Podcasts · Business · Education

Many Happy Returns

PensionCraft

241 episodes

Investing is the best way to build wealth, but comes with risk and uncertainty.

More about the show

Want to grow a portfolio of stocks, bonds, ETFs and more? This is the show to boost your knowledge and build your confidence.

Join us on the journey through bull markets, bubbles and crashes. Bring snacks and a steady hand; we're in it for the long haul...

Hosted by Ramin Nakisa (YouTube @PensionCraft) and Michael Pugh. Contact us: mhr@pensioncraft.com

Episodes page 1 of 5

  1. Picking Winners: Can Concentration Keep Paying Off? with Stephen Yiu

    · 51 min · Episode 241

    The Blue Whale Growth Fund has delivered outsized returns since its inception nine years ago. Recently those returns have come from concentrated bets on the picks and shovels behind the AI boom. We talk to Stephen…

  2. Is Now the Time to Bet Big on Small-cap Value?

    · 42 min · Episode 240

    After a decade in the doghouse, small-cap value has had its best run in years, but almost nobody noticed. So is this a real premium that’s finally paying out, or just a good year for cheap stocks? We ask what actually…

  3. The High Life: Would You Rather Live in a High or Low-Yield Country?

    · 35 min · Episode 239 · Explicit

    A Swiss government bond pays half a percent a year. A British one pays more than five. Easy choice, you'd think. But yields can cut both ways. A low yield can mean the world trusts you with its money, or that your…

  4. Cancel Culture: What Happens When AI Agents Do Your Admin?

    · 37 min · Episode 238

    Many companies make their money from friction — forgotten subscriptions, tricky cancellations, loyalty penalties. Now AI agents promise to do all the tedious admin and save you money. So is this the end of the laziness…

  5. Central Bank Dilemma: Would You Vote to Hike Rates?

    · 37 min · Episode 237

    Three hikes and a hold in eight days, all in answer to the same energy shock. So why did the Fed, the ECB and the Bank of Japan raise rates, while the Bank of England sat tight, despite facing the worst inflation path…

  6. The Madness of Markets, with Alex Edmans

    · 52 min · Episode 236

    Markets are meant to be efficient, yet somehow they keep producing meme-stock frenzies, CEO vanity projects, and wild booms and busts. We're joined by Alex Edmans — Professor of Finance at London Business School and…

  7. Will AI Hack My Accounts and Steal All My Money?

    · 38 min · Episode 235

    The Financial Stability Board says frontier AI is the most immediate threat to the financial system — above sovereign debt, private credit and equity valuations. As AI learns to find and exploit vulnerabilities faster…

  8. Mind Your Step: Before You Build a Bond Ladder

    · 44 min · Episode 234

    Bond ladders are a great way to feel in control of your money. A neat row of gilts maturing year after year, each one handing back its capital right on schedule. But before you buy your first rung, it's worth asking…

  9. Zero Sum: Investing in a World Without Growth

    · 48 min · Episode 233

    Humanity has just fallen below replacement fertility for the first time in history. A new paper challenges everything we thought we knew about population decline and economic growth. So what happens to your portfolio…

  10. Defending the Yen: Can Governments Beat Currency Markets?

    · 42 min · Episode 232

    The Japanese and US governments just spent an estimated $80 billion propping up the yen — and within a fortnight, the market had pocketed half of it. We ask whether politicians can ever actually beat currency traders.…

  11. Record Profits: The Importance of Beating Earnings

    · 39 min · Episode 231

    Corporate America has just delivered its best earnings season in years — record beats, record margins, and growth numbers that look almost too good to be true. Which is convenient, because some of them are. Meanwhile,…

  12. Senior Management: Who Looks After Your Money When You Can't?

    · 39 min · Episode 230

    Your ability to manage money declines steadily after sixty. Yet your confidence in that ability doesn't decline at all, so mistakes get made with total conviction and go unnoticed, especially by you. What you can do…

  13. Beta Noire: Unsolved Mysteries of the Market

    · 39 min · Episode 229

    Economists have spent half a century building elegant models of how markets work, and the markets have spent half a century ignoring them. We investigate the great unsolved mysteries of investing. And in the Dumb…

  14. Gilt Complex: Is Britain in Hock to the Bond Market?

    · 40 min · Episode 228

    Andy Burnham once said Britain had to “get beyond being in hock to the bond market”. That’s easier said than done when gilt yields are 5%, debt interest is running above £100bn a year, and the autumn Budget has no…

  15. The Declaration of Outperformance: Is America Still Exceptional?

    · 46 min · Episode 227

    Warren Buffett says “never bet against America”. But plenty of people spent the last eighteen months doing exactly that — betting the dollar would be dethroned and the "Sell America" trade would finally pay off.…

  16. Portfolio Positions: Your Starting XI of Asset Classes

    · 41 min · Episode 226

    As the World Cup reaches the quarter finals, we name our starting XI of asset classes. From the goalkeeper who does nothing for eighty-nine minutes to the super-sub you should never mistake for a starter. And in…

