Castlebay Conversations: Reflections on Havelock and Better Investment Thinking

In this post–fund manager meeting discussion, George Ladds is joined by David Ridland, Partner at Castlebay Investments, to reflect on their recent conversation with Havelock.Rather than revisiting performance or short-term market views, the discussion focuses on how good investment decisions are really made. George and David explore the balance between conviction and humility, the role of human bias in periods of market stress, and what it means to build portfolios that are resilient across a wide range of outcomes.They reflect on concentration versus diversification, the practical meaning of value, and why understanding businesses matters more than relying on headline metrics or popular narratives. A key theme is the growing use of data and technology in investing — and why, even in an age of AI, human judgment, common sense, and independent thinking remain essential.This episode offers a behind-the-scenes insight into how Castlebay assesses fund managers and investment ideas — thoughtfully, patiently, and always with long-term client outcomes in mind.A conversation rooted in the Castlebay Way: calm, considered, and focused on the journey rather than the noise.