Merryn Talks Money

Passive investing was designed to track the market, not shape it. But as Merryn Somerset Webb and John Stepek explore in the second episode of The Portfolio Reset, the enormous growth of passive investing has changed the market it was built to follow, just as some of the world’s most valuable companies are staying private for longer.

Using SpaceX as an example, they examine the changing relationship between public and private markets and why no investment is truly passive — someone is always making a decision somewhere in the process. As passive flows grow powerful enough to move markets, Merryn and John explain why investors should make sure they’re making active decisions in pursuit of their own financial goals, rather than leaving those decisions in the hands of strangers. 

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After years of being overshadowed by US megacaps and the artificial intelligence boom, could smaller companies finally be ready for a comeback? Merryn Somerset Webb speaks with Downing fund manager Simon Evan-Cook and Odyssean Capital’s Stuart Widdowson about why small caps remain unusually cheap, what could bring investors back — and whether small-cap value could become the ultimate anti-AI trade.

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Are we seeing signs of investors starting to lose their nerve over artificial intelligence? On this week's markets wrap, Merryn Somerset Webb and John Stepek discuss the cracks appearing in the AI boom, as well as why UK house prices could rebound faster than expected, and how changes to inheritance tax may help fuel demand. Plus, with the Budget approaching, they ask whether the best thing the government could do is simply leave well enough alone.

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For today’s investor, making money in markets may seem straightforward: put your money into a passive fund that tracks US stocks. It’s been a winning strategy for so long that it feels like the obvious choice. Yet as Merryn Somerset Webb, John Stepek and their expert guests discuss over the course of this four-part series, past performance is no guarantee of future returns, with major implications for how investors build their portfolios.

In the first episode, they examine how passive investing went from a niche strategy to the default for many people, channeling ever more capital into US stocks and the tech giants that dominate the market. Passive investing is still an investment decision, after all — one that leaves many investors with far more concentration risk than they realize.

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Adam Rozencwajg, portfolio manager at natural resources firm Goehring and Rozencwajg, joins Merryn Somerset Webb to explain why he thinks the commodity bull market may still be in its early stages. They discuss why gold could fall before reaching new highs, why US shale may have peaked and where he sees opportunities in oil and uranium.

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Are European bond markets signaling disaster? This week, John Stepek and Bloomberg's David Goodman explore how the rising gap between bond yields in France and Germany mirrors the eurozone debt crisis, why governments are struggling to deal with the return to more "normal" interest rates, and why Conservative proposals for inheritance tax might clog up the housing market even further.

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John Stepek, senior reporter and author of the Money Distilled newsletter, is joined by Anthony Emmerson, director at London-based mortgage broker Trinity Financial to discuss rising mortgage rates and borrowers facing a jump in repayments, they explain what homeowners can do to soften the blow — from locking in a new deal early to extending their mortgage term or considering a tracker. They also look at opportunities for first-time buyers, falling flat prices and what the government’s proposed Help to Buy scheme could mean for the housing market.

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Merryn Somerset Webb speaks with Alex Edmans, author of The Madness of Markets: Why Smart Investors Make Crazy Decisions – And How to Exploit Them, about why even sophisticated investors struggle to overcome the psychological biases that shape their decisions. Markets are driven by humans, and humans are emotional. Edmans explains how understanding the influence of emotion, herd behavior and over-confidence can help investors make better decisions — and potentially achieve better returns.

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Fresh off the party conference, the Labour government is promising pension reform, a new approach to social care and yet another scheme to help first-time buyers. Merryn Somerset Webb and John Stepek ask whether the sums add up, what the bond market is making of it all — and why the latest Help to Buy plan could leave some buyers worse off.

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Merryn Somerset Webb and John Stepek answer some of your questions. They explore the differences between holding physical gold and investing through an ETF, whether or not buying shares actually benefits the company you've invested in, and how best to adjust your retirement investment strategy as you draw closer to the big day.

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Merryn Somerset Webb speaks with Blue Whale Growth Fund Chief Investment Officer Stephen Yiu about what could derail the artificial intelligence boom — and where investors might look if it does. They discuss whether today’s enthusiasm is masking an earnings bubble, how investors can diversify beyond AI and which emerging technologies and geopolitical risks could reshape the market next.

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Merryn and John discuss worrying signals from the stock market, the physical constraints facing the AI boom, China’s growing appetite for gold and an unexpected consequence of the data-center buildout.

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As the UK's buy-to-let marks its 30th anniversary, we still find ourselves asking: is it worth it? This week, Merryn Somerset Webb and Aneisha Beveridge, head of research at Hamptons, discuss how it went from accessible investment strategy to heavily taxed and regulated. They explore multiple factors that changed the market and what it now takes to make buy-to-let worthwhile.

