136. Taxing the cryptocurrency traders

From tax returns to elective surgeries, and from national grids to who’s watching what on TV, there are plenty of attractive franchise opportunities to be found around the world. In this interview, Bertrand Cliquet, co-manager of Lazard Global Equity Franchise fund, tells us about the three ways he and the team make money for investors, why they don’t hold Amazon and why cryptocurrency gains could benefit one of their stocks.

Spotify Podcast

Run by a four-strong team located in London, Sydney and New York, Lazard Global Equity Franchise looks for companies that have an edge in their respective business sectors. It can invest in any business around the world, but because the managers are looking for industry leaders, there is a natural bias towards larger-sized companies.

Read more about Lazard Global Equity Franchise

What’s covered in this podcast:

  • What type of company qualifies as a global franchise [0:19]
  • Why the fund doesn’t hold Amazon [1:06]
  • Why a third of the portfolio is invested in European firms [2:20]
  • The three ways the managers make money for investors [3:25]
  • How the team looks at ESG [5:11]
  • Why national grids are so important to the energy transition [7:08]
  • Why the ‘reopening’ of elective surgeries makes some healthcare companies interesting [7:50]
  • Why the managers like US tax company H&R Block [9:42]
  • How to make money from knowing who is watching what on TV and via WhatsApp [11:42]
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