Filtra per genere
Investing is the best way to build wealth, but comes with risk and uncertainty. 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
- 239 - Cancel Culture: What Happens When AI Agents Do Your Admin?
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 tax? Are we about to see subscription-based moats collapse?
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Thank you to Lightyear for sponsoring this episode.
I opened my 2025/2026 ISA with Lightyear. If you want to try them out as well, use PENSIONCRAFT to get between £10 and £100 in a fractional share or ETF in your General Investment Account.
See full T&Cs at https://lightyear.com/pensioncraft. Investing involves risk. Returns vary and are not guaranteed. ISA rules and promotional terms apply.
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This podcast is for informational and entertainment purposes and is not financial advice. We do not provide recommendations or endorse any decision to buy, sell or hold any security. We cannot be held responsible for any actions listeners may take and investors are encouraged to seek independent financial advice.
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Copyright 2026 Many Happy Returns
Wed, 30 Sep 2026 - 36min - 238 - Central Bank Dilemma: Would You Vote to Hike Rates?
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 of the four? So would you vote to hike?
---
Thank you to Lightyear for sponsoring this episode.
I opened my 2025/2026 ISA with Lightyear. If you want to try them out as well, use PENSIONCRAFT to get between £10 and £100 in a fractional share or ETF in your General Investment Account.
See full T&Cs at https://lightyear.com/pensioncraft. Investing involves risk. Returns vary and are not guaranteed. ISA rules and promotional terms apply.
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Copyright 2026 Many Happy Returns
Wed, 23 Sep 2026 - 36min - 237 - The Madness of Markets, with Alex Edmans
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 author of The Madness of Markets — joins us to discuss why even smart investors lose their heads.
---
Thank you to Lightyear for sponsoring this episode.
I opened my 2025/2026 ISA with Lightyear. If you want to try them out as well, use PENSIONCRAFT to get between £10 and £100 in a fractional share or ETF in your General Investment Account.
See full T&Cs at https://lightyear.com/pensioncraft. Investing involves risk. Returns vary and are not guaranteed. ISA rules and promotional terms apply.
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Copyright 2026 Many Happy Returns
Wed, 16 Sep 2026 - 51min - 236 - Will AI Hack My Accounts and Steal All My Money?
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 than humans can patch them, are our banks about to be hacked?
---
Thank you to Lightyear for sponsoring this episode.
I opened my 2025/2026 ISA with Lightyear. If you want to try them out as well, use PENSIONCRAFT to get between £10 and £100 in a fractional share or ETF in your General Investment Account.
See full T&Cs at https://lightyear.com/pensioncraft. Investing involves risk. Returns vary and are not guaranteed. ISA rules and promotional terms apply.
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Copyright 2026 Many Happy Returns
Wed, 09 Sep 2026 - 37min - 235 - Mind Your Step: Before You Build a Bond Ladder
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 what the ladder is for, what you’re giving up for that certainty, and whether something simpler would do.
And in today’s Dumb Question of the Week: Has a developed market ever defaulted on its debt?
---
Thank you to Lightyear for sponsoring this episode.
I opened my 2025/2026 ISA with Lightyear. If you want to try them out as well, use PENSIONCRAFT to get between £10 and £100 in a fractional share or ETF in your General Investment Account.
See full T&Cs at https://lightyear.com/pensioncraft. Investing involves risk. Returns vary and are not guaranteed. ISA rules and promotional terms apply.
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Copyright 2026 Many Happy Returns
Wed, 02 Sep 2026 - 44min - 234 - Zero Sum: Investing in a World Without Growth
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 when the pie stops growing?
And in the Dumb Question of the Week: Did the Black Death make Europe rich?
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When investing, your capital is at risk and you may get back less than invested. Past performance doesn’t guarantee future results. Pies & Autoinvest is an execution-only service. Not investment advice or portfolio management. Automatic investing refers to executing scheduled deposits. You are responsible for all investment and rebalancing decisions. Free shares can be fractional. 212 Cards are issued by Paynetics which provide all payment services. T212 provides customer support and user interface. Terms and fees apply.
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Copyright 2026 Many Happy Returns
Wed, 26 Aug 2026 - 48min - 233 - Defending the Yen: Can Governments Beat Currency Markets?
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.
And in the Dumb Question of the Week: Why can't the government just pick whatever exchange rate it likes?
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When investing, your capital is at risk and you may get back less than invested. Past performance doesn’t guarantee future results. Pies & Autoinvest is an execution-only service. Not investment advice or portfolio management. Automatic investing refers to executing scheduled deposits. You are responsible for all investment and rebalancing decisions. Free shares can be fractional. 212 Cards are issued by Paynetics which provide all payment services. T212 provides customer support and user interface. Terms and fees apply.
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This podcast is for informational and entertainment purposes and is not financial advice. We do not provide recommendations or endorse any decision to buy, sell or hold any security. We cannot be held responsible for any actions listeners may take and investors are encouraged to seek independent financial advice.
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Copyright 2026 Many Happy Returns
Wed, 19 Aug 2026 - 42min - 232 - Record Profits: The Importance of Beating Earnings
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, Europe is also delivering the goods. We discuss what's driving the blowout quarter on both sides of the Atlantic.
And in today’s Dumb Question of the Week: Why do companies report every three months?
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When investing, your capital is at risk and you may get back less than invested. Past performance doesn’t guarantee future results. Pies & Autoinvest is an execution-only service. Not investment advice or portfolio management. Automatic investing refers to executing scheduled deposits. You are responsible for all investment and rebalancing decisions. Free shares can be fractional. 212 Cards are issued by Paynetics which provide all payment services. T212 provides customer support and user interface. Terms and fees apply.
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Copyright 2026 Many Happy Returns
Wed, 12 Aug 2026 - 38min - 231 - Senior Management: Who Looks After Your Money When You Can't?
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 now to protect your portfolio before you reach old age?
And in the Dumb Question of the Week: How do you raise this with your parents without it becoming a fight?
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When investing, your capital is at risk and you may get back less than invested. Past performance doesn’t guarantee future results. Pies & Autoinvest is an execution-only service. Not investment advice or portfolio management. Automatic investing refers to executing scheduled deposits. You are responsible for all investment and rebalancing decisions. Free shares can be fractional. 212 Cards are issued by Paynetics which provide all payment services. T212 provides customer support and user interface. Terms and fees apply.
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This podcast is for informational and entertainment purposes and is not financial advice. We do not provide recommendations or endorse any decision to buy, sell or hold any security. We cannot be held responsible for any actions listeners may take and investors are encouraged to seek independent financial advice.
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Copyright 2026 Many Happy Returns
Wed, 05 Aug 2026 - 39min - 230 - Beta Noire: Unsolved Mysteries of the Market
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 Question of the Week: If nobody can explain why stocks beat bonds, why are we confident they’ll keep doing it?
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Receive a £100 welcome bonus when you register for a Raisin UK account using the code JULY100, open a fixed-rate bond with a term of 1 year or longer and deposit a minimum of £25,000 by 31 July 2026.
https://raisin-uk.pxf.io/c/4012142/3930337/12683?sharedid=uk-cmp-bonus-pensioncraft-podcasts-0726
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Copyright 2026 Many Happy Returns
Wed, 29 Jul 2026 - 38min - 229 - Gilt Complex: Is Britain in Hock to the Bond Market?
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 headroom left. Can the UK escape fiscal fatalism?
And in the Dumb Question of the Week: What's the oldest bond in the world? And is anyone still getting paid?
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Thank you to Raisin UK for sponsoring this episode.
Receive a £100 welcome bonus when you register for a Raisin UK account using the code JULY100, open a fixed-rate bond with a term of 1 year or longer and deposit a minimum of £25,000 by 31 July 2026.
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Copyright 2026 Many Happy Returns
Wed, 22 Jul 2026 - 39min - 228 - The Declaration of Outperformance: Is America Still Exceptional?
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. They're still waiting. We ask whether the United States is still exceptional, or just expensive.
And in the Dumb Question of the Week: Is the US the best performing stock market ever?
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Receive a £100 welcome bonus when you register for a Raisin UK account using the code JULY100, open a fixed-rate bond with a term of 1 year or longer and deposit a minimum of £25,000 by 31 July 2026.
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Copyright 2026 Many Happy Returns
Wed, 15 Jul 2026 - 45min - 227 - Portfolio Positions: Your Starting XI of Asset Classes
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 today’s Dumb Question of the Week: Does the World Cup affect stock prices?
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Receive a £100 welcome bonus when you register for a Raisin UK account using the code JULY100, open a fixed-rate bond with a term of 1 year or longer and deposit a minimum of £25,000 by 31 July 2026.
