Shepherd Neame has been brewing beer on the same site in Faversham, Kent, since 1573. That's before Shakespeare. Before the King James Bible. Before anyone called a pub a pub. It has survived two World Wars, the Temperance Movement, the craft beer revolution, a very public family falling-out, and a pandemic that shut down every pub in Britain overnight.

Jonathan Neame is the fifth-generation CEO, a qualified barrister, a former management consultant, and a man who once swore he would never work for his father. He changed his mind. In this conversation, Jeremy McKeown talks to Jonathan about family governance and succession, the economics of the British pub, why three pubs are closing every day in the UK right now, and what the government could do tomorrow to stop it. They also get into the craft beer revolution, the bifurcation between London and rural pub markets, and what it means to run a nearly 500-year-old business on a site where James Watt installed his second-ever steam engine in 1789.

Jonathan's answer to why Shepherd Neame has survived while almost everyone else hasn't: they're not in the alcohol business. They're in the socialising business. Beer is just the best lubricant mankind has come up with in 7,000 years.

Guest: Jonathan Neame, CEO, Shepherd Neame

Sponsored by: Progressive Equity & Finance Talking

Brought to you by Progressive Equity and Finance Talking.

Schrödinger's Strait & The Gems Among The Rubble

Episode Summary: Dive into the absurdities of modern macro markets and the hidden value in UK equities in this episode of Mavericks. Host Jeremy McKeown brings together an investing "odd couple": Laurie Hulse, UK small-cap stock picker and manager of the Onward Opportunities Investment Trust, and The Shrub, a world-renowned meme trader, parody hedge fund manager, and macro commentator. Together, they explore how to navigate market volatility and uncover wealth-building strategies by blending bottom-up micro-cap stock picking with top-down macro analysis.

In This Episode, We Cover:

• The Reality of Public Markets vs Private Equity: Laurie reflects on the 3-year anniversary of Onward Opportunities, its graduation from AIM to the LSE primary listing, and the brutal, honest "mark-to-market" nature of public markets. The guests contrast this with the "deferred reckoning" of private markets, discussing the potential market impact of massive private valuations and the looming SpaceX IPO.
• The "Golden Age of Grift" & Market Absurdity: The Shrub explains his philosophy that "once you realise it's all nonsense, it starts to make sense". He breaks down why global markets ignore geopolitical crises—joking that as long as the S&P is above its 200-day moving average, even an asteroid strike is "priced in". He introduces the concept of "Schrödinger's Strait", where vital global shipping lanes are treated by the market as both open and closed simultaneously.
• The Capital Cycle & The UK Discount: Discover why a decade-long slump in UK equities might be the perfect setup for massive returns. The Shrub outlines the "capital cycle," explaining that the longer an asset is ignored, the more explosive its eventual upcycle will be. They discuss "Klaus," the imaginary European pension fund manager, and why trillions in capital reshoring to Europe could trigger a massive rally for UK and European assets.
• Gems Among the Rubble: Laurie shares real-world case studies of finding heavily discounted global businesses listed in the UK, including the highly successful acquisition of marine data business Windward and the podcasting platform Audioboom.
• Exit Liquidity & Survival Strategies: The Mavericks discuss why investors must plan their exits before they buy, whether through takeovers, US dual-listings, or graduating to larger markets, especially when dealing with illiquid small-cap stocks.

Listen to the end for actionable takeaways on building portfolio resilience and surviving the "clown show" of modern markets.

Disclaimer: This podcast is for informational and entertainment purposes only. The ideas discussed may not align with your personal risk appetite. Please do your own research and take responsibility for your wealth decisions.

Enjoyed this episode? Subscribe to Jeremy’s Substack, Hyperormal Times, for non-obvious insights into how the world really works and the investment implications the financial press often misses.

Last week, I was due to host a joint episode with Doomberg and Charlie Garcia, but diaries conspired against it. However, I got to do two recordings of influential Substackers covering global events and their implications: one through an energy lens, and the other, crafting a line of journalism that reminds me of the great PJ O'Rourke. 

Capital Mischief is an ambitious investment Substack project from a man who served six US Presidents, was decorated by US military intelligence, is an entrepreneur and investor, and, now in his mid-60s, is developing a long-held ambition to write freely about what he sees happening in the world.    

Charlie's detailed briefings on the build-up to the early stages of the Middle East war have been informative, timely and highly entertaining. 

We had a great chat. 

Be sure to subscribe to receive the full episode dropping soon on a podcast app near you. 

For today’s episode, I am joined by David Seaman of Alpha Cygni Asset Management for a conversation with two mavericks, an entrepreneur and an investor.

Angus Thirwell is the co-founder and CEO of Hotel Chocolat and was on Episode 4 in December 2021. Angus has just completed the sale of Hotel Chocolat to Mars for a value of £534m and has decided to roll most of his stake in the company into the Mars family structure as he sees an increased opportunity for the brand to grow under its new ownership. 

Gary Channon is the founder and CIO of Phoenix Asset Management with a disciplined value style of investing detailed in previous episodes with James Wilson. Gary heads a team that manages UK-listed investment vehicles, Aurora Investment Trust and Castelnau.  

We are treated to a master class in how Angus’s careful stewardship of his premium branded chocolate and the culture required to develop its full potential led him to his partnership with one of the world’s biggest and most successful family businesses.  

And how Gary’s disciplined approach to research and valuation delivered a stunning return by acquiring a 15% stake in Hotel Chocolat after its post-pandemic setback. 

We cover a lot of ground and discuss the health of the UK stock market, how to think about investing in consumer-facing businesses and how failing and learning from mistakes is an important part of developing a business whether in premium chocolate or asset management. 

Gary also talks about taking the funeral business Dignity private and this latest addition to the portfolio, Churchill China.      

Please enjoy our conversation with the mavericks, Angus Thirwell and Gary Channon.

Brought to you by Progressive Equity Research.

In today’s episode, I am joined by energy blogger and author Doomberg for a conversation about the necessity of energy in our lives, how we take it for granted and the implications for our economies and our politics.

Doomberg is a pen name and alias assuming the form of a green chicken online. Originally on Twitter and now on Substack, Doomberg has become the most popular financial newsletter on the platform.