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Merryn Somerset Webb speaks with Daniel Susskind, senior research associate at the Institute for Ethics in AI at the University of Oxford and a member of the UK government’s expert panel on AI and the future of work. AI is expected to transform the job market, potentially upending many of the traditional educational pathways that have long led students into established professions. As those routes begin to look increasingly uncertain, how should young people prepare for the world of work that awaits them? In his book, What Should My Children Do?, Susskind seeks to answer that question, offering a framework for how children — and adults — can best prepare for an evolving labor market with AI at its center.

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 It’s interest-rate week, with central banks around the world making key decisions. Merryn Somerset Webb and John Stepek discuss what rising rates mean for markets, government debt and your money — and why financial repression and currency devaluation could be coming back into focus.

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Merryn Somerset Webb sits down with Sarah Coles, head of personal finance at AJ Bell, to discuss how gifting surplus income can help reduce your inheritance tax bill ahead of changes to the IHT treatment of pensions in April 2027.

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Merryn Somerset Webb speaks with Ed Conway, economics and data editor at Sky News and author of Trade World, about the vast and often invisible supply chains behind the things we buy. They discuss whether decades of globalisation have made economies more resilient or dangerously dependent, China’s manufacturing advantage and whether the UK and Europe can rebuild their industrial base without giving up the cheap goods consumers have come to expect.

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Britain’s bond yields are the highest in the G7, as renewed inflation pressures collide with rising defense costs and a government reluctant to make politically painful spending choices. This week, John Stepek is joined by Bloomberg macro strategist Simon White to discuss whether markets will ultimately force Britain’s hand, what Scott Bessent’s interventions mean for US Treasuries and the yen, and whether the AI boom is getting closer to a correction.

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In this episode of Merryn Talks Money, host Merryn Somerset Webb is joined live at the Edinburgh Festival Fringe by Bloomberg Opinion columnist Adrian Wooldridge, former British ambassador Nick Hopton and Orbis Investment Management Chairman Alec Cutler to ask what Adam Smith can teach us about today's rapidly changing economic order.

The panel considers rising government debt, the growing relationship between states and powerful companies, and whether the AI investment boom could follow the same pattern as previous market bubbles. They also discuss what it all means for investors, from the impact on gold and government bonds to the implications for energy stocks and, specifically for the UK, the future of the North Sea.

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Host Merryn Somerset Webb is joined by Interactive Investor CEO Richard Wilson,  Anna MacDonald, investment strategy director at Hargreaves Lansdown, and Russell Napier, financial historian and Keeper of the the Library of Mistakes for the second installment of panel discussions at Panmure House during the 2026 Edinburgh Festival Fringe.

The panel discussed the state of global bond markets, how policymakers seem incapable of thinking about second-order consequences and the fiscal constraints facing the UK government.

Original Music Composed by Mint Sherbets

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In this episode of Merryn Talks Money, host Merryn Somerset Webb is joined by Bloomberg senior reporter John Stepek, Schroders Head of Strategic Research Duncan Lamont and Nelsons Chairman and Creative Scotland Chair Robert Wilson for a special roundtable recorded at Panmure House during the Edinburgh Festival Fringe. Marking 250 years since the publication of The Wealth of Nations, they ask what Adam Smith can teach the world about artificial intelligence, government intervention and investing.

The panel discusses whether policymakers interfere too much in markets, why holding too much cash can be a risk in itself and whether investors should worry about buying stocks at record highs. They also explore what the rise of AI could mean for jobs, trust and the relationships that hold societies together.

Original Music Composed by Mint Sherbets

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Hosts Merryn Somerset Webb and John Stepek discuss the latest Nvidia news in which the company predicted its sales could rise by around 70% in the next fiscal year, beating analysts' expectations. Despite the positive outlook, Nvidia's share-price bump was relatively muted, suggesting investors are becoming more skeptical about artificial intelligence valuations and the financing of the technology boom.

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Merryn Somerset Webb talks to Daniel Doll-Steinberg, Co-Founder & Partner at EdenBase, an investment firm that invests in quantum computing, about why the next great technological leap may arrive sooner than investors expect. They explore how quantum could transform drug discovery, finance and encryption. They also look at how investors can get meaningful exposure to the quantum boom, what “Q-Day” really means for Bitcoin, and why understanding philosophy goes hand-in-hand with understanding quantum. 

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Hosts Merryn Somerset Webb and John Stepek are both back from their holidays and this week unpack the surge in global bond yields and how governments might respond. They also look at a study which suggested that Small Language Models (SLM) could make today’s vast AI data-centre buildout unnecessary, posing a substantial risk to hyperscalers and investors.

https://arxiv.org/abs/2511.07885

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Joining Merryn Somerset Webb for this week's episode is Duncan Lamont, Head of Strategic Research at Schroders. Lamont explains how investors can protect their portfolios against stagflation, and how to avoid being too exposed to the AI trade. He also explains why all-time highs might not actually be a sell signal for investors - and how AI-driven job losses might affect US stocks.

https://www.schroders.com/en-us/us/institutional/insights/adapting-asset-allocation-to-the-risk-of-stagflation/ 

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At a Bloomberg.com subscriber event earlier this year, Merryn Somerset Webb and John Stepek spoke with Paula Steele, director at John Lamb Hill Oldridge, about how to pass on an inheritance efficiently — minimise tax, manage the succession process, and avoid unintended effects on beneficiaries’ motivation.

