In this post-meeting discussion, George Ladds is joined by David Ridland, Partner at Castlebay Investments, to reflect on their recent conversation with fund manager Michael Crawford.

George and David unpack some of the key themes from the meeting, including the difference between true long-term sustainability and fashionable ESG labels, and why cultural integrity, capital discipline, and alignment with company management matter more than buzzwords. They explore the idea of company life cycles — growth, maturity, and decline — and how this framework helps investors judge quality, value, and future return potential more clearly.

The discussion also touches on the tensions within global equity income investing, challenging the assumption that every holding must generate income today, and explaining why a blend of growth, compounding businesses, and higher-yielding mature companies can lead to more resilient long-term outcomes.

A thoughtful and practical follow-up conversation that highlights the importance of frameworks, patience, and clear thinking in an increasingly noisy investment world.

In this episode of Castlebay Conversations, George Ladds is joined by Michael Crawford, Managing Partner and Chief Investment Officer at Chawton Global Investors, for a thoughtful discussion on long-term global equity income investing.

Michael shares the personal journey that shaped his investment philosophy, from early influences and professional training to the thinkers and frameworks that underpin his approach today. The conversation explores Chawton Global Investors’ Global Equity Income Fund and its focus on quality businesses, capital discipline, and patience in an increasingly noisy, short-term market environment.

Key themes include the importance of return on capital, company life cycles, alignment with management teams, and how sustainable income can be built through a blend of dividends and intelligent capital allocation. George and Michael also reflect on behavioural traps investors face, lessons learned over decades of investing, and why resisting short-term pressures is essential to long-term success.

A calm, insightful episode for listeners interested in quality investing, compounding, and building income that lasts.

In this post-meeting discussion, George Ladds is joined by David Ridland, Partner at Castlebay Investments, to reflect on their earlier conversation with Chris Bowie of TwentyFour Asset Management.

Together they unpack the key themes in plain English — from how bond prices and yields move like a seesaw, to why duration, liquidity and income matter far more than headline returns. The discussion explores common misconceptions around bond risk, the importance of understanding what sits inside a “corporate bond fund”, and why disciplined research and consistency of approach are crucial for investors.

A thoughtful, behind-the-scenes conversation that helps bridge the gap between theory and real-world portfolio construction.