Doomberg explains why he has chosen to operate anonymously, helping him explore and explain complex and technical aspects of the energy debate with unusual clarity often overlooked or ignored by mainstream media and policymakers.

In this fascinating discussion, Doomberg explains why energy is fundamental to human life, why our dizzying technical expertise in extracting hydrocarbons is overlooked and even denigrated by people whose very lives depend on it, what the connection is between energy and human flourishing, how our thinking has been held hostage by Malthusian beliefs of pessimism leading to energy crises, economic decline and political unrest. We also talk about the recent COP 28 gathering and the renewed pursuit of nuclear energy.

I have learnt much from Doomberg about energy, economics and how our world works. In so doing, he demonstrates the changing nature of our media and how the internet can be used as a force for an informed debate on important topics. I find his approach refreshing and inspiring.

Please enjoy my conversation with the maverick Doomberg.   

Brought to you by Progressive Equity Research.

Jeremy McKeown and Gareth Evans are joined by Scott Evans of the London Business School and co-compiler of the Deutsche Numis Market Indices to discuss the performance of mid and small-cap last year, over the long term, and what might be driving equity market performance in 2024. In addition, they mention updates from Concurrent Technologies and Gamma Communications from last week.   

Jeremy McKeown & Gareth Evans discuss the macro drivers behind this week's equity markets and some company updates that caught their attention. 

Companies mentioned this week include UK housebuilders, M&S, Marks Electrical, Sosander and Xaar. 

Jeremy McKeown and Gareth Evans discuss the main market trends from last year and the outlook for 2024. They discuss the October pivot on rate expectations, the rise of the Magnificent Seven AI wonder stocks, the outlook for Chinese and UK equities, and will a recovery in China be inflationary or deflationary. Will Trump win the US election, and what are the market implications? What about the UK? Can it be the best-performing market in 2024?

Please press SUBSCRIBE so as not to miss future episodes. 
 
Brought to you by Progressive Equity. 

Tony Brewer of Likewise Group 

Guest co-host James Wilson of Phoenix Asset Management, manager of the Huginn Fund. 

A few weeks ago, James Wilson of Phoenix Asset Management joined me for a conversation with Tony Brewer, the founder and CEO of Likewise Group.

James had talked about Tony and his investment in AIM-listed Likewise on a previous episode, and I had been keen to get Tony on ever since.  

Tony has spent his entire adult life in the floor coverings business developing Headlam from a small textile distributor to the UK’s leading flooring supplier before leaving in 2016.

Two years later, at a time when many of us might consider slowing down, Tony set up Likewise and set about building national distribution, as James points out, this is a business where scale matters.

James is an investor who leaves few stones unturned when he seeks companies to join his concentrated and eclectic portfolio. With his questioning and observations, James brings to life the investment case for what one might believe to be an overly competitive and low-value-added business.    

This episode offers a fascinating insight into a man with a passion for carpet distribution and the views of a professional investor backing him to succeed.     

Please enjoy our conversation with the maverick, Tony Brewer.

Made possible by Progressive Equity Research.

Tony Brewer of Likewise Group 

Guest co-host James Wilson of Phoenix Asset Management, manager of the Huginn Fund. 

Have you ever wondered why small independent carpet shops can survive competing against the major multiple retailers?

In a previous episode, James Wilson of Phoenix Asset Management talked about Tony Brewer previously of Headlam and now the founder and CEO of AIM-listed Likewise. 

Coming soon I am rejoined by James for a fascinating chat with Tony, about his life in carpets.  

This episode gives a behind-the-scenes look at the complexities of the world of floor covering distribution, one man’s life’s passion for it and how a professional investor rates his chances of delivering long-term value from a business he founded in 2018. 

Made possible by Progressive Equity Research.

For this episode, I am joined by Gareth Evans, the founder and CEO of Progressive Equity Research for a conversation with Nils Gornall, the CEO of DP Poland, and a veteran Domino's Pizza operator. 

Nils started as a pizza maker at the age of 15 and opened his first franchised store in Perth, Western Australia, just before his 22nd birthday. 

It is fair to say Nils has pizza in his blood and gives us a masterclass in what makes a delivered pizza shop work and how to develop a winning culture. 

From Australia to Croatia, via Canada Nils now operates AIM listed DP Poland from Warsaw. He is quite the epitome of the Aussie traveller. 

In this episode, we learn how operating a pizza shop is like running a sports team, and how wowing customers with pizza delivered in 25 minutes or less involves better in-store metrics and not high-speed moped drivers. As Nils said, “The race is in the store, not on the road.” 

As Stephen Helmsley of Franchise Brands, formerly CEO of Domino’s Pizza in the UK said in Episode 11, opening Domino’s successfully in new markets requires proven operators. Nils fits the bill perfectly. 

Please enjoy our conversation with the maverick, Nils Gornall. 

We had a great time chatting with Nils Gornall the CEO of DP Poland, a couple of weeks ago. This episode, dropping soon is a masterclass on how to run a delivered pizza shop and what makes Domino's Pizza a global success story.

Earlier this year, in Episode 15, I spoke to Laurence Hulse and Alyx Wood about investing in the UK equity market from the perspectives of two UK-focused professional investors with distinctive strategies. 

On October 17th, I got Laurie and Alyx back together with Simon French, Chief Economist and Head of Research at City stockbroker Panmure Gordon, to ask the question, Why Invest in the UK?      

It was a great conversation on a live topic of interest for investors and one I hope to return to in future episodes. 

Simon frames the discussion with his expertise in interpreting macroeconomic data.

Alyx adds his perspective of an investor who spends much of his time talking to international investors about investing in the UK. 

Laurie talks of what he sees as a generational opportunity to buy abnormally cheap assets at the bottom end of the UK’s “out of favour” stock market.   

As always, this is for information purposes only. This is not investment advice. 

In this timely episode, I chat with the internet’s favourite financial avian—Doomberg—to unpack the escalating chaos in the Middle East and its profound impact on global energy markets.

Recorded on Tuesday, March 3rd, as the fog of war deepens, we dive into why oil prices are spiking and how the world’s reliance on fossil fuels is shaping modern warfare.

Doomberg delivers his signature "no-holds-barred" analysis from "fly-over country," using his unique mental models to strip away the mainstream narrative. We explore the massive disconnect between the information being fed to the public and the harsh realities of energy physics and geopolitics.