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Copyright 2026 Many Happy Returns
Wed, 08 Jul 2026 - 40min - 226 - Your Career is a High-Yield Bond (And It’s Probably Junk)
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 Question of the Week: Do I need Income Protection Insurance?
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Receive a £100 welcome bonus when you register for a Raisin UK account using the code JULY100, open a fixed-rate bond with a term of 1 year or longer and deposit a minimum of £25,000 by 31 July 2026.
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Copyright 2026 Many Happy Returns
Wed, 01 Jul 2026 - 35min - 225 - Sequence and Sensibility: Is Now a Good Time to Retire?
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 pot you can't easily rebuild.
And in today’s Dumb Question of the Week: Can you un-retire?
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When investing, your capital is at risk and you may get back less than invested. Past performance doesn’t guarantee future results. Pies & Autoinvest is an execution-only service. Not investment advice or portfolio management. Automatic investing refers to executing scheduled deposits. You are responsible for all investment and rebalancing decisions. Free shares can be fractional. 212 Cards are issued by Paynetics which provide all payment services. T212 provides customer support and user interface. Terms and fees apply.
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This podcast is for informational and entertainment purposes and is not financial advice. We do not provide recommendations or endorse any decision to buy, sell or hold any security. We cannot be held responsible for any actions listeners may take and investors are encouraged to seek independent financial advice.
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Copyright 2026 Many Happy Returns
Wed, 24 Jun 2026 - 42min - 224 - How the AI Investment Boom Ends, with Tom Stevenson
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 it out: a dot-com-style pop? A slow puncture? Or is this time really different?
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Claim free fractional shares worth up to £100. Just create and verify a Trading 212 Invest or Stocks ISA account, make a minimum deposit of £1, and use the promo code "RAMIN" within 10 days of signing up, or use the following link:
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When investing, your capital is at risk and you may get back less than invested. Past performance doesn’t guarantee future results. Pies & Autoinvest is an execution-only service. Not investment advice or portfolio management. Automatic investing refers to executing scheduled deposits. You are responsible for all investment and rebalancing decisions. Free shares can be fractional. 212 Cards are issued by Paynetics which provide all payment services. T212 provides customer support and user interface. Terms and fees apply.
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Copyright 2026 Many Happy Returns
Wed, 17 Jun 2026 - 35min - 223 - Paws and Reflect: The Surprising Science of Who Wins at Investing
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.
And in the Dumb Question of the Week: Are cats better stockpickers than fund managers?
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When investing, your capital is at risk and you may get back less than invested. Past performance doesn’t guarantee future results. Pies & Autoinvest is an execution-only service. Not investment advice or portfolio management. Automatic investing refers to executing scheduled deposits. You are responsible for all investment and rebalancing decisions. Free shares can be fractional. 212 Cards are issued by Paynetics which provide all payment services. T212 provides customer support and user interface. Terms and fees apply.
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Copyright 2026 Many Happy Returns
Wed, 10 Jun 2026 - 47min - 222 - Reserve Judgment: How To Run a Central Bank
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 the handover lie bigger questions: what a central bank is really for, who it answers to, and whether any of it works the way they claim.
---
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When investing, your capital is at risk and you may get back less than invested. Past performance doesn’t guarantee future results. Pies & Autoinvest is an execution-only service. Not investment advice or portfolio management. Automatic investing refers to executing scheduled deposits. You are responsible for all investment and rebalancing decisions. Free shares can be fractional. 212 Cards are issued by Paynetics which provide all payment services. T212 provides customer support and user interface. Terms and fees apply.
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Copyright 2026 Many Happy Returns
Wed, 03 Jun 2026 - 44min - 221 - Space Oddity: Is the Biggest IPO in History a Problem for Index Funds?
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, whatever the price?
And in the Dumb Question of the Week: Why does an IPO need 23 banks?
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Copyright 2026 Many Happy Returns
Wed, 27 May 2026 - 40min - 220 - Rising Yields: Gilty Until Proven Innocent?
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 yields above 5% are a bargain or a trap.
And in today’s Dumb Question of the Week: What's the difference between RPI and CPI?
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Copyright 2026 Many Happy Returns
Wed, 20 May 2026 - 35min - 219 - Britain's Slow-Motion House Price Crash
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 sector.
And in today’s Dumb Question of the Week: Are short-term fixed-rate mortgages a problem?
---
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Claim free fractional shares worth up to £100. Just create and verify a Trading 212 Invest or Stocks ISA account, make a minimum deposit of £1, and use the promo code "RAMIN" within 10 days of signing up, or use the following link:
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When investing, your capital is at risk and you may get back less than invested. Past performance doesn’t guarantee future results. Pies & Autoinvest is an execution-only service. Not investment advice or portfolio management. Automatic investing refers to executing scheduled deposits. You are responsible for all investment and rebalancing decisions. Free shares can be fractional. 212 Cards are issued by Paynetics which provide all payment services. T212 provides customer support and user interface. Terms and fees apply.
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This podcast is for informational and entertainment purposes and is not financial advice. We do not provide recommendations or endorse any decision to buy, sell or hold any security. We cannot be held responsible for any actions listeners may take and investors are encouraged to seek independent financial advice.
Music ID: ZVMI9V6X4SOWSHY0
Copyright 2026 Many Happy Returns
Wed, 29 Apr 2026 - 33min - 218 - Making Sense of a Weird Market: Record Highs, Sticky Inflation, and Silent Alarms
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 different story?
And in today’s Dumb Question of the Week: What is the crack spread?
---
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When investing, your capital is at risk and you may get back less than invested. Past performance doesn’t guarantee future results. Pies & Autoinvest is an execution-only service. Not investment advice or portfolio management. Automatic investing refers to executing scheduled deposits. You are responsible for all investment and rebalancing decisions. Free shares can be fractional. 212 Cards are issued by Paynetics which provide all payment services. T212 provides customer support and user interface. Terms and fees apply.
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This podcast is for informational and entertainment purposes and is not financial advice. We do not provide recommendations or endorse any decision to buy, sell or hold any security. We cannot be held responsible for any actions listeners may take and investors are encouraged to seek independent financial advice.
Music ID: ZVMI9V6X4SOWSHY0
Copyright 2026 Many Happy Returns
Wed, 22 Apr 2026 - 34min - 217 - Do Your Own Research: What Real Investment Research Actually Looks Like
"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 Dumb Question of the Week: Do contrarian investors actually make money?
---
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When investing, your capital is at risk and you may get back less than invested. Past performance doesn’t guarantee future results. Pies & Autoinvest is an execution-only service. Not investment advice or portfolio management. Automatic investing refers to executing scheduled deposits. You are responsible for all investment and rebalancing decisions. Free shares can be fractional. 212 Cards are issued by Paynetics which provide all payment services. T212 provides customer support and user interface. Terms and fees apply.
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Music ID: ZVMI9V6X4SOWSHY0
Copyright 2026 Many Happy Returns
Wed, 15 Apr 2026 - 46min - 216 - Statistical Sleight of Hand: How Good Numbers Hide Bad Investments
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: What makes a finding 'statistically significant'?
---
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When investing, your capital is at risk and you may get back less than invested. Past performance doesn’t guarantee future results. Pies & Autoinvest is an execution-only service. Not investment advice or portfolio management. Automatic investing refers to executing scheduled deposits. You are responsible for all investment and rebalancing decisions. Free shares can be fractional. 212 Cards are issued by Paynetics which provide all payment services. T212 provides customer support and user interface. Terms and fees apply.
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This podcast is for informational and entertainment purposes and is not financial advice. We do not provide recommendations or endorse any decision to buy, sell or hold any security. We cannot be held responsible for any actions listeners may take and investors are encouraged to seek independent financial advice.
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Copyright 2026 Many Happy Returns
Wed, 08 Apr 2026 - 39min - 215 - Shopping the Drop: Is Anything Actually Cheap?
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 find out what's on sale.
And in the Dumb Question of the Week: Does valuation tell you anything?
---
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When investing, your capital is at risk and you may get back less than invested. Past performance doesn’t guarantee future results. Pies & Autoinvest is an execution-only service. Not investment advice or portfolio management. Automatic investing refers to executing scheduled deposits. You are responsible for all investment and rebalancing decisions. Free shares can be fractional. 212 Cards are issued by Paynetics which provide all payment services. T212 provides customer support and user interface. Terms and fees apply.
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This podcast is for informational and entertainment purposes and is not financial advice. We do not provide recommendations or endorse any decision to buy, sell or hold any security. We cannot be held responsible for any actions listeners may take and investors are encouraged to seek independent financial advice.
