Investment Uncut
Business & Finance
About
Investment Uncut is a podcast about investing. In each episode, hosts Mary Spencer, Laetitia Anstee-Parry and Jacob Shah are joined by guests to cut through the noise in the world of investing, bringing clarity to your investment decisions. LCP’s investment team advise large institutional investors including pension funds with billions of pounds of assets under management. Look out for new episodes every other Wednesday.
Episodes
- S7 Ep.32: The quick take on AI disruption in the private credit market
Like it or not, AI has the potential to significantly disrupt existing businesses. That’s great if you’re invested in the companies benefiting from that shift. But what if your portfolio is exposed to businesses that could be disrupted by…
- S7 Ep.31: The quick take on Private Credit: cracks or contagion?
Private credit has come under increasing scrutiny in recent months, with headlines pointing to liquidity pressures, fraud cases, and questions around underwriting standards. High-profile situations such as the collapses of First Brands and…
- S7 Ep.30: Is slugflation the new reality for investors?
Markets have remained resilient despite rising geopolitical tensions but are investors underestimating the risk of stagflation, or even a more prolonged period of “slugflation”? As the Iran conflict evolves, its impact on inflation and gro…
- S7 Ep.29: Is the Iran war nearing an end and what it means for energy markets and investors?
Energy markets have taken centre stage in driving financial markets and the Iran conflict has been a key catalyst. From oil supply shocks to unexpected market reactions, investors are being forced to rethink how geopolitical risk feeds thr…
- S7 Ep.28: Danny Latham - is the UK uninvestible?
Government says the UK is open for investment - pushing “productive finance”, launching reforms, and pointing to growing interest from overseas pension giants. But does the reality match the rhetoric? In this episode, we speak to Danny Lat…
- S7 Ep.27: Quick Take on on what Eurobonds are telling us now
The Eurozone bond market is often treated like a single pool of “Eurobonds”, but in reality, it is a vast and highly fragmented market where politics, fiscal credibility and energy exposure can move spreads just as much as interest rates.…
- S7 Ep.28: Jeffrey Lin - who are the winners and losers from the AI revolution?
Every technological revolution produces both concentrated fortunes and quiet casualties. The critical question is not whether AI will reshape the economy, but who will capture the economic surplus it creates. Is this a modern gold rush, wh…
- S7 Ep.25: The Quick Take on the Collective Defined Contribution (CDC) Market
industry look for new ways to deliver more sustainable and predictable retirement outcomes. In this episode of the Quick Take, Aaron and Letty are joined by Laun Middleton, Partner at LCP, to explore how CDC works in practice and what less…
- S7 Ep.24: Pensions UK - supporting UK growth with Ian Connatty and Andy Gregory
“If you look at the structure of the UK market, only around 10% of the venture fund capital comes from pension funds (compared with 70% in the US). Increasing pension fund participation creates a win-win-win: makes more capital available f…
- S7 Ep.23: Pensions UK - aligning strategy with today’s market environment
“In general, very few geopolitical shocks particularly, conflicts or regime changes, have a meaningful impact on markets over the long term. There are short term issues but from our perspective we think about the bigger picture. We make su…
- S7 Ep.22: Investment Uncut: Pensions UK - Navigating the energy transition with Caroline Lucas and Clay Lambiotte
“When we’ve got situation where around £50bn a year is spent through [pension] tax reliefs ... Given that’s coming from general taxation, I think it’s entirely legitimate that actions are taken that are in line with the general direction o…
- S7 Ep.21: How can “gender lens” investing benefit economic growth?
What does investing have to do with gender? Potentially more than you think! This week’s episode, in honour of International Women’s Day, focuses on gender-lens investing: what do we mean, what does it look like, what can investors do next…
- S7 Ep.20: The quick take on how to deliver actual productivity gains from AI
Several firms like MIT’s Nanda Lab and BCG have released reports claiming the vast majority of companies have delivered little to no measurable business value from their investments in AI. But what if they’re wrong? Join us as we speak to…
- S7 Ep.19: Is space a serious investment theme?
Over the past decade, the space industry has undergone a profound transformation. Is space finally becoming a mainstream investment opportunity or is it still a frontier market reserved for the bold? In this episode of Investment Uncut, we…
- S7 Ep.18: The quick take on LCP RI survey of investment managers
How are investment managers approaching responsible investment today? Over the past year, there has been plenty of noise from ESG backlash headlines to questions about whether managers are stepping back from their climate and stewardship c…
- S7 Ep.17: Peter Harris: What can we learn from the next generation of venture capital investors?