In this conversation, we cover:

• Operation Epic Fury: A day-three characterisation of the conflict.
• Energy as a Weapon: Why energy security is the ultimate arbiter of market stability.
• The Fog of War: Navigating misinformation and understanding the longevity of current market volatility in the age of algorithms. 
• Market Impacts: How investors should view the intersection of politics and commodities during periods of high tension.

Whether you're looking to understand the macroeconomic shift or seeking a "maverick" perspective on the green transition versus energy reality, this conversation provides a sobering look at where we are headed.

Brought to you by Progressive Equity. 

Disclaimer:
This podcast is for informational and entertainment purposes only. Nothing discussed in this episode constitutes financial or investment advice. Global markets are currently experiencing extreme volatility; please perform your own due diligence and consult a professional financial advisor before making any investment decisions.

Earlier this year, in Episode 15, I spoke to Laurence Hulse and Alyx Wood about investing in the UK equity market from the perspectives of two UK-focused professional investors with distinctive strategies. 

On October 17th, I got Laurie and Alyx back together with Simon French, Chief Economist and Head of Research at City stockbroker Panmure Gordon, to ask the question, Why Invest in the UK?      

It was a great conversation on a live topic of interest for investors and one I hope to return to in future episodes. 

Simon frames the discussion with his expertise in interpreting macroeconomic data.

Alyx adds his perspective of an investor who spends much of his time talking to international investors about investing in the UK. 

Laurie talks of what he sees as a generational opportunity to buy abnormally cheap assets at the bottom end of the UK’s “out of favour” stock market.   

As always, this is for information purposes only. This is not investment advice. 

This episode was recorded on September 21, 2023.

For today’s episode, I am joined by the private investor and host of the Desert Island Investor podcast, Mark Atkinson, for a conversation with the Chairman and CEO of Town Centre Securities, Edward Ziff. 

Edward is the second-generation custodian of the family business with a rich history largely centred on the City of Leeds. 

Edward talks candidly about the challenges of managing a small listed real estate company in which his family holds a controlling stake. He discusses the difficulties of attracting outside shareholders and how modern norms of PLC life often run counter to the cherished traditions of personal relationships often prevalent in family-owned companies.

Edward is not a first-generation entrepreneur managing growth and holding a tiger by the tail. First and foremost, he is trying to preserve capital and generate income for an increasingly dispersed group of family and friends while meeting the requirements of a modern listed company. 

Despite navigating the financing pitfalls of the global financial crisis and the COVID pandemic, Town Centre Securities is left today as something of a stock market relic, trading at less than half its assessed net asset value, reflecting its small size and lack of institutional appeal.  

As Edward says, running a small listed family business is exciting and depressing in equal measure.

This episode is made possible by Progressive Equity Research, providing freely available engaging research & opportunities to hear from a wide range of small & mid-cap UK-listed companies.

This is a catch-up with Alasdair Haynes, founder and CEO of Aquis Exchange. He last appeared in Episode 3 in November 2021, and much has changed in the meantime. Aquis has continued to grow and is now ten years old. Alasdair has been at the forefront of innovation in stock market technology for many years and remains enthused by the prospects for change and innovation despite a recent health scare. Alasdair openly discusses the successes and mistakes he has made along the way but also clearly reiterates his vision of the future, including the need to improve the UK as a primary listing and trading venue. Please enjoy my conversation with the maverick Alasdair Haynes. 

This episode is made possible by Progressive Equity Research, providing freely available engaging research & opportunities to hear from a wide range of small & mid-cap UK-listed companies.

For today’s episode, I am rejoined by Sukh Chamdal, the founder and CEO of AIM-listed Cake Box. 

For background on Sukh and Cake Box, you should listen to episode 2 from November 2021, where Sukh talked about the formation of Cake Box as a retailer of egg-free celebration cakes and growth via a franchising model.  

I was keen to catch up with Sukh as, over the last 18 months, the UK consumer has been under pressure from the rising interest rates, inflation and a general cost of living crisis.  

Cak Box has also had specific issues not uncommon among growing businesses, and Sukh has a new senior management team. 

I visited Sukh last Summer and saw the Enfield distribution centre. I witnessed Sukh's passion for all aspects of the business, particularly the development of new products and production and distribution efficiency. 

Cake Box now has over 200 stores and continues to grow. Sukh believes that consumers have re-adjusted to the higher cost of living and remain prepared to spend on treats for birthdays and special occasions. 

Please enjoy my catch-up with the maverick, Sukh Chamdal.

This episode is made possible by Progressive Equity Research, providing freely available engaging research & opportunities to hear from a wide range of small & mid-cap UK-listed companies.

For today’s episode, David Seaman of Alpha Cygni Investment Management joins me for a conversation with James Wilson, fund manager of The Huginn Fund. The Huginn Fund applies the value investing principles of the wider Phoenix Asset Management team to international markets. However, James has his own very distinctive approach to investing. 

David and I have attended the Phoenix Annual Investor Meetings together for the last couple of years and have been impressed by James’ presentations of his top picks, last year of French champagne house Laurent Perrier and this year's US onshore gas producer CNX. 

James talks about his investment philosophy, why he seeks to invest in leaders rather than managers and the difference leaders can have on their organisations. He gives us insights into what he regards as the hidden value in three companies covering the French luxury goods industry, the US natural gas market, and the UK floor coverings market. 

James dives into his holdings in Laurent Perrier, CNX and the UK’s Likewise Group. 

James leaves few stones unturned in his approach to getting insight and understanding of the companies he invests in. He gives us a masterclass in value investing, the importance of doing the work, and the insights it can yield.  

I learnt a lot from this conversation. I hope you do too. 

This episode is made possible by Progressive Equity Research, providing freely available engaging research & opportunities to hear from a wide range of small & mid-cap UK-listed companies.

I am joined by private investor Mark Atkinson, host of the Desert Island Investor Podcast, for a conversation with Mark Smithson, the founder and CEO of Marks Electrical. 

Marks Electrical is an AIM-listed online retailer of household electrical products providing nationwide next-day delivery of a wide range of household appliances.  