Music ID: ZVMI9V6X4SOWSHY0
Copyright 2026 Many Happy Returns
Wed, 01 Apr 2026 - 36min - 214 - Your Portfolio Wasn't Built for This
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. And even gold is down 20% from its peak. So what you can actually do when the big asset classes are struggling?
And in the Dumb Question of the Week: What is the Bloomberg Aggregate Bond Index?
---
Thank you to Lightyear for sponsoring this episode.
I opened my 2025/2026 ISA with Lightyear. If you want to try them out as well, use PENSIONCRAFT to get between £10 and £100 in a fractional share or ETF in your General Investment Account. See full T&Cs at lightyear.com/pensioncraft. Capital at risk. ISA terms apply. Promotional terms apply.
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Music ID: ZVMI9V6X4SOWSHY0
Copyright 2026 Many Happy Returns
Wed, 25 Mar 2026 - 45min - 213 - The War of Unintended Consequences: Oil, Inflation, and Interest Rates
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 inflation, interest rates, and how you might want to position your portfolio?
And in the Dumb Question of the Week: Does the futures curve predict where prices are going in the future?
---
Thank you to Lightyear for sponsoring this episode.
I opened my 2025/2026 ISA with Lightyear. If you want to try them out as well, use PENSIONCRAFT to get between £10 and £100 in a fractional share or ETF in your General Investment Account. See full T&Cs at lightyear.com/pensioncraft. Capital at risk. ISA terms apply. Promotional terms apply.
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This podcast is for informational and entertainment purposes and is not financial advice. We do not provide recommendations or endorse any decision to buy, sell or hold any security. We cannot be held responsible for any actions listeners may take and investors are encouraged to seek independent financial advice.
Music ID: ZVMI9V6X4SOWSHY0
Copyright 2026 Many Happy Returns
Wed, 18 Mar 2026 - 45min - 212 - Damien Talks Money: What Investors Click vs. What They Need
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 today’s Dumb Question of the Week: Has making finance content changed how you invest?
---
Thank you to Lightyear for sponsoring this episode.
I opened my 2025/2026 ISA with Lightyear. If you want to try them out as well, use PENSIONCRAFT to get between £10 and £100 in a fractional share or ETF in your General Investment Account. See full T&Cs at lightyear.com/pensioncraft. Capital at risk. ISA terms apply. Promotional terms apply.
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This podcast is for informational and entertainment purposes and is not financial advice. We do not provide recommendations or endorse any decision to buy, sell or hold any security. We cannot be held responsible for any actions listeners may take and investors are encouraged to seek independent financial advice.
Music ID: ZVMI9V6X4SOWSHY0
Copyright 2026 Many Happy Returns
Wed, 11 Mar 2026 - 51min - 211 - Capital Preservation: The Art of Not Losing Money, with Jasmine Yeo from Ruffer
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 art of capital preservation.
And in today’s Dumb Question of the Week: If markets usually go up, why spend so much time thinking about what could go wrong?
---
Thank you to Lightyear for sponsoring this episode.
I opened my 2025/2026 ISA with Lightyear. If you want to try them out as well, use PENSIONCRAFT to get between £10 and £100 in a fractional share or ETF in your General Investment Account. See full T&Cs at lightyear.com/pensioncraft. Capital at risk. ISA terms apply. Promotional terms apply.
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This podcast is for informational and entertainment purposes and is not financial advice. We do not provide recommendations or endorse any decision to buy, sell or hold any security. We cannot be held responsible for any actions listeners may take and investors are encouraged to seek independent financial advice.
Music ID: ZVMI9V6X4SOWSHY0
Copyright 2026 Many Happy Returns
Wed, 04 Mar 2026 - 48min - 210 - The Tariffs Are Dead. Long Live the Tariffs.
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 changes the outlook for investors.
And in today’s Dumb Question of the Week: What is the "spaghetti bowl" effect?
---
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When investing, your capital is at risk and you may get back less than invested. Past performance doesn’t guarantee future results. Pies & Autoinvest is an execution-only service. Not investment advice or portfolio management. Automatic investing refers to executing scheduled deposits. You are responsible for all investment and rebalancing decisions. Free shares can be fractional. 212 Cards are issued by Paynetics which provide all payment services. T212 provides customer support and user interface. Terms and fees apply.
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This podcast is for informational and entertainment purposes and is not financial advice. We do not provide recommendations or endorse any decision to buy, sell or hold any security. We cannot be held responsible for any actions listeners may take and investors are encouraged to seek independent financial advice.
Music ID: ZVMI9V6X4SOWSHY0
Copyright 2026 Many Happy Returns
Wed, 25 Feb 2026 - 29min - 209 - Crypto Winter 2.0: Be Careful What You Wish For?
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 high. So what’s going on?
And in today’s Dumb Question of the Week: What happens when it costs more to mine a bitcoin than it’s actually worth?
---
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 ISA account, make a minimum deposit of £1, and use the promo code "RAMIN" within 10 days of signing up, or use the following link:
Sponsored Link. Terms apply - trading212.com/join/RAMIN
When investing, your capital is at risk and you may get back less than invested. Past performance doesn’t guarantee future results. Pies & Autoinvest is an execution-only service. Not investment advice or portfolio management. Automatic investing refers to executing scheduled deposits. You are responsible for all investment and rebalancing decisions. Free shares can be fractional. 212 Cards are issued by Paynetics which provide all payment services. T212 provides customer support and user interface. Terms and fees apply.
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Music ID: ZVMI9V6X4SOWSHY0
Copyright 2026 Many Happy Returns
Wed, 18 Feb 2026 - 41min - 208 - Kiss Your SaaS Goodbye: The AI Threat to Software Stocks
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 everything from Microsoft to Salesforce down double digits, leaving Wall Street split on whether this is an existential risk or a massive overreaction.
And in today’s Dumb Question of the Week: What is a moat?
---
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 ISA account, make a minimum deposit of £1, and use the promo code "RAMIN" within 10 days of signing up, or use the following link:
Sponsored Link. Terms apply - trading212.com/join/RAMIN
When investing, your capital is at risk and you may get back less than invested. Past performance doesn’t guarantee future results. Pies & Autoinvest is an execution-only service. Not investment advice or portfolio management. Automatic investing refers to executing scheduled deposits. You are responsible for all investment and rebalancing decisions. Free shares can be fractional. 212 Cards are issued by Paynetics which provide all payment services. T212 provides customer support and user interface. Terms and fees apply.
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This podcast is for informational and entertainment purposes and is not financial advice. We do not provide recommendations or endorse any decision to buy, sell or hold any security. We cannot be held responsible for any actions listeners may take and investors are encouraged to seek independent financial advice.
Music ID: ZVMI9V6X4SOWSHY0
Copyright 2026 Many Happy Returns
Wed, 11 Feb 2026 - 48min - 207 - Gold & Silver Crash: Is Bullion’s Bull Run Over?
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 billions digging gold out of a hole, just to put it back in a different hole?
---
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 ISA account, make a minimum deposit of £1, and use the promo code "RAMIN" within 10 days of signing up, or use the following link:
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When investing, your capital is at risk and you may get back less than invested. Past performance doesn’t guarantee future results. Pies & Autoinvest is an execution-only service. Not investment advice or portfolio management. Automatic investing refers to executing scheduled deposits. You are responsible for all investment and rebalancing decisions. Free shares can be fractional. 212 Cards are issued by Paynetics which provide all payment services. T212 provides customer support and user interface. Terms and fees apply.
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This podcast is for informational and entertainment purposes and is not financial advice. We do not provide recommendations or endorse any decision to buy, sell or hold any security. We cannot be held responsible for any actions listeners may take and investors are encouraged to seek independent financial advice.
Music ID: ZVMI9V6X4SOWSHY0
Copyright 2026 Many Happy Returns
Wed, 04 Feb 2026 - 43min - 206 - Vanguard Goes Global: Is Home Bias a Mistake?
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, whether you need to do anything, and if home bias is actually a mistake.
And in today’s Dumb Question of the Week: Why are multi-asset funds limited to stocks and bonds?
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Music ID: ZVMI9V6X4SOWSHY0
Copyright 2026 Many Happy Returns
Wed, 28 Jan 2026 - 38min - 205 - Does Europe Have the Financial Firepower to Stand Up to Trump?
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 counter-tariffs, an untested “trade bazooka,” or the nuclear option: leveraging $8 trillion in US assets.
And in today’s Dumb Question of the Week: Can a Treasury auction fail?
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Music ID: ZVMI9V6X4SOWSHY0
Copyright 2026 Many Happy Returns
Wed, 21 Jan 2026 - 40min - 204 - Investing in Crazy Times: Should You Carry on as Normal?
