Forget the Magnificent Seven. This Is What's Next.
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What is the main topic discussed in this episode?
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This week on Leaders, with me, Francine Lacqua. I speak to tennis legend Rafa Nadal about how he stayed competitive despite injury.
I was able to enjoy the victories probably more than if I will not have this issue.
One iconic match.
In my mind was, I am almost dead.
And whether he misses playing.
I don't miss tennis because there was nothing else to offer.
Listen and watch Leaders with me, Francine Lacroix, on Bloomberg Television or wherever you get your podcasts.
Film school teaches you all the wrong things about making a documentary.
What do you want to say? Documentary is all about your ear. What do you hear? I feel like my job is listening really, really hard.
Listen to Here's the Thing on the iHeartRadio app, Apple Podcasts, or wherever you get your podcasts.
Bloomberg Audio Studios. Podcasts. Radio.
News. I think that's a little bit of SpaceX's history. So when they went out and said, we're going to go out and do reusable rockets and NASA said that was impossible, they went out and did that. So there was a bit of skepticism at the time. And then they built a fantastic launch business and they said, OK, we're going to go out and we're going to build Starlink. And then there was a lot of skepticism around whether that would be successful or not. Could you get the hardware and the software to work? work together. And they absolutely did that. And now you've got a large part of the value coming through orbital data centers. But there's a recognition here that this is a very strong company with a huge history in hardware and R&D.
And actually, that is a very large TAM going forward, and we'll continue to see that. But I think that's just really SpaceX's history of having a very ambitious view on what they're going to create, which no one has ever done before. And what we've seen is they've been able to do that time after time.
Welcome to Merrin Talks Money, the podcast in which people who know the markets explain the markets. I'm Merrin Somerset Webb, and this week I am speaking with Maggie Finari, CEO of J. Rothschild Capital Management, which manages the 4.5 billion pound RIT Capital Partners. Now, RIT has long been one of the most popular multi-asset funds for individual investors in the UK, but it's been through a longish period of being slightly off the boil. Look, over the last five years, New Zealand's share price is actually slightly down at a time when the S&P 500 has gone up around 70%. However, things have picked up a little recently under our guest. The shares are pretty much flat so far year to date, but around 18% over the last year or so.
So more or less in line with the S&P 500. However, that is not, as we are going on to discuss, strictly the correct comparison because RIT is not just a listed equity vehicle. It also has private companies, credit and real assets. And it is in the private portfolio in particular where there is a lot going on. It currently offers exposure to some of the year's most talked about IPO candidates and completed IPOs, including SpaceX, Anthropic, Stripe, OpenAI, and Databricks. So we are very, very glad to have Maggie on to hear about both the opportunities and the risks for trustees in those IPOs and, of course, in the rest of the portfolio. Maggie, welcome to Marion Talks Money.
Great. Thank you, Marion. Delighted to be here.
Okay. I've slightly summed up what RIT do, but we will have quite a lot of non-UK listeners who might not know the Trust as well as some of us do. So is there anything I missed? Anything you'd like to explain about exactly what it is that you do?
We've been around for more than 50 years. Really started as the Rothschild family office under Jacob Rothschild in the early 70s. And we became a listed investment vehicle in 1988.
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Chapters
4 chapters
1
What is the main topic discussed in this episode?
0:00–12:37
2
Who is Maggie Fanari and what does RIT Capital Partners' mandate look like?
12:37–26:50
3
Why did RIT shift emphasis into private companies like SpaceX and Anthropic?
26:50–27:59
4
How does RIT assess SpaceX’s long-term value and AI/compute opportunity?
27:59–33:38
Speakers
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