This is a re-run of that conversation which first aired March 17th, 2026. 

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What is "capital-cycle" investing and why does it matter for your portfolio? Luke Bridgeman, Senior Partner and Portfolio Manager at Hosking Partners joins Merryn Somerset Webb for a discussion on why supply, not demand, is the key to finding the best investment opportunities. The pair also discuss investing in Japan, energy markets, and why the shipping industry might be easier to break into than you think.

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It's been a tumultuous few weeks for markets, and yet nothing much has changed. Join Merryn Somerset Webb and John Stepek as they discuss why an AI hedge fund implosion and US intervention in the Japanese yen appear to have merely strengthened market optimism. Meanwhile, the FTSE 250 has hit a new record high, even as the underlying need for practical policy help to save the UK market from extinction becomes ever more urgent.

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Have we become too risk-averse? This week John Stepek and Bloomberg Opinion columnist Allison Schrager discuss her new book, Worth the Risk, and why avoiding risk could be holding back both individuals and economies. They explore the challenges of retirement planning, whether homeownership is still a rewarding investment and what history can teach us about navigating the future of AI.

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Large sections of the debt and equity markets now depend on the ongoing growth of a vast AI ecosystem that ranges from chipmakers to hyperscalers to end-consumers. Does this week's drama in the South Korean Kospi market point to a wider problem? On this week's Merryn Talks Money Markets Wrap, Author of the Money Distilled newsletter John Stepek, is joined by Bloomberg's Private Companies Managing Editor, Neil Callanan to talk through the the AI industry's growing reliance on debt, concerns about circular financing, and whether or not any crash here could spill over into the wider financial system.

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On today's personal finance edition of Merryn Talks Money, we're playing an episode that first aired in July 2025 when hosts Merryn Somerset Webb and John Stepek, shared their top money-saving tips for helping you get the most out of your holiday. 

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Pulitzer Prize-winning author Liaquat Ahamed joins Merryn Somerset Webb to discuss 1873: The First Great Depression and the Making of the Modern World, exploring how the first truly global financial crash reshaped economics, politics and society for decades to come. Together, they unpack striking parallels between the railway boom of the 1870s and today's AI investment frenzy, asking whether history is once again rhyming—and what investors should learn before the next bubble bursts.

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Even as Britain welcomed a new Prime Minister this week, renewed conflict in the Middle East threatened to remove what little breathing space he may have had, pushing up everything from oil to food prices. This week, John Stepek is joined by Bloomberg macro strategist Simon White to discuss why inflation matters so much for asset prices, what it might mean for the increasingly indebted AI companies, and what it all means for your money. Check out this week's Merryn Talks Money Markets Wrap.

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Here is the second part of our special broadcast on how the next generation of investors is changing the wealth management industry. Merryn Somerset Webb brings together Bloomberg's John Stepek, Bytetree's Charlie Morris and Jean-Damien Marie, Global Head of Investments for Barclay's Private Bank and Wealth Management. 

Join us in Edinburgh for Fringe Festival! 
https://www.edfringe.com/tickets/whats-on/the-butcher-the-brewer-the-baker-and-merryn-somerset-webb

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Asia's AI-fueled market rally has created huge winners — but also growing risks. In this episode, Merryn Somerset Webb speaks with Invesco fund manager Fiona Yang about why Korea's AI boom has become increasingly volatile, where she's still finding value in China and India and why the next generation of winners may be the companies using AI rather than building it.

Join us in Edinburgh for Fringe Festival! 
https://www.edfringe.com/tickets/whats-on/the-butcher-the-brewer-the-baker-and-merryn-somerset-webb

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It's been a week of turning points in markets: from Japan's shifting stance on the weak yen, to star fund manager Terry Smith revisiting his "buy and hold" strategy, to incoming British Prime Minister Andy Burnham's apparent last-minute change of heart on chancellor, to SpaceX falling below its IPO price. One thing that didn't change - the UK market keeps shedding stocks. What does it all mean for your money? Merryn and John sum up a hectic week in the Merryn Talks Money Market Wrap.

https://www.edfringe.com/tickets/whats-on/the-butcher-the-brewer-the-baker-and-merryn-somerset-webb

https://www.fundsmith.co.uk/media/lfhpxi1x/fundsmith-equity-fund-semi-annual-letter-to-shareholders-2026.pdf 

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In the first of a two-part special recorded live at Bloomberg's London offices, Merryn Somerset Webb brings together Bloomberg's John Stepek, Bytetree's Charlie Morris and Jean-Damien Marie, Global Head of Investments for Barclay's Private Bank and Wealth Management to discuss how the next generation of investors is changing the wealth management industry. From Bitcoin and gold to private equity, ESG and the future of the 60/40 portfolio, the panel explores what tomorrow's wealthy clients want — and whether traditional investment advice is keeping up.

