Many Happy Returns

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...

Gilt yields are surging, straining government finances and raising fears of tax rises or spending cuts. But is this a UK-specific problem? And will the Bank of England be forced to respond? We're joined by Simon French, Chief Economist and Head of Research at investment bank Panmure Liberum. Simon writes on economics for The Times and previously worked in senior government roles at the UK cabinet...

Since the sweeping reforms of the 1980s, China's rapid industrialisation and extraordinary growth have transformed it into a true global power. But the engine of China's economic miracle is starting to sputter. Sluggish demand, mounting debt, and unfavourable demographics suggest trouble ahead. We're joined by George Magnus, a leading China expert who has written extensively on the risks facing th...

Investor sentiment is more bullish than ever, with a record share of Americans expecting the S&P 500 to rise in 2025. Is this the peak of euphoria? And in today’s Dumb Question of the Week: What’s the difference between hard and soft data? --- 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...

Compared to developed countries, emerging markets have rarely looked cheaper. With valuations, economic growth, and demographic trends in their favour, is now the time to invest? Or could climate change, protectionism and debt hold them back? And in today’s Dumb Question of the Week: Is South Korea an emerging market? --- Thank you to Trading 212 for sponsoring this episode.  Claim free fract...

Germany is one of few Western countries to remain truly industrialised, boasting a massive manufacturing base and trade surplus. And yet, things have gone off the rails, with the economy contracting and the governing coalition collapsing. We're joined by Wolfgang Münchau, whose new book argues we are witnessing the end of the German economic miracle. And in today’s Dumb Question of the Week, we as...

Sensationalist headlines often lead to poor investment decisions, causing many investors to fixate on issues that have little impact on long-term returns. So, where should investors really focus their attention? And in today’s Dumb Question of the Week: Should you invest if you’re very nervous? --- Thank you to Raisin UK for sponsoring this episode.  Raisin UK is a free, easy-to-use online sa...

Political risk is one of the most unquantifiable aspects of investing — and one of the most consequential. Shifts in regulation, tax and trade policies can shake economies and upend asset prices. Our guest today is economist Larry Hatheway, who argues that markets vastly underestimate the dangers of a second Trump presidency. And in today’s Dumb Question of the Week, we ask: Are trade deficits a p...

How should you invest when everything is expensive? Stock market valuations are stretched, gold is up 40% on a year ago, and bitcoin has hit an all-time high. With some analysts forecasting a ‘lost decade’ for US stocks, is it time to look elsewhere? And in today’s Dumb Question of the Week: Why is Warren Buffett holding so much cash? --- Thank you to Raisin UK for sponsoring this episode.  R...