Many Happy Returns

Japanese stocks have hit their highest level in 33 years. With markets closing in on record highs seen in the 1980s, are Japanese stocks finally about to escape the shadow of the bubble? We dig into what’s behind the rally and if it has further to run. And in today’s Dumb Question of the Week: What is a value trap? ---Get in touch 📧 [email protected] 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube ---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. Copyright 2026 Many Happy Returns

Investing is said to involve climbing a wall of worry… so where will the next crisis come from? A good place to look for clues is the Fed’s twice-yearly Financial Stability Report. The latest report highlights risks at banks, money-market funds and commercial real estate, but will they really cause the next crash? And in today’s Dumb Question of the Week: Surely low liquidity just means the price is too high? Selected links Financial Stability Report, May 2023 ---Get in touch 📧 [email protected] 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube ---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. Copyright 2026 Many Happy Returns

The stock market has been on a tear, with the S&P 500 up more than 15% since its October lows. But is the rally supported by the fundamentals? Or is it about to go into reverse? Do company earnings and valuations justify the buoyant market? Or is it driven by hype around artificial intelligence? And in today’s Dumb Question of the Week: Has TINA turned into TARA? ---Get in touch 📧 [email protected] 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube ---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. Copyright 2026 Many Happy Returns

Inflation has started to subside but remains worryingly high across the world. Will central banks need to raise rates higher still? Will inflation fall back to its 2% target without a recession? And will the Bank of England stop saying mad stuff? And in today’s Dumb Question of the Week: Will high prices be with us forever? When inflation falls, prices don’t fall, do they? ---Get in touch 📧 [email protected] 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube ---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. Copyright 2026 Many Happy Returns

Some people claim that active managers can capitalise on market crashes to beat the benchmark. But do they really save us from being savaged by bears? The analysts at S&P Dow Jones have been hard at work on their updated Index vs Active scorecard, and the numbers for 2022 are hot off the press. The latest data reveals that UK active funds experienced their worst underperformance on record. We dig into the report to find out why. And in today’s Dumb Question of the Week: Does passive investing work for Emerging Markets? Selected links SPIVA Europe Year-End 2022 | S&P Dow Jones Indices SPIVA U.S. Year-End 2022 | S%P Dow Jones Indices ---Get in touch 📧 [email protected] 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube ---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. Copyright 2026 Many Happy Returns

An all-weather portfolio aims to deliver steady growth while minimising risk. Pioneered by Ray Dalio, the strategy emphasises diversification across asset classes to keep on chugging, through rain or shine. We discuss how to construct a portfolio for all seasons, and whether it lives up to its promise. And in today’s Dumb Question of the Week: How does a tail-risk fund work? ---Get in touch 📧 [email protected] 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube ---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. Copyright 2026 Many Happy Returns

Growth stocks have been on a rollercoaster ride — soaring during the pandemic, only to plunge as interest rates climbed. We consider two prime examples of the growth stock phenomenon: Scottish Mortgage Investment Trust and Cathie Wood's ARKK. We dig into the funds' investment philosophies, faltering performance, and whether they are set for a resurgence. And in today’s Dumb Question of the Week: What is the difference between a closed and open-ended fund? ---Get in touch 📧 [email protected] 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube ---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. Copyright 2026 Many Happy Returns

Contagion can be rapid, unpredictable and destabilising. When a financial institution gets into trouble, it can cause a chain reaction, punishing investors, banks and even countries. We discuss what factors cause these crises to spread and what we should do about it as investors. And in today’s Dumb Question of the Week: What is a CoCo, and are they about to pop? Selected links The Unholy Trinity of Financial ContagionFinancial contagion in the era of globalised banking | OECD---Get in touch 📧 [email protected] 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube ---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. Copyright 2026 Many Happy Returns

On Friday last week, Silicon Valley Bank—the 16th biggest bank in the United States—succumbed to a bank run and was declared insolvent. With markets gripped by fear, the US authorities stepped in on Sunday night to guarantee customer deposits and backstop the financial system. But why did SVB collapse? What happens next? And what are the risks to the broader financial system? And in today’s Dumb Question of the Week: What is the difference between a bail-out and a bail-in? ---Get in touch 📧 [email protected] 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube ---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. Copyright 2026 Many Happy Returns

