01:02:24,349 --> 01:02:25,789

[ash_b]: which, which you know?

1087

01:02:26,000 --> 01:02:28,800

[sloane]: that's weird. that's you know. I. I. I don't see that for you.

1088

01:02:29,309 --> 01:02:35,149

[ash_b]: No, but the the shit sandwich is the classics. Uh, criticism methodology for managers

1089

01:02:35,009 --> 01:02:36,009

[ash_b]: to employees,

1090

01:02:35,620 --> 01:02:36,620

[sloane]: Oh yes.

1091

01:02:36,109 --> 01:02:37,309

[ash_b]: you start with the bread,

1092

01:02:37,340 --> 01:02:38,340

[sloane]: yep.

1093

01:02:37,869 --> 01:02:42,029

[ash_b]: which is the compliment, and then you give the critique and then you end with a

1094

01:02:42,109 --> 01:02:44,109

[ash_b]: compliment again. It's a framework.

1095

01:02:44,160 --> 01:02:48,560

[sloane]: yeah, like, like a listener might leave a comment on our, uh, you know on our Apple,

1096

01:02:48,720 --> 01:02:51,840

[sloane]: you know, Pockcast thing, like I think. these. these. these, these people are great

1097

01:02:52,080 --> 01:02:53,600

[sloane]: at podcasting their technology.

1098

01:02:54,180 --> 01:02:55,180

[sloane]: Uh,

1099

01:02:54,829 --> 01:02:55,869

[ash_b]: Yes, it's terrible.

1100

01:02:54,960 --> 01:03:00,160

[sloane]: could youo? could? Is could use some uh, some updates, but I really enjoy listening.

1101

01:03:00,320 --> 01:03:02,000

[sloane]: That would be a shit sandwich. Uh,

1102

01:03:00,749 --> 01:03:07,629

[ash_b]: Yeah, I love the title of the show. The content isn't very good. Uh, but slow, Did

1103

01:03:07,709 --> 01:03:10,669

[ash_b]: Ashby look like nice people? That's a shit sandwich.

1104

01:03:09,760 --> 01:03:11,120

[sloane]: yes, y. That's shi,

1105

01:03:13,520 --> 01:03:19,520

[sloane]: uh, yes, uh, love, love, love to imagine our listener feedback. Um, last question. I

1106

01:03:19,540 --> 01:03:20,540

[sloane]: mean, this is like very

1107

01:03:20,649 --> 01:03:21,649

[ash_b]: Oh shit.

1108

01:03:20,800 --> 01:03:25,920

[sloane]: salient now who you's hoping? It's salient when the pocast gets released in a couple

1109

01:03:26,080 --> 01:03:29,840

[sloane]: of days. There's been a lot of discussion recently about how best to pay for and

1110

01:03:29,920 --> 01:03:32,160

[sloane]: incentiveise a climate transition.

1111

01:03:32,289 --> 01:03:33,289

[ash_b]: Yeah,

1112

01:03:33,040 --> 01:03:37,040

[sloane]: Um, you know, I mean by a lot of discussion, I mean every day when I turn on the P.

1113

01:03:37,120 --> 01:03:39,120

[sloane]: B. S. news hour it's been like one

1114

01:03:39,009 --> 01:03:40,009

[ash_b]: yes,

1115

01:03:39,280 --> 01:03:43,920

[sloane]: proposal for taxing people or another. Um. What's your preferred approach between?

1116

01:03:44,160 --> 01:03:49,360

[sloane]: like, I mean independent, the political realities, Um between carbon taxes, taxing

1117

01:03:49,520 --> 01:03:52,480

[sloane]: unrealzed capital gains tax credits for solar

1118

01:03:54,500 --> 01:03:55,500

[sloane]: et cetera

1119

01:03:55,869 --> 01:03:59,549

[ash_b]: yeah, I, I mean, like the the stuff that I've gone after just because like

1120

01:04:01,469 --> 01:04:05,709

[ash_b]: we, we have like one half of the political world in our country that is antagonistic

1121

01:04:02,764 --> 01:06:01,084

[mediaboard_sounds]: Ssssssssssssss,

1122

01:04:05,869 --> 01:04:10,109

[ash_b]: to this issue of climate right. So so like My approach to this is been like. Can we

1123

01:04:07,140 --> 01:04:08,140

[sloane]: Y.

