#2 The Risk Taker - Stuart Roden on the 5 Keys to a Successful Fund & Building a $10bn Hedge Fund at Lansdowne

#2 The Risk Taker - Stuart Roden on the 5 Keys to a Successful Fund & Building a $10bn Hedge Fund at Lansdowne

Author: Stephen Clapham's Podcast on Value Investing | Stockmarket Analysis | Equities September 16, 2021 Duration: 1:20:29

In this fascinating interview, Stuart Roden, former Chairman of Lansdowne Partners, explains the 5 keys to a successful fund, how his 25 year partnership with Pete Davies produced one of the most successful hedge funds in the UK and how now managing venture capital is a different, yet similar, game.

I have known Stuart for over 25 years but I learned more in this hour about his philosophy than I had previously. He has a winning combination of a razor sharp intellect, a love of markets, a wealth of experience and a nose for a winning idea.

In this interview, we hear how he was tempted to fire a client, the 5 key factors to run a successful fund, why you are either an analyst or a portfolio manager, how handwriting can reveal whether you will be a good employee, and how he and Pete Davies ran an incredibly successful $10bn hedge fund. I know you will enjoy listening to this as much as I enjoyed recording it.


Full show notes here

Behind the Balance Sheet is a forensic accounting and fundamental investing podcast for serious investors. Each episode dives into how real‑world investors source ideas, build conviction and manage their portfolios.

 

You’ll hear frameworks for analysing industries, understanding business models, and thinking about risk, behaviour and incentives, so you can refine your own process rather than copy stock tips.

 For full show notes, transcripts and additional resources, visit our ⁠website⁠.

If you value thoughtful, process-driven investing discussions, follow the show and consider leaving a short review, or just a 5* rating on Spotify or Apple Podcasts. Please help spread the word.


Stephen Clapham hosts Behind the Balance Sheet, a detailed conversation series that pulls back the curtain on how elite fund managers really think. Each episode is built on the premise that understanding a company requires digging far deeper than headlines or simple ratios. You’ll hear Clapham engage with celebrated investors such as John Armitage, Mario Gabelli, and Bill Nygren, dissecting their actual processes for evaluating businesses and spotting market inefficiencies. The discussions are technical and substantive, focusing on practical frameworks for forensic accounting, navigating capital cycles, and rigorous valuation. This isn’t about hot stock tips; it’s about the disciplined craft of equity research and risk management. The podcast serves as a continuing education for anyone-from dedicated private investors and students to working analysts and portfolio managers-who aims to sharpen their fundamental analysis and develop a more professional, critical investment mindset. Tune in for a masterclass in the principles of value investing, delivered through candid talks with the practitioners who have consistently generated alpha. You’ll come away with a clearer sense of the questions that need asking before any capital is committed.
Author: Language: English Episodes: 65

Behind the Balance Sheet
Podcast Episodes