Some lives trace the currents of history; a childhood in Wales, growing up in the shadow of parents who had escaped Nazi Germany, academic distinction at Oxford and Wharton, followed by a career that moved from journalism to the apex of Silicon Valley venture capital and a philanthropic record that speaks quietly, but profoundly.

In this episode, we also welcome co-interviewer, Sandra Robertson, former guest and previous CIO at Oxford University Endowment Management.

In this fascinating conversation Michael starts by discussing what “makes a brilliant entrepreneur”, before reflecting on investing in Stripe, why the US has such an edge in VC, and on weighing, vision valuation and imagination.

He discusses allocating his own personal capital and his priorities, and then on his philanthropy and the process around identifying beneficiaries and assessing the impact of gifts made.

Then we turn to Ausländer, where he fuses pathos and humour, and has created a brilliant story of his family’s destruction and part survival, and raised vital questions around antisemitism and where the storm clouds are gathering.

Ausländer by Michael Moritz is published in the UK by Profile Books

You can also find the book here.
‍The Money Maze Podcast is kindly sponsored by Schroders, IFM Investors, World Gold Council and LSEG.

Moreover, if executed well, it offers the potential to act with a long-term horizon as true asset owners, and to unlock investment opportunities that individual funds might struggle to access alone.

Today in the UK, one of the most consequential organisations in UK pensions, is Border to Coast. They sit at the centre of one of the most significant shifts in UK institutional investing in a generation, and as of April 2026, will oversee nearly £120bn of local authority assets.

Rachel Elwell explains their investment approach, the motivation behind the merged pools and the advantages scale offers. Specifically, she discusses insourcing versus outsourcing, passive v active, where and why, UK v global, and the role of private assets, fees, as well as why Leeds is such a great place to live and work.

The Money Maze Podcast is kindly sponsored by Schroders, IFM Investors, World Gold Council and LSEG.

We have had some extremely distinguished guests over the last 6 years, but we haven’t secured one who combines, a Rhodes Scholar, US Army Colonel, Counter terrorism expert, leading the US’s cyber intelligence defence agency, and a lecturer at Oxford and beyond, whilst also having worked at Morgan Stanley, and now CEO at RSAC.

Jen plots a journey from Oxford to Westpoint, from Colonel of the US’s first Cyber Battalion to the Whitehouse, working under Condoleezza Rice and then chosen by President Biden to create CISA, The US’s first cyber defense agency.

In a whirlwind, world-wide tour, Jen plots the risks, defines the adversaries, reflects on intelligence, cooperation, and the real and present cyber risks to industries.

She offers advice to boards, the existential risks for businesses who think this is just a “technology issue” and leaves us with a stark observation. If the cost of annual cybercrimes were aggregated into one number, it would be equivalent in GDP terms to being the third largest economy in the world!

The Money Maze Podcast is kindly sponsored by Schroders, IFM Investors, World Gold Council and LSEG.

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