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Sign up for our wealth management webinar. It's free! Register now to reserve your place.

https://events.bloombergevents.com/event/website/a95c1380-56d6-4d12-89a1-950bdf99d55a/landingPage

Anthropic, Stripe and OpenAI are some of the world's most sought-after private companies. Maggie Fanari explains to host Merryn Somerset Webb how her team invests in them and firms like them before they reach public markets. Fanari is chief executive of J.Rothschild Capital Management, which manages the 4.5 billion pound ($6 billion) RIT Capital Partners trust. She shares why she believes the next wave of artificial intelligence could create a $60 trillion opportunity, why private markets are becoming increasingly important and where she sees the biggest investment opportunities over the next decade.

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Bloomberg senior reporter John Stepek is joined by co-editor of Bloomberg’s Markets Today blog, Morwenna Coniam to discuss the ever changing status of the Iran ceasefire and the resulting impact on oil prices and bond yields. They also highlight the growing evidence that the AI trade could be falling apart and what this means for global markets.

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The number of REITs (real estate investment trusts) listed in London has shrunk dramatically over the past five years. Now the biggest REIT on the market is the subject of a bid from a US buyer. In this week's personal finance edition of Merryn Talks Your Money, Bloomberg senior reporter and author of the Money Distilled newsletter, John Stepek, is joined by Bloomberg real estate team leader Jack Sidders to discuss the health of the UK's commercial property sector, whether there is more consolidation to come, and what it might say about REIT valuations.

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AI can read every earnings report, filing and research note in seconds — but can it ever replace the instincts of a seasoned investor? Merryn Somerset Webb sits down with Causeway Capital Management chief executive Sarah Ketterer to explore where AI is genuinely changing fund management and why human judgment still matters. Ketterer also shares where she is finding value in today's markets, highlighting opportunities in healthcare, enterprise software, UK equities and overlooked Chinese companies while warning investors about the risks of chasing the AI semiconductor boom.

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Merryn Somerset Webb and John Stepek are joined by Cavendish's Roger Lee to unpack Andy Burnham's North Star of "Manchesterism" and what it could mean for the UK economy, markets, and investors. They debate whether devolving more power to the regions represents genuine economic reform or simply another version of heavy-handed state intervention, while exploring the implications for growth, government spending, fiscal policy, and the UK's increasingly fragile bond market.

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Could vintage jewelry be one of the smartest real assets to own right now? Merryn Somerset Webb speaks with vintage jewelry expert Emma de Sybel, a former banker who is now the director of Baroque Rocks, about which gemstones, eras, and brands are holding their value—and why buying pre-owned pieces could offer both financial potential and something beautiful to wear.

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Despite agreeing that AI is likely as transformative as its proponents argue, Ed Cole, head of multi-strategy equities at Man Group, believes it’s too early to understand whether there’s a bubble. Meanwhile, the growing backlash against globalization and an effort to reshore means traditional 60/40 portfolios are at risk of becoming outdated. He says a reallocation of assets across gold, small caps and liquid alternatives could be essential to keep up with a changing macro environment. 

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Merryn Somerset Webb is joined by Sam Unsted, editor of Bloomberg’s Markets Today blog. Together they discuss rallying UK gilts in the wake of Prime Minister Keir Starmer’s resignation, inflation fears resulting from the artificial intelligence infrastructure boom and how narrative and sentiment look to be shaping the gold price.

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Can Andy Burnham keep his promises without hitting Britons in the pocket? Merryn Somerset Webb speaks with Bloomberg's Phil Aldrick about the tax hikes, spending pressures and economic realities facing Britain's likely next Prime Minister—and why there may be no painless solutions.

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Carson Block believes investors may be underestimating the economic consequences of artificial intelligence.

The Muddy Waters founder and CEO joins Merryn Somerset Webb to explain why recent advances in AI have made him rethink its impact on the labour market—and why he believes widespread displacement of knowledge workers could eventually create a major challenge for financial markets.

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Merryn Somerset Webb and Bloomberg Opinion columnist and senior markets editor John Authers discuss how SpaceX’s market debut has highlighted the hidden risks of passive investing, from index concentration to the growing influence of benchmark providers. They also assess new Fed Chair Kevin Warsh’s first policy signals and debate whether today’s AI boom is a bubble—and what could bring it to an end.

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The SpaceX blockbuster IPO has captivated retail investors, but what happens after the initial excitement fades? Merryn Somerset Webb speaks to Hargreaves Lansdown's Anna Macdonald about the extraordinary demand for shares, the dangers of concentration risk, and what the IPO means for market democracy. 

