In the Company of Mavericks

As Keir Starmer and Ed Miliband return from COP30 in Brazil, I wanted to take a look at the UK’s energy policy amid a global backdrop suggesting the world is turning away from net-zero absolutism towards more human-centric policy options.  The Overton window on energy policy is being pushed aside by the likes of Tony Blair, Bill Gates, and, significantly, by the lobbying interests of big technolog...

As COP delegates use a road cut through the Amazon to attend a gathering of people who tell us we need to make sacrifices to protect the planet, the wider world is pivoting away from climate alarmism toward more human-centric policy choices. UK energy policy is becoming a critical political battleground ahead of the next election, and the North Sea hydrocarbon industry is a focal point. As Profess...

What’s happening to gold?    Is the so-called debasement trade over? Have we just seen another FOMO driven momentum bubble hit a blowout top? Is that it for another decade?  Of course, a bubble is a bull market that we are not involved in, and from the outside, the recent frenzy over gold is just another case of market hysteria, right? Conspiracy theories like the dollar debasement are just, well,...

Earlier this week, I chatted with Dominic Frisby of the Flying Frisby and Tim Price of Price Value Partners to talk about gold and related issues. I asked them: Is the fiat debasement inevitable? Should we be buying the dip in precious metals prices? And much, much more .... Don't miss it. Make sure you are subscribed, dropping soon on all good podcast apps.  Brought to you by Progressive Equity 

Two of my favourite Substackers, Doomberg and The Brawl Street Journal , have recently written about the future of Europe and its predicament in a rapidly changing world. And from their differing perspectives, they both agreed that it is not good.   So, earlier this week I brought them together to share their views, one from the perspective of an experienced trade dispute lawyer and former policym...

Doomberg and The Brawl Street Journal have published pieces recently about the economic, political and financial predicament of Europe and the EU in our rapidly changing geopolitical landscape. Both argue that it doesn't look good.  So, earlier this week, I brought them together to share their views. We discussed how we got here, the main factors, and how Europe is positioned in the emerging multi...

Have you ever wondered why some equities earn the special designation of quality compounder? It sounds easy when you read about Charlie Munger or Nick Sleep buying Costco and holding it forever. But everyone now knows the Costco story and how great it is. We can buy that great business, but we risk paying the wrong price.    So, what enables such businesses to compound? How can we identify their c...

Ever wondered why some equities get that special tag of quality compounder? It sounds easy when you read about Charlie Munger or Nick Sleep buying Costco and holding it forever. But everyone knows the Costco story and how great it is. You risk buying a great business at the wrong price. What enables such businesses to compound? How can you identify their critical characteristics so that you can in...

It was a true pleasure last week to chat to the meme trader, parody hedge fund manager and Shrubstack author himself, Le Shrub.   Le Shrub uses humour and parody to highlight opportunities and turning points in financial markets, which he brings to life for his followers on his Reminiscences of a Shrub Operator website.    We discuss the role of satire in understanding the stranger than fiction wo...

It was a great pleasure and a lot of fun to catch up with the master meme trader, the Eurotrash hedge fund parody investor himself, Le Shrub.  Learn how he understands the world through satire and memes, as he says, 'nothing makes sense until you accept it's all nonsense.'  Full episode dropping soon on all good podcast apps. Please make sure you're subscribed. 

Last week I had a conversation with Marvin Barth , author of the Thematic Markets and Seriously, Marvin?! Substacks. Marvin is what I would call an evolved policy wonk. A PhD economist, Marvin’s career includes working for The Federal Reserve, the Bank for International Settlements, the US Treasury Department and several major Wall Street banks. He has a well-informed and holistic view of the worl...

Last week I was joined by economist and Substack author Marvin Barth for a chat about his work about Global Entropy as a way of thinking about our increasingly chaotic world. Coming soon, please subscribe. 

A couple of weeks ago, I was joined by Catherine McBride, OBE, to talk about her work and, in particular, her recent Substack series on the UK’s Doom Loops, Debt Spirals and Dumb Taxes.   Catherine is an expert in trade policy, taxation, commodities, agriculture, Brexit, and financial services regulation. She writes to offer a new perspective on traditional media's misdirection and spin.    Cather...

