In this episode, Jeremy is joined by David Seaman for a conversation with Henry Rayner and Jamie Hartley, two fund managers at Ennismore, about how they've developed their craft as small-cap investors through the firm's Academy programme.

We discuss:

How the Ennismore Academy throws new joiners into pitching their own ideas from week one, and why that builds the muscle for genuine idea generation
The transition from mechanical screens to lateral thinking, and why building a "bank of companies" takes years
Useful jumping-off points beyond valuation screens: insider buying, special situations, spinoffs
Decomposing expected returns into free cash flow yield, earnings growth, and rerating
Why South Korea may be where Japan was three years ago — and how reforms under the new administration are driving genuine governance change
Henry's thesis on Saramin, a Korean job classifieds business trading below its net cash balance
The post-COVID biopharma destocking cycle and why sell-side models missed the bullwhip effect
Jamie's positions in Spirax (Watson Marlow, steam solutions) and Sotera Health
Portfolio construction in a multi-manager model and why uncorrelated theses matter
Using AI to steel-man investment theses

Whether you're a professional investor, a private investor looking to deepen your craft, or someone curious about how young fund managers learn the trade, this conversation offers a window into the discipline, patience, and lateral thinking that go into small-cap investing.

Brought to you by Progressive Equity

Episode sponsor Finance Talking

Disclaimer: The podcast and the information, statements, opinions, interpretations and beliefs contained in it are those of the participants and are provided in good faith, but no representation or warranty, either expressed or implied, is provided in relation to their accuracy, completeness or reliability, and no person shall be entitled to place any reliance on the views and opinions expressed. The information provided is not intended to be, nor should it be construed as, investment, financial, tax or legal advice, or a recommendation to buy, sell or hold any security or other investment or pursue any investment strategy. Neither the podcast nor any of the information discussed constitutes an inducement, offer or solicitation to purchase or sell any securities.

small-cap investing, Ennismore fund managers, South Korea value investing, biopharma destocking cycle, net cash balance sheet investing, margin of safety

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Becoming a Fund Manager From Academy to Allocator - Jamie & Henry from Ennismore discuss how to find investment ideas