  17. Your Career is a High-Yield Bond (And It’s Probably Junk)

    · 36 min · Episode 225

    Your "Human Capital" might be the largest asset you own, and it behaves like a bond. Seeing your career as a volatile asset might change how you think about saving, investing, and employment. And in today’s Dumb…

  18. Sequence and Sensibility: Is Now a Good Time to Retire?

    · 42 min · Episode 224

    On paper, now looks like a fine time to retire. Annuity rates are generous, gilts finally pay a real return, and even cash earns its keep. But retire into a richly-valued market and a bad first few years can ravage a…

  19. How the AI Investment Boom Ends, with Tom Stevenson

    · 35 min · Episode 223

    The AI boom has all the signs of a bubble. An exciting new technology, stretched valuations, extreme concentration, circular financing, and uncertain cash flows. But how does it all end? Tom Stevenson joins us to game…

  20. Paws and Reflect: The Surprising Science of Who Wins at Investing

    · 47 min · Episode 222

    The best investors aren't necessarily the cleverest, the best-paid, or the most daring. In fact the evidence suggests they're closer to the opposite. We look at the backgrounds and temperaments that may outperform.…

  21. Reserve Judgment: How To Run a Central Bank

    · 44 min · Episode 221

    The Powell era is over — a pandemic, two wars, and the worst inflation in four decades. We ask whether JPow did a good job, or just survived it. Now Kevin Warsh inherits the chair. But what actually changes? Beneath…

  22. Space Oddity: Is the Biggest IPO in History a Problem for Index Funds?

    · 40 min · Episode 220

    The largest IPO in history is three weeks away. SpaceX is aiming for a valuation of almost $2 trillion despite reporting massive losses. We ask what happens when our beloved index funds are forced to buy the AI giants,…

  23. Rising Yields: Gilty Until Proven Innocent?

    · 35 min · Episode 219

    With gilt yields at their highest since 1998 — has the bond market finally lost patience with Britain? We ask whether this is really a UK problem, if the Bank of England is pouring petrol on the fire, and whether gilt…

  24. Britain's Slow-Motion House Price Crash

    · 34 min · Episode 218

    For two decades, calling a UK house price crash has been a reliable way to look clever and be wrong. But while nominal prices have barely moved, a slow grind is reshaping affordability, rents and the housebuilding…

  25. Making Sense of a Weird Market: Record Highs, Sticky Inflation, and Silent Alarms

    · 35 min · Episode 217

    Stocks have rallied to record highs while the Iran war is merely paused, oil prices are elevated, and inflation remains sticky. But while equity investors cheer the recovery, is the bond market quietly telling a…

  26. Do Your Own Research: What Real Investment Research Actually Looks Like

    · 46 min · Episode 216

    "Do Your Own Research" is one of the most parroted phrases in investing — slapped on every stock tip, TikTok video and crypto tweet. But what does good research actually look like for a retail investor? And in today’s…

  27. Statistical Sleight of Hand: How Good Numbers Hide Bad Investments

    · 40 min · Episode 215

    The investing world runs on numbers. We look at the statistical tricks that make bad investments look good, mediocre track records look brilliant, and risks disappear entirely. And in the Dumb Question of the Week:…

  28. Shopping the Drop: Is Anything Actually Cheap?

    · 36 min · Episode 214

    After weeks of market turmoil, asset prices across the board are lower than they were. But is anything actually cheap yet? We grab our valuation toolkit and go bargain hunting across stocks, bonds, and commodities to…

  29. Your Portfolio Wasn't Built for This

    · 46 min · Episode 213

    Your portfolio was probably designed for falling interest rates and cheap oil. That is no longer the world we live in. Equity indices have minimal energy exposure. Bonds amplify losses during a rising rate environment.…

  30. The War of Unintended Consequences: Oil, Inflation, and Interest Rates

    · 45 min · Episode 212

    You've seen the oil price soar. But crude is just the start—the Iran conflict is sending shockwaves through natural gas, fertiliser, helium and a host of other commodities we take for granted. What does it all mean for…

  31. Damien Talks Money: What Investors Click vs. What They Need

    · 52 min · Episode 211

    What does popular finance content reveal about everyday investors? Damien Jordan from Damien Talks Money joins us to explore the gap between the videos people click on and the information they actually need. And in…

  32. Capital Preservation: The Art of Not Losing Money, with Jasmine Yeo from Ruffer

    · 49 min · Episode 210

    No one likes to lose money. And some funds are designed to deliver a positive return whether markets go up, down, or sideways. Sounds easy. It isn't. We’re joined by Jasmine Yeo, fund manager at Ruffer, to discuss the…

  33. The Tariffs Are Dead. Long Live the Tariffs.

    · 30 min · Episode 209

    The US Supreme Court struck down Trump's tariffs in a landmark 6-3 ruling, and Trump responded by immediately imposing new ones under a different law. We look at what the ruling actually means and whether any of this…