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 should you actually change anything about your portfolio? Or is "carrying on as normal" always the answer?
And in today’s Dumb Question of the Week: Is any asset risk-free?
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Music ID: ZVMI9V6X4SOWSHY0
Copyright 2026 Many Happy Returns
Wed, 14 Jan 2026 - 38min - 203 - Investing vs. Gambling: How to Tell the Difference
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 risk-taking and pure chance has never been blurrier. So what really separates a calculated investment from a coin flip?
And in today’s Dumb Question of the Week: Are boring stocks better?
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Music ID: ZVMI9V6X4SOWSHY0
Copyright 2026 Many Happy Returns
Wed, 07 Jan 2026 - 42min - 202 - 2026 Watchlist: Trends That Could Shape the Year Ahead
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: Are we still on track for the Roaring 20s?
---
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 ISA account, make a minimum deposit of £1, and use the promo code "RAMIN" within 10 days of signing up, or use the following link:
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When investing, your capital is at risk and you may get back less than invested. Past performance doesn’t guarantee future results. Pies & Autoinvest is an execution-only service. Not investment advice or portfolio management. Automatic investing refers to executing scheduled deposits. You are responsible for all investment and rebalancing decisions. Free shares can be fractional. 212 Cards are issued by Paynetics which provide all payment services. T212 provides customer support and user interface. Terms and fees apply.
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Copyright 2026 Many Happy Returns
Wed, 31 Dec 2025 - 46min - 201 - 10 Investing Facts That Can't be True (But Are)
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 market... right?
And in today’s Dumb Question of the Week: What can Christmas Trees teach us about the futures market?
---
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Claim free fractional shares worth up to £100. Just create and verify a Trading 212 Invest or Stocks ISA account, make a minimum deposit of £1, and use the promo code "RAMIN" within 10 days of signing up, or use the following link:
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When investing, your capital is at risk and you may get back less than invested. Past performance doesn’t guarantee future results. Pies & Autoinvest is an execution-only service. Not investment advice or portfolio management. Automatic investing refers to executing scheduled deposits. You are responsible for all investment and rebalancing decisions. Free shares can be fractional. 212 Cards are issued by Paynetics which provide all payment services. T212 provides customer support and user interface. Terms and fees apply.
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Copyright 2026 Many Happy Returns
Wed, 24 Dec 2025 - 32min - 200 - The Naughty List: Assets That Misbehaved in 2025
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 the Week: Is any asset immune to interest rates?
---
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 ISA account, make a minimum deposit of £1, and use the promo code "RAMIN" within 10 days of signing up, or use the following link:
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When investing, your capital is at risk and you may get back less than invested. Past performance doesn’t guarantee future results. Pies & Autoinvest is an execution-only service. Not investment advice or portfolio management. Automatic investing refers to executing scheduled deposits. You are responsible for all investment and rebalancing decisions. Free shares can be fractional. 212 Cards are issued by Paynetics which provide all payment services. T212 provides customer support and user interface. Terms and fees apply.
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This podcast is for informational and entertainment purposes and is not financial advice. We do not provide recommendations or endorse any decision to buy, sell or hold any security. We cannot be held responsible for any actions listeners may take and investors are encouraged to seek independent financial advice.
Music ID: ZVMI9V6X4SOWSHY0
Copyright 2026 Many Happy Returns
Wed, 17 Dec 2025 - 48min - 199 - The 2025 Stress Test: The Banks Are Safe... Are You?
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 system might survive a crash. But would you?
And in today’s Dumb Question of the Week: Are British banks too big?
---
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Claim free fractional shares worth up to £100. Just create and verify a Trading 212 Invest or Stocks ISA account, make a minimum deposit of £1, and use the promo code "RAMIN" within 10 days of signing up, or use the following link:
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When investing, your capital is at risk and you may get back less than invested. Past performance doesn’t guarantee future results. Pies & Autoinvest is an execution-only service. Not investment advice or portfolio management. Automatic investing refers to executing scheduled deposits. You are responsible for all investment and rebalancing decisions. Free shares can be fractional. 212 Cards are issued by Paynetics which provide all payment services. T212 provides customer support and user interface. Terms and fees apply.
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This podcast is for informational and entertainment purposes and is not financial advice. We do not provide recommendations or endorse any decision to buy, sell or hold any security. We cannot be held responsible for any actions listeners may take and investors are encouraged to seek independent financial advice.
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Copyright 2026 Many Happy Returns
Wed, 10 Dec 2025 - 37min - 198 - Devil in the Details: Is the Budget Worse Than Imagined for Investors?
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 protect your money?
And in today’s Dumb Question of the Week: Is now the time to emigrate?
---
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Sponsored Link. Terms apply - trading212.com/join/RAMIN
When investing, your capital is at risk and you may get back less than invested. Past performance doesn’t guarantee future results. Pies & Autoinvest is an execution-only service. Not investment advice or portfolio management. Automatic investing refers to executing scheduled deposits. You are responsible for all investment and rebalancing decisions. Free shares can be fractional. 212 Cards are issued by Paynetics which provide all payment services. T212 provides customer support and user interface. Terms and fees apply.
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This podcast is for informational and entertainment purposes and is not financial advice. We do not provide recommendations or endorse any decision to buy, sell or hold any security. We cannot be held responsible for any actions listeners may take and investors are encouraged to seek independent financial advice.
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Copyright 2026 Many Happy Returns
Wed, 03 Dec 2025 - 39min - 197 - The Physics of Financial Markets
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, crashes and portfolio decay.
And in today’s Dumb Question of the Week: What should you study if you want to work in finance?
---
Today’s podcast is sponsored by Freetrade, the commission-free investing platform.
New Freetrade offers:
2% cashback when you transfer £10,000+ in pensions (ends 31 Dec 2025) 1% cashback for new ISA customers transferring £10,000+ (ends 31 Dec 2025)Plus, get a free share worth £10 - £100 when you sign up via a referral link!
Freetrade makes investing simple and affordable, with award-winning service and transparent pricing. Learn more at freetrade.io/pensioncraft
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This podcast is for informational and entertainment purposes and is not financial advice. We do not provide recommendations or endorse any decision to buy, sell or hold any security. We cannot be held responsible for any actions listeners may take and investors are encouraged to seek independent financial advice.
Music ID: ZVMI9V6X4SOWSHY0
Copyright 2026 Many Happy Returns
Wed, 26 Nov 2025 - 39min - 196 - How to Pick Your Perfect Portfolio, with Tyler from Portfolio Charts
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, return, drawdowns and—crucially—your own behaviour, so you can find something that truly fits you.
And in today’s Dumb Question of the Week: Does rebalancing improve returns?
---
Today’s podcast is sponsored by Freetrade, the commission-free investing platform.
New Freetrade offers:
2% cashback when you transfer £10,000+ in pensions (ends 31 Dec 2025) 1% cashback for new ISA customers transferring £10,000+ (ends 31 Dec 2025)Plus, get a free share worth £10 - £100 when you sign up via a referral link!
Freetrade makes investing simple and affordable, with award-winning service and transparent pricing. Learn more at freetrade.io/pensioncraft
Capital at risk. ISA & SIPP eligibility, tax rules, and T&Cs apply. Cashback capped at £1,000. Annual subscription required for SIPP offer.
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This podcast is for informational and entertainment purposes and is not financial advice. We do not provide recommendations or endorse any decision to buy, sell or hold any security. We cannot be held responsible for any actions listeners may take and investors are encouraged to seek independent financial advice.
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Copyright 2026 Many Happy Returns
Wed, 19 Nov 2025 - 54min - 195 - FIRE Drill: Is Financial Independence Still Possible?
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 hamster wheel?
And in today’s Dumb Question of the Week: How much will I spend in retirement?
---
Today’s podcast is sponsored by Freetrade, the commission-free investing platform.
New Freetrade offers:
2% cashback when you transfer £10,000+ in pensions (ends 31 Dec 2025) 1% cashback for new ISA customers transferring £10,000+ (ends 31 Dec 2025)Plus, get a free share worth £10 - £100 when you sign up via a referral link!
Freetrade makes investing simple and affordable, with award-winning service and transparent pricing. Learn more at freetrade.io/pensioncraft
Capital at risk. ISA & SIPP eligibility, tax rules, and T&Cs apply. Cashback capped at £1,000. Annual subscription required for SIPP offer.
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This podcast is for informational and entertainment purposes and is not financial advice. We do not provide recommendations or endorse any decision to buy, sell or hold any security. We cannot be held responsible for any actions listeners may take and investors are encouraged to seek independent financial advice.
