Many Happy Returns
- Épisodes
- 241
- Parution
- hebdomadaire
- Dernier épisode
- 21 Oct 2026
À propos du podcast
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: [email protected]
Épisodes 241
Picking Winners: Can Concentration Keep Paying Off? with Stephen Yiu
The Blue Whale Growth Fund has delivered outsized returns since its inception nine years ago. Recently those returns have come from concentrated bets on the picks and shovels behind the AI boom. We talk to …
Notes de l’épisode
The Blue Whale Growth Fund has delivered outsized returns since its inception nine years ago. Recently those returns have come from concentrated bets on the picks and shovels behind the AI boom.
We talk to Stephen Yiu, Chief Investment Officer, about how he picks stocks, when he decides to sell, and what the recent chip sell-off means for a fund built on AI hardware.
---
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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
Is Now the Time to Bet Big on Small-cap Value?
After a decade in the doghouse, small-cap value has had its best run in years, but almost nobody noticed. So is this a real premium that’s finally paying out, or just a good year for cheap stocks? We ask what …
Notes de l’épisode
After a decade in the doghouse, small-cap value has had its best run in years, but almost nobody noticed. So is this a real premium that’s finally paying out, or just a good year for cheap stocks? We ask what actually drives returns and how you can buy them.
---
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
The High Life: Would You Rather Live in a High or Low-Yield Country?
A Swiss government bond pays half a percent a year. A British one pays more than five. Easy choice, you'd think. But yields can cut both ways. A low yield can mean the world trusts you with its money, or that …
Notes de l’épisode
A Swiss government bond pays half a percent a year. A British one pays more than five. Easy choice, you'd think. But yields can cut both ways. A low yield can mean the world trusts you with its money, or that your economy has stagnated. And high yields can be a sign of a strong economy, or that bond investors are getting nervous.
So, low yields or high ones, which would you rather live with?
---
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
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 …
Notes de l’épisode
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?
---
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.
Music ID: ZVMI9V6X4SOWSHY0
Copyright 2026 Many Happy Returns
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 …
Notes de l’épisode
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.
---
Get in touch
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Join PensionCraft
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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
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 …
Notes de l’épisode
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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Join PensionCraft
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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
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 …
Notes de l’épisode
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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Join PensionCraft
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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
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 …
Notes de l’épisode
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.
---
Get in touch
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Join PensionCraft
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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
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 …
Notes de l’épisode
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?
---
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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Get in touch
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Join PensionCraft
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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
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 …
Notes de l’épisode
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?
---
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.
---
Get in touch
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Join PensionCraft
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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
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 …
Notes de l’épisode
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?
---
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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Get in touch
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Join PensionCraft
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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
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 …
Notes de l’épisode
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?
---
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.
---
Get in touch
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Join PensionCraft
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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
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 …
Notes de l’épisode
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?
---
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.
https://raisin-uk.pxf.io/c/4012142/3930337/12683?sharedid=uk-cmp-bonus-pensioncraft-podcasts-0726
New customers only, terms apply.
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Get in touch
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Join PensionCraft
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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
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 …
Notes de l’épisode
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?
---
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.
https://raisin-uk.pxf.io/c/4012142/3930337/12683?sharedid=uk-cmp-bonus-pensioncraft-podcasts-0726
New customers only, terms 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
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 …
Notes de l’épisode
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?
---
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.
https://raisin-uk.pxf.io/c/4012142/3930337/12683?sharedid=uk-cmp-bonus-pensioncraft-podcasts-0726
New customers only, terms apply.
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Get in touch
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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
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 …
Notes de l’épisode
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?
---
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.
https://raisin-uk.pxf.io/c/4012142/3930337/12683?sharedid=uk-cmp-bonus-pensioncraft-podcasts-0726
New customers only, terms apply.
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Get in touch
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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
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 …
Notes de l’épisode
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?
---
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.
https://raisin-uk.pxf.io/c/4012142/3930337/12683?sharedid=uk-cmp-bonus-pensioncraft-podcasts-0726
New customers only, terms apply.
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Get in touch
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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
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 …
Notes de l’épisode
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?
---
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.
---
Get in touch
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Join PensionCraft
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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
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 …
Notes de l’épisode
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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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
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 …
Notes de l’épisode
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?
---
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
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? …
Notes de l’épisode
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.
---
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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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
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 …
Notes de l’épisode
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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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
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 …
Notes de l’épisode
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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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
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 …
Notes de l’épisode
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?
---
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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Get in touch
🎧 many-happy-returns.captivate.fm
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Join PensionCraft
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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
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 …
Notes de l’épisode
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?
---
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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Get in touch
🎧 many-happy-returns.captivate.fm
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Join PensionCraft
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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
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 …
Notes de l’épisode
"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?
---
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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Get in touch
🎧 many-happy-returns.captivate.fm
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Join PensionCraft
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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
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 …
Notes de l’épisode
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'?
---
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.
---
Get in touch
🎧 many-happy-returns.captivate.fm
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Join PensionCraft
🌐 Become a member at pensioncraft.com
▶️ Subscribe on YouTube
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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
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 …
Notes de l’épisode
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?
---
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.
---
Get in touch
🎧 many-happy-returns.captivate.fm
---
Join PensionCraft
🌐 Become a member at pensioncraft.com
▶️ Subscribe on YouTube
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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
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 …
Notes de l’épisode
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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Get in touch
🎧 many-happy-returns.captivate.fm
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Join PensionCraft
🌐 Become a member at pensioncraft.com
▶️ Subscribe on YouTube
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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
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 …
Notes de l’épisode
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.
---
Get in touch
🎧 many-happy-returns.captivate.fm
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Join PensionCraft
🌐 Become a member at pensioncraft.com
▶️ Subscribe on YouTube
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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
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