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Laurence Hulse, founder and lead fund manager of Onward Opportunities, explains how he launched and grew a specialist UK small-cap investment trust despite one of the toughest environments in decades for both investment trusts and British equities. He shares his "gems among the rubble" approach to uncovering overlooked companies, discusses why UK small caps remain deeply undervalued and reveals how active engagement, artificial intelligence-powered research tools and intensive company analysis have helped his fund significantly outperform its peers.

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On this week's Merryn Talks Money markets wrap, Merryn Somerset Webb and John Stepek discuss gold's recent correction and debate what healthy allocation could actually look like. They also consider what upcoming bumper IPOs mean for the return of public markets and whether inheritance tax free "patriotic bonds" could help Britain fund its defence budget.

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Who became wealthier in 2025 and what do they want from their financial advisor? Merryn Somerset Webb sits down with Capgemini's Gareth Wilson to discuss the latest World Wealth Report, the rise of robo-advisors and family offices and why traditional wealth management firms are facing growing competition. They also debate the question: Do investors want empathy from their wealth manager or simply better returns?

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On this special episode of the Merryn Talks Money markets wrap, hosts Merryn Somerset Webb and John Stepek discuss the SpaceX IPO. How can UK investors get access? Do the numbers add up? Why will it make life more complicated for passive investors? And what are the implications for the long queue of AI IPOs still to come, and for wider markets?

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At a time when politicians across the West are calling for higher taxes on the wealthy, legal scholar and author John O. McGinnis offers a strikingly different view: what if democracy needs the rich? He joins Merryn Somerset Webb to discuss power, inequality, free speech and what he says is the hidden role wealth plays in keeping democratic societies healthy.

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On this week's markets wrap, John Stepek and Sam Unsted, editor of the Markets Today blog, explore the implications of SpaceX’s anticipated $75 billion IPO, debating whether its massive size could reshape market structure, passive investing, and investor appetite for AI-related assets. They also highlight Bitcoin’s sharp decline this year and the UK’s long-running challenge of encouraging retail investors to move cash savings into investments.

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Inheritance tax is catching more families than ever, and recent rule changes will only extend the net even further. In this episode, hosts Merryn Somerset Webb and John Stepek discuss the most effective ways to reduce an IHT bill with inheritance tax specialist Rob May, including a detailed look at the types of insurance available, and how much they're likely to cost you.

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Could Africa’s long-misunderstood population boom become its greatest economic advantage? Economist and author Joe Studwell joins host Merryn Somerset Webb to discuss his book, How Africa Works: Success and Failure on the World's Last Developmental Frontier. He argues that rising population density is already transforming the continent by creating deeper markets, boosting agricultural productivity, supporting urbanization and making manufacturing more viable. While governance, debt and commodity dependence remain risks, he sees a more diverse, locally driven growth story emerging across Africa.

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How can Keir Starmer - or whoever leads the country next - help to turn the UK’s fortunes around? Simon French, Managing Director, Chief Economist and Head of Research at Panmure Liberum joins co-host John Stepek to discuss former UK Prime Minister Tony Blair’s 5000-word prescription for the UK economy, the growing backlash towards Net-Zero policies and why the UK is at risk of sliding towards another “Liz Truss Moment”.

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Hosts Merryn Somerset Webb and John Stepek take another listener question, this time around the pros and cons of ISAs, LISAs, and SIPPs. They debate the most tax-efficient method of saving depending on one's circumstances and why savers need to be aware of the withdrawal rules to avoid any nasty surprises.

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In Merryn's absence this week John Stepek and Sam Unsted, editor on the Bloomberg Markets Today live blog, discuss how weak UK economic data has actually provided some relief for gilts this week, look at the problems with both proposed and existing government price controls, and wonder whether the coming wave of mega-IPOs led by SpaceX might take some of the exuberance out of stocks.

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Merryn Somerset Webb and John Stepek answer listener questions on how retail investor flows, passive investing, and social media have reshaped markets, arguing that the surge in everyday investing has significantly boosted stock prices — particularly in the US.

They also discuss practical personal finance challenges around pensions, capital gains tax, and passive versus active investing.

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Merryn Somerset Webb speaks to Pictet Asset Management Chief Strategist Luca Paolini about why markets remain remarkably resilient despite geopolitical turmoil, inflation fears and mounting fiscal risks. Paolini argues that the AI investment boom, strong corporate earnings and persistent US economic strength continue to support markets — but warns that the era of US exceptionalism may be fading, making diversification and lower long-term return expectations essential for investors. 

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For this week's second installment of the news round up, hosts Merryn and John discuss how cheap UK stocks are still being bought up by private equity firms; and how rising inflation could put a stop to the highly-concentrated surge in US equity markets. They also talk about changes to the Premium Bond prize rate which mean the odds of winning are set to improve and consider how governments could make wider use of lottery-style fundraising.

