Merryn Talks Money

Why Avoiding Investments Is as Important as Investing Feb 21, 2025

Every decade has its story for investors. The 1970s were all about gold. The 1980s were all about Japan. In the 1990s it was the Internet. In the 2000s, we all shoveled money into China and emerging markets. And in the 2010s, we had eyes for nothing but software and American exceptionalism. So what’s next? That’s the question Jawad Mian, founder and managing editor of Stray Reflections, tries to answer on this week’s Merryn Talks Money.

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UK Inflation Rises to 10-Month High, Protecting Your Savings, and Energy Talk Feb 19, 2025

In this week's roundup, Merryn speaks with Money Distilled newsletter author John Stepek about why the inflation reading was so surprising, why it's more important than ever to protect your savings, and why the cost of energy is such a hot topic globally.

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What Do You Need All That Cash For? Feb 18, 2025

On this week’s personal finance edition of Merryn Talks Money, hosts Merryn Somerset Webb and Bloomberg Money Distilled author John Stepek turn their attention to cash Individual Savings Accounts (ISAs) and how the rules around them may soon change--and why that means you should think about how much cash you've got saved.

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What Would Adam Smith Think of Donald Trump? Feb 14, 2025

What would philosopher and political economist Adam Smith think of Donald Trump’s love of tariffs? What would he make of the Republican president’s approach to taxes and deregulation? On this episode of Merryn Talks Money, recorded last week in Dubai, a special panel joins host Merryn Somerset Webb to try and answer those questions using Smith’s texts as a guide. They also talk about the global investment landscape and how the Gulf region, and particularly the United Arab Emirates, is a good place to launch a career.

In front of an audience at the Heriot-Watt University campus, Webb was joined by Adam Dixon, chair in sustainable capitalism at Panmure House, Ashley Hunter, founding partner of A. Hunter & Co., and Iqbal Kham, chief executive of Fajr Capital Group, an impact-driven investment firm.

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What to Make of Gold’s Tremendous Rise Feb 11, 2025

Gold is enjoying a bump after President Donald Trump announced new tariffs on US steel and aluminum imports this week. Merryn speaks with reporter Jack Ryan, who covers mining and precious metals, and gold market veteran Charlie Morris of ByteTree to discuss what’s driving gold’s ascent and what investors can do to make some money out of the moves.

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The Perpetual Hunt for ‘Alpha’ Feb 07, 2025

All investors look for an edge. You only make real money by having “alpha,” as the jargon goes. On this week’s episode of Merryn Talks Money, host Merryn Somerset Webb is joined by a guest who knows all about the quest for advantage: Bloomberg Indices Quant Researcher Steve Hou.

Put simply, Hou’s job is to find what “works” in markets and then find ways to capture it for investors. So what’s he been investigating? Recent topics include how to identify innovative companies and the role of research and development spending within that. It’s more complicated than you might expect.
R&D:https://www.bloomberg.com/professional/insights/trading/the-innovation-factor-the-power-of-rd-persistence/
Pricing Power:https://www.bloomberg.com/professional/insights/financial-services/cracking-the-code-of-pricing-power/
ANR/Turnaround factor:https://www.bloomberg.com/professional/insights/trading/analyst-ratings-improvers-a-bet-on-turnaround-companies/
AI whitepaper:https://situational-awareness.ai/

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Trump's Tariff Threats and Central Banks, Gold's Surge, and US Equities Feb 05, 2025

In this week's roundup, senior writer and Money Distilled author John Stepek speaks with Opinion columnist Marcus Ashworth. They discuss what Trump’s tariff threats mean for your money, gold's surge, and why there’s more to equities than just US stocks.
Marcus's latest column: https://www.bloomberg.com/opinion/articles/2025-02-03/trump-tariffs-ecb-dithers-while-euro-economy-flatlines

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Don't Leave Your Family a Nightmare When You Die Feb 04, 2025

On this week’s personal finance edition of Merryn Talks Money, the conversation revolves around effective financial planning for one’s eventual death.
Merryn Somerset Webb sits down with Matthew Hutton, author of Your Last Gift: Getting Your Affairs in Order, to discuss practical advice on how to navigate the inheritance tax, write a will, choose an executor, manage digital assets and ensure one’s heirs avoid delays when it comes to accessing money after your death.
LISTENER NOTE: We added in more clarification around the Intestacy Rules and how they operate in an updated version of the episode.
Read more: https://www.bloomberg.com/opinion/articles/2024-04-29/death-admin-don-t-leave-your-family-a-nightmare-when-you-die
Matthew Hutton's book: https://www.yourlastgiftbook.com/

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Reeves' Heathrow-Fueled Growth Plan, DeepSeek and the Effect on US Big Tech, and Mini-Bubbles are Bubblin' Jan 31, 2025

In this week's roundup, Merryn speaks with Money Distilled newsletter author John Stepek about Chancellor Rachel Reeves' growth speech this week, and the obstacles she'll likely face getting her ideas across the line. They also discuss whether Chinese AI startup DeepSeek is good news or worrying news for US Big Tech. John says bottom line is remember: there should be more room foruncertainty in stock prices. Investors should never pay for perfect.