1124

01:04:10,189 --> 01:04:13,869

[ash_b]: just not like? Can we s focus on solutions that don't involve the government? That's

1125

01:04:11,020 --> 01:04:12,020

[sloane]: Yep.

1126

01:04:13,949 --> 01:04:18,509

[ash_b]: what I'm going to focus on. Um. Because if you have for example a Trump presidency,

1127

01:04:14,860 --> 01:04:15,860

[sloane]: yep.

1128

01:04:18,669 --> 01:04:22,909

[ash_b]: like you're going to leave the Paris Accord, you're going to be all. And so the way I

1129

01:04:23,069 --> 01:04:26,269

[ash_b]: view the government and all this is like, that's the bonus like if if you have the

1130

01:04:26,269 --> 01:04:30,349

[ash_b]: right government in place, and they can do the policies that really drive these

1131

01:04:30,509 --> 01:04:35,149

[ash_b]: changes, Like the the types of policies that Tesla used and and many other companies

1132

01:04:35,629 --> 01:04:43,549

[ash_b]: used to like, get to scale Um. You know that's exciting, Um. But for me, I want to

1133

01:04:37,260 --> 01:04:38,260

[sloane]: yup.

1134

01:04:43,709 --> 01:04:49,069

[ash_b]: price the climate risk in financial markets, and so part of this is like doing a judo

1135

01:04:49,309 --> 01:04:54,429

[ash_b]: move on the fiduciary duties that are kind of Um bound into many of these pension

1136

01:04:54,669 --> 01:04:59,709

[ash_b]: funds, And say, Look if we can then go and use technology to put a price on climate

1137

01:04:58,620 --> 01:04:59,620

[sloane]: yep.

1138

01:04:59,869 --> 01:05:06,589

[ash_b]: risk, physical or transition, then we can um unlock trillions of dollars for climate

1139

01:05:06,749 --> 01:05:08,589

[ash_b]: solutions. That's been my main focus.

1140

01:05:09,629 --> 01:05:11,869

[ash_b]: I do also believe that, Um,

1141

01:05:12,909 --> 01:05:19,389

[ash_b]: given that we've managed to create like ten billion dollar markets around dog and

1142

01:05:19,549 --> 01:05:26,749

[ash_b]: kitty related crypto currencies, Um, we should be able to do something even bigger, I

1143

01:05:26,829 --> 01:05:30,029

[ash_b]: know that's audacious Um with carbon markets,

1144

01:05:31,149 --> 01:05:37,309

[ash_b]: and uh, I mean like it's sad to say this, but like the voluntary carbon offset market

1145

01:05:37,549 --> 01:05:39,469

[ash_b]: is only seven billion, right in twenty

1146

01:05:39,140 --> 01:05:40,140

[sloane]: wow.

1147

01:05:39,689 --> 01:05:40,689

[ash_b]: twenty one, like

1148

01:05:40,260 --> 01:05:41,260

[sloane]: Wow.

1149

01:05:40,909 --> 01:05:43,789

[ash_b]: it should be seven hundred billion or even seven trillly. I don't know what the

1150

01:05:43,409 --> 01:05:44,409

[ash_b]: fucking

1151

01:05:43,700 --> 01:05:44,700

[sloane]: Yeah,

1152

01:05:44,169 --> 01:05:45,169

[ash_b]: should be, but a big number.

1153

01:05:45,280 --> 01:05:48,080

[sloane]: it should be picked. Yeah, I mean it should be like you know.

1154

01:05:46,589 --> 01:05:50,269

[ash_b]: Yeah, like you shouldn't be like. Oh, look at the ranking of these markets. so

1155

01:05:50,349 --> 01:05:54,269

[ash_b]: there's doja coin. Uh, and there's a carbon. You know. It's like what.