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Why Britain Needs A Crisis To Turn The Country Around

Britain has once again been plunged into political turmoil. Despite rebellion in the ranks, Prime Minister Keir Starmer refuses to go, and it's not yet clear which - if any - of his potential challengers will lay down the gauntlet to try to take the leadership from him. And nor is it clear, given the divided nature of the Labour party, that any new Prime Minister could hold down the job until the next general election. Merryn Somerset Webb and John Stepek discuss why Britain may need a 1976-style crisis to persuade our politicians to finally get a grip. 

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Mortgage rates have jumped sharply—and fast—leaving buyers and homeowners scrambling to decide what to do next. Merryn Somerset Webb and John Stepek sit down with mortgage expert Anthony Emmerson, director at Trinity Financial, to unpack what’s really driving the market, whether now is still a good time to buy, and the surprisingly simple strategy that could save you thousands when remortgaging.

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What if AI isn’t coming for your job — but for your mind? In this episode of Merryn Talks Money, Merryn Somerset Webb speaks to Tom Slater, manager of Scottish Mortgage Investment Trust and partner at Baillie Gifford  about his provocative paper, “AI Isn’t Coming for Your Job. It’s Coming for Your Mind,” and why the real risk may be a world that looks more productive while quietly losing the judgement, learning and expertise that make progress possible. They also discuss what that means for the future workforce and smart investing.

Check out Tom Slater’s paper here:
https://www.bailliegifford.com/en/global/all-users/insights/ic-article/2026-q1-ai-isn-t-coming-for-your-job-it-s-coming-for-your-mind-10061431/

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Markets are ripping higher on blockbuster earnings and AI euphoria—but on this week's markets wrap, hosts Merryn Somerset Webb and John Stepek aren’t buying the calm. From contrarian magazine covers to a looming of IPO supply, they ask whether this melt-up is masking the seeds of the next downturn.

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What if owning a single share could get you discounted wine, cheaper holidays—or even a stronger voice in corporate decisions? Merryn Somerset Webb and John Stepek explore the forgotten world of shareholder perks, arguing they’re not just fun freebies but a powerful way to reconnect investors with the companies they own.

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Merryn Somerset Webb speaks with Temple Bar’s Ian Lance about the trust’s standout performance since 2020, driven by disciplined value investing—buying unloved, low-priced companies with recovery potential and holding them as sentiment improves. Lance argues that success comes from focusing on long-term earnings rather than short-term pessimism, even if it means owning controversial stocks.

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Merryn Somerset Webb sits down with John Stepek, Jim Mellon, billionaire investor and Chairman of The Burnbrae Group, and Blue Whale manager Stephen Yiu. The panel was part of the Master Investor Show, the UK’s largest gathering for private investors. This conversation was recorded on Saturday, April 25, 2026. 

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Why has the UK become a nation of savers—but not investors—and what on earth do red squirrels have to do with it? Merryn Somerset Webb and John Stepek take aim at a baffling government campaign, unpack the real reasons people avoid investing, and argue that regulation, mistrust, and mixed messaging are costing Britons serious wealth.

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Former Bank of England Chief Economist Andy Haldane joins Merryn Somerset Webb to unpack why the UK may feel poorer, more fragile and seemingly out of options—despite sitting on untapped wealth and world-class innovation. From tough fiscal trade-offs and rising taxes to the surprising strength of private balance sheets, he argues the UK’s problems may be serious—but they’re far from unsolvable. The big question: can policymakers unlock growth before patience and confidence runs out?

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On this week's markets wrap, hosts Merryn Somerset Webb and John Stepek explore how markets are navigating a world of constant geopolitical “mini-crises,” where uncertainty keeps investors reactive rather than predictive. They discuss warning signs from corporate earnings, the fragile but not collapsing UK economy, and the growing disconnect between gloomy sentiment and relatively stable data.

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Merryn Somerset Webb and John Stepek discuss the ongoing push into private markets by Britain's largest workplace pension scheme (by membership), the National Employment Savings Trust. NEST plans to invest roughly £30 billion of its members' cash in private markets by the end of the decade. But what if you don't want your money invested in private assets? The pair discuss what you can do as an individual, and also look at the questions the plan raises about transparency, investor awareness, and whether - and how - savers should have more say in where their money is invested.

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Merryn Somerset Webb speaks with Ruffer fund manager Alexander Chartres about investing in a world marked by receding US dominance and a more inflation-prone, shock-driven global economy. Chartres argues Donald Trump is just an accelerant to changes that have been developing since the end of the Cold War. Traditional market assumptions like reliable hedges and stable globalization are breaking down, requiring more active, diversified investment strategies. Chartres highlights opportunities in commodities, energy, China technology and repurposed industrial capacity, while warning that political volatility and structural change will define markets for years to come.