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DeepSeek's Disruption and What It Means for Your Investments Jan 28, 2025

Founder and Manager of the Blue Whale Growth Fund Stephen Yiu joins this week to discuss the Big Tech selloff, his outlook for AI and where he’s investing now. Yiu, whose investment fund is backed by billionaire Peter Hargreaves, reduced its stakes in major US technology companies on concern over the costs of AI at the end of 2024. What did he see that other investors didn't? And where does he see opportunities now?
Plus, what Stephen is reading now: Lucky Loser: How Donald Trump Squandered His Father's Fortune and Created the Illusion of Success

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To Get The UK Growing Again, We Need Cheap, Secure Energy with Simon French Jan 24, 2025

Panmure Liberum Chief Economist Simon French joins host Merryn Somerset Webb and senior reporter John Stepek to discuss why boosting the UK's growth should start with encouraging North Sea oil and gas production.

The book Simon recommends at the end of the interview is called Digital Minimalism.

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Trump Memecoin Frenzy, Herald Trust Says No to Saba, and Rachel Reeves in Davos Jan 23, 2025

In this week's roundup, Merryn speaks with Money Distilled newsletter author John Stepek about what TrumpCoin signals for the US presidency and the crypto industry, where the investment trust showdown stands now that Boaz Weinstein's Saba Capital failed to take control of Herald Investment Trust, and Chancellor Rachel Reeves' conversation with Bloomberg in Davos.

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When to Invest in Venture Capital Trusts Jan 21, 2025

Correction One of our brilliant listeners wrote in to point out an inaccuracy in the original podcast. We've removed the inaccuracy, in which the guest said you can roll previous capital gains into a VCT. In fact, while gains made from a VCT can be CGT free, you CANNOT roll over capital gains on other assets you have sold into a VCT. We will also address in the next personal finance episode.
On this week’s personal finance edition of Merryn Talks Money, host Merryn Somerset Webb speaks with Tony Dalwood, Chief Executive Officer of Gresham House, a specialist alternative asset manager, about Venture Capital Trusts (VCTs)—what are their benefits and when they are best employed.
Note: Listeners should always take advice before investing.

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Merryn and John Discuss the Showdown Between Saba and Investment Trusts Jan 17, 2025

In this week's Merryn Talks Money market roundup, there's only one story on our host's mind. Merryn and Money Distilled newsletter author John Stepek talk about US activist investor Boaz Weinstein of Saba Capital and his high-profile attempt to unseat the boards of seven UK-listed investment trusts. Weinstein argues that a combination of weak three-year performance and too much tolerance of wide discounts means investors should welcome Saba's attentions; the boards argue that Saba is self-serving and that victory for the US investor would leave shareholders facing an uncertain future. "Everyone is right", concludes Merryn. But if you're a shareholder in any of these trusts, then what should you be doing about it?

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How Saba's Boaz Weinstein Plans to Transform UK Investment Trusts Jan 15, 2025

“We’re not here to make trouble.” So says Boaz Weinstein, founder and chief investment officer of activist investor Saba Capital Management, who joins this episode of the Merryn Talks Money podcast, hosted by senior reporter John Stepek.

His claim may come as news to boards of many UK investment trusts. Saba has taken large stakes in seven of them and called extraordinary general meetings. Those gatherings could result in existing boards being swept away and replaced by Saba's favored candidates when voting happens over the next few weeks.

Why the UK? Why investment trusts? And why now? Listen to hear Weinstein's answers.
(Corrects podcast to remove incorrect statement about fund performance data.)

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How to Start Your Investment Journey Jan 14, 2025

Each week on the Merryn Talks Money podcast, we discuss strategies for investing with industry experts. But rarely do we talk about how to get started on that investment journey. On this episode, Holly Mackay, founder and chief executive of Boring Money, joins hosts Merryn Somerset Webb and John Stepek to do just that.

They chat about how to get started in choosing an investment platform, including answering a key question (what is an investment platform?) and looking at the main options available.

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The 'Humble' Investor Says Sell Private Equity, Sell US Tech, Buy Polish Small Caps Jan 10, 2025

Daniel Rasmussen, founder of Verdad Advisers and author of The Humble Investor: How to Find a Winning Edge in a Surprising World, joins Merryn this week.

