Many Happy Returns

You already know you’re not supposed to time the market… and yet here you are, hovering over the “sell” button because everyone’s yelling about a bubble. So where’s the line between reckless market timing and sensible risk management? We discuss the least destructive ways to panic. And in today’s Dumb Question of the Week: What’s the difference between a crash, a correction, and a bear market? ---...

The UK stock market has traded at a discount for years. But amid the negative sentiment, some sectors have quietly defied the gloom. We’re joined by Ed Croft (founder of Stockopedia) to dig into what’s working in the UK market, what’s broken, and where the best opportunities might be. And in today’s Dumb Question of the Week: What is a value trap, and how do you avoid falling into one? --- Thank y...

Gold has surged 50% this year, silver even more, while the dollar has slumped 9%. Behind the rally lies a powerful narrative: that mounting government debt is eroding faith in traditional currencies, driving investors toward scarce assets like precious metals and crypto. But is the so-called “debasement trade” a genuine secular shift—or just another momentum-fueled mania waiting to unwind? And in...

The AI boom is feeding on itself. Chipmakers, cloud giants, and model makers are increasingly tangled in a web of investments — each funding the other’s growth. Isn’t this what happened in the dot-com bubble? We ask what happens when suppliers start financing their own customers — lending them money to buy their products. And in today’s Dumb Question of the Week: Are bubbles always bad? --- Thank...

On paper, your net worth is simple: assets minus liabilities. But what counts as an asset? How do you value things you can’t easily sell? And is the final number even a useful measure of your financial health? And in today’s Dumb Question of the Week: How much do I need to be rich? --- Thank you to Trading 212 for sponsoring this episode.  Claim free fractional shares worth up to ‎£⁠100. Just...

I’ve helped thousands of people to review their investment portfolios and check whether it’s truly aligned with their goals. Over and over, I see the same concerns, misunderstandings, and blind spots. And in today’s Dumb Question of the Week: How can you keep yourself accountable? --- Thank you to Trading 212 for sponsoring this episode.  Claim free fractional shares worth up to ‎£⁠100. Just...

Brits poured more than £100 billion into ISAs last year — yet two-thirds is just sitting in cash. Are we simply risk-averse or are there structural problems discouraging us from investing? And in today’s Dumb Question of the Week: Does cash have zero volatility? --- Thank you to Lightyear for sponsoring this episode.  Sign up for a new account on Lightyear and get up to $115 worth of a US fra...

Gold is a terrible investment. No earnings, no dividends, and long stretches where you trail stocks and bonds. So why do serious investors still own it? We dig into the myths, the maths, and how an asset with no cash flows can earn its keep in your portfolio. And in today’s Dumb Question of the Week: If I own a gold fund, can I actually get my hands on the bullion? --- Thank you to Lightyear for s...

Speculation is swirling about what tax changes the chancellor might unveil in the Autumn Budget. But with the announcement still more than two months away, is it worth paying attention to the rumours? We dig into the policy measures making headlines, and ask: what—if anything—should you be doing now? --- Thank you to Lightyear for sponsoring this episode.  Sign up for a new account on Lightye...

Stocks are expensive, bonds are finally interesting, and suddenly the boring part of your portfolio doesn’t look so boring. With serious forecasters whispering that bonds could beat equities over the next decade, is it time to rethink your portfolio? And in today’s Dumb Question of the Week: Will zero interest rates ever return? --- Thank you to Lightyear for sponsoring this episode.  Sign up...

Washington seems to have moved from referee to player—picking winners, slapping tariffs on strategic exports, and even taking golden shares in critical industries. What are the implications for investors when the world’s biggest economy is shaped by backroom deals? And in the Dumb Question of the Week: Did the US government profit from the 2008 bailout? --- Thank you to Trading 212 for sponsoring...

The ban is over! From 8 October 2025, UK retail investors can buy exchange traded crypto products — potentially in an ISA or SIPP. So why has the FCA made a U-turn? And in the Dumb Question of the Week: Does scarcity make something valuable? --- Thank you to Trading 212 for sponsoring this episode.  Claim free fractional shares worth up to ‎£⁠100. Just create and verify a Trading 212 Invest o...

Four months after Trump shocked markets with sweeping tariffs, the results are in: new trade deals tilted toward American interests, a resilient economy, and Wall Street's return to record highs. We ask whether Trump has won the trade war. Or if it’s too soon to tell. And in today’s Dumb Question of the Week: Are trade deals about more than tariffs? --- Thank you to Trading 212 for sponsoring this...

Investors and policymakers count on official statistics to stay grounded. But recent blunders in the UK and growing politicisation in the US have shaken trust in the numbers. And in today’s Dumb Question of the Week: What is GDP-B? --- Thank you to Trading 212 for sponsoring this episode.  Claim free fractional shares worth up to ‎£⁠100. Just create and verify a Trading 212 Invest or Stocks I...

The S&P 500 is pushing dot-com era valuations. Bitcoin’s smashing records. Meme stocks have risen from the dead. And AI start-ups are landing billion-dollar buy-outs. What do you do when a bubble is staring you right in the face? And in today’s Dumb Question of the Week: What is a gamma squeeze? --- Thanks to Raisin UK for supporting this episode.  Raisin UK is a free, easy-to-use platfor...

Global venture capital firms poured $126 billion into early-stage startups in the first quarter — and almost 60% went into AI companies. We look at where the so-called smart money is placing their bets. And in today’s Dumb Question of the Week: What is a unicorn? --- Thanks to Raisin UK for supporting this episode.  Raisin UK is a free, easy-to-use platform where you can access savings accoun...

The dream of an early retirement is a powerful motivator for many investors. But often it remains just that: a dream. So what’s holding people back? Is it simply a matter of money? Or are there deeper, psychological reasons why people decide to keep working? And in today’s Dumb Question of the Week: Is the state pension like a bond? --- Thanks to Raisin UK for supporting this episode.  Raisin...

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...