  34. Crypto Winter 2.0: Be Careful What You Wish For?

    · 41 min · Episode 208

    Bitcoin has had everything going for it: a crypto-friendly president, ETF approval, congressional legislation, institutional adoption, a strategic reserve executive order. And yet the price has halved from its all-time…

  35. Kiss Your SaaS Goodbye: The AI Threat to Software Stocks

    · 49 min · Episode 207

    A trillion dollars was wiped off software stocks after Anthropic released an AI legal tool. Suddenly the market is asking: if AI agents can do the work, why pay for the software? The "SaaSpocalypse" has dragged…

  36. Gold & Silver Crash: Is Bullion’s Bull Run Over?

    · 44 min · Episode 206

    After an incredible run, gold and silver just suffered their worst day in over forty years. Gold fell 11%. Silver dropped 30%. So what caused the crash? And in today’s Dumb Question of the Week: Why do we spend…

  37. Vanguard Goes Global: Is Home Bias a Mistake?

    · 39 min · Episode 205

    After a decade of UK underperformance, Vanguard is going global. The UK’s most popular fund range is dialling back the domestic tilt, and launching a purely market-cap weighted alternative. We look at what's changing,…

  38. Does Europe Have the Financial Firepower to Stand Up to Trump?

    · 40 min · Episode 204

    President Trump is threatening tariffs on eight NATO allies to force a deal on Greenland. Europe says it isn’t for sale. So what happens when an immovable object meets an unpredictable force? Tit-for-tat…

  39. Investing in Crazy Times: Should You Carry on as Normal?

    · 38 min · Episode 203

    The US has captured Venezuela’s president, the White House is openly threatening to invade a NATO ally, and the Fed Chair is under politically-motivated criminal investigation. Apart from that, everything's fine. But…

  40. Investing vs. Gambling: How to Tell the Difference

    · 43 min · Episode 202

    Where does investing end and gambling begin? From Premium Bonds to meme stocks to deep-out-of-the-money options, today’s markets are full of bets that look a lot like lottery tickets. The line between rational…

  41. 2026 Watchlist: Trends That Could Shape the Year Ahead

    · 47 min · Episode 201

    2026 is here, and markets are shifting in surprising ways. From jobless growth to energy gluts, we look at the trends that could shape the global economy over the coming year. And in today’s Dumb Question of the Week:…

  42. 10 Investing Facts That Can't be True (But Are)

    · 33 min · Episode 200

    We challenge your assumptions about stocks, property, economic growth and more, with ten facts that seem impossible—but aren't. Stocks beat cash, right? GDP growth helps returns, doesn't it? And war tanks the stock…

  43. The Naughty List: Assets That Misbehaved in 2025

    · 49 min · Episode 199

    Which assets made The Naughty List this year? Some of 2025's most confident calls turned into cautionary tales—from momentum trades that stalled to consensus positions that backfired. And in today’s Dumb Question of…

  44. The 2025 Stress Test: The Banks Are Safe... Are You?

    · 37 min · Episode 198

    The Bank of England has just released the results of its 2025 stress test. In their nightmare scenario, inflation surges, house prices tumble, markets tank… and all seven major UK banks still pass. So the financial…

  45. Devil in the Details: Is the Budget Worse Than Imagined for Investors?

    · 40 min · Episode 197

    Buried in the Budget’s “boring” fine print is a sweeping overhaul of ISAs, new stealth taxes, and rule changes designed to squeeze anyone living off their assets. So, what’s really changing and what can you do to…

  46. The Physics of Financial Markets

    · 40 min · Episode 196

    Do the hard laws of thermodynamics apply to your money? What can avalanches, boiling water, and quantum mechanics teach us about markets? We explore where physics meets finance—and what it reveals about volatility,…

  47. How to Pick Your Perfect Portfolio, with Tyler from Portfolio Charts

    · 54 min · Episode 195

    Designing an investment portfolio that matches your goals is hard. Sticking with it through thick and thin is even harder. Today, we’re delighted to be joined by the creator of Portfolio Charts to consider risk,…

  48. FIRE Drill: Is Financial Independence Still Possible?

    · 52 min · Episode 194

    You've done the maths. You've cut the lattes. You've maxed the ISA. And you're still decades away from financial freedom. So how are some people retiring in their 30s and 40s while the rest of us are stuck on the…

  49. So You’ve Decided to Time the Market…

    · 45 min · Episode 193

    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…

  50. Beyond the Gloom: The UK's Hidden Stock Winners, with Ed Croft

    · 40 min · Episode 192

    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…

Shows are listed from Apple Podcasts' charts and directory, and Podcast Index where it is used. Every show and episode belongs to its publisher and plays from the publisher's own feed; this site hosts none of them. Explicit shows are for adult profiles only, and children’s profiles hear only children’s shows. More about this list.