Mark’s straightforward approach to his business is based on an enduring work ethic, deep domain knowledge and a commitment to business efficiency based on common sense and the application of technology.  

In today’s episode, we follow the story of an entrepreneur who started selling reconditioned second-hand gas cookers in the 1980s to become CEO of a listed business with a shareholding worth over £60m.

Mark talks openly about the challenges he’s faced and the mistakes he has made. 

However, armed with a “never give up” attitude, he sees his business as well positioned to grow market share in the competitive space for household appliances. Mark epitomises raw entrepreneurial spirit, and his story has lessons for us all.   

Today I am joined by two young active UK equity fund managers with distinct investment styles. 

Alyx Wood is the founder and Chief Investment Officer of Kernow Asset Management. Kernow is a contrarian investor using fundamental analysis and catalyst-driven mean reversion investing. Alyx is a long-short investor.  

Laurence Hulse is a Director of Dowgate Wealth. He is the fund manager of the recently launched investment company Onward Opportunities Ltd. 

Onward Opportunities' strategy is to pursue inefficiencies in the UK market for small and micro-cap companies. It is a long-only strategy.  

Laurence explains his background and how he fell for the style of investing, which he describes as engaged activism, using a velvet glove, not a boxing glove. 

He gives us examples of how this strategy has been effective in the past, and we talk about the current UK market conditions in which Laurence is launching this new vehicle. 

Alyx and Laurence are maverick investors among today’s market participants who are often passive trackers, index huggers, or trend followers. 

This was a fascinating discussion about how professional investors seek to outperform with strategies that Alyx describes as suiting their personalities. 

In Alyx’s capacity as a family office manager, he describes why he likes the strategy of Onward Opportunities and how it compliments his investment style. 

I greatly enjoyed this chat. I learnt a lot. I hope you do too. 

This episode is made possible by Progressive Equity Research Ltd.

A great conversation with two Irishmen with deep domain knowledge in commercialising modern pharmaceutical products. This is a journey into the world of precision medicine and diagnostics. Padraic Dempsey, formerly CCO at Uniphar, joins me for a fascinating conversation with Peter Keeling, the founder and CEO of Diaceutics PLC. Diaceutics' data platform DXRX sits at the intersection of life science and data science as a diagnostic commercialisation tool used by the World's largest pharmaceutical and biotech companies helping patients find the right therapy. It might not sound like a big deal, but as therapies become more targeted, it is much more difficult for the right drugs to find the right patients at the right time. 

Thanks to Progressive Equity Research for making this episode possible.

In this episode, Miles talks about the changes he is implementing in the business and the opportunities to grow by product, industry, and geography, both organically and via acquisition. Miles demonstrates a wide-ranging understanding of the markets in which Concurrent operates and foresight of how to raise its growth ambitions. Since joining Concurrent, the business has had to cope with a significant component shortage which has impacted the performance of the business in 2022. Toward the end of the episode, Miles discusses a significant obstacle he has had to cope with from a young age. Miles provides inspirational advice to others who might be facing similar issues. Thanks to Mark Atkinson for introducing Miles and the great questions he asks. Many thanks to Miles for sharing his story in such an open and honest way.       

In this episode, Andrew Hollingworth of Holland Advisors discusses what he looks for in the maverick owner managers he invests in. He talks about what he chose to back Mike Ashley of Sports Direct, now Frasers and how he thinks about capital allocation and governance issues. He also runs through his investment thesis on JD Wetherspoon, and other owner-managed scale economy shared businesses like RyanAir and Charles Schwab. Andrew is the fund manager of the VT Holland Advisors Equity Fund. This episode is produced in conjunction with Progressive Equity Research, offering objective analysis and access to company management teams across every market sector.

Finding Wonder Stocks with Jamie Ward -  Compounding, Nick Sleep, and the Parasite of Passive Investing

How do you find the next "supernormal" company in a world of radical uncertainty? In this episode, we sit down with
Jamie Ward, author of the Wonder Stocks newsletter and a mathematician-turned-investor who survived the Global Financial Crisis.

Jamie shares his framework for identifying stocks capable of 20% compound growth and discusses the profound influence of
Nick Sleep (Nomad Capital) on his investment philosophy. We dive deep into why stock selection is about more than just "crunching numbers" and evaluate two specific UK-listed companies: Frasers Group (FRAS) and Wise (WISE).

We also tackle the controversial rise of passive investing. Jamie explains why he views index trackers as a "parasite" on market efficiency and how retail investors should navigate this shift to protect their capital.

In this episode, you’ll learn:

• How to filter for companies with 50x to 100x return potential.
• The specific stock selection criteria Jamie uses to find "Wonder Stocks."
• The bull case for Frasers and Wise.
• How to adjust your portfolio for the impact of passive flows.

Show Notes & Keywords

• Guest: Jamie Ward (Wonder Stocks Substack)
• Keywords: Value Investing, Compound Interest, Stock Market Strategy, Passive Investing vs Active Management, UK Stocks, Frasers Group Analysis, Wise Stock, Nick Sleep, Nomad Capital, Financial Markets.

Brought to you by Progressive Equity

I am joined by franchise industry veteran, Ian Bradley, for a conversation with Stephen Hemsley, Founder and Chairman of Franchise Brands.

*** A REQUEST - I support a charity called Level Water which uses the power of swimming to change the lives of children with disabilities. Later this month I will be swimming the 6km from Averton Gifford to Bantham in Devon to help Level Water fund its noble cause. If you have found value in listening to the In the Company of Mavericks podcast series, I would appreciate it if you could make a modest contribution to my fundraising page. I have experienced myself and seen others flourish from the greater self-belief instilled from developing swimming skills and enjoying the water. It is a very worthy cause. Thank you. Jeremy ***

Stephen discusses his journey from training as an accountant to 3i, to Dominis Pizza and then onto the formation and development of Franchise Brands. He talks about the lessons learnt from the remarkable growth of Dominos, the importance of technology and effective guiding principles for developing trust with your franchise partners. 