After more than a decade of near zero interest rates, it is now possible to earn some income from cash and short-term investments. But where should you park your cash? There are many options from bank accounts to money market funds to bonds. Each come with their own benefits, risks and quirks. But why we would even hold cash? And what makes 2023 a potentially lucrative environment for short-term investments? And in today’s Dumb Question of the Week: What is a bank? ---Get in touch 📧 [email protected] 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube ---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. Copyright 2026 Many Happy Returns

Forged in the final moments of exploding neutron stars, gold has the best origin story of any asset. To some, gold’s scarcity and history make it the only real form of money. To others, it's just a shiny rock. It's claimed to be an inflation hedge, a trusted store of value, and the asset to own when all else fails. But does gold have a role to play in our portfolios? And in today’s Dumb Question of the Week: Why did we abandon the gold standard? Selected links Three Secret Ingredients of the Most Efficient Portfolios (Portfolio Charts)Golden Butterfly Portfolio vs Pinwheel Portfolio (PensionCraft - YouTube)---Get in touch 📧 [email protected] 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube ---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. Copyright 2026 Many Happy Returns

Does growth beat value? Does equal weighting outperform? Will the US always be the leading market? Over the last 100 years, simply buying and holding the stock market would have made you rich. But that doesn’t stop people searching for ways to juice their returns. This week we discuss seven ways to slice the stock market. From sectors to factors to weightings, we look at different ways to tilt your portfolio. And in today’s Dumb Question of the Week: Is Apple really an American company? Selected links Concentration within Sectors and Its Implications for Equal Weighting (S&P Dow Jones Indices) Factor Indices: A Simple Compendium (S&P Dow Jones Indices) ---Get in touch 📧 [email protected] 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube ---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. Copyright 2026 Many Happy Returns

One in five couples identify money as their greatest relationship challenge. And when it comes to investing, 40% of couples disagree on how much risk to take. So how should we grow wealth with our partners? And what strategies can help minimise disagreements along the way? And in today’s Dumb Question of the Week: On divorce, would you rather have the pension or the property? Selected links 2021 Couples & Money Study (Fidelity)What's best on divorce: the pension or the property? (FT Advisor)---Get in touch 📧 [email protected] 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube ---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. Copyright 2026 Many Happy Returns

To be better investors, we need to make better decisions. With a few simple steps, we can structure our thinking and improve our investments. We all struggle with bias and unstructured thinking. But there are systems we can use that nudge us into making higher-quality decisions. We discuss framing decisions to align with investing goals, overcoming analysis paralysis, and the 37 Percent Rule. And in today’s Dumb Question of the Week: Why save for retirement? Selected links Rational Reminder podcast with Ralph Keeney Foraging and the Explore/Exploit Trade-Off (Nature) The 37% Rule (Big Think) ---Get in touch 📧 [email protected] 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube ---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. Copyright 2026 Many Happy Returns

Justin Bieber sold his back catalogue for $200m. This follows eye-watering sales for megastars like Bob Dylan, Bruce Springsteen and Tina Turner. But why are music rights now the hottest asset on the planet? We discuss how the music industry has turned itself around, the risks of owning song rights, and whether royalties deserve a place in our portfolio. And in today’s Dumb Question of the Week: What is securitization? ---Get in touch 📧 [email protected] 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube ---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. Copyright 2026 Many Happy Returns

Institutional investors, hedge funds, and professional managers dominate financial markets. Collectively, they make up 90% of trading and are sometimes called ‘smart money’. But are they really that smart? Do they know something we don’t? And in today’s Dumb Question of the Week: What is a hedge fund? ---Get in touch 📧 [email protected] 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube ---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. Copyright 2026 Many Happy Returns

The United States is again toying with defaulting on its national debt. If the $31 trillion debt ceiling were breached without the limit being raised, it’s fair to say all hell would break loose. But how likely is a default? And what would happen to markets if the US really jumped off the cliff? And in today’s Dumb Question of the Week: Who is the national debt owed to anyway? ---Get in touch 📧 [email protected] 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube ---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. Copyright 2026 Many Happy Returns

Global property is worth more than all the stocks and bonds in the world combined. It is a colossal asset class and the primary source of most people’s wealth. After a remarkable run-up during the pandemic, house prices have now started to drop. But how far could they fall? And what effect could it have on the economy? And in today’s Dumb Question of the Week: Is your house an investment? ---Get in touch 📧 [email protected] 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube ---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. Copyright 2026 Many Happy Returns

