PIWORLD Investor Podcasts

This week, Progressive's Jeremy McKeown and Gareth Evans talk about the dramatic overnight events in Iran, as Israel's actions have led to spikes in the prices of oil and gold, but not driven the usual "flight to the dollar" in any meaningful way - the USD is trading at three-year lows. Does this signal a loss of status as a safe haven, or is it simply that investors expect the conflict to be cont...

This week, Progressive's Jeremy McKeown and Gareth Evans describe what felt like a more normal few days, with signs of a slowing US economy and falling bond yields. This was suddenly upended by the public and bitter (and very rapid) falling apart of the Trump-Musk relationship. Musk's backing of Trump was at least partly predicated on promises of a smaller state, but Musk (and DOGE) have failed to...

Progressive's George O'Connor and Ian Robertson catch up on events in and around the UK small and mid-cap listed tech. Looking to the US, Salesforce and C3.ai results show positive momentum for AI, as of course do Nvidia’s. But investors are asking more questions and AI vs. Economic Downturn is a match that’s difficult to call. Ian is more immediately concerned about the impact of US government ac...

Progressive's Jeremy McKeown recently had another chance to talk to Substack’s No. 1 financial commentator, Doomberg. It has been some 15 months since they 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 was keen to catch up. Doomberg utilises...

Cerillion CEO, Louis Hall and CFO, Andrew Dickson present the business's Interim results for the six months ended 31 March 2025, followed by a Q&A session. Louis Hall, CEO 00:16 Introduction 01:14 Company background 01:50 Cerillion's products 03:33 Business overview 03:58 H1 2025 highlights Andrew Dickson, CFO 07:25 Performance against KPI's 10:30 H1 2025 Financial highlights 12:48 Cash genera...

Joe Bryan is a former investment bank derivatives trader turned sports betting entrepreneur who, during lockdown, went down the proverbial Bitcoin rabbit hole. After Joe exited the company that bought his sporting odds business last year, a friend invited him on a weekend away. Each guest had to prepare a short talk to lead a discussion on a topic of their choice. Joe chose Bitcoin; it was his pas...

This week Progressive's Gareth and Jeremy continue their discussion about the bond market's predicament. Japan's Ministry of Finance thought that sending a questionnaire to its bond investors would resolve its problem. But it soon encountered another difficult auction, suggesting that its first step in acknowledging the problem was insufficient. Meanwhile, Japan's manufacturing prowess is under at...

Progressive's George O'Connor and Ian Robertson consider Sage’s results and the return of the normal share price path following results. George points to Xero as Sage’s rain cloud whilst Ian points to the success of Sage’s Intacct offering. Gamma’s AGM statement contained comments in the UK market that led to a share price fall, although the progress in Germany is something that the market should...

This week Progressive's Jeremy McKeown and Gareth Evans discuss a smorgasbord of newsflow...from trade deals to interest rate cuts (or lack of them) and the selection of Maro Itoje as captain of the Lions team. UK stocks discussed include ZOO Digital  and  Van Elle , and Jeremy describes the divergent outcomes for Alpha Group and Argentex...two payments/FX trading platforms who have had their resi...

Progressive's Jeremy McKeown and Gareth Evans discuss a slightly more normal week - Larry Fink and Jamie Dimon are talking up the UK market just as capital is being freed-up from the Mag Seven. The UK small-cap space is delivering strong performance from stocks able to deliver not-worsening performance...we discuss  Watkin Jones ,  Sanderson Design Group  and  IG Design  as well as global shipping...

Progressive's Jeremy McKeown recently spoke with David Dredge of Convex Strategies in Singapore. David is widely regarded for his deep understanding of risk and for delivering his insights in a highly engaging and entertaining manner. He dedicates his time to analysing sources of risk and developing strategies designed to mitigate their impact. His approach involves embracing convexity—purchasing...

Progressive's George O'Connor and Ian Robertson catch up on news and events affecting UK small and mid-cap tech. IBM’s figures get George pondering the differing paths with AI for software vs IT professional services. He highlights the Asian IT services area, where growth is notably better than in the EU or North America, before looking at results from ActiveOps, GB Group and iOmart. Ian comments...

This week, Progressive's Jeremy McKeown and Gareth Evans wonder whether there are signs of life... UK plc is perhaps "priced for failure" and recent share price moves suggest that even in-line performance (or only a small warning!) can lead to material upside. Severfield is a case in point, but this week has seen a number of examples. Jupiter and AJ Bell are also talking more positively. Still, ri...