This episode is a fascinating insight into the changing mix of our sources of energy from serial entrepreneur Andrew Austin. Andrew is founder and Executive Chairman of Kistos Plc which he founded in 2020. Kistos owns gas assets in the Dutch sector of the North Sea and has agreed to acquire an interest in the Greater Laggan Area, West of Shetland from Total. Andrew talks about how to structure M&A deals in volatile energy markets, the importance of low carbon locally sourced natural gas as a bridging fuel to a fully renewable future and some interesting tips with keeping in touch with his shareholders. Please enjoy our conversation with the maverick, Andrew Austin. Brendan D'Souza In the Company of Mavericks 

Renowned stockpicker Rosemary Banyard joins me for a fascinating conversation with Julie Lavington and Ali Hall co-founders and co-CEOs of online women's fashion brand Sosandar. Julie and Ali met in 2006 working at Time Inc. They launched the successful women's high street fashion magazine Look, which had a 300 000 weekly circulation. They identified an opportunity in the online fashion market and set up Sosandar in 2016, reversing the business onto AIM a year later. They have since strongly grown revenue and have been vindicated with the brand being carried by large UK retailers, M&S, Next and John Lewis. Julie and Ali talk openly about the challenges they have faced including raising equity, working with suppliers, and becoming a PLC. They also tackle head-on the question of operating as co-CEOs and demonstrate utter conviction about their plans to become an internationally recognised household name. Julie and Ali both have a rare authenticity and a refreshing approach to teamwork and shared responsibility which sets them apart from the norm, true maverick credentials.        

Brendan D'Souza of Dowgate Capital joins me to talk to Nadeem Raza, CEO of Microlise. Microlise is a dominant software supplier to the UK logistics and road haulage industry. Nadeem has worked his way up from being a software engineer in the late 1980s and gives us a masterclass in how focusing on solving customer problems and taking a long term view of the business opportunity can drive value creation. Nadeem discusses the impact of changing technology and events such as the financial crisis and the 2008 MBO focused attention on developing the SaaS revenue model. As he says, what doesn't kill you makes you stronger. On IPO in 2021 Nadeem chose not to sell any shares and has subsequently bought more, marking him out from the norm. His long term vote of confidence in the international growth potential that Microlise offers is notable. Nadeem also describes how interconnected we are as an economy and the role that transport and logistics play vital roles in keeping us in the manner to which we have become accustomed.  

Chris Bogart discusses how he started to dabble in litigation finance as a hobby, but the onset of the global financial crisis led to the formation of Burford Capital and a 12-year journey to industry leadership and a listing on the NYSE. Chris describes how culture, risk assessment and the adoption of data science have all played a part in helping Burford drive its competitive advantage in the developing market for litigation finance. David Seaman of Alpha Cygni Investment Management adds some in-depth questioning on key aspects of the Burford story, including the periods of investor scepticism, its culture and how Chris thinks about risk. Please enjoy. 

Gareth Evans of Progressive Equity joins me for a discussion with Jonathan Satchell, Founder and CEO of Learning Technologies. Jonathan talks about his early career, his passion for technology his journey into video training, eLearning and professional development leading to the creation of LTG and AIM IPO in 2013. He discusses how he and his partner, Chairman, Andrew Brode, chose to go the PLC route rather than use private equity. Jonathan shares some of his secret sauce of acquiring and refining businesses that he has acquired and how he got inspiration from the work of Sir Martin Sorrell at WPP. He also discusses how it is important to mix the differing cultures of product and service companies to meet the complex needs of his customers. In particular, he talks about the opportunity his largest and most recent acquisition offers LTG. Despite the short term margin dilution, he believes he has acquired a bargain for his shareholders. In the conversation, we also discuss the positive impact both The Great Resignation and the metaverse are already having on his business.  

In this fascinating discussion, Morgan talks openly about how his dyslexia shaped his early life and was foundational in his becoming an entrepreneur. He also talks about how the combination of technology and high-performance people can deliver the complex requirements of large companies and financial institutions. He also talks about why his recent decision to decentralise the business was the best decision he has made since the inception of the business in 2009. Morgan also says developing self-awareness is the best advice he could give someone. Alpha FX Morgan Tillbrook Andy Bryant

Hotel Chocolat Co-founder and CEO Angus Thirwell delivers a masterclass in how to develop a customer-led business. We begin with a chat about Angu's early life and the evolution of the Hotel Chocolat brand. Angus talks about the benefits of being a founder-led business which has among other things allowed Hotel Chocolat to build long term sustainable growth by doing the right things and not just the easy things. Armed with a long term strategic ambition to deliver pleasure by chocolate, Angus reveals a real passion for his product and the brand. Angus Thirwell Ben McKeown In The Company of Mavericks IntoFergus

The Episode Timeline:
1.11 - 3.51 Introduction to Angus's early life as an entrepreneur and son of Mr Whippee taking him to The West Indies as a 3-year-old. This was followed by boarding school back in the UK.
3.52 - 5.40  School Film Society initiative with a subscription model and the missed opportunity to start Netflix
5.40 - 6.49  Music and lyrics. Fergus singer-songwriter.   
6.50 - 10.52 From selling technology in France to meeting co-founder Peter Harrison and the formation of The Mint Marketing Company.
10.53 - 12.21  Being led to chocolate by their customers
12.22 -  16.43 The journey from B2B to B2C and challenging suppliers to be more creative. Discovering the gift-ability of chocolate with the Chocogram led to the discovery of the Tasting Club, a key tenet of today's innovative culture in Hotel Chocolat.
16.44 - 19.33 The difference between innovation and novelty. Looking for 10 out of 10 chocolates that excite customer tribes. Black Forest Gateaux drinking chocolate reappears from the 1970s.
19.34 - 23.21 Opening the first shops as a lesson in capital discipline but involved a new overarching brand to draw together Chocolate Express and The Tasting Club. The seductive appeal of chocolat and the delight of a hotel. A new world for consumers to discover the brand.  23.22 - 26.02 Manufacturing and the benefits of vertical integration including better IP protection.
26.03 - 27.59 The spat with Waitrose and the importance of long term properly invested business in control of its own destiny. Doing the right things not just the easy things.
28.00 -  33.03 Overseas expansion and its challenges. A long hard road, a decade in and only just starting to bear fruit. Understanding local consumer preferences. Multiple ways of growing in new markets.
33.04 - 35.36 The pandemic bringing out the best in Hotel Chocolat and the lessons from COVID. Adapting to the new order the benefits of integration and the use of creativity to discover new opportunities. Pledge to keep the Hotel Chocolat family together and keep the chocolat flowing.     
35.37 - 37.59 The development of subscription revenues. The win-win of a hotel Chocolat family supply subscription model. The podster re-cycling coffee maker.
38.00 - 39.20   Impact of supply chain issues and inflationary pressure. Using scale economies and other methods to mitigate cost pressures, but one thing customers require is a continued focus on quality.
39.21 - 42.15 Public listing and retention of independence. Importance of access to capital and the dilutive effect on the founders. Responsibility to maintain the long term provenance of the brand and its values. Has facilitated the funding of profitable growth. Less recourse to external capital in future will enable the business to develop on its long term growth trajectory undisturbed by outside influence.
42.16 - 43.26  The importance of being a founder-led company. In particular the competitive advantage of long term management tenure.
43.27 - 45.59 The 10-year vision for Hotel Chocolat. Pleasure through chocolate. Originality, Authenticity and Ethics are the 3 key pillars of growth. Evolution not revolution is the key. Widening the brand to encompass more categories. 
46.00 - 47.05 The biggest risk to growth is the maintenance of quality and not having too many balls in the air at any one time. The key CEO role is to prioritise projects to maintain quality and grow sustainably.
47.06 - 48.56 New treats to look forward to. The velvetiser is a core product. Coffee ranges and matcha drinks and biscuits of the gods, among others.
48.57 - 50.38 What have you changed your mind about since starting Hotel Chocolat? The big lesson is getting and retaining the best quality people possible. Amazing what can be achieved with a high calibre high performing team.
50.39 - 51.02 Thank you and goodbye. 
 