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Markets have continued to hit new highs despite escalating geopolitical tensions and a major energy shock, raising questions about whether investors are underestimating long-term risks such as inflation and rising interest rates. The hosts argue that while markets often look through geopolitical events, today’s slow-burning crisis—combined with weak real income growth and fiscal pressures in countries like the UK—may be more consequential than current optimism suggests.

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It might surprise some listeners, but UK-wide house prices have delivered only negligible returns after inflation over the past decade, note Merryn Somerset Webb and John Stepek, and London prices have actually fallen sharply in real terms. Rising interest rates, taxes, and political uncertainty continue to weigh heavily on the market. Yet guest Daniel Austin, chief executive of ASK Partners, suggests that while high transaction costs and policy risks remain a hurdle, prime central London may still look attractive at current levels to global investors with an eye for a bargain.

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Merryn Somerset Webb sits down with Janusz Marecki, CEO & Founder of Fractal Brain and AI Partner at Ahren Innovation Capital, for an insider perspective on AI hype vs. reality—and what may come next. The focus is on large language models (LLMs)—and whether they are hitting fundamental limits. Marecki discusses the data ceiling (we’ve used most high-quality internet data), diminishing returns from scaling compute and persistent issues like hallucinations and probabilistic errors.

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On this week’s markets wrap, Merryn Somerset Webb speaks with Helen Thomas of Blonde Money about how Middle East tensions are creating lasting energy disruptions despite ceasefire uncertainty. They warn this could drive persistent inflation and leave the UK particularly exposed.

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As the US-Israel war with Iran upends global energy flows, Professor Helen Thompson joins Merryn Talks Money to explain what the shock means for oil, gas, supply chains and the wider world economy. They discuss why this may mark the end of any return to “normal” in energy markets, how Asia and Europe could be hit differently, and why Britain’s energy strategy now looks dangerously exposed.

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On this week's Merryn Talks Money personal finance episode, Merryn Somerset Webb and John Stepek answer an interesting listener question surrounding the active vs passive debate. The pair look at financial data spanning the past 40 years to help a listener understand the pros and cons of active vs passive investing and why passive investing isn't truly passive. 

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Why did gold fail to protect portfolios during the latest market shock? In this episode of Merryn Talks Money, Merryn Somerset Webb speaks with Evy Hambro, global head of thematic and sector investing at BlackRock, about the violent moves in gold and silver, the new energy risk premium, and why commodities may be entering a powerful new cycle. They discuss inflation, interest rates, energy security, mining valuations, AI-driven demand for materials, and why investors may need to rethink how much exposure they have to gold, energy and broader commodity equities.

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In this week’s markets wrap, John Stepek, senior reporter and author of the Money Distilled newsletter, and Bloomberg Opinion's Marcus Ashworth discuss how geopolitical uncertainty is leaving investors with few clear safe havens, as gold, bonds, and currencies all behave unpredictably while cash gains appeal.

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Merryn Somerset Webb and John Stepek speak with Paula Steele, director at John Lamb Hill Oldridge, about how to pass on an inheritance efficiently — minimising tax, managing the succession process, and avoiding unintended effects on beneficiaries’ motivation. The conversation was recorded at a live Bloomberg.com subscriber event in London on March 17.

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Cathie Wood, CEO and CIO of Ark Investment Management, joins Merryn Somerset Webb to make the bullish case for the next era of innovation. From AI, robotaxis and CRISPR to Bitcoin, Tesla and SpaceX, she lays out the technologies she believes will drive faster growth, lower costs and major market disruption.

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Merryn Somerset Webb sits down with Troy Asset Management founder and chief investment officer Sebastian Lyon to unpack why markets look eerily calm despite mounting geopolitical shocks—and why investors should be far more focused on protecting wealth than chasing returns. Lyon argues we’ve entered a new era of sticky inflation, fragile portfolios, and looming risks in government bonds. He talks about how he’s positioning for volatility, and offers some ideas for navigating markets when the old rules—like 60/40—no longer apply. This conversation was recorded at a live Bloomberg.com subscriber event in London on March 17.

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On this week's Merryn Talks Your Money personal finance episode, Merryn Somerset Webb and John Stepek tackle another listener question: should you invest in absolute return funds? They start by explaining what an absolute return fund actually is, the pros (aiming for absolute returns makes sense) and cons (it's not easy to achieve consistently) of such an investment, and look at what to consider when trying to pick such a fund. 

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Contrarian investor Alec Cutler, manager of the Orbis Global Balanced and Cautious funds, joins Merryn Somerset Webb to discuss why global markets are shifting away from speculative growth toward the fundamentals that underpin economies—energy, infrastructure, and national security.

Using his “pyramid of needs” framework, Cutler explains why investors are increasingly focusing on the resources and industries that sustain modern economies rather than the technologies built on top of them. The conversation explores opportunities in energy, AI infrastructure, global value stocks, and the changing geopolitical landscape shaping markets.