A couple of weeks ago, I was joined by Catherine McBride, OBE, to talk about her work and, in particular, her recent Substack series on the UK’s Doom Loops, Debt Spirals and Dumb Taxes.   Catherine is an expert in trade policy, taxation, commodities, agriculture, Brexit, and financial services regulation. She writes to offer a new perspective on traditional media's misdirection and spin.    Cather...

Recently, Head of Research at Panmure Liberum, Times columnist and friend of the podcast, Simon French , wrote an article in which he asked, Can Kemi Badenoch sell Mileinomics in Britain?    This was after the Conservative leader had said that she saw Argentina’s Javier Milei as her “template for government.”     An interesting thought experiment, but how serious is this idea? Is it realistic to e...

Recently, Head of Research at Panmure Liberum, Times columnist and friend of the podcast, Simon French wrote an article in which he asked, Can Kemi Badenoch sell Mileinomics in Britain?    This was after the Conservative leader had said that she saw Argentina’s Javier Milei as her “template for government.”     An interesting thought experiment, but how serious is this idea? Is it realistic to exp...

I am spending an increasing amount of time on Substack. It features some excellent content and a diverse range of perspectives. Something that is valuable for any investor seeking non-consensus views and opinions.  A recent favourite of mine has been The Brawl Street Journal , a source that posts on “second-order thinking on Europe’s markets, energy, and the collision between regulation and realit...

I am spending an increasing amount of time on Substack. It features some excellent content and a diverse range of perspectives. Something that is valuable for any investor seeking non-consensus views and opinions.  A recent favourite of mine has been The Brawl Street Journal , a source that posts on “second-order thinking on Europe’s markets, energy, and the collision between regulation and realit...

Is China investable? If so, how do you go about it? What are the basic ground rules?  Recently, I spoke to an American fund manager living in the UK whose life has been intertwined with China since he was a young boy.   Rufus Frazier has a long career investing in emerging markets, and he believes China offers some of the best investment opportunities available anywhere in the world.  In a fascina...

Charlie Morris is an investor, entrepreneur, and advocate for hard assets.  Charlie has 27 years of experience in fund management, with a reputation for actively managing multi-asset portfolios.  Charlie was previously the Head of Absolute Return at HSBC Global Asset Management, where he managed $3bn of assets. He writes research for private clients, providing actionable model portfolios that cove...

Charlie Morris is an investor, entrepreneur, and advocate for hard assets.  Charlie has 27 years of experience in fund management, with a reputation for actively managing multi-asset portfolios.  Charlie was previously the Head of Absolute Return at HSBC Global Asset Management, where he managed $3bn of assets. He writes research for private clients, providing actionable model portfolios that cove...

Back in April, I had the chance to talk with three people who are at the business end of UK-based boutique fund managers. The funds they help run and develop have all been featured in previous episodes.  Jamie Carter of Variis is a veteran of the boutique landscape, having helped form Oldfield Partners. He is now CEO of a London partnership developing an emerging markets strategy aimed largely at...

Back in April, I had the chance to talk with three people who are at the business end of UK-based boutique fund managers. The funds they help run and develop have all been featured in previous episodes.  Jamie Carter of Variis is a veteran of the boutique landscape, having helped form Oldfield Partners. He is now CEO of a London partnership developing an emerging markets strategy aimed largely at...

I recently had another chance to talk to Substack’s No. 1 financial commentator, Doomberg , as he dialled in from his chicken coup in flyover country.    It has been some 15 months since we last spoke, a time when Rishi Sunak was Prime Minister and Joe Biden was President.     Much has happened subsequently in areas of energy policy, energy markets, politics, and global trade and conflict. And I w...

I recently had another chance to talk to Substack’s No. 1 financial commentator, Doomberg , as he dialled in from his chicken coup in flyover country.    It has been some 15 months since we last spoke, a time when Rishi Sunak was Prime Minister and Joe Biden was President.     Much has happened subsequently in areas of energy policy, energy markets, politics, and global trade and conflict. And I w...