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Copyright 2026 Many Happy Returns
Wed, 12 Nov 2025 - 52min - 194 - So You’ve Decided to Time the Market…
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?
---
Today’s podcast is sponsored by Freetrade, the commission-free investing platform.
New Freetrade offers:
2% cashback when you transfer £10,000+ in pensions (ends 31 Dec 2025) 1% cashback for new ISA customers transferring £10,000+ (ends 31 Dec 2025)Plus, get a free share worth £10 - £100 when you sign up via a referral link!
Freetrade makes investing simple and affordable, with award-winning service and transparent pricing. Learn more at freetrade.io/pensioncraft
Capital at risk. ISA & SIPP eligibility, tax rules, and T&Cs apply. Cashback capped at £1,000. Annual subscription required for SIPP offer.
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This podcast is for informational and entertainment purposes and is not financial advice. We do not provide recommendations or endorse any decision to buy, sell or hold any security. We cannot be held responsible for any actions listeners may take and investors are encouraged to seek independent financial advice.
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Copyright 2026 Many Happy Returns
Wed, 05 Nov 2025 - 45min - 193 - Beyond the Gloom: The UK's Hidden Stock Winners, with Ed Croft
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?
---
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Claim free fractional shares worth up to £100. Just create and verify a Trading 212 Invest or Stocks ISA account, make a minimum deposit of £1, and use the promo code "RAMIN" within 10 days of signing up, or use the following link:
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When investing, your capital is at risk and you may get back less than invested. Past performance doesn’t guarantee future results. Pies & Autoinvest is an execution-only service. Not investment advice or portfolio management. Automatic investing refers to executing scheduled deposits. You are responsible for all investment and rebalancing decisions. Free shares can be fractional. 212 Cards are issued by Paynetics which provide all payment services. T212 provides customer support and user interface. Terms and fees apply.
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Copyright 2026 Many Happy Returns
Wed, 29 Oct 2025 - 40min - 192 - The Debasement Trade: Faith, Fear, and the Fall of Fiat?
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 today’s Dumb Question of the Week: What’s the difference between stimulating the economy and debasing the currency?
---
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 ISA account, make a minimum deposit of £1, and use the promo code "RAMIN" within 10 days of signing up, or use the following link:
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When investing, your capital is at risk and you may get back less than invested. Past performance doesn’t guarantee future results. Pies & Autoinvest is an execution-only service. Not investment advice or portfolio management. Automatic investing refers to executing scheduled deposits. You are responsible for all investment and rebalancing decisions. Free shares can be fractional. 212 Cards are issued by Paynetics which provide all payment services. T212 provides customer support and user interface. Terms and fees apply.
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Copyright 2026 Many Happy Returns
Wed, 22 Oct 2025 - 39min - 191 - Closed-Circuit Capitalism: Inside AI’s Trillion-Dollar Money Loop
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?
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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 ISA account, make a minimum deposit of £1, and use the promo code "RAMIN" within 10 days of signing up, or use the following link:
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When investing, your capital is at risk and you may get back less than invested. Past performance doesn’t guarantee future results. Pies & Autoinvest is an execution-only service. Not investment advice or portfolio management. Automatic investing refers to executing scheduled deposits. You are responsible for all investment and rebalancing decisions. Free shares can be fractional. 212 Cards are issued by Paynetics which provide all payment services. T212 provides customer support and user interface. Terms and fees apply.
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Copyright 2026 Many Happy Returns
Wed, 15 Oct 2025 - 45min - 190 - The Unbalanced Sheet: What Is Your Net Worth, Really?
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 create and verify a Trading 212 Invest or Stocks ISA account, make a minimum deposit of £1, and use the promo code "RAMIN" within 10 days of signing up, or use the following link:
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When investing, your capital is at risk and you may get back less than invested. Past performance doesn’t guarantee future results. Pies & Autoinvest is an execution-only service. Not investment advice or portfolio management. Automatic investing refers to executing scheduled deposits. You are responsible for all investment and rebalancing decisions. Free shares can be fractional. 212 Cards are issued by Paynetics which provide all payment services. T212 provides customer support and user interface. Terms and fees apply.
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This podcast is for informational and entertainment purposes and is not financial advice. We do not provide recommendations or endorse any decision to buy, sell or hold any security. We cannot be held responsible for any actions listeners may take and investors are encouraged to seek independent financial advice.
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Copyright 2026 Many Happy Returns
Wed, 08 Oct 2025 - 46min - 189 - What I’ve Learned: Keeping Your Portfolio (and Yourself) on Track
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 create and verify a Trading 212 Invest or Stocks ISA account, make a minimum deposit of £1, and use the promo code "RAMIN" within 10 days of signing up, or use the following link:
Sponsored Link. Terms apply - trading212.com/join/RAMIN
When investing, your capital is at risk and you may get back less than invested. Past performance doesn’t guarantee future results. Pies & Autoinvest is an execution-only service. Not investment advice or portfolio management. Automatic investing refers to executing scheduled deposits. You are responsible for all investment and rebalancing decisions. Free shares can be fractional. 212 Cards are issued by Paynetics which provide all payment services. T212 provides customer support and user interface. Terms and fees apply.
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This podcast is for informational and entertainment purposes and is not financial advice. We do not provide recommendations or endorse any decision to buy, sell or hold any security. We cannot be held responsible for any actions listeners may take and investors are encouraged to seek independent financial advice.
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Copyright 2026 Many Happy Returns
Wed, 01 Oct 2025 - 43min - 188 - Cash on the Sidelines: Are Brits Scared to Invest?
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 fractional share of your choice! Claim your reward when you use this link: lightyear.com/pensioncraft or enter the code PENSIONCRAFT manually in the Promotions section.
Capital at risk. ISA rules apply. Terms apply: https://lightyear.com/en-gb/signup-promotion-terms.
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This podcast is for informational and entertainment purposes and is not financial advice. We do not provide recommendations or endorse any decision to buy, sell or hold any security. We cannot be held responsible for any actions listeners may take and investors are encouraged to seek independent financial advice.
Music ID: ZVMI9V6X4SOWSHY0
Copyright 2026 Many Happy Returns
Thu, 25 Sep 2025 - 36min - 187 - Gold is a Terrible Investment (And Why You Should Own It)
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 sponsoring this episode.
Sign up for a new account on Lightyear and get up to $115 worth of a US fractional share of your choice! Claim your reward when you use this link: lightyear.com/pensioncraft or enter the code PENSIONCRAFT manually in the Promotions section.
Capital at risk. ISA rules apply. Terms apply: https://lightyear.com/en-gb/signup-promotion-terms.
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This podcast is for informational and entertainment purposes and is not financial advice. We do not provide recommendations or endorse any decision to buy, sell or hold any security. We cannot be held responsible for any actions listeners may take and investors are encouraged to seek independent financial advice.
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Copyright 2026 Many Happy Returns
Wed, 17 Sep 2025 - 40min - 186 - Stick or Twist: Should You Second Guess the Autumn Budget?
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 Lightyear and get up to $115 worth of a US fractional share of your choice! Claim your reward when you use this link: lightyear.com/pensioncraft or enter the code PENSIONCRAFT manually in the Promotions section.
Capital at risk. ISA rules apply. Terms apply: https://lightyear.com/en-gb/signup-promotion-terms.
---
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This podcast is for informational and entertainment purposes and is not financial advice. We do not provide recommendations or endorse any decision to buy, sell or hold any security. We cannot be held responsible for any actions listeners may take and investors are encouraged to seek independent financial advice.
Music ID: ZVMI9V6X4SOWSHY0
Copyright 2026 Many Happy Returns
Wed, 10 Sep 2025 - 42min - 185 - Stocks vs. Bonds: Who Wins the Next Decade?
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 for a new account on Lightyear and get up to $115 worth of a US fractional share of your choice! Claim your reward when you use this link: lightyear.com/pensioncraft or enter the code PENSIONCRAFT manually in the Promotions section.
Capital at risk. ISA rules apply. Terms apply: https://lightyear.com/en-gb/signup-promotion-terms.
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Copyright 2026 Many Happy Returns
Wed, 03 Sep 2025 - 39min - 184 - The Visible Hand: Is America Abandoning Free-Market Capitalism?
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 this episode.
Claim free fractional shares worth up to £100. Just create and verify a Trading 212 Invest or Stocks ISA account, make a minimum deposit of £1, and use the promo code "RAMIN" within 10 days of signing up, or use the following link:
Sponsored Link. Terms apply - trading212.com/join/RAMIN
When investing, your capital is at risk and you may get back less than invested. Past performance doesn’t guarantee future results. Pies & Autoinvest is an execution-only service. Not investment advice or portfolio management. Automatic investing refers to executing scheduled deposits. You are responsible for all investment and rebalancing decisions. Free shares can be fractional. 212 Cards are issued by Paynetics which provide all payment services. T212 provides customer support and user interface. Terms and fees apply.
