Many Happy Returns

The UK stock market is shrinking. Since 2007, the number of listed companies has fallen by 45%, and those that remain trade at stubbornly low valuations compared to global peers. What’s driving the decline? And can it be stopped? And in today’s Dumb Question of the Week: What is the new PISCES private stock market? --- Thanks to Raisin UK for supporting this episode.  Raisin UK is a free, eas...

AI stocks are soaring. Valuations are stretched and capital spending is off the charts. To many, it smells like a bubble. But what if it’s not? What happens to markets if AI actually lives up to the hype? How could it reshape business models, transform economic growth, and change the way we invest? And in today’s Dumb Question of the Week: Will index funds still work if the most successful compani...

President Trump announced a ceasefire in the war between Israel and Iran. Markets reacted swiftly: stocks rallied, oil plunged, the dollar and gold slipped. But as investors shrug off geopolitical tensions, are they underestimating the risks? And in today’s Dumb Question of the Week: Can you buy oil? --- Thank you to Trading 212 for sponsoring this episode.  Claim free fractional shares worth...

Stock markets tend to go up over time — but every so often, they fall off a cliff. Some crashes are brief and recover quickly, while others shake the financial world to its core. But what can we learn from the scariest days in stock market history? And in today’s Dumb Question of the Week: What is a circuit breaker? --- Thank you to Trading 212 for sponsoring this episode.  Claim free fractio...

Beating the benchmark is the holy grail of active management — but it’s notoriously difficult and rare. Still, against the odds, a handful of portfolio managers do outperform the index, even if only fleetingly. We explore the tactics funds use to gain an edge. And in today’s Dumb Question of the Week: What is the ‘Information Ratio’? --- Thank you to Trading 212 for sponsoring this episode. ...

The US is gearing up to turn a trade war into a capital war. Trump’s signature fiscal bill proposes retaliatory levies on investors from countries the US deems to have “unfair” tax regimes. But what exactly counts as an “unfair” tax? How likely is this to become law? And what could it mean for investors holding US assets or doing business in America? And in today’s Dumb Question of the Week: What...

Big changes could be coming to ISAs — the tax-free savings wrapper used by 22 million Brits. Chancellor Rachel Reeves is preparing a major review of the ISA market, aiming to nudge savers away from cash and into stocks and shares. Could we soon see a cap on cash ISAs? And if so, how might that reshape the way millions of us save and invest? And in today’s Dumb Question of the Week: What is the ‘co...

We all like to think we can handle a little risk – until the market drops 20% and we’re refreshing our portfolio every ten minutes. Understanding your true risk tolerance is one of the most important – and most overlooked – parts of building an investment plan. But what exactly is risk tolerance? Can it be measured? And how should it shape the way you invest? And in today’s Dumb Question of the We...

Diversification is famously the only free lunch in investing. But when asset correlations shift, that meal might come with an unexpected bill. Economic cycles, inflation surprises, and market crises can all rewrite the rules when you least expect it. And in today’s Dumb Question of the Week: Can adding an asset with negative expected returns ever be good for your portfolio? --- Thanks to Raisin UK...

After six decades at the helm, Warren Buffett has announced he’ll step down as CEO of Berkshire Hathaway later this year. But as the Oracle of Omaha prepares to hand over the reins, can Berkshire thrive without him? And in today’s Dumb Question of the Week: Why aren't there more investors like Warren Buffett? --- Thanks to Raisin UK for supporting this episode. Raisin UK is a free, easy-to-use pla...

Trump’s return to the White House is already reshaping the global order — sending shockwaves through financial markets. Asset prices have tumbled, correlations have fractured, and investors are reassessing risk itself. We’re joined by Katie Martin from the Financial Times to help us make sense of the turmoil. Katie writes The Long View column and co-hosts the FT's Unhedged podcast. --- Thank you t...

It’s April—ISA season is here. But what should you buy? Should you stick with a classic index fund, or is there a case for doing something different this year? And if you’re tempted to have a little fun with your investments, how much is too much? And in today’s Dumb Question of the Week: What’s the point of a ‘fun’ portfolio if it’s not going to beat the market? --- Thank you to Trading 212 for s...

America’s economic dynamism, deep capital markets, and stellar equity returns have long made it the top destination for capital. But with US stocks, Treasuries, and the dollar all sliding together, cracks are appearing in the image of American exceptionalism. Could mounting chaos really lead investors to turn away from Uncle Sam? And in today’s Dumb Question of the Week: Why would you ever buy ano...