Tesla's stock price fell almost 70% in 2022 and was among the worst-performing stocks in the S&P 500. To some, Tesla is the poster child for innovation, set to dominate the global automotive industry for years. But to others, it’s the most egregious example of hype and bravado to emerge from the era of free money. Was last year just a bump in the road, or has Tesla hit the skids? And how has Elon Musk's purchase of Twitter and assorted antics hurt Tesla? And in today’s Dumb Question of the Week: What is an activist shareholder? ---Get in touch 📧 [email protected] 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube ---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. Copyright 2026 Many Happy Returns

So you’ve decided it’s time to overhaul your investment portfolio. Out with the old assets and in with the new. But hold on, before you press the sell button, there’s a lot to consider. Have you modelled your new portfolio? Have you found the cheapest funds? Have you thought about taxes? Today we discuss how to plan a big portfolio move and stick with it when things get tough. And in today’s Dumb Question of the Week: Does it matter if I choose an ETF or an index fund? Selected links PortfolioCharts T-Rex calculator CompareFundPlatforms.com ---Get in touch 📧 [email protected] 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube ---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. Copyright 2026 Many Happy Returns

A festive round-up of the major investing stories of 2022. We consider the trends that moved the market and ask which will continue into the next year. If you've ever wanted to hear ‘The Twelve Days of Christmas’ adapted for investors, today is your lucky day! And in today’s Dumb Question of the Week: Did the wise men construct a good portfolio for Jesus? ---Get in touch 📧 [email protected] 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube ---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. Copyright 2026 Many Happy Returns

The investment world is full of attempts to milk us for fees and capital. But how is it done? Simply take a humdrum product, dress it up in exciting clothes, and sell the dream. Is your active fund secretly tracking an index? Is your favourite meme stock hiding faltering performance with gimmicks? Who’s actually paying for that champagne lunch with your financial advisor? Today, we coin a new term for this phenomenon: Dreamwashing. And in today’s Dumb Question of the Week: Do you need a financial advisor? Selected links Closet indexing indicators and investor outcomes (ESMA) Champers and safaris: the secret diary of a St James’s Place adviser (The Times) SEC Charges Goldman Sachs Asset Management for Failing to Follow its Policies Involving ESG Investments ---Get in touch 📧 [email protected] 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube ---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. Copyright 2026 Many Happy Returns

Investment decisions always involve trade-offs. Spend vs save. Risk vs return. There's no way around them, no matter how many times you rejig your spreadsheet. We look at five trade-offs every investor has to face: Spend vs save Risk vs return Ethics vs diversification Reliability vs excitement Liquidity vs lifestyle choices And in today’s Dumb Question of the Week: Is it better to overpay your mortgage or invest? ---Get in touch 📧 [email protected] 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube ---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. Copyright 2026 Many Happy Returns

Which countries will deliver world-beating returns to shareholders over the next four years? That’s the question we ask in today's unofficial and unscientific Stock Market World Cup. We have four closely fought international matchups to decide: UK vs France Germany vs China USA vs Japan India vs Brazil And in today’s Dumb Question of the Week: Why do index funds not perfectly track the performance an index? ---Get in touch 📧 [email protected] 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube ---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. Copyright 2026 Many Happy Returns

Last week saw FTX implode in a storm of allegations that culminated in bankruptcy. The failure of the second-largest exchange and standard-bearer for the industry has left everyone asking: what next for crypto investors? The fallout is ongoing, with customers nursing heavy losses, investigators circling and the industry teetering. We delve into what caused the collapse and ask if it could bring down more crypto institutions. Could it even spread to the wider financial system? And in today’s Dumb Question of the Week: What is a bank run? ---Get in touch 📧 [email protected] 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube ---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. Copyright 2026 Many Happy Returns

The pandemic delivered a massive simultaneous shock to the world economy. But which changes will outlast the pandemic, and should they cause us to rethink our investments? Alongside six million deaths and the largest peacetime fall in GDP since the Great Depression, Covid upended our way of life and put novel technologies centre stage. Pandemics throughout history have caused lasting economic changes and influenced societal norms. But what will the legacy of Covid be for the global economy, standards of living and investment returns? And in today’s Dumb Question of the Week: What’s the difference between a Black Swan and a Grey Rhino? ---Get in touch 📧 [email protected] 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube ---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. Copyright 2026 Many Happy Returns

It is often said that failure is a better teacher than success. This week we discuss how to live with and learn from your investing mistakes. Spotting errors is not as easy as it might sound, even with the benefit of hindsight. But there are strategies we can employ to stop them from derailing our investing goals. And in today’s Dumb Question of the Week: Why is Warren Buffett’s investment company called Berkshire Hathaway? ---Get in touch 📧 [email protected] 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube ---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. Copyright 2026 Many Happy Returns