They discuss his book, why all forecasts are wrong (and why we need them anyway), the case for selling US tech and buying small caps, whether we’re in an artificial intelligence bubble, and Japanese equities.

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Plunging UK Markets, What's Reeves Moment, and the ESG Rollback Jan 08, 2025

In the first roundup of the year, Merryn speaks with Money Distilled newsletter author John Stepek about anxiety in the markets, sterling and UK gilt prices tumbling, and the fresh pressure facing Rachel Reeves and the Treasury from soaring borrowing costs. Plus, a look at the rollback on ESG measures across companies.
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Best Of: How to Invest in the Coming Space Gold Rush with Tim Marshall Jan 03, 2025

We bring you another favourite from our episodes this year: Merryn's conversation with Tim Marshall, author of The Future of Geography and a former diplomatic and foreign affairs editor at Sky News.
He says there could be a "gold rush" in space. Just as miners in the 19th century ventured into the lawless frontiers of North America, the presence of rare materials on the moon and elsewhere might fuel a race to harness the opportunities of outer space.

“This might be one of the most profitable things in the 21st century.”

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Best Of: Lyn Alden Talks Bitcoin and Explains Why Money is Falling Behind the Times Dec 27, 2024

For every listener who has written in to say "You must speak to Lyn Alden"--we're reposting our interview for you.
So this holiday break, please enjoy investment and macroeconomic analyst Lyn Alden exploring the history and future of money with Merryn. Alden discusses her book Broken Money: Why Our Financial System is Failing Us and How We Can Make it Better.

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Money Stuff Podcast: Stripe's John Collison Dec 20, 2024

While Merryn and John enjoy a holiday break, we bring you an episode from our colleagues on the Money Stuff podcast team. Hosts Matt Levine and Katie Greifeld spoke earlier this year with John Collison, the co-founder and president of Stripe. Here is their conversation on the financial services business, why payments are hard, what's good about crypto, why IPOs don't matter and how to fly planes.

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UK Wage Inflation, American Euphoria and The Investment Trust Invasion Dec 18, 2024

In this week's roundup, Merryn speaks with Money Distilled newsletter author John Stepek about the downside that comes with UK wages going up, Guy Hands and military homes, US exuberance reaching critical levels, and why it's important that US activist fund manager Saba Capital has been building up positions in lots of investment trusts.
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If You Had to Buy Something Now and Hold It For 18 Years, What Would It Be? Dec 17, 2024

In this week’s personal finance edition of Merryn Talks Money, we discuss what you should stow away for your kids until they turn 18.

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Everyone Wants Their Money to Come Home with Russell Napier Dec 13, 2024

Market historian Russell Napier joins Merryn to explain that economic nationalism will have negative consequences for some nations. They also talk Bitcoin and cryptocurrencies.
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Oman Leapfrogs London, Pension Funds and Private Assets, Executive Pay Dec 12, 2024

In this week's roundup, Merryn speaks with Money Distilled newsletter author John Stepek about the UK stock market's shrinking influence, why pension funds are so keen to invest in private assets, and everyone's favourite: executive pay.

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What are the Financial Benefits of Getting Married ? Dec 11, 2024

In this week’s personal finance edition of Merryn Talks Money, hosts Merryn Somerset Webb and John Stepek answer the question: what are the financial benefits of getting married in the UK?
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Saxo’s 'Outrageous' Forecast Sees Trump Blowing Up the Dollar Dec 06, 2024

It’s that time when analysts unveil their forecasts for 2025. But every year, Saxo Bank releases a different type of prediction—not of events likely to happen, but rather those that probably won’t. But if they do—they would send shockwaves across financial markets. So it’s good to start talking about the possibility.
Saxo Chief Macro Strategist John Hardy joins this week’s Merryn Talks Money to discuss the list, which includes Nvidia ballooning to twice the value of Apple and Donald Trump crushing the US dollar.

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Euro Chaos, London's Shrinking Exchange, and the Cult of US Stocks Dec 04, 2024

In this week's roundup, Money Distilled newsletter author John Stepek is joined by Opinion columnist Marcus Ashworth. They talk euro chaos this week, London's shrinking stock market, and why the cult of US stocks is not going to end well.
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How to Navigate the Great Wealth Transfer Dec 03, 2024

In this week’s personal finance edition of Merryn Talks Money, Merryn John discuss strategies for managing your inheritance.

Millennial listener Kewin has a conundrum. He’s inherited money and is expecting more in the future. But rather than leaving it in a savings account or buying Bitcoin, he wants to put the money to work. He’s seen financial advice on TikTok suggesting he should put his assets into a global tracker, but Kewin also wants to explore the idea of using an active manager.