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This podcast is for informational and entertainment purposes and is not financial advice. We do not provide recommendations or endorse any decision to buy, sell or hold any security. We cannot be held responsible for any actions listeners may take and investors are encouraged to seek independent financial advice.
Music ID: ZVMI9V6X4SOWSHY0
Copyright 2026 Many Happy Returns
Wed, 27 Aug 2025 - 43min - 183 - FCA Lifts the Ban: UK Investors Can Buy Crypto ETNs—But Should You?
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 or Stocks ISA account, make a minimum deposit of £1, and use the promo code "RAMIN" within 10 days of signing up, or use the following link:
Sponsored Link. Terms apply - trading212.com/join/RAMIN
When investing, your capital is at risk and you may get back less than invested. Past performance doesn’t guarantee future results. Pies & Autoinvest is an execution-only service. Not investment advice or portfolio management. Automatic investing refers to executing scheduled deposits. You are responsible for all investment and rebalancing decisions. Free shares can be fractional. 212 Cards are issued by Paynetics which provide all payment services. T212 provides customer support and user interface. Terms and fees apply.
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Copyright 2026 Many Happy Returns
Wed, 20 Aug 2025 - 42min - 182 - Has Trump Won the Trade War?
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 episode.
Claim free fractional shares worth up to £100. Just create and verify a Trading 212 Invest or Stocks ISA account, make a minimum deposit of £1, and use the promo code "RAMIN" within 10 days of signing up, or use the following link:
Sponsored Link. Terms apply - trading212.com/join/RAMIN
When investing, your capital is at risk and you may get back less than invested. Past performance doesn’t guarantee future results. Pies & Autoinvest is an execution-only service. Not investment advice or portfolio management. Automatic investing refers to executing scheduled deposits. You are responsible for all investment and rebalancing decisions. Free shares can be fractional. 212 Cards are issued by Paynetics which provide all payment services. T212 provides customer support and user interface. Terms and fees apply.
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This podcast is for informational and entertainment purposes and is not financial advice. We do not provide recommendations or endorse any decision to buy, sell or hold any security. We cannot be held responsible for any actions listeners may take and investors are encouraged to seek independent financial advice.
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Copyright 2026 Many Happy Returns
Wed, 13 Aug 2025 - 42min - 181 - Can We Still Trust the Economic Data?
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 ISA account, make a minimum deposit of £1, and use the promo code "RAMIN" within 10 days of signing up, or use the following link:
Sponsored Link. Terms apply - trading212.com/join/RAMIN
When investing, your capital is at risk and you may get back less than invested. Past performance doesn’t guarantee future results. Pies & Autoinvest is an execution-only service. Not investment advice or portfolio management. Automatic investing refers to executing scheduled deposits. You are responsible for all investment and rebalancing decisions. Free shares can be fractional. 212 Cards are issued by Paynetics which provide all payment services. T212 provides customer support and user interface. Terms and fees apply.
---
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Copyright 2026 Many Happy Returns
Wed, 06 Aug 2025 - 40min - 180 - The Everything Bubble: What Could Possibly Go Wrong?
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 platform where you can access savings accounts from over 40 FSCS-protected banks and building societies — all in one place.
What's more, for a limited time only, you can receive a £100 bonus when you register and fund your first savings account with a minimum of £10,000 using the code "SAVINGS100". For more details, please visit the link raisin.co.uk/pensioncraft
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Copyright 2026 Many Happy Returns
Wed, 30 Jul 2025 - 39min - 179 - The Unicorn Farm: Betting on AI Startups
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 accounts from over 40 FSCS-protected banks and building societies — all in one place.
What's more, for a limited time only, you can receive a £100 bonus when you register and fund your first savings account with a minimum of £10,000 using the code "SAVINGS100". For more details, please visit the link raisin.co.uk/pensioncraft
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This podcast is for informational and entertainment purposes and is not financial advice. We do not provide recommendations or endorse any decision to buy, sell or hold any security. We cannot be held responsible for any actions listeners may take and investors are encouraged to seek independent financial advice.
Music ID: ZVMI9V6X4SOWSHY0
Copyright 2026 Many Happy Returns
Wed, 23 Jul 2025 - 47min - 178 - Why Can't I Retire Early?!
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.
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Wed, 16 Jul 2025 - 43min - 177 - Is the UK Stock Market Dying?
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?
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Copyright 2026 Many Happy Returns
Wed, 09 Jul 2025 - 40min - 176 - Neural Net Worth: What If AI Isn’t a Bubble?
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 companies stay private?
---
Thanks to Raisin UK for supporting this episode.
Raisin UK is a free, easy-to-use platform where you can access savings accounts from over 40 FSCS-protected banks and building societies — all in one place.
What's more, for a limited time only, you can receive a £100 bonus when you register and fund your first savings account with a minimum of £10,000 using the code "SAVINGS100". For more details, please visit the link raisin.co.uk/pensioncraft
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Wed, 02 Jul 2025 - 57min - 175 - Fragile Ceasefire: Are Markets Complacent?
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?
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Wed, 25 Jun 2025 - 25min - 174 - Crash Course: The Scariest Days in Stock Market History
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?
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When investing, your capital is at risk and you may get back less than invested. Past performance doesn’t guarantee future results. Pies & Autoinvest is an execution-only service. Not investment advice or portfolio management. Automatic investing refers to executing scheduled deposits. You are responsible for all investment and rebalancing decisions. Free shares can be fractional. 212 Cards are issued by Paynetics which provide all payment services. T212 provides customer support and user interface. Terms and fees apply.
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Wed, 18 Jun 2025 - 46min - 173 - Outsmarting the Index: Strategies That (Sometimes) Work for Active Funds
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’?
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When investing, your capital is at risk and you may get back less than invested. Past performance doesn’t guarantee future results. Pies & Autoinvest is an execution-only service. Not investment advice or portfolio management. Automatic investing refers to executing scheduled deposits. You are responsible for all investment and rebalancing decisions. Free shares can be fractional. 212 Cards are issued by Paynetics which provide all payment services. T212 provides customer support and user interface. Terms and fees apply.
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Copyright 2026 Many Happy Returns
Wed, 11 Jun 2025 - 45min - 172 - Section 899: America’s Revenge Tax on International Investors
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 is capital flight?
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When investing, your capital is at risk and you may get back less than invested. Past performance doesn’t guarantee future results. Pies & Autoinvest is an execution-only service. Not investment advice or portfolio management. Automatic investing refers to executing scheduled deposits. You are responsible for all investment and rebalancing decisions. Free shares can be fractional. 212 Cards are issued by Paynetics which provide all payment services. T212 provides customer support and user interface. Terms and fees apply.
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Copyright 2026 Many Happy Returns
Wed, 04 Jun 2025 - 35min - 171 - ISAs Under Review: Will Cash Savings Get Capped?
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 ‘cost of capital’?
---
Thanks to Raisin UK for supporting this episode.
Raisin UK is a free, easy-to-use platform where you can access savings accounts from over 40 FSCS-protected banks and building societies — all in one place.
What's more, for a limited time only, you can receive a £100 bonus when you register and fund your first savings account with a minimum of £10,000 using the code "SAVINGS100". For more details, please visit the link raisin.co.uk/pensioncraft
---
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Simply use coupon code SAVE75 before July 1st, 2025. Gain access to premium content, and remember, you can cancel anytime and still retain access to our Beginner's bundle of courses. pensioncraft.com/investor-education/membership
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Copyright 2026 Many Happy Returns
Wed, 28 May 2025 - 43min - 170 - Know Thyself: How Risk-Tolerant Are You Really?
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 Week: Should I wait until I've educated myself fully before investing?
---
Thanks to Raisin UK for supporting this episode.
Raisin UK is a free, easy-to-use platform where you can access savings accounts from over 40 FSCS-protected banks and building societies — all in one place.
What's more, for a limited time only, you can receive a £100 bonus when you register and fund your first savings account with a minimum of £10,000 using the code "SAVINGS100". For more details, please visit the link raisin.co.uk/pensioncraft
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Copyright 2026 Many Happy Returns
Wed, 21 May 2025 - 37min - 169 - When the Free Lunch Bites Back: Navigating Changing Asset Correlations
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 for supporting this episode.
Raisin UK is a free, easy-to-use platform where you can access savings accounts from over 40 FSCS-protected banks and building societies — all in one place.