Venture capital (“VC”) has had mixed popularity over the years and continues to evolve at pace. We’ve seen a “tale of two cities” both in terms of the AI exposure of start-ups and the size of VC funds over recent years. But where might thi…
- S7 Ep.16: The quick take on Trump’s foreign policy and what it means for markets
We’ve seen a flurry of activity in US foreign policy since the start of the year, from military involvement in Venezuela to renewed tensions over Greenland, the return of tariffs as a negotiation tool and a sweeping pullback from global in…
- S7 Ep.15: Mick Grady - what to look out for in 2026?
As we head into 2026, the macro backdrop is shifting again. Growth surprised on the upside last year, particularly in the US. But is that strength sustainable, or are we heading into a more uneven world with widening gaps between the US, E…
- S7 Ep.14: The quick take on AI in healthcare
Healthcare is under growing pressure from ageing populations, chronic disease, workforce shortages, and administrative burdens. AI is often presented as a solution in the healthcare system, the reality is more nuanced. In this episode of t…
- S7 Ep.13: Martin Lau & Ziqi Deng: why be pragmatic on China despite its historic ‘uninvestable’ tag?
In this episode, we speak to Martin Lau and Ziqi Deng of FSSA investment managers to find out. We discuss the impact of AI advances on future earnings, whether monetary policy changes are a material development and China’s anti-involution…
- S7 Ep.12: The quick take on pension schemes – liability or asset?
Are we at a watershed moment in UK PLC’s attitude towards pensions? Will pension schemes start to be seen as an asset, instead of a liability to be managed? In this Quick Take episode, we’re joined by LCP Partners Steve Hodder and David Fa…
- S7 Ep.11: Tony Davidow - is the illiquidity premium still justified?
The illiquidity premium (the extra return investors seek for locking up capital in private markets) has long been a cornerstone of alternative investing. But with rising interest rates, massive inflows into private markets, and evolving ma…
- S7 Ep.10: The quick take on unlocking value in secondary market transactions
What happens when investors suddenly find themselves holding far more illiquid assets than they ever planned? Join us as we speak to James Fermont (Partner and senior member of LCP’s Illiquid Asset Solutions Group) to explore how to unlock…
- S7 Ep.9: Chris Watling - are commodities the missing piece in today’s portfolios?
Commodity markets (from oil and gas to metals and agriculture) have been on a rollercoaster in recent years, driven by shifting inflation dynamics, geopolitics, and changing investor sentiment. With so much flux, can commodities still serv…
- S7 Ep.8: The quick take on the UK Autumn Budget 2025
The UK Autumn Budget 2025 – one of the most highly anticipated Budgets in recent history. Speculation has been building (even the government getting involved) around tax changes, and of course the “will they won’t they” on breaking the man…
- S7 Ep.7: Chris Dodwell - what’s next in the fight against climate change?
Climate change has been an increasingly hot topic (pun intended) in recent years, yet its direction isn’t always clear. Different world leaders take different stances and at times there is an unclear balance between the actions of governme…
- S7 Ep.6: The quick take on how tariffs have changed the global economy six months on
Six months on from “Liberation Day” and with tariffs still six times higher than at the start of the year, how has the global economy responded and what happens next? Initially billed as a way to rebuild supply chains, bring manufacturing…
- S7 Ep.5: Jeremy Rogers - can you really do well by doing good?
Impact investing has rapidly moved up the policy agenda – with the Better Futures Fund, the Mansion House compact and renewed questions around fiduciary duty all signalling that finance can no longer ignore social outcomes. But what does i…
- S7 Ep.4: The quick take on alternative credit ideas
For this episode of The Quick Take, we’re exploring one of the big questions investors are asking right now: What are the best alternative credit ideas when headline spreads are tight? Credit spreads are currently at historically low level…
- S7 Ep.3: Howard Marks: what do you buy when (almost) nothing looks attractive?
Market valuations on major asset classes are at historically high levels. But does that mean we’ve reached the point where nothing is attractive? And if we’re at that point, how should we think about constructing an investment portfolio? H…
- S7 Ep. 2: The quick take on equity market concentration
Welcome to a brand new type of episode from us here at Investment Uncut. This is The Quick Take: our bitesize episodes where we discuss recent market events, topical issues and share our expert opinion on what long-term investors should be…
- S7 Ep.1: Kevin Patterson: Are pharma’s short-term pains a long-term opportunity?
Would you put pharmaceuticals on your buy list today? The sector is under pressure: revenues from COVID products are collapsing, the US administration is pushing for lower drug prices, and major players are cutting jobs amid rising competi…
- S6 Ep.24: Alex Edmans: Why do smart people make bad financial decisions?