A Conversation with Alasdair Haynes, founder and CEO of Aquis Exchange. AIM-listed Aquis is a process innovator in the field of share trading and stock exchange technology. In offering the World's first subscription-based pricing Aquis offers its customers a marginal cost to trade of zero. The platform also reduces toxicity, or the impact cost of trading, improving execution efficiency. Aquis also runs a primary listings business called the Aquis Stock Exchange which competes with the LSE's AIM market for listings for smaller growth companies. Additionally, as a technology provider, Aquis offers services to exchanges and trading venues in other geographies and product markets.

Over the last four decades, stock market trading technology has changed completely. National stock exchanges have become more focused on data provision creating an opportunity for newer more adaptable businesses to emerge that can focus directly on the needs of their customers. The Aquis platform offers demonstrable improvements in efficiency as well as cost savings for market intermediaries and their customers (investors) which has driven market share gains over recent years. Aquis already provides 22% of market liquidity in European equities but has just a 5-6% share of the volumes traded. This provides significant scope for further market share gains over time.   

Alasdair has a long history of innovation in the exchange technology sector from his early beginnings as a trader with Morgan Grenfell and subsequent leadership roles at ITG, Chi-X and now Aquis. Our discussion covers the role of change in presenting opportunity, how liquidity improvements drive volume gains and how there is an opportunity in primary listings to create the NASDAQ of Europe via the Aquis Stock. Exchange.

Guest, Alasdair Haynes, https://www.linkedin.com/in/alasdair-haynes/ https://www.aquis.eu/aquis-exchange

Guest host, Ben McKeown, Director at Dowgate Wealth https://dowgatewealth.co.uk/our-team/ben-mckeown/

In today's episode, I am joined by Ben McKeown of Dowgate Wealth and we learn about the UK water buffalo, the importance of family values in company culture, what Gandhi said about customer care and how regular exercise stimulates creative thinking. Oh yes, we also learn about the amazing story behind the Amazon of cream cakes and how naughty but nice is returning to a high street near you after an absence of 30 years and some humbling examples about the importance of giving back. Please enjoy our conversation with the maverick, Sukh Chamdal.

Sukh Chamdal https://www.linkedin.com/in/sukh-chamdal-226a751b5/  Cake Box https://www.eggfreecake.co.uk/
Ben McKeown https://dowgatewealth.co.uk/our-team/ben-mckeown/
Jeremy McKeown https://hypernormaltimes.com/about

I recently chatted to Substacker, investment writer and investor, Jamie Ward.

Jamie writes the Wonder Stocks newsletter with a focus on identifying compounding supernormal growth stocks, and he shares his thoughts on how to find these stocks. 

He also discusses the damaging impact of passive investing on the stock-picking process.  

Full episode to drop soon. 

Be sure to subscribe. 
     

James Crawford UK MD of Naked Wines talks about his decision to join the unprofitable business in 2014 after the relative security of Diageo. He explains why his love of wine and his love of Naked's unique business model attracted him to take the plunge. He talks about the challenges of navigating the acquisition by Majestic and then the later sale of that business which allowed Naked to focus its resources on the biggest prize, growth in North America. Gareth Evans is the Founder and Managing Director of Progressive Equity Research.
Jeremy McKeown Inthecompanyofmavericks 

Are we over-indexed on the "Digital Masters of the Universe" while starving the physical supply chains that underpin national security?

In this episode, we dive into why global capital might be facing the wrong direction. We’re joined by Django Davidson, Partner and Portfolio Manager at Hosking Partners, to explore the Capital Cycle Theory—an investment framework made famous by Marathon Asset Management and financial historian Edward Chancellor.

While most of Wall Street obsesses over uncertain future demand, the Capital Cycle approach focuses on the one thing we can track: Supply.

In this episode, we discuss:

• The Mag Seven vs. Physical Reality: Why the chronic underinvestment in critical infrastructure is creating a massive valuation gap.
• The Chancellor Doctrine: Understanding why return on capital—driven by industry competition—is the ultimate north star for share prices.
• The Return of the Cycle: How the current market mirrors the dot-com boom/bust and why we are in the early phases of a long-term capital rotation.
• Supply over Demand: Why analysing where capital is flowing (or fleeing) is more effective than chasing quarterly earnings.

Django breaks down the "huge valuation discrepancies" waiting to unwind and why the next decade of investing won’t look anything like the last.

Brought to you by Progressive Equity. 

Disclaimer: This podcast is for informational and entertainment purposes only and does not constitute financial advice. Markets are volatile; please conduct your own research or consult a professional advisor before investing.

