"The perfect time to step away": Q&A with Joanne Warner of CFSGAM
CFSGAM's head of global resources, Joanne Warner, is preparing to hand over the reins after 20 years with the firm. She speaks with Industry Moves about the reason she's stayed with CFSGAM for so long and shares her greatest achievement. She also names her most memorable colleague (who shares her passion for exploration) and reveals how a fusion of science and finance landed her in the industry she loves.
CFSGAM's head of global resources, Joanne Warner, is preparing to hand over the reins after 20 years with the firm. She speaks with Industry Moves about the reason she's stayed with CFSGAM for so long and shares her greatest achievement. She also names her most memorable colleague (who shares her passion for exploration) and reveals how a fusion of science and finance landed her in the industry she loves.
After 20 years with the CFSGAM Global Resources team, the last 7 of which were spent as the leader, what has been your greatest achievement?
Helping to build a strong team with a great culture. I am very proud of their achievements and am confident of their success in the future. My role was primarily to provide the opportunity to learn about investing in our industry by getting out there and doing it. They are smart and highly motivated, and after many years of honing their skills, the team is a well-oiled machine. It is the perfect time to step away.
...and what kept you at the firm for so long?
I love the resources industry. When you visit an operation, which is usually in a remote location, you get to see a piece of the world that few can visit. I enjoy the beauty of the geography and learning the political and cultural nuances of the country in which it is located. At the operations we get the chance to learn from people that are not teaching from text books but re-writing them, as they solve problems and implement the latest technology and ideas.
What has been the most unexpected change that you've witnessed in the commodities market over the last 20 years?
Some days it feels like there is more money being invested by machines than people, whether its ETFs or high frequency trading. Momentum becomes self-fulfilling in the the short term, but this can create opportunity for stock pickers and contrarians over the longer term. There is also a higher level of speculation in less traditional commodities today. Gold and precious metals have always had a role in financial markets, but the amount of money today that is trading on futures contracts in iron ore, steel rebar and other basic construction materials has grown as their pricing mechanism has shifted from long term contracts to spot pricing.
Who has been your most memorable colleague following two decades with CFSGAM?
Chris Baker is the archetypal geologist. He has a collection of old land rovers, a huge red beard, wears RM Williams boots and has never looked comfortable wearing a suit. We worked together for 10 years and I shared his passion for exploration and good geology.
You have a doctorate of Chemical Crystallography from Oxford University. What prompted the move into the finance space?
After studying in the UK, I spent 18 months as a part time lecturer in both Physics and Chemistry at UTS. An opportunity came up to be an analyst for a broker that needed someone to cover technology and mining. My husband is a geologist so I had access to the right technical background and just needed to learn about finance. It wasn't long before I realised that it was much easier to value a mining company than a technology company.
What was your very first job?
I worked as a laboratory technician in the Physics department at UTS for 6 years whilst I undertook a part time undergraduate degree in Applied Chemistry. I loved learning to operate the electron microscopes and X-ray equipment. It came in very handy when I became a graduate student.
Who has had the biggest influence on your life/career so far?
My husband and my daughter. My husband took time out from his career to look after our daughter in her pre-school years and now she has followed in his footsteps studying geology. We are both very proud of her, she has grown into a very interesting and intelligent young adult.
What's next on the horizon for you?
I plan to spend some quality time with my family travelling, sailing and scuba diving. My husband is also retiring and our daughter has just finished university, so it's a perfect time for us to have some fun together. I really enjoy the mining industry and I would like to remain involved at some level, but have no immediate plans.
What's something that most people don't know about you?
Before heading to Oxford to do my PhD I was the coordinator of a gallery for a cooperative of 20 ceramic artists for 9 months. I greatly enjoy the arts and my role was business manager. Most artists find it difficult to seek publicity and speak with clients about their own work as it's so personal. I loved telling their stories and helping the public understand the processes that result in the final, unique piece. In a world of mass consumerism it's wonderful to be able to use or admire work that was created with passion that connects one person to another.
