My guest, John Chatfeild-Roberts is a veteran UK fund manager at Jupiter Asset Management and former Chief Investment Officer of the firm. With over three decades of investment experience, he is best known for his work on the Jupiter Merlin multi-manager investment team, where he focuses on fund selection, portfolio construction, and long-term capital preservation.In this exceptional podcast episode, I sit down with John Chatfeild-Roberts, who has spent 30 years building one of the most successful fund-of-funds businesses in the UK - managing over £6 billion for more than 200,000 investors through the Jupiter Merlin portfolios.KEY TOPICS COVERED:Investment Philosophy & Strategy:- How to identify outstanding fund managers before everyone else- The "right people, right time, right quantities" approach to investing- Why patience is the ultimate competitive advantage in investing- Active vs passive investing: when each makes senseReal-World Performance:- The fund manager who turned $10 into $233 (23x return over 27 years)- Managing a 34% position in a single fund - when high conviction pays off- How they achieved 2.5x benchmark performance over 30 years- Market inflection points that generated exceptional returnsRisk Management & Portfolio Construction:- Why most people buy at the top and sell at the bottom (and how to avoid it)- The liquidity lessons that shaped 30 years of investing- Concentrated portfolios: Why they own just 13-14 funds with top 5 holdings at 60%- How they navigated the 2008 financial crisis (by positioning in 2006-2007)Inflation Protection:- Why inflation has compounded at 4.5% annually since 1981- The two main real assets that protect purchasing power- Gold allocation strategies (peaked at 12-13% during GFC)- How £2,388 season ticket became £12,896 in 34 yearsFund Manager Selection:- What makes an outstanding fund manager (love of the game, competitiveness, patience)- Why manager selection beats geographical asset allocation- The importance of neurodiversity in investment teams- How to avoid groupthink in decision-makingPractical Insights:- Tax advantages of fund-of-funds investing in the UK- Why capital gains tax changes make this structure more valuable- Book recommendations for aspiring investors- The role of luck vs skill in investment successTIMESTAMPS:00:00 - Introduction02:23 - Growing up and early life challenges04:07 - Transition from army to fund management05:21 - What is a fund of funds?10:41 - Investment philosophy explained18:41 - Best fund manager selection (Findlay Park - 23x returns)24:01 - Portfolio construction strategy27:04 - Crisis management and the importance of quality holdings29:45 - Most stressful periods (COVID, GFC)33:33 - Best investment calls (China/commodities insight)35:14 - Can investors time the market?40:08 - Inflation concerns and protection strategies48:39 - Why fund of funds has a bright future50:09 - Book recommendations for young investorsQUOTABLE MOMENTS:"The truth is that most people buy at the top and sell at the bottom""Risk is not knowing what you're doing""If you're wrong 49% of the time you're probably a hero. If you're wrong 51% of the time you're a disaster""Shares make a real return of about 4% over and above inflation - that's what you need"BOOK RECOMMENDATIONS MENTIONED:- The Intelligent Investor - Benjamin Graham- The Stock Market - John Littlewood- The Great Crash - JK Galbraith- The Big Short - Michael Lewis- The Little Book of Behavioral Investing - James MontierJohn Chatfeild Roberts served as Chief Investment Officer at Jupiter from 2010-2015 and founded the Jupiter Merlin portfolios, which have maintained an exceptional track record over three decades. His insights on manager selection, market timing, and risk management are invaluable for investors at any level.Subscribe for more in-depth conversations with legendary investors and fund managers!