Supply is Measurable, Demand is Storytelling - Capital Cycle Investing with Django Davidson of Hosking Partners. 

In his legendary book Capital Account, Chancellor said that:  Over the long run, it is a company’s return on capital, not changes in quarterly earnings, which primarily determines the direction of its share price. The return on capital of any company is largely subject to the state of competition within its industry.

Simple stuff, but this process happens in cycles; capital is attracted to higher returns and is withdrawn when returns fall. Critically, it is an approach to investing that focuses on supply conditions rather than expected but uncertain future demand. 

So, as capital cycle investing came into prominence during the dotcom boom and bust, it is unsurprisingly making a comeback today. 

And it is Django’s view that we are in the early phases of a new long-term capital cycle, and the world, as he sees it, has some huge valuation discrepancies to unwind. We had a fascinating chat.  

The monetary metals, gold and silver and so-called digital gold, or Bitcoin, have had an unusual few months. 
  

As recently as September last year, the gold price was $3,500/oz, silver was $40/oz, and a Bitcoin was priced at around $110,000. 

Since then Gold rose by over 50% to $5,400 / oz before correcting to $5,000 / oz or up 40%; silver rose nearly 200% to $115 / oz before correcting to $80/oz up 90% and while all this was going on the price of Bitcoin more than halved peak to trough before stabilising down 40% at c $70,000. 

So, why the volatility spike? What just happened to the debasement trade? Has the newly nominated Fed Chair changed everything? Is AI or quantum computing about to kill Bitcoin? Is the FT right? Is the Bitcoin price still $70, 000 too high?    

To help dig into what we have just experienced, I was joined last week by two friends of the pod and long-term advocates of precious metals and Bitcoin, so-called outside money, to try to better understand the drivers behind these volatile asset prices and how to assess where things might go from here. 

Dominic Frisby, of the Flying Frisby Substack, has written books on Bitcoin and gold, and multi-asset manager Charlie Morris of ByteTree is the founder of the BOLD (Bitcoin & Gold) Fund, which recently launched on the London Stock Exchange. 

It was a timely discussion in which we tried to dissect the different drivers of these asset prices and what has changed as a result of these dramatic moves. 

But of course, none of what you are about to hear is any kind of advice, but just for your information and hopefully entertainment too. You should seek personal financial advice and do your own research before investing a penny in these crazy markets.         

And with that said, please enjoy my conversation with Dominic Frisby and Charlie Morris.

Brought to you by Progressive Equity. 

Last week, I spoke with two longstanding advocates of outside money and the debasement trade: wealth manager Charlie Morris, the founder of the BOLD (Bitcoin and gold fund) and author, Substacker and all-round renaissance man, Dominic Frisby.

My question to them was: WTF is happening to gold, silver, and Bitcoin, and following their extraordinary price actions over recent months, where to now?

Please subscribe to ITCOM, where you listen to your podcasts, so you don't miss the full episode later this week, along with other great guests and topics lined up over the coming weeks.

Brought to you by Progressive Equity. 

Davos Man, The Revelation & Capital Rotation

For this episode, I chat with Roger Lee, Head of Equity Strategy at Cavendish and a City veteran with almost 30 years in the equity market. 

Roger started his broking career with Cazenove, then worked at HSBC James Capel, JPMorgan, Deutsche Bank, and, most recently, as Head of UK Equity Strategy at Investec.   

Roger is a Fellow of the Institute of Chartered Accountants, a Physics graduate and a frustrated Politician.

For this discussion, I wanted to talk to Roger about politics and how it has come to dominate markets over recent years. He puts today’s seemingly chaotic geopolitics and rather depressing UK domestic politics into a useful historical context. It was an absorbing and illuminating chat with some suggestions on how markets might play out over the coming months.
 

But as ever, none of what you are about to hear is any kind of advice; it is for your information and, hopefully, entertainment. Please seek personal financial advice and DYOR before investing a penny in these volatile markets. 

And with that said, please enjoy my conversation with Roger Lee. 

Brought to you by Progressive Equity. 

I spoke last week with Roger Lee, Market Strategist at London broker, Cavendish.

We had a great conversation, sharing views on how politics have impacted markets over the span of our professional careers. 

Particularly we discuss how we are in revelationary era for Davos Man, the global elite and the interests of the ordinary man. And how the West can no longer afford the cost of the state. 

Roger talks about his ideas of how Trump's policy volatility and the impact of the AI card cycle has and will continue to impact financial markets.

Dropping soon on all good podcast apps. If you want to listen to this and future episodes, be sure to subscribe to In The Company of Mavericks. 

Small Ships, Big Oceans, World on Fire

Ami Daniel on the Middle East energy shock, the death of cheap intelligence, and why the SaaS apocalypse is your opportunity

Ami Daniel, founder of maritime AI company Windward, returns to the pod with a front-row view of the Middle East energy shock — and a confession about the one big thing he got completely wrong about AI.

With US naval pressure tightening around Iranian ports and ships going dark in the Strait of Hormuz, Ami explains why this energy crisis has no quick fix: 20% of the world's oil and gas cannot simply be rerouted. He maps the geopolitical reshaping of the Middle East, why Israeli and UAE capital markets are telling a different story to the headlines, and why the Abraham Accord alliance may become the defining axis of the region for the next two decades.

Then the conversation shifts to AI and investing. Ami's big admission: he thought data would be commoditised and insight would be scarce. He had it exactly backwards. Insight is now effectively free — you can get PhD-level analysis on an API. Data is the scarce resource. That one inversion is eating the entire SaaS industry alive.

But Ami argues the SaaS collapse is a buying opportunity for patient investors — if you know what to look for. Proprietary data moats. High average order values. Strong net revenue retention. And it's also a good idea to look for wartime CEOs who have navigated real adversity before the good times arrived.

We also get into Windward's own journey — why leaving the London Stock Exchange wasn't a vote against the UK market, why he's now backing a company to list there, and what it means to steer a business through years of people thinking you're wrong.

Five takeaways:

1. The Middle East energy shock is structural — there is no easy fix
2. The region is being geopolitically reshaped, and capital markets are repricing it
3. Defensible data moats are the new scarce resource in an AI world
4. The SaaS collapse is a patient investor's opportunity
5. Back wartime CEOs — people who kept going when nobody believed in them

Brought to you by Progressive Equity.