What's more, for a limited time only, you can receive a £100 bonus when you register and fund your first savings account with a minimum of £10,000 using the code "SAVINGS100". For more details, please visit the link raisin.co.uk/pensioncraft
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Copyright 2026 Many Happy Returns
Wed, 14 May 2025 - 44min - 168 - Buffett Bows Out: Can Berkshire Thrive Without Him?
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 platform where you can access savings accounts from over 40 FSCS-protected banks and building societies — all in one place.
What's more, for a limited time only, you can receive a £100 bonus when you register and fund your first savings account with a minimum of £10,000 using the code "SAVINGS100". For more details, please visit the link raisin.co.uk/pensioncraft
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Copyright 2026 Many Happy Returns
Wed, 07 May 2025 - 38min - 167 - 100 Days Down: Making Sense of Trump's Market Shockwaves, with Katie Martin
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.
---
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When investing, your capital is at risk and you may get back less than invested. Past performance doesn’t guarantee future results. Pies & Autoinvest is an execution-only service. Not investment advice or portfolio management. Automatic investing refers to executing scheduled deposits. You are responsible for all investment and rebalancing decisions. Free shares can be fractional. 212 Cards are issued by Paynetics which provide all payment services. T212 provides customer support and user interface. Terms and fees apply.
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Copyright 2026 Many Happy Returns
Wed, 30 Apr 2025 - 45min - 166 - What to Buy in Your ISA In 2025: Is This Year Different?
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?
---
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When investing, your capital is at risk and you may get back less than invested. Past performance doesn’t guarantee future results. Pies & Autoinvest is an execution-only service. Not investment advice or portfolio management. Automatic investing refers to executing scheduled deposits. You are responsible for all investment and rebalancing decisions. Free shares can be fractional. 212 Cards are issued by Paynetics which provide all payment services. T212 provides customer support and user interface. Terms and fees apply.
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Copyright 2026 Many Happy Returns
Wed, 23 Apr 2025 - 45min - 165 - Stars and Strife: Is This the End of American Exceptionalism?
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 another country’s bonds?
---
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When investing, your capital is at risk and you may get back less than invested. Past performance doesn’t guarantee future results. Pies & Autoinvest is an execution-only service. Not investment advice or portfolio management. Automatic investing refers to executing scheduled deposits. You are responsible for all investment and rebalancing decisions. Free shares can be fractional. 212 Cards are issued by Paynetics which provide all payment services. T212 provides customer support and user interface. Terms and fees apply.
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Copyright 2026 Many Happy Returns
Wed, 16 Apr 2025 - 41min - 164 - The Orange Swan: Surviving the $10 Trillion Selloff
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?
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When investing, your capital is at risk and you may get back less than invested. Past performance doesn’t guarantee future results. Pies & Autoinvest is an execution-only service. Not investment advice or portfolio management. Automatic investing refers to executing scheduled deposits. You are responsible for all investment and rebalancing decisions. Free shares can be fractional. 212 Cards are issued by Paynetics which provide all payment services. T212 provides customer support and user interface. Terms and fees apply.
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Copyright 2026 Many Happy Returns
Wed, 09 Apr 2025 - 40min - 163 - The Trillion Pound Question: Is Government Debt Out of Control?
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?
---
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When investing, your capital is at risk and you may get back less than invested. Past performance doesn’t guarantee future results. Pies & Autoinvest is an execution-only service. Not investment advice or portfolio management. Automatic investing refers to executing scheduled deposits. You are responsible for all investment and rebalancing decisions. Free shares can be fractional. 212 Cards are issued by Paynetics which provide all payment services. T212 provides customer support and user interface. Terms and fees apply.
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Copyright 2026 Many Happy Returns
Wed, 02 Apr 2025 - 47min - 162 - Quid’s In: How Much Can You Invest Tax-Free?
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 today if it had kept pace with inflation?
---
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Wed, 26 Mar 2025 - 36min - 161 - The Hidden Bull Market: The Stocks Defying the Gloom
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 for sponsoring this episode.
Sign up for a new account on Lightyear and receive $10 worth of a US fractional share when you use this link: https://lightyear.com/pensioncraft or enter our special code PENSIONCRAFT manually in the Promotions section.
Code conditions: Complete onboarding and fund at least £50 into your General Investment Account after entering the code. The code can only be used if you haven’t redeemed any code before. Once all conditions are met, you will be granted $10 worth of a US fractional share of your choice.
Capital at risk. Provider of the investment services is Lightyear U.K. Ltd for the UK and Lightyear Europe AS for the EU. Terms apply: https://lightyear.com/terms. Seek qualified advice if necessary. This is not investment advice.
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Wed, 19 Mar 2025 - 40min - 160 - New World Disorder: Investing Amid the Chaos
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 on Lightyear and receive $10 worth of a US fractional share when you use this link: https://lightyear.com/pensioncraft or enter our special code PENSIONCRAFT manually in the Promotions section.
Code conditions: Complete onboarding and fund at least £50 into your General Investment Account after entering the code. The code can only be used if you haven’t redeemed any code before. Once all conditions are met, you will be granted $10 worth of a US fractional share of your choice.
Capital at risk. Provider of the investment services is Lightyear U.K. Ltd for the UK and Lightyear Europe AS for the EU. Terms apply: https://lightyear.com/terms. Seek qualified advice if necessary. This is not investment advice.
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Copyright 2026 Many Happy Returns
Wed, 12 Mar 2025 - 46min - 159 - The Road to Wealth: 10 Financial Milestones Worth Celebrating
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?
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Wed, 05 Mar 2025 - 38min - 158 - Whale Watching: What If the Biggest Investors Dump Their Holdings?
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?
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Wed, 26 Feb 2025 - 44min - 157 - Wall Street Wisdom: The Truth Behind Investing Clichés
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?
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Wed, 19 Feb 2025 - 39min - 156 - Are Your Investments Secretly Leveraged?
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?
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When investing, your capital is at risk and you may get back less than invested. Past performance doesn’t guarantee future results. Pies & Autoinvest is an execution-only service. Not investment advice or portfolio management. Automatic investing refers to executing scheduled deposits. You are responsible for all investment and rebalancing decisions. Free shares can be fractional. 212 Cards are issued by Paynetics which provide all payment services. T212 provides customer support and user interface. Terms and fees apply.
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Copyright 2026 Many Happy Returns
Wed, 12 Feb 2025 - 41min - 155 - Trade War Truce: Crisis Averted or Just Delayed?
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?
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When investing, your capital is at risk and you may get back less than invested. Past performance doesn’t guarantee future results. Pies & Autoinvest is an execution-only service. Not investment advice or portfolio management. Automatic investing refers to executing scheduled deposits. You are responsible for all investment and rebalancing decisions. Free shares can be fractional. 212 Cards are issued by Paynetics which provide all payment services. T212 provides customer support and user interface. Terms and fees apply.
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Copyright 2026 Many Happy Returns
Wed, 05 Feb 2025 - 42min - 154 - Trump, Tariffs and AI: The Stories Shaping Markets in 2025
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?
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Raisin UK is a free, easy-to-use online savings platform, with savings accounts from over 40 FSCS-protected banks and building societies. Simply register, apply to open as many accounts as you like, and manage everything with a single login. Elevate your savings game today.
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Copyright 2026 Many Happy Returns
Wed, 29 Jan 2025 - 43min - 153 - Meltdown: Scandal, Sleaze and the Collapse of Credit Suisse, with Duncan Mavin
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?
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Raisin UK is a free, easy-to-use online savings platform, with savings accounts from over 40 FSCS-protected banks and building societies. Simply register, apply to open as many accounts as you like, and manage everything with a single login. Elevate your savings game today.
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Copyright 2026 Many Happy Returns
Wed, 22 Jan 2025 - 44min - 152 - Soaring Gilt Yields and Strained Public Finances, with Simon French
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 office.
And in today’s Dumb Question of the Week, we ask: Why does the government need fiscal rules?
---
Thank you to Raisin UK for sponsoring this episode.
Raisin UK is a free, easy-to-use online savings platform, with savings accounts from over 40 FSCS-protected banks and building societies. Simply register, apply to open as many accounts as you like, and manage everything with a single login. Elevate your savings game today.
What's more, for a limited time only, you can receive a £100 bonus when you register and fund your first savings account with a minimum of £10,000 using the code "SAVINGS100". For more details, please visit the link: raisin.co.uk/pensioncraft
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Copyright 2026 Many Happy Returns
Wed, 15 Jan 2025 - 45min - 151 - Red Flags: China’s Economic Troubles, with George Magnus
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 the world's second-largest economy.
And in the Dumb Question of the Week: Can we trust China’s economic statistics?