1156

01:05:54,660 --> 01:05:55,660

[sloane]: Y.

1157

01:05:55,469 --> 01:05:59,949

[ash_b]: Um, but that you know that's the reality today. So so and I think this would even be

1158

01:06:00,029 --> 01:06:06,029

[ash_b]: a St. able coin because it like is rooted to a real world thing. And so why why not

1159

01:06:02,764 --> 01:08:01,084

[mediaboard_sounds]: Ssssssssssssss,

1160

01:06:06,269 --> 01:06:10,349

[ash_b]: like? take that that focus on, you know, distributed Um

1161

01:06:11,709 --> 01:06:14,749

[ash_b]: coins and things like that, and bring it into that carbon market. So, but I think

1162

01:06:14,829 --> 01:06:19,149

[ash_b]: you're sensing like I'm focusing on the private sector stuff with the hopes that the

1163

01:06:19,229 --> 01:06:25,229

[ash_b]: Po public sector will happen, but we just we just all got so burned in twenty sixteen

1164

01:06:25,380 --> 01:06:26,380

[sloane]: yeah. yeah,

1165

01:06:25,629 --> 01:06:30,509

[ash_b]: when the all the priorities changed that it was like a reminder that you you have to

1166

01:06:30,589 --> 01:06:32,509

[ash_b]: keep working on private solutions.

1167

01:06:32,800 --> 01:06:36,560

[sloane]: I, yeah. well, and and you have to anyway, Liket No matter what the government does

1168

01:06:36,960 --> 01:06:41,920

[sloane]: you know, like you got to focus on. Like who's manufacturing the stuff you know, And

1169

01:06:42,000 --> 01:06:45,520

[sloane]: how do you get them the resources that they need to manufacture more of it

1170

01:06:45,409 --> 01:06:46,409

[ash_b]: Yeah,

1171

01:06:46,240 --> 01:06:49,600

[sloane]: and deploy more of it. I mean, like there's you know companies out here that are

1172

01:06:49,840 --> 01:06:54,000

[sloane]: like. Actually, you know, hiring the people who put the solar panels on the roofs,

1173

01:06:54,240 --> 01:06:59,040

[sloane]: you know, and like, Are they resourced enough to pay People? like to you know top,

1174

01:06:59,440 --> 01:07:02,320

[sloane]: you know, cortile wages in their places and their places

1175

01:07:02,049 --> 01:07:03,049

[ash_b]: yeah,

1176

01:07:02,480 --> 01:07:04,880

[sloane]: of work, and get the best people I don't know. Um,

1177

01:07:04,429 --> 01:07:08,269

[ash_b]: by the way, as like a as a final shot like I know, we were kind of joking about Megan

1178

01:07:08,429 --> 01:07:12,989

[ash_b]: and Harry, uh, joining the Imp Impact partners at ethic, but like that like think

1179

01:07:13,149 --> 01:07:16,349

[ash_b]: about what happened. We had an article in the Daily Mail

1180

01:07:16,220 --> 01:07:17,220

[sloane]: yep,

1181

01:07:17,389 --> 01:07:21,469

[ash_b]: go out to all these people that probably like barely understand impact

1182

01:07:21,580 --> 01:07:22,580

[sloane]: yep,

1183

01:07:21,949 --> 01:07:27,069

[ash_b]: right and they're like now being sensitized to it. and so like this is the main

1184

01:07:27,469 --> 01:07:33,229

[ash_b]: streaming of these issues, which is really important. you know, for like sensitizing

1185

01:07:33,309 --> 01:07:37,709

[ash_b]: voters to these issues, but also like unlocking more capital. More stakeholders

1186

01:07:37,869 --> 01:07:42,829

[ash_b]: showing up at board meetings, you know, like my. My guess is when you have like

1187

01:07:43,069 --> 01:07:44,909

[ash_b]: people of this, you know, fame

1188

01:07:45,060 --> 01:07:46,060

[sloane]: Mhm,

1189

01:07:45,309 --> 01:07:49,709

[ash_b]: coming out and talking about these issues like, at the very least it becomes

1190

01:07:49,769 --> 01:07:50,769

[ash_b]: mainstream

1191

01:07:50,780 --> 01:07:51,780

[sloane]: yep.

