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Podcasts · Business · Education

Many Happy Returns

PensionCraft

243 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 2 of 5

  1. 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…

  2. 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…

  3. The Debasement Trade: Faith, Fear, and the Fall of Fiat?

    · 39 min · Episode 191 · Explicit

    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…

  4. Closed-Circuit Capitalism: Inside AI’s Trillion-Dollar Money Loop

    · 45 min · Episode 190

    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…

  5. The Unbalanced Sheet: What Is Your Net Worth, Really?

    · 47 min · Episode 189

    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…

  6. What I’ve Learned: Keeping Your Portfolio (and Yourself) on Track

    · 44 min · Episode 188

    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…

  7. Cash on the Sidelines: Are Brits Scared to Invest?

    · 37 min · Episode 187

    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…

  8. Gold is a Terrible Investment (And Why You Should Own It)

    · 41 min · Episode 186

    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…

  9. Stick or Twist: Should You Second Guess the Autumn Budget?

    · 42 min · Episode 185

    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…

  10. Stocks vs. Bonds: Who Wins the Next Decade?

    · 39 min · Episode 184 · Explicit

    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…

  11. The Visible Hand: Is America Abandoning Free-Market Capitalism?

    · 44 min · Episode 183

    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…

  12. FCA Lifts the Ban: UK Investors Can Buy Crypto ETNs—But Should You?

    · 42 min · Episode 182

    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…

  13. Has Trump Won the Trade War?

    · 43 min · Episode 181

    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…

  14. Can We Still Trust the Economic Data?

    · 41 min · Episode 180

    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:…

  15. The Everything Bubble: What Could Possibly Go Wrong?

    · 40 min · Episode 179

    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…

  16. The Unicorn Farm: Betting on AI Startups

    · 48 min · Episode 178 · Explicit

    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…

  17. Why Can't I Retire Early?!

    · 43 min · Episode 177 · Explicit

    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…

  18. Is the UK Stock Market Dying?

    · 41 min · Episode 176

    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…

  19. Neural Net Worth: What If AI Isn’t a Bubble?

    · 57 min · Episode 175 · Explicit

    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…

  20. Fragile Ceasefire: Are Markets Complacent?

    · 25 min · Episode 174

    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…

  21. Crash Course: The Scariest Days in Stock Market History

    · 47 min · Episode 173

    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…

  22. Outsmarting the Index: Strategies That (Sometimes) Work for Active Funds

    · 45 min · Episode 172

    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…

  23. Section 899: America’s Revenge Tax on International Investors

    · 36 min · Episode 171

    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…

  24. ISAs Under Review: Will Cash Savings Get Capped?

    · 43 min · Episode 170

    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…

  25. Know Thyself: How Risk-Tolerant Are You Really?

    · 37 min · Episode 169 · Explicit

    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…

  26. When the Free Lunch Bites Back: Navigating Changing Asset Correlations

    · 45 min · Episode 168

    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…

  27. Buffett Bows Out: Can Berkshire Thrive Without Him?

    · 39 min · Episode 167

    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?…

  28. 100 Days Down: Making Sense of Trump's Market Shockwaves, with Katie Martin

    · 46 min · Episode 166

    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.…

  29. What to Buy in Your ISA In 2025: Is This Year Different?

    · 45 min · Episode 165

    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…

  30. Stars and Strife: Is This the End of American Exceptionalism?

    · 42 min · Episode 164

    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…

  31. The Orange Swan: Surviving the $10 Trillion Selloff

    · 40 min · Episode 163

    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…

  32. The Trillion Pound Question: Is Government Debt Out of Control?

    · 47 min · Episode 162

    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…

  33. Quid’s In: How Much Can You Invest Tax-Free?

    · 37 min · Episode 161

    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…

  34. The Hidden Bull Market: The Stocks Defying the Gloom

    · 40 min · Episode 160

    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…

  35. New World Disorder: Investing Amid the Chaos

    · 46 min · Episode 159

    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…

  36. The Road to Wealth: 10 Financial Milestones Worth Celebrating

    · 39 min · Episode 158 · Explicit

    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…

  37. Whale Watching: What If the Biggest Investors Dump Their Holdings?

    · 44 min · Episode 157

    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,…

  38. Wall Street Wisdom: The Truth Behind Investing Clichés

    · 40 min · Episode 156 · Explicit

    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…

  39. Are Your Investments Secretly Leveraged?

    · 41 min · Episode 155

    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…

  40. Trade War Truce: Crisis Averted or Just Delayed?

    · 42 min · Episode 154

    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…

  41. Trump, Tariffs and AI: The Stories Shaping Markets in 2025

    · 43 min · Episode 153

    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…

  42. Meltdown: Scandal, Sleaze and the Collapse of Credit Suisse, with Duncan Mavin

    · 44 min · Episode 152

    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…

  43. Soaring Gilt Yields and Strained Public Finances, with Simon French

    · 46 min · Episode 151

    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…

  44. Red Flags: China’s Economic Troubles, with George Magnus

    · 42 min · Episode 150

    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.…

  45. Jingle Bulls, Jingle Bears: Are Investors Overconfident Heading into 2025?

    · 43 min · Episode 149

    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…

  46. Emerging Markets: Risky Bet or the Next Big Bargain?

    · 43 min · Episode 148

    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…

  47. Kaput: The End of the German Miracle, with Wolfgang Münchau

    · 53 min · Episode 147

    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…

  48. Stoic Investing: Are We Worrying About the Wrong Things?

    · 38 min · Episode 146 · Explicit

    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…

  49. Trump 2.0: Political Risk and Complacent Markets, with Economist Larry Hatheway

    · 47 min · Episode 145

    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…

  50. Maxed Out Markets: Investing When Everything Is Expensive

    · 40 min · Episode 144

    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…

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