In our last episode of Season 6, we speak to author and London Business School Professor Alex Edmans about his book “May contain lies”. We discuss Alex’s focus on bringing his research to practitioners so that it has real world impact, wit…
- S6 Ep.23: Markets, MAGA and Megatrends
In this episode, we bring you the highlights from our Investment conference: Markets, MAGA and Megatrends. Covering topics such as: - Macro-economics, geopolitics and deglobalisation - Strategic asset allocation powered by demographics - H…
- S6 Ep.22: Duncan Johnson: Should institutions invest in the UK’s high growth science & technology ecosystem?
In this episode of Investment Uncut, we speak to Duncan Johnson (Chief Executive at Northern Gritstone) to delve into the UK’s high growth science and technology ecosystem. We explore why the UK is a global leader in this space, the types…
- S6 Ep.21: Alison Savas: From Alphabet to AI - how do you actually pick what to invest in?
If you’re trying to outperform the market, how do you actually decide where to invest? And what about areas like AI where the future is highly uncertain? And there’s risks too – how do you ensure you’re paying a fair price given the risks…
- S6 Ep.20: Andy Howard - what could an ESG rollback in the US mean for European investors?
S6 Ep.20: Andy Howard - what could an ESG rollback in the US mean for European investors? by Lane Clark & Peacock
- S6 Ep.19: Libby Cantrill – What do Trump’s first 100 days (take 2) tell us?
What is achieved in the first 100 days of presidency are often seen as an indication of a President’s success or failure. Trump’s first 100 days (2.0) ended on 29 April, and he had certainly been busy. In this episode we review what’s happ…
- S6 Ep.18: Jenny Harbord: Is affordable housing the next frontier for institutional investment?
In this episode, we speak with Jenny Harbord, Head of Real Assets at LCP to explore the UK affordable housing market and why institutional investors are increasingly drawn to this sector. For our Views from the Boardroom section, Jacob spe…
- S6 Ep.17: Robbie Mitchnick: How has the crypto landscape changed?
The cryptocurrency market has seen significant highs and lows over the years. In this episode, we break down the fundamentals of cryptocurrency, the current state of the crypto industry, factors driving its growth and volatility, and the i…
- S6 Ep.16: PLSA Investment Conference Day 3
Recorded for the PLSA investment conference 2025. Today we cover day 3 of the conference, with interviews from: Professor Mike Berners-Lee - Climate Researcher and Author - The Future's Bright: What the Green Transition Means for Investors…
- S6 Ep.15: PLSA Investment Conference Day 2 part II
Recorded for the PLSA investment conference 2025. Today we continue to cover day 2 of the conference, with interviews from: John Clements and Leandros Kalisperas – Partner at LCP and CIO and the British Business Bank respectively - How Ass…
- S6 Ep.14: PLSA Investment Conference Day 2 part I
Recorded for the PLSA investment conference 2025. Today we cover day 2 of the conference, with interviews from: Shalin Bhagwan - Chief Actuary at the Pension Protection Fund - Could DB Schemes Invest More in Productive Assets? James Coke -…
- S6 Ep.13: PLSA Investment Conference Day 1
We are building on the success of last year and are taking Investment Uncut on the road again, recording for the Pension and Lifetime Savings Association (PLSA) Investment Conference 2025 this week! If you’re attending the conference, we l…
- S6 Ep.12: Michael Ambery: Should UK pensions go down under?
Australia’s superannuation system is often hailed as a global success story, but what can UK pension schemes learn from it? With growing regulatory pressures, consolidation trends, and a shifting investment landscape, are there lessons fro…
- S6 Ep.11: Paul Rissman: Will the green transition increase inequality?
What if the green transition – meant to save the planet – ends up making inequality worse? We often think of climate action as a universal good, but the reality is more complex. The shift to a low-carbon economy is set to create winners an…
- S6 Ep.10: Sir Paul Collier: Why doesn’t the Treasury learn from its mistakes?
In this episode, we speak to Paul Collier (Professor of Economics and Public Policy at the Blavatnik School of Government at the University of Oxford) on the subject of his latest book “Left Behind”. We explore the economic divides reshapi…
- S6 Ep.9: David Page: What should investors be looking out for in 2025?
As we head into 2025, the economic landscape is shifting. In this episode, we break down the key macroeconomic themes shaping the year ahead. What does the growth trajectory look like amidst evolving global challenges? Will interest rates…
- S6 Ep.8: Happiness economics with Professor Lord Richard Layard
Are you happy? Do you think you’re happier than you were 20 years ago? Or, put a different way, why aren’t you happier despite living in one of the wealthiest periods in history? Three simple questions, but all of them have complicated ans…
- S6 Ep.7: Net zero investing with Border to Coast
This week we are joined by two guests from the Border to Coast Pensions Partnership: Tim Manuel, Head of Responsible Investment and Teju Akande, Climate Change Manager. Before speaking to Tim and Teju, we also speak to LCP Partner Clay Lam…