1192

01:07:51,949 --> 01:07:56,589

[ash_b]: and and I think like we need a lot more mainstreaming of these topics so that we can

1193

01:07:56,829 --> 01:08:01,469

[ash_b]: start moving the capital faster. Um, so I'm not like a hater on that one. I know

1194

01:08:01,549 --> 01:08:07,069

[ash_b]: where is the related party? Uh show. So so like we, we love ethic, but um, I think we

1195

01:08:02,684 --> 01:10:01,404

[mediaboard_sounds]: Ssssssssssssss.

1196

01:08:05,140 --> 01:08:06,140

[sloane]: Oh

1197

01:08:07,229 --> 01:08:12,269

[ash_b]: do need more stuff like that too. Like just sensitizing the the, the general public

1198

01:08:12,589 --> 01:08:19,709

[ash_b]: to these issues and not allowing Um. you know certain random um media sites to like,

1199

01:08:19,789 --> 01:08:21,949

[ash_b]: control the narrative breakthrough that,

1200

01:08:22,480 --> 01:08:25,600

[sloane]: yeah, yeah, except well be cause you know what happens like the uneducated. you

1201

01:08:25,680 --> 01:08:28,960

[sloane]: know, kind of journalists. Take that has been, you know, kind of proliferating

1202

01:08:29,120 --> 01:08:34,080

[sloane]: recently. Um has been like. Ah, yeah, you know. the sustainability, uh, push is

1203

01:08:34,320 --> 01:08:38,720

[sloane]: behind all these high gas prices. Uh, you know, which is like, I mean, First of all,

1204

01:08:38,880 --> 01:08:42,480

[sloane]: the high gas prices drive the sustainability push, not the other way around. Uh,

1205

01:08:42,049 --> 01:08:43,049

[ash_b]: Yeah,

1206

01:08:43,680 --> 01:08:48,240

[sloane]: you know, Um, and like there' a million reasons why that take is is B, S, but y,

1207

01:08:48,400 --> 01:08:53,440

[sloane]: you're totally right. Like with each incremental, Uh, you know, push towards Uh,

1208

01:08:53,680 --> 01:08:57,520

[sloane]: solar and the legitimation of it. Um, you know people who would never you know,

1209

01:08:57,680 --> 01:09:01,120

[sloane]: necessarily care about ▁jy Lipman, Um, but feel like

1210

01:09:00,929 --> 01:09:01,929

[ash_b]: they care.

1211

01:09:01,200 --> 01:09:05,040

[sloane]: they have a per. Yeah, yeah, exactly they. They care about the British hippy banker

1212

01:09:05,120 --> 01:09:07,120

[sloane]: and his mom and his dog. Um,

1213

01:09:06,989 --> 01:09:12,109

[ash_b]: I know that that part. I feel bad for Jay. but but like we need more people.

1214

01:09:12,989 --> 01:09:16,109

[ash_b]: understanding that like these strategies make money and

1215

01:09:15,700 --> 01:09:16,700

[sloane]: yeah,

1216

01:09:16,349 --> 01:09:19,629

[ash_b]: the that, like you can go out and build big businesses around them and all this kind

1217

01:09:19,789 --> 01:09:25,949

[ash_b]: of stuff. So look, I, I hope we get some real movement Um next week, Andd at cop. I

1218

01:09:26,029 --> 01:09:28,829

[ash_b]: think it'll be really interesting to see what comes out of there. or is it this week?

1219

01:09:28,889 --> 01:09:29,889

[ash_b]: I think it's next week

1220

01:09:30,080 --> 01:09:31,520

[sloane]: uh, uh, yeah, I think I mean it's

1221

01:09:30,829 --> 01:09:32,669

[ash_b]: this week when the podcast comes out.

1222

01:09:32,640 --> 01:09:35,840

[sloane]: yeah, exactly um. Hopefully you know, here's helping what we can.