2022 has been a horror show in markets. A nightmare on Wall Street. But every crisis presents opportunities for investors. This week we look at six different assets and consider if they may be about to rise from the grave. US small-cap stocks Chinese equity TIPS Commodities Ethereum Annuities And in today’s Dumb Question of the Week: What are zombie companies and will they ever die? ---Get in touch 📧 [email protected] 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube ---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. Copyright 2026 Many Happy Returns

The gilt market was the last place anyone expected systemic risk to almost blow up the UK pensions industry, force the Bank of England into emergency bond purchases, cause the chancellor to be sacked, and make the government reverse its flagship economic policy. But are we now out of the woods? And what other markets are vulnerable to sharply rising bond yields and similar ‘doom-loop’ dynamics? And in today’s Dumb Question of the Week: What is a haircut? ---Get in touch 📧 [email protected] 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube ---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. Copyright 2026 Many Happy Returns

Interest rates are rising at breakneck speed and the impact on the value of assets is profound. We look at how stocks, bonds, gold and property respond to climbing rates. And consider whether any assets might actually benefit from rising rates? We dig into why interest rates are so influential for asset prices. So if you're a fan of cost of capital, discounted cashflows and duration effects, this is the episode for you! And in today’s Dumb Question of the Week: What is an Interest Rate Swap? ---Get in touch 📧 [email protected] 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube ---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. Copyright 2026 Many Happy Returns

Everyone loves a list: Buzzfeed, Santa, even God himself. But if you had to list the ten most important investing principles, what would you choose? These are our guidelines for how to sustainably grow your wealth while enjoying the journey and avoiding catastrophic loss. And in today’s Dumb Question of the Week: What is asset correlation and why does it matter? ---Get in touch 📧 [email protected] 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube ---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. Copyright 2026 Many Happy Returns

On Friday, the UK chancellor unveiled his ‘mini-budget’ with the most significant tax cuts in 50 years. The market reaction was swift and brutal. Sterling crashed to a record low versus the dollar, and UK borrowing costs spiked. We ask why the market reacted so negatively and what it means for those of us who own UK assets. And in today’s Dumb Question of the Week: Why not invest everything in the US stock market? ---Get in touch 📧 [email protected] 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube ---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. Copyright 2026 Many Happy Returns

Mary Childs (financial journalist and co-host of NPR's Planet Money) joins us to discuss her recent book The Bond King: How One Man Made a Market, Built an Empire, and Lost It All. This is the story of Bill Gross, the legendary investor and fund manager who revolutionised the bond market. Before Bill Gross, bonds were the sleepy backbone of retirement accounts, paying the holders a steady stream of coupons each year. But Gross upended all that. After co-founding investment giant Pimco in the 1970s, Gross pioneered active bond trading: buying, selling and exploiting any advantage to eke out extra returns for investors. But Pimco was riven by internal political battles and a toxic culture. It all came to a head in 2014. With the performance of the fund now lacklustre, Gross’s behaviour became increasingly erratic and internal conflict led to the resignation of CEO Mohamed El-Erian. Bill Gross left Pimco later that year in an acrimonious departure that rocked the financial world. ---Get in touch 📧 [email protected] 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube ---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. Copyright 2026 Many Happy Returns

Many forecasters think that recession is imminent in the UK and Europe, with the US not far behind. But how deep will the downturn be? How long will it last? And will the economy emerge stronger on the other side? We discuss how this recession could compare to ones in the past and which assets might best weather the storm. And in today’s Dumb Question of the Week, we ask: Why does economic growth matter and is it unsustainable? ---Get in touch 📧 [email protected] 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube ---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. Copyright 2026 Many Happy Returns

This episode is sponsored by NOA: Click here to get the free months of NOA premium. Some claim that artificial intelligence will trigger the fourth industrial revolution, upending traditional ways of living and doing business. This week we look at how an AI and big data arms race might change the world of investing. We discuss the implications for markets and returns and the effect AI could have on our investment decisions and portfolios. And in today’s Dumb Question of the Week, we ask: Why is it so hard to beat the market? ---Get in touch 📧 [email protected] 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube ---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. Copyright 2026 Many Happy Returns