---
Thank you to Raisin UK for sponsoring this episode.
Raisin UK is a free, easy-to-use online savings platform, with savings accounts from over 40 FSCS-protected banks and building societies. Simply register, apply to open as many accounts as you like, and manage everything with a single login. Elevate your savings game today.
What's more, for a limited time only, you can receive a £100 bonus when you register and fund your first savings account with a minimum of £10,000 using the code "SAVINGS100". For more details, please visit the link: raisin.co.uk/pensioncraft
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Copyright 2026 Many Happy Returns
Wed, 08 Jan 2025 - 42min - 150 - Jingle Bulls, Jingle Bears: Are Investors Overconfident Heading into 2025?
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?
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When investing, your capital is at risk and you may get back less than invested. Past performance doesn’t guarantee future results. Pies & Autoinvest is an execution-only service. Not investment advice or portfolio management. Automatic investing refers to executing scheduled deposits. You are responsible for all investment and rebalancing decisions. Free shares can be fractional. Terms and fees apply.
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Copyright 2026 Many Happy Returns
Wed, 18 Dec 2024 - 42min - 149 - Emerging Markets: Risky Bet or the Next Big Bargain?
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?
---
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When investing, your capital is at risk and you may get back less than invested. Past performance doesn’t guarantee future results. Pies & Autoinvest is an execution-only service. Not investment advice or portfolio management. Automatic investing refers to executing scheduled deposits. You are responsible for all investment and rebalancing decisions. Free shares can be fractional. Terms and fees apply.
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Copyright 2026 Many Happy Returns
Wed, 11 Dec 2024 - 42min - 148 - Kaput: The End of the German Miracle, with Wolfgang Münchau
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 ask: Why don’t Germans invest in the stock market?
---
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When investing, your capital is at risk and you may get back less than invested. Past performance doesn’t guarantee future results. Pies & Autoinvest is an execution-only service. Not investment advice or portfolio management. Automatic investing refers to executing scheduled deposits. You are responsible for all investment and rebalancing decisions. Free shares can be fractional. Terms and fees apply.
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Copyright 2026 Many Happy Returns
Wed, 04 Dec 2024 - 52min - 147 - Stoic Investing: Are We Worrying About the Wrong Things?
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 savings platform, with savings accounts from over 40 FSCS-protected banks and building societies. Simply register, apply to open as many accounts as you like, and manage everything with a single login. Elevate your savings game today.
What's more, you can receive a £100 bonus when you register and fund your first savings account with a minimum of £10,000 using the code "SAVINGS100". For more details, please go to raisin.co.uk/pensioncraft
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Copyright 2026 Many Happy Returns
Wed, 27 Nov 2024 - 37min - 146 - Trump 2.0: Political Risk and Complacent Markets, with Economist Larry Hatheway
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 problem?
---
Thank you to Raisin UK for sponsoring this episode.
Raisin UK is a free, easy-to-use online savings platform, with savings accounts from over 40 FSCS-protected banks and building societies. Simply register, apply to open as many accounts as you like, and manage everything with a single login. Elevate your savings game today.
What's more, you can receive a £100 bonus when you register and fund your first savings account with a minimum of £10,000 using the code "SAVINGS100". For more details, please go to raisin.co.uk/pensioncraft
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Copyright 2026 Many Happy Returns
Wed, 20 Nov 2024 - 46min - 145 - Maxed Out Markets: Investing When Everything Is Expensive
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.
Raisin UK is a free, easy-to-use online savings platform, with savings accounts from over 40 FSCS-protected banks and building societies. Simply register, apply to open as many accounts as you like, and manage everything with a single login. Elevate your savings game today.
What's more, you can receive a £100 bonus when you register and fund your first savings account with a minimum of £10,000 using the code "SAVINGS100". For more details, please go to raisin.co.uk/pensioncraft
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Copyright 2026 Many Happy Returns
Wed, 13 Nov 2024 - 40min - 144 - Gilt Yields and Ghosts of Budgets Past: Who's Afraid of Bond Vigilantes?
Gilt yields rose after the Autumn budget as markets absorbed sharp rises in investment, taxes and borrowing. Does Liz Truss’s mini-budget still haunt UK debt markets? And is there a risk that investors will shun UK debt?
In today’s Dumb Question of the Week: Does public investment ‘crowd out’ or ‘crowd in’ private sector activity?
---
Thank you to Raisin UK for sponsoring this episode.
Raisin UK is a free, easy-to-use online savings platform, with savings accounts from over 40 FSCS-protected banks and building societies. Simply register, apply to open as many accounts as you like, and manage everything with a single login. Elevate your savings game today.
What's more, you can receive a £100 bonus when you register and fund your first savings account with a minimum of £10,000 using the code "SAVINGS100". For more details, please go to raisin.co.uk/pensioncraft
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Music ID: ZVMI9V6X4SOWSHY0
Copyright 2026 Many Happy Returns
Wed, 06 Nov 2024 - 39min - 143 - Chance, Risk, and the Art of Uncertainty, with Sir David Spiegelhalter
Investing is an uncertain journey, where chance, risk, and luck are constant companions. But can understanding probability help us live with the unknown?
We're joined by Sir David Spiegelhalter, Emeritus Professor of Statistics at the University of Cambridge and author of 'The Art of Uncertainty: How to Navigate Chance, Ignorance, Risk, and Luck'.
And in today’s Dumb Question of the Week, we ask: ‘Would you want to know when you will die?’
---
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When investing, your capital is at risk and you may get back less than invested. Past performance doesn’t guarantee future results. Pies & Autoinvest is an execution-only service. Not investment advice or portfolio management. Automatic investing refers to executing scheduled deposits. You are responsible for all investment and rebalancing decisions. Free shares can be fractional. Terms and fees apply.
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Copyright 2026 Many Happy Returns
Wed, 30 Oct 2024 - 47min - 142 - Election Economics: Will A Trump Win Upend Markets?
The US Presidential election is less than two weeks away, and the result hangs in the balance. While markets appear calm, a second Trump term could have profound effects on global economies and investments. We discuss how the so-called 'Trump Trade' might impact different assets and sectors.
And in today’s Dumb Question of the Week: Is a strong or weak dollar better?
---
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When investing, your capital is at risk and you may get back less than invested. Past performance doesn’t guarantee future results. Pies & Autoinvest is an execution-only service. Not investment advice or portfolio management. Automatic investing refers to executing scheduled deposits. You are responsible for all investment and rebalancing decisions. Free shares can be fractional. Terms and fees apply.
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Copyright 2026 Many Happy Returns
Wed, 23 Oct 2024 - 43min - 141 - Time vs Money: How the Clock Transforms Your Investments
Investing, at its core, is about postponing consumption in the belief that time is your friend. Yet time has powerful effects on all aspects of markets, magnifying returns, blunting volatility, and warping the very value of money itself.
And in today’s Dumb Question of the Week: Why can’t we time the market?
---
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When investing, your capital is at risk and you may get back less than invested. Past performance doesn’t guarantee future results. Pies & Autoinvest is an execution-only service. Not investment advice or portfolio management. Automatic investing refers to executing scheduled deposits. You are responsible for all investment and rebalancing decisions. Free shares can be fractional. Terms and fees apply.
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Disclaimer
This podcast is for informational and entertainment purposes and is not financial advice. We do not provide recommendations or endorse any decision to buy, sell or hold any security. We cannot be held responsible for any actions listeners may take and investors are encouraged to seek independent financial advice.
Music ID: ZVMI9V6X4SOWSHY0
Copyright 2026 Many Happy Returns
Wed, 16 Oct 2024 - 40min - 140 - Bracing for the Budget: Tax Rises, Black Holes & Growth, with Paul Johnson from the IFS
Despite record tax revenues, Britain's public services are struggling. So what's gone wrong and how do we fix it?
We sit down with Paul Johnson, Director of the Institute for Fiscal Studies and author of Follow the Money,to unpick the issues behind Britain's stagnation.
We explore the structural challenges facing the UK economy, strategies to revive growth, and which taxes might rise in the upcoming budget.
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Claim free fractional shares worth up to £100. Just create and verify a Trading 212 Invest or Stocks ISA account, make a minimum deposit of £1, and use the promo code "RAMIN" within 10 days of signing up, or use the following link:
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Disclaimer
This podcast is for informational and entertainment purposes and is not financial advice. We do not provide recommendations or endorse any decision to buy, sell or hold any security. We cannot be held responsible for any actions listeners may take and investors are encouraged to seek independent financial advice.
Music ID: ZVMI9V6X4SOWSHY0
Copyright 2026 Many Happy Returns
Wed, 09 Oct 2024 - 48min
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