You don't need to look too hard to find negative views about AIM, but is it overdone? Oliver Bedford, Lead Manager of the Hargreave Hale AIM VCT certainly thinks so and in this episode we give him a chance to make his case.
Amongst other topics, we talk about:
- the challenges AIM has gone through
- how undervalued AIM is
- why Britain is not broken
- listing in London versus elsewhere
- the impact of private equity
- why IPOs are not a good goal in themselves
- why its the companies not the macro picture that will change
- how the valuation gap doesn't need to fully close to outperform
- the effect of the recent changes to VCT rules
Oliver has thought about the issues deeply and that shows in the very considered perspective that he brings. Enjoy!
00:50 Oliver introduces himself
03:00 When companies are better being private than public
07:50 The challenges that AIM has gone through
10:00 the undervaluation of AIM
13:30 Britain is not broken
15:10 Why quality matters more than quantity of AIM listed companies
20:00 Why list in London versus the US/NASDAQ
23:00 Impact of private equity
24:00 IPOs are not a goal in themselves
25:30 Is being bullish on AIM contrarian?
28:00 Is looking for a big macro change the wrong idea?
30:00 the recent better period for AIM
34:00 How only a partial rerating is needed
35:45 How the recent legislative changes affect VCTs and investing on AIM
43:00 A further change that would increase capital availability
46:00 favourite questions
Links
Hargreave Hale AIM VCT website: https://www.hargreaveaimvcts.co.uk/
Hargreave Hale AIM VCT on LinkedIn: https://www.linkedin.com/company/hargreave-hale-aim-vct/?viewAsMember=true
Subscribe to the EIS Navigator podcast on most services here: https://the-eis-navigator.captivate.fm/listen
Suggested books and media
The Undoing Project by Michael Lewis
Hillbilly Elegy by J.D. Vance
Bio
Oliver Bedford BSc MCSI, Lead Manager, Hargreave Hale AIM VCT
Oliver Bedford graduated from Durham University with a degree in chemistry. He served in the British Army for nine years before joining the Investment Manager in 2004. After initially working as an analyst in support of the VCT, Oliver was appointed as co-manager in 2011 and then lead manager in 2019.
Disclaimer
Please note this podcast/interview does not constitute a financial promotion and is provided for informational purposes and should not be construed as an invitation or offer to buy or sell any investments. Please be aware that investments into unquoted companies are high risk, long term and illiquid investments. Your capital is at risk. Past performance is not a reliable indicator of future performance. Target returns are not guaranteed and forward looking statements are illustrative only and must not be relied upon. Investors should only invest on the basis of reading the full offer documentation.