This episode is sponsored by NOA: Click here to get a free month of NOA premium. 2021 was a record year for initial public offerings. More than 3,000 companies listed on global stock markets and raised over $600 billion in the process. Companies such as Coinbase, Roblox and Rivian each pulled in more than 10 billion dollars. Exciting times! But since going public, many companies have seen their stock price plunge, leaving investors to wonder: Are IPOs a good investment? And in today’s Dumb Question of the Week, we ask: Am I missing out by not investing in private companies? Selected links What Happens to IPOs Over the Long Run? (Nasdaq) Which, Why, and for How Long do IPOs Underperform (ResearchGate) ---Get in touch 📧 [email protected] 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube ---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. Copyright 2026 Many Happy Returns

This episode is sponsored by NOA: Click here to get a free month of NOA premium. Few topics divide opinion more than investing in China. The incredible growth. The ethical dilemmas. The disappointing returns. This week we look at the big economic and political developments in China and whether now is the time to buy Chinese equity. What opportunities and risks confront investors? And how should we think about Chinese stocks in the context of our portfolios? And in today’s Dumb Question of the Week: What happens if Chinese stocks are delisted from the New York Stock Exchange? ---Get in touch 📧 [email protected] 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube ---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. Copyright 2026 Many Happy Returns

This episode is sponsored by NOA: Click here to get a free month of NOA premium. This year has seen remarkable shifts in currency markets, with the US Dollar reaching a 20 year high and parity with the Euro. We discuss the factors that drive exchange rates and the implications of a strong US dollar on trade, growth and our investments. And in today’s Dumb Question of the Week, we ask: Should you currency hedge your investments? Selected links Dollar Doom Loop video (PensionCraft) Bretton Woods III video (PensionCraft) The Stealth Erosion of Dollar Dominance (IMF) How to diagnose your own Dutch disease (FT - paywall) ---Get in touch 📧 [email protected] 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube ---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. Copyright 2026 Many Happy Returns

The cost of living always attracts controversy, even before the current surge in prices. Many people believe that the true rate of inflation is consistently far higher than the official stats suggest. But is there any evidence to back up these claims? We discuss the nuances of how inflation is calculated and whether the changes made in the 1980s and 1990s have lowered official inflation numbers, as claimed by websites such as ShadowStats. And what impact does it have on investors? And in today’s Dumb Question of the Week: Why does the Fed look at Core PCE inflation rather than CPI? Doesn’t it care about food and energy prices? Selected links Misconceptions about the CPI (Bureau of Labor Statistics) Public comment of inflation measurement (ShadowStats) What ShadowStats gets right and what it gets wrong (Ed Dolan) ---Get in touch 📧 [email protected] 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube ---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. Copyright 2026 Many Happy Returns

Kids are sometimes hard-work, often fun, and always expensive. But due to the magic of compounding, a small amount of money invested when they are young can grow into a substantial nest egg for later in life. We discuss how much to set aside, what to put in their portfolio, and how to keep them from blowing the cash as soon as they turn 18. And in today’s Dumb Question of the Week, we ask: Is government debt effectively stealing from future generations? ---Get in touch 📧 [email protected] 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube ---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. Copyright 2026 Many Happy Returns

Does it pay to be an optimist?Volatile financial markets and flaws in human psychology can cause many investors to be unduly pessimistic.Yet, remaining an optimist - and remaining invested - is the surest way to achieve the unrivalled long-term returns of the stock market.Today, we discuss why optimism about investing is not only desirable but rational. And how to spot biases and alarmist thinking that can lead to destructive behaviour.And in today’s Dumb Question of the Week, we ask: Why hold any bonds at all?Selected linksGapminderOur World in DataA Long Bet: Brynjolfsson vs Gordon

VICE. UFO. COW. Welcome to the weird world of niche ETFs. Exchange Traded Funds are an easy way for investors to buy into a basket of stocks. The last few years has seen a proliferation of ETFs that offer investors different indices, themes, and strategies. We discuss which of these funds is worth our time, in what environments they might outperform, and how best to incorporate them in our portfolio. And in today’s Dumb Question of the Week, we ask: What’s the difference between ETFs and ETNs? ---Get in touch 📧 [email protected] 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube ---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. Copyright 2026 Many Happy Returns

Natural gas is critical to the functioning of the European economy, used in everything from heating homes to powering industry. Russia is the continent's biggest gas supplier, and many analysts fear that President Putin might be about to turn off the gas taps. The impact of such a move could be profound, with the German Economy Minister warning of the potential for a “Lehman Brothers” moment. We look at how likely it is to happen, what the fallout could be, and what could it mean for our investments? And in today’s Dumb Question of the Week, we ask: What is a black swan event? ---Get in touch 📧 [email protected] 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube ---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. Copyright 2026 Many Happy Returns