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Hosts Merryn Somerset Webb and John Stepek assess the market reaction to oil price volatity and question whether gold, bonds or even hard assets can offer capital protection in this fragmented and dangerous world. They also discuss the latest in private credit and what this uncertaintly means for investors.

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On this week's Merryn Talks Your Money personal finance episode, Merryn Somerset Webb and John Stepek tackle a listener’s question about an issue many young UK professionals face: where should retirement savings go after auto-enrollment—a SIPP, an ISA or a Lifetime ISA? With markets volatile, rules changing and political risk on the horizon, the pair break down the pros and cons of each option.

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On this week's Merryn Talks Money podcast, host Merryn Somerset Webb speaks with financial historian Edward Chancellor about how energy constraints and geopolitical tensions could reshape markets, whether the artificial intelligence boom is a bubble and what it all means for interest rates. Chancellor argues that AI enthusiasm may be overextended, warns of rising long-term rates and sovereign debt risks and makes the case for gold, commodities, Japan and emerging markets over bonds and expensive growth stocks.

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Markets have swung sharply as the escalating war in Iran and across the Middle East injects fresh uncertainty into oil prices, inflation, and the path of interest rates. On this week's markets wrap, Merryn Somerset Webb and John Stepek discuss how prolonged energy supply disruption could Britain from mere chronic stagnation (which is bad enough) and into stagflation. They also explore the fault lines that higher-for-longer rates are starting to open up — from private credit stresses to long-running productivity woes.

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Hosts Merryn Somerset Webb and John Stepek react to the Spring Statement, plus Bloomberg's exclusive interview with Chancellor Rachel Reeves. 

She sat down with Head of Economics and Government Stephanie Flanders on Tuesday, and discussed Britain's pending trade deal with the US, why it won't affect its view on the conflict with Iran, and the UK's economic future. 

Read more: https://www.bloomberg.com/news/articles/2026-03-03/reeves-says-uk-won-t-make-iran-decisions-based-on-us-trade-ties?srnd=homepage-uk

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Merryn Somerset Webb speaks with Simon Judes, chief investment officer of Winton, about how to properly understand quantitative investing. Judes attempts to demystify some of the strategies quantitative funds use to allocate capital across different portfolios. They also discuss the role artificial intelligence will play in quant fund research and capital deployment.

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From YOLO to HALO. In this week's markets wrap, hosts Merryn Somerset Webb and John Stepek discuss why markets are ditching high multiple AI and software stocks, for "HALO" companies - heavy assets, low obsolescence - and why higher interest rates and even higher infrastructure costs may be behind the moves.

To see the article Merryn references in the episode, please follow the link below.
Special thanks to Joachim Klement who has allowed us to share this piece from his Klement on Investing Substack. 

https://klementoninvesting.substack.com/p/why-do-people-invest-in-expensive

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Many of the graduates whose university costs were funded with Plan 2 student loans are now in their 30s, wondering why they have no money at the end of the month, and why they still owe more student debt than they left uni with. The critical mass of graduates feeling the pinch might just have been reached - and now they're feeling angry and ripped off. On this week’s personal finance edition of Merryn Talks Money, Editor at Large for Bloomberg UK Wealth, Merryn Somerset Webb and author of the Money Distilled newsletter, John Stepek unpick how Plan 2 and the new - perhaps even worse - Plan 5 loans work, how and why graduate marginal tax rates can easily exceed 50% and what tweaks could be made to ease the burden.

They also ask the overarching question: is the problem the system? Or is it the fact that the UK seems to be incapable of creating enough high paying jobs?

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Fiona Yang, portfolio manager on the Invesco Asia Dragon Trust, joins Merryn Somerset Webb to discuss why global capital rotated from US equities into emerging Asia in 2025—and what she sees happening in 2026. She explains her valuation-driven, long-term, contrarian approach to stock selection across diverse Asian markets, and shares how she weighs risks like geopolitics, demographics, currency moves, and frothy AI-linked valuations.

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On this week's markets wrap, John Stepek speaks with Bloomberg Opinion columnist Marcus Ashworth and Morwenna Coniam from the Markets Todayteam about this week’s fall in the headline rate of consumer price inflation and slowing wage growth. They also discuss rising youth unemployment and the potential economic impact of government labor policies, while weighing a cautiously optimistic outlook for UK growth. Marcus also comments on Nuveen’s takeover of Schroders as part of a broader trend of US asset managers seeking international diversification amid dollar weakness.

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Merryn Somerset Webb and John Stepek are joined by Bloomberg’s Jack Sidders to break down how Real Estate Investment Trusts (REITs) work and why they’ve struggled in recent years. They explore the impact of interest rates, the significance of different sectors such as warehouses, student housing and data centers, and why many UK REITs trade at steep discounts. With interest rates potentially falling and supply constrained, they also discuss whether REITs could be poised for a comeback — and where investors might start.

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