Global stock markets have plunged, wiping out nearly $10 trillion in market value. As the fallout from Trump’s tariff bombshell spreads, investors are left to wonder: How much worse could the selloff get? And in today’s Dumb Question of the Week: What is the Fed Put, and is it dead? --- Thank you to Trading 212 for sponsoring this episode.  Claim free fractional shares worth up to ‎£⁠100. Jus...

National debt figures are staggering, running to trillions of pounds in the UK and tens of trillions of dollars in the US. Headlines warn of unsustainable paths and ticking time bombs under our economies. But is government debt really out of control? And in today’s Dumb Question of the Week: Is government debt just like household debt, only much bigger? --- Thank you to Trading 212 for sponsoring...

The UK tax year is about to end, and most people know about ISAs and pensions. But how much could you really invest tax-free if you made full use of every allowance? From Junior ISAs and SIPPs to dividend and capital gains allowances, we crunch the numbers to find out how much a typical family can shield from the taxman. And in today’s Dumb Question of the Week: What would the ISA allowance be tod...

The S&P 500 entered a correction last week, dragged down by Big Tech. But not all sectors are struggling. From booming defence manufacturers to resilient miners and banks—some corners of the market are defying the gloom. We look at which countries, industries and themes are thriving in 2025. And in today’s Dumb Question of the Week: Are market corrections healthy? --- Thank you to Lightyear fo...

The world order is being shaken to its core. Old alliances are fracturing, trade wars are escalating, the US economy is faltering, and Europe is rapidly rearming. With markets in turmoil, how can we invest amid unprecedented uncertainty? And in today’s Dumb Question of the Week: What is the ‘Mar-a-Lago accord’? --- Thank you to Lightyear for sponsoring this episode.  Sign up for a new account...

Growing your wealth is a marathon, not a sprint. But it’s important to celebrate milestones you reach along the way. Let’s raise a glass to shedding debt, investing wisely, and securing your financial future. And in today’s Dumb Question of the Week: Is all debt bad? --- Thank you to Lightyear for sponsoring this episode.  Sign up for a new account on Lightyear and receive $10 worth of a US f...

When a big investor decides to sell, markets can move sharply. And some assets are particularly vulnerable, with ownership concentrated among a few large holders. What happens when the biggest whales dump their stocks, bonds or gold? And in today’s Dumb Question of the Week: How does a stock exchange set a price if there's a buyer for every seller? --- Thank you to Trading 212 for sponsoring this...

Financial markets are awash with timeless wisdom, dubious anecdotes, and questionable ‘rules of thumb’. But how do we separate fact from fiction? We put 10 famous investing adages to the test. And in the Dumb Question of the Week, we ask: Why are investors described as Bulls and Bears? --- Thank you to Trading 212 for sponsoring this episode.  Claim free fractional shares worth up to ‎£⁠100....

Leverage is a double-edged sword that amplifies both gains and losses. But even if you haven’t borrowed to invest, hidden leverage may still lurk below the surface of your portfolio. From gearing to derivatives to fragile operating models, we discuss the unseen risks of our investments. And in today’s Dumb Question of the Week: Can leverage ever be used to reduce risk? --- Thank you to Trading 212...

Donald Trump’s trade war has begun! Or has it? Markets breathed a sigh of relief as sweeping tariffs on Mexican and Canadian goods were suspended at the 11th hour. But with tariffs on China now in force—and Beijing hitting back—will the reprieve be short-lived? And in the Dumb Question of the Week: How do you measure the strength of a currency? --- Thank you to Trading 212 for sponsoring this epis...

Markets are unruly beasts, swayed by shifting narratives, sudden rumours, and ever-changing expectations. But a handful of all-important stories will shape investor returns throughout 2025. From interest rates to trade policy to AI, ​​we explore what’s capturing the market’s attention — and why it matters. And in the Dumb Question of the Week: Can bad news be good news? --- Thank you to Raisin UK...

Credit Suisse’s collapse shook the global financial system, forcing regulators into a frantic search for solutions. We're joined by Duncan Mavin, author of the new book ‘Meltdown: Scandal, Sleaze and the Collapse of Credit Suisse’ to discuss the downfall of a banking giant. And in the Dumb Question of the Week, we ask: How do you stop a bank run? --- Thank you to Raisin UK for sponsoring this epis...