1223

01:09:35,489 --> 01:09:36,489

[ash_b]: Yeah,

1224

01:09:36,000 --> 01:09:39,840

[sloane]: I like. I look forward to being surprised. Um. anyway,

1225

01:09:39,849 --> 01:09:40,849

[ash_b]: didto.

1226

01:09:40,160 --> 01:09:42,320

[sloane]: what? what you got going on in the garden this week? uh,

1227

01:09:43,229 --> 01:09:46,189

[ash_b]: So when I't know if you saw this, we don't have a sound effect, do we?

1228

01:09:46,100 --> 01:09:47,100

[sloane]: uh,

1229

01:09:47,700 --> 01:09:48,700

[sloane]: we.

1230

01:09:48,269 --> 01:09:50,109

[ash_b]: What would a garden sound like? I wonder.

1231

01:09:50,769 --> 01:09:51,769

[ash_b]: Okay,

1232

01:09:52,620 --> 01:09:53,620

[sloane]: it's

1233

01:09:54,560 --> 01:09:57,600

[sloane]: I've got crickets that could be M.

1234

01:09:54,589 --> 01:09:59,789

[ash_b]: so this is this is tragic. We, we've got tragedy in the monk, Uh garden.

1235

01:09:59,620 --> 01:10:00,620

[sloane]: Oh,

1236

01:10:00,429 --> 01:10:06,349

[ash_b]: we had an atmospheric river bomb cyclone attack. I don't know what the all the words

1237

01:10:02,764 --> 01:12:01,084

[mediaboard_sounds]: Ssssssssssssss.

1238

01:10:06,429 --> 01:10:10,669

[ash_b]: are. Uh, but there's a very big storm that hit here Over the weekend. We had eight

1239

01:10:10,829 --> 01:10:17,229

[ash_b]: inches of rain. Three trees blew over three of my trees. Yes, it was devastating and

1240

01:10:11,660 --> 01:10:12,660

[sloane]: Jesus.

1241

01:10:14,100 --> 01:10:15,100

[sloane]: wow,

1242

01:10:17,389 --> 01:10:22,749

[ash_b]: one of them actually broken half. So that's dead. but the garden Tip called my mom up

1243

01:10:20,240 --> 01:10:26,560

[sloane]: mmmy,

1244

01:10:23,629 --> 01:10:30,029

[ash_b]: tears. you know, not really. but whatever it's dramatic. Uh it. she's like. Oh, you

1245

01:10:30,109 --> 01:10:34,029

[ash_b]: can push those trees back up. Just dig around them. You push the trees back up, you

1246

01:10:34,109 --> 01:10:37,789

[ash_b]: put some more dirt in there you. You anchored again. It' totally keep growing. And I

1247

01:10:37,740 --> 01:10:38,740

[sloane]: huh,

1248

01:10:37,789 --> 01:10:43,709

[ash_b]: was like what? And so I was googling around. It's true. if your tree' blow over now,

1249

01:10:43,420 --> 01:10:44,420

[sloane]: huh.

1250

01:10:43,869 --> 01:10:48,189

[ash_b]: these are like. one tree was like eight feet, and one tree was like fifteen feet. Um.

1251

01:10:47,520 --> 01:10:49,360

[sloane]: Okay. so they're not They're not Goliaths.

1252

01:10:49,629 --> 01:10:55,389

[ash_b]: they're not yet. My Sequoyia is still not fully grown. Um. I did plan a to call it by

1253

01:10:55,460 --> 01:10:56,460

[sloane]: Oh, that's awesome.

1254

01:10:55,469 --> 01:11:01,069

[ash_b]: the way anyway, So the trees fell over. I got them back up. I got them staked and

1255

01:11:01,309 --> 01:11:04,829

[ash_b]: look, I don't know if they're going to survive. but like the the word on the street

1256

01:11:05,069 --> 01:11:10,189

[ash_b]: is if your trees get blown over in a storm, you can actually get them back up and

1257

01:11:10,349 --> 01:11:13,789

[ash_b]: living and regrow the roots that got pulled out on the one side.