Leverage is borrowing money to invest. It can boost your returns in good times and amplify your losses when the market turns against you. This week we look at the different types of leveraged investments and how to employ them. We discuss the pros and cons of investing with margin loans, leveraged ETFs, and options. And the surprising evidence for using leverage to reduce retirement risk... And in today’s Dumb Question of the Week: "If your broker sells your stocks in a margin call, can you be left owing more money than you invested?" Selected links Life-Cycle Investing and Leverage: Buying Stock on Margin Can Reduce Retirement Risk Federal Reserve Financial Stability Report: Leverage in the Financial Sector (May 2022)---Get in touch 📧 [email protected] 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube ---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. Copyright 2026 Many Happy Returns

Government bonds are considered the steady - perhaps even boring - investment class. But this year has seen the biggest bond crash in a generation, as inflation runs wild and central banks pretend not to panic. As if things weren’t interesting enough, the European Central Bank is concocting a new wheeze to keep bond spreads in check, the Bank of Japan is printing record-breaking amounts of money, and Russia has defaulted on its debt. We try to make sense of all this and wonder whether now might be the time to buy government bonds? And if so, which ones? And in today’s Dumb Question of the Week: Why don't governments issue perpetual bonds? ---Get in touch 📧 [email protected] 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube ---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. Copyright 2026 Many Happy Returns

This year the S&P 500 has fallen over 23%. With the benefit of hindsight, what were the clues that we had reached the top at the start of 2022? And what could indicate the market has now reached a bottom and is about to resume its upward drift? Accepted wisdom says that what matters is “time in the market, not timing the market.” Is this always true? And how does it affect how we invest? And in today’s Dumb Question of the Week, we ask "When stock prices fall, where does the money go?" Selected links Where does the wealth go when asset prices go down? (Noahpinion) The Buffett Indicator ---Get in touch 📧 [email protected] 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube ---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. Copyright 2026 Many Happy Returns

The UK stock market has lagged global indices over the past decade and struggled to attract new companies. We look at the reasons for the underperformance and the prospects for the future. We discuss the sector composition of the UK market, with its crucial underweight in technology companies, as well as whether the dividend investing culture at many UK equity funds holds back business investment and growth. And in today's Dumb Question of the Week, we ask "How can a stock be listed on two exchanges and does it matter which one I buy?"---Get in touch 📧 [email protected] 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube ---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. Copyright 2026 Many Happy Returns

For decades, oil has held a critical and unique place in the global economy. Many commodities are claimed to be “the new oil” for their importance in the modern world. But are these claims mere soundbites or do they indicate the emergence of new strategic commodities? We discuss the prospects for claims ranging from tech innovations like data and artificial intelligence to natural resources like copper and gas. For each, we ask are these really going to be the "new oil?" And if so, how can we best position ourselves as investors? And in today’s Dumb Question of the Week, we look at “How did the price of oil go negative in 2020?” Selected links Copper is the New Oil (Goldman Sachs) Why Copper May Be One of the Tightest Markets the World Has Ever Seen (Odd Lots) Negative Oil Prices Explained (PensionCraft) The Essex Boys: How Nine Traders Hit a Gusher With Negative Oil (Bloomberg) ---Get in touch 📧 [email protected] 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube ---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. Copyright 2026 Many Happy Returns

There are many different risks we have to navigate as investors, from the volatility of markets to collapsing companies to our own behaviour. How we choose to respond to these risks is ultimately what will determine our success in building and preserving our wealth. This week we dig into the different types of investment risk, how best to measure and quantify them, and what strategies we can employ to protect our portfolios. And in the Dumb Question of the Week, we ask "What happens if my broker goes bankrupt?" ---Get in touch 📧 [email protected] 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube ---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. Copyright 2026 Many Happy Returns

The S&P 500 has fallen to the brink of a bear market, with companies severely punished for missing their earnings forecasts. The price-to-earnings multiple has declined and market prospects look uncertain. The question everyone is asking is ‘what comes next?' We look into whether the S&P 500 is now at fair value? What events could trigger a stock market crash? And whether bonds will successfully hedge equity going forward? And in the Dumb Question of the Week, we ask: Why do people still reference the Dow Jones industrial average? Selected links Finviz heatmaps FactSet Earnings Insight ---Get in touch 📧 [email protected] 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube ---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. Copyright 2026 Many Happy Returns