Links mentioned in this episode:

Windward insights: https://insights.windward.ai
Ami Daniel on LinkedIn: https://www.linkedin.com/in/amidaniel
Windward on X: @WindwardAI
Ami Daniel on X: @AmidanielOne
Orlando Bravo / Thoma Bravo—software is a buying opportunity (CNBC): https://www.cnbc.com/2026/02/11/tech-investor-orlando-bravo-software-ai.html
Ben Horowitz — Peacetime CEO / Wartime CEO: https://a16z.com/peacetime-ceo-wartime-ceo/
Previous episode with Ami (September 2024): https://substack.com/@jeremymckeown/p-148564789
HyperNormal Times: https://jeremymckeown.substack.com

Simple But Not Easy

– The Investment Wisdom of Richard Oldfield

Richard Oldfield, Founder of Oldfield Partners and author of Simple But Not Easy. 

We discuss the psychology of value investing, the structural flaws of modern asset management, and the challenges of navigating the bifurcated markets of the mid-2020s.

Episode Overview

In this episode, veteran investor Richard Oldfield debunks myths about the finance industry, arguing that successful investing is "simple but not easy." Drawing on decades of experience—from the 1970s inflation era to the AI boom of 2025—Oldfield explains why value investing is a character trait rather than a learned skill, why "doing nothing" is often the best strategy in a crisis, and why investors should treat the stock market like a casino where the odds vary wildly depending on which "table" you sit at.

Key Takeaways

Value Investing is In the Blood. Oldfield argues that true value investors are born, not made. It requires a contrarian temperament that naturally gravitates toward unloved assets—a trait that is "simple" to understand but psychologically challenging ("not easy") to execute.

Growth vs. Value. Oldfield believes value provides a "margin of safety" that prevents the ground from opening up beneath you, as it does with growth stocks. He discusses his view of an exciting future for value versus growth. 

Index Hugging. Oldfield is a fierce critic of large asset management firms, arguing they inevitably drift toward mediocrity and "index hugging" (mimicking the market to avoid being fired). He advocates small, independent firms that can maintain "distance" from the noise of Wall Street and the City, enabling independent thought.

A Checklist for Selecting Managers: When choosing a fund manager, Oldfield warns against relying on past performance, calling it a "trap". 

Brought to you by Progressive Equity. 

A preview of the upcoming episode of In the Company of Mavericks, Simple But Not Easy with Richard Oldfield. Hosted by Jeremy McKeown, this podcast series delivers conversations with people who dare to be different. Listen to this trailer and follow now to catch the full release and other exciting content on its way to your ears. 

In this episode, we move beyond the typical hype surrounding cryptocurrency and digital assets to dissect the plumbing of the global financial system. 

To do this, we have a panel of industry insiders:

You will hear from Steve Whyman, who previously ran Fidelity International’s debt capital markets business, where he built their investment thesis for digital assets from scratch. Joining him is Ian Hunt, a 40-year veteran of the buy-side who designed the very first ledger for a tokenised fund launched in the UK market. Rounding out the panel is Marvin, an economist and returning "friend of the pod," who brings his critical geopolitical lens to the discussion.

Our guests argue that the current financial ecosystem is not just inefficient, but fundamentally "absurd", filled with intermediaries that add cost without adding value. They contend that we are standing at a precipice: we can either "retool" old processes with new tech, or undergo a paradigm shift toward "composability"—a system in which smart contracts self-execute and assets are built from the ground up as tokens.

This conversation goes far beyond technical theory.

The panel explores:

• How tokenisation will democratise wealth, allowing individuals to invest mere pence into equities, bonds, and private assets.

• The massive geopolitical threat to London’s dominance, as self-executing contracts may remove the need for English Common Law in global debt markets.

• How the rise of US-backed stablecoins could act as a foreign policy tool to counter China and destabilise economies in the Global South.

Stay tuned until the end for an existential risk to the Euro and the European Union: a flight to digital dollars could trigger a major liquidity crisis.

Coming soon, we explore how tokenisation is set to revolutionise the global economy.

Joined by "friend of the pod" Marvin Barth of Seriously, Marvin? and Thematic Markets, we chat with digital assets specialists Dr Ian Hunt and Steve Whyman.  

We expose the "absurd" complexity and cost added by traditional intermediaries in the financial sector. Discover how blockchain technology acts as the ultimate disintermediator, democratising access to markets by allowing individuals to invest mere pence into equities, bonds, and private asset funds.

We dive into:

• The geopolitical impact of self-executing contracts, reducing reliance on traditional jurisdictions like the UK for global transactions.

• The rise of dollarised stablecoin economies in emerging markets such as Venezuela, Nigeria, and Argentina.

• Critical predictions regarding the potential "end of the European Union" and financial events that could make the Silicon Valley Bank collapse look minor by comparison.

Tune in to understand why financial markets designed for intermediation are facing a huge disruptive test. 

Keywords: Tokenisation, Blockchain, Fintech, Disintermediation, Stablecoins, Global Economics, Investment, Smart Contracts.

Brought to you by Progressive Equity. 

Is silver's price spike a bubble, or an early warning of government confiscation for AI data centres and military needs? Craig Tindale, Australian investor and essayist, argues the West has lost touch with the physical economy — and national capitalism is our only path back.

In this episode:
• Why Craig sees silver regulation or confiscation coming, or where we rip out solar panels for their silver content. 

• How Western policy has detached from real-world physics
• Lessons from 40 years of upgrading Asian manufacturing, banks & central banks
• Why “national capitalism” is the West’s last hope
• The real economic operating system we’ve forgotten

Timestamps:
0:00 – Intro & Craig’s background
4:44 – The West’s detachment from physical reality
12:24 – Silver: not a bubble, but a strategic signal
20:26 – National capitalism vs globalism
29.04 – Lessons from Asia’s economic transformation
38:03 – Final thoughts & provocative outlook

For information & entertainment only – not financial advice. Always do your own research or consult a professional before investing.

Did you enjoy this? If so, please leave a 5-star review — it really helps the show reach more listeners! Subscribe for weekly deep dives into markets, economics and the investment world.

Brought to you by Progressive Equity.