Progressive's Jeremy McKeown talks with Lawrence Lam, who invests globally in founder-led companies. Lawrence has run the Lumenary Global Founders Fund since 2017 and is the author of "The Founder Effect - The Three Pillars of Success in Founder-Led Companies." – A great read if you are trying to understand good long-term management decisions and how to spot them. Jeremy and Lawrence discuss what...

Progressive's George O'Connor and Ian Robertson catch up on events in and around the UK small and mid-cap listed tech. Alphawave’s lack of guidance for 2025 is no great surprise, but in an industry as complex as semiconductors can anyone take forecasts seriously. Ensilica’s recent newsflow suggests not. We can, however, confidently predict that the forecasts are wrong. Kainos is steadier than it w...

This week, Progressive's Jeremy McKeown and Gareth Evans consider the ongoing shocks to the global system - and wonder whether the UK (or UK plc at least) is unusually well positioned, as well as attractively priced. Although Trump's "shock and awe" has calmed this week, gold is rising, the dollar is falling and US government debt is highly volatile...it feels as though we've had "America's Brexit...

David Seaman of Alpha Cygni Asset Management and a seasoned emerging markets investor joins Progressive's Jeremy McKeown for a fascinating discussion with Sean Peche, the manager of the Ranmore Global Equity Fund. Sean recounts how he honed his value investing credentials at Orbis after qualifying as an accountant in South Africa and before launching Ranmore in London in 2008. Sean has a first-han...

This week, Progressive's Jeremy McKeown and Gareth Evans talk less about tariffs and more about their impact on capital markets - bonds in particular. Jeremy makes the point that the USA is now experiencing a Brexit AND "Liz Truss" moment at the same time - resulting in a falling dollar and rising rates.  Keep an eye on those two, and the gold price, and you have three metrics which give dashboard...

George and Ian catch up on the jumble of news, both good and bad, for UK-listed tech. Pinewood. AI and Raspberry Pi deliver – although inventory build at Raspberry Pi is an issue that must be monitored. BIG Technologies and the broken small and mid-cap due diligence stack. Whilst there’s still an interesting business, there is a far more interesting story that highlights how share-based remunerati...

Jeremy and Gareth react to Donald Trump's tariff pronouncements - major downward moves in US equities, and increased risk of a US slowdown. But there is  some hope that the UK could navigate these choppy waters cleverly - and even a small proportion of the capital currently being reallocated could make a huge difference to the UK markets. UK stock news from Gear4Music ,  Pharos ,  tinyBuild ,  Int...

Progressive analysts George O'Connor and Ian Robertson catch up on small and mid-cap tech news. George has been looking at some resilient and upbeat news from smaller less well-known players SRT,  Xaar  and Microlise and is still recovering from the not too surprising news that Computacenter has not delivered its 20th year of earnings growth.   Gamma  results have encouraged Ian and whilst enthuse...

DF Capital Holdings CEO, Carl D'Ammassa provides an overview of the group's results for the year ended 31 December 2024. Carl D'Ammassa, CEO 00:24 Introduction 02:10 FY24 Review 04:57 Strategy update 06:45 Looking ahead DF Capital was founded in 2016 to support the working capital needs of manufacturers and UK dealers. Today, having received full authorisation as a bank in September 2020, we work...

This week, Jeremy and Gareth discuss some home truths about the UK economy - Rachel Reeves has reassured bond investors for now, but the low-growth, stubborn-inflation structural problems persist. Ironically, Trump's erratic tariff-wielding tactics could drive capital AWAY from the USA, to the benefit of China, Germany and even the UK equity market. And this week, a couple of UK stocks with "reaso...

Headline grabbing Trump noise from Washington has died down but with concerns around tariffs, and issues in the Ukraine and the Middle East still not settled,  Jeremy  and  Gareth  discuss the common theme this week which has been central bankers and companies talking about trade related uncertainty. Overall the forecasts of GDP growth in the major economies in the world are coming down, but infla...

The Pebble Group CEO, Chris Lee and CFO, Claire Thomson present the group's results for the year ended 31 December 2024, followed by a Q&A session. Chris Lee, CEO 00:16 Introduction 01:21 Market opportunity 03:30 Investment case 04:02 FY24 Highlights Claire Thomson, CFO 06:02 FY24 Financial highlights 06:23 Business models 07:27 Income statement 08:06 Balance sheet 08:34 Cash flow 09:13 Cash u...