1258

01:11:13,740 --> 01:11:14,740

[sloane]: Hm.

1259

01:11:14,269 --> 01:11:17,469

[ash_b]: Um, because in theory the other roots are still going into the jer into the ground.

1260

01:11:17,289 --> 01:11:18,289

[ash_b]: It's

1261

01:11:17,540 --> 01:11:18,540

[sloane]: yeah,

1262

01:11:17,949 --> 01:11:21,949

[ash_b]: just the one side that's kind of been up, and so yeah, I'll let you know

1263

01:11:21,520 --> 01:11:24,160

[sloane]: wow, damn nature. you crazy. uh,

1264

01:11:24,269 --> 01:11:25,309

[ash_b]: you crazy nature

1265

01:11:25,120 --> 01:11:26,320

[sloane]: th. that's incredible.

1266

01:11:26,569 --> 01:11:27,569

[ash_b]: back from the dead.

1267

01:11:26,640 --> 01:11:31,280

[sloane]: Um, Yeah, that's inspiring. I mean. like I, I think you know well. here's hoping

1268

01:11:31,440 --> 01:11:36,240

[sloane]: we're all. We're all the the free money nation is with those trees tonight.

1269

01:11:37,229 --> 01:11:41,869

[ash_b]: Yeah, well, when free money is when you don't have to spend more money on

1270

01:11:41,920 --> 01:11:43,200

[sloane]: That's true. that's true.

1271

01:11:42,029 --> 01:11:44,989

[ash_b]: new trees, you know, so this is still free money type tips.

1272

01:11:45,120 --> 01:11:49,760

[sloane]: Yeah, yup. yeah. exactly. I mean. uh. Yeah, I guess like my tip is, Uh, get your

1273

01:11:49,840 --> 01:11:51,840

[sloane]: garlic in the ground. Get your bulbs in the ground.

1274

01:11:52,089 --> 01:11:53,089

[ash_b]: Is this the time?

1275

01:11:52,320 --> 01:11:55,040

[sloane]: Um, this is the time. um. Yeah, I

1276

01:11:55,009 --> 01:11:56,009

[ash_b]: interesting?

1277

01:11:55,280 --> 01:12:00,800

[sloane]: got you know. we. uh, our our deck. Is you know? currently still taking ap, be we?

1278

01:12:00,480 --> 01:12:05,200

[sloane]: uh, we just got solar installed, but Um, the garlic is going in the ground very very

1279

01:12:05,440 --> 01:12:09,520

[sloane]: soon. and as are all the you know, the tulips and all the other wonderful little

1280

01:12:09,420 --> 01:12:10,420

[sloane]: guys for

1281

01:12:10,049 --> 01:12:11,049

[ash_b]: Awesome.

1282

01:12:10,320 --> 01:12:12,320

[sloane]: spring. Um, so yeah,

1283

01:12:12,449 --> 01:12:13,449

[ash_b]: it's bolb time

1284

01:12:12,480 --> 01:12:18,000

[sloane]: it's the Yeah, as a forward thinking garden investor. Um, you know it's time to

1285

01:12:18,000 --> 01:12:20,960

[sloane]: think forward six, six months or so to a spring.

1286

01:12:22,269 --> 01:12:26,269

[ash_b]: bulbs in the ground. You heard it here. Probably not first, but

1287

01:12:23,840 --> 01:12:28,720

[sloane]: Yup. You heard it here first. uh, yeah, exactly definitely first. yeah, uh,

1288

01:12:28,369 --> 01:12:29,369

[ash_b]: we do that first

1289

01:12:30,960 --> 01:12:34,640

[sloane]: um, but that's all we have for you this week, and by y.

1290

01:12:34,849 --> 01:12:35,849

[ash_b]: eight.

1291

01:12:37,024 --> 01:12:38,024

[mediaboard_sounds]: I'm the

1292

01:12:44,444 --> 01:12:46,204

[mediaboard_sounds]: remember, then Ig, right on a.

Free Money

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