Webb and Stepek offer up some advice that might help inform Kewin’s decision. They touch on pension maximization, risk appetite, active vs. passive investing, mortgage paydowns and Warren Buffett’s philosophy on succession planning.

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Argonaut’s Barry Norris Says Invest in Argentina and the US Nov 29, 2024

“Capital goes where it’s needed and stays where it’s treated well. That’s not the UK and that’s not Europe: currently, it’s the US and it’s Argentina.”

So says Barry Norris, chief executive of Argonaut Capital Partners, on this week’s episode of Merryn Talks Money. The UK finance veteran decries Labour tax policies in the UK while pointing to opportunities in the Americas. He suggests good places to invest and shares his thoughts on Bitcoin.

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The Lights Are Flashing Red for America --And Amber for the UK Nov 27, 2024

In this week's roundup, Merryn and Money Distilled newsletter author John Stepek discuss why they still think prices for US companies are still too high, why the UK government isn't making investing in Britain particularly appealing (although the UK is still cheap!) and John gives his two cents on the car finance scandal and why it could be worse than we think.
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Fallout From the UK Car Financing Commission Scandal Nov 26, 2024

On this personal finance edition of Merryn Talks Money, host Merryn Somserset Webb is joined by Bloomberg reporters Harry Wilson and Eleanor Thornber to discuss the brewing crisis in Britain’s car finance industry.
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Listen Now: Beak Capitalism from Odd Lots Nov 24, 2024

In this limited series, Odd Lots explains some of the thorniest issues facing the US economy through the medium of … chicken. Chicken occupies a unique position in the US diet, but issues facing the poultry industry illustrate wider points about the development of the US economy and the decisions being made about how it's structured and who benefits from it. So why has the chicken industry evolved in the way that it has? What’s been driving the price increases in eggs and meat? And what does it all say about things like inflation, the labor market and the nature of American capitalism?

Check out Beak Capitalism on Odd Lots wherever you get your podcasts.

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How to Make Britain Prosperous Again with Sam Bowman Nov 22, 2024

Sam Bowman, founding editor of the online magazine Works in Progress, now part of payment processing platform Stripe, joins to discuss why he thinks Britain has stagnated and the main problems hindering growth. He also offers what he considers simple solutions for tackling those problems.
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The Farmers Are (Rightfully) Angry and UK Inflation Ticks Up Nov 21, 2024

In this week's roundup, Merryn and Money Distilled newsletter author John Stepek discuss why UK farmers are angry about inheritance tax and what the latest UK inflation data suggests that the Bank of England's caution is justified.
DISCLAIMER: Merryn owns. crap farm. John owns an outrage farm that you can visit on X.
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How Does the UK Pension Drawdown Work? Nov 19, 2024

Hosts Merryn Somerset Webb and John Stepek speak with Bloomberg Opinion columnist Stuart Trow, author of “The Bluffer’s Guide to Economics,” about pension drawdown, which is a way to access your pension income when you retire while leaving the rest invested. Trow tackles how it works and offers suggestions on how best to manage it.

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Why AI-Driven Productivity Is a Decade Away in the UK Nov 15, 2024

Economist Diane Coyle, currently the Bennett professor of public policy at the University of Cambridge, analyzes artificial intelligence’s potential economic impact—from people’s jobs to their productivity—on this week’s episode of Merryn Talks Money.
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Everybody Relax. We're Talking About Crypto. Nov 13, 2024

In this week's roundup, Merryn and Money Distilled newsletter author John Stepek discuss the latest Bitcoin boom in the wake of Donald J. Trump’s confirmation as President Elect. Is there more room for Bitcoin, Dogecoin, and other cryptocurrencies to rise? What headwinds are in store? And how much Bitcoin do Merryn and John own?
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Is There a Smarter Way to Pay Your Taxes? Nov 12, 2024

In this week’s personal finance edition of Merryn Talks Money, hosts Merryn Somerset Webb and John Stepek discuss a listener question about whether setting up a limited liability company is a good strategy to save on taxes in the UK.

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Why Trump’s Victory Is Musk’s ‘Tech-Bro Coup’ Nov 08, 2024

On this episode of Merryn Talks Money, we discuss what the Republican’s second term means for the US, the UK and the Tesla CEO. Pippa Malmgren, economist, author and former adviser to Republican President George W. Bush and Helen Thomas, founder and chief executive of BlondeMoney join.
They also discuss what UK-US relations will look like under Trump, how Britain’s exit from the European Union highlights the importance of the “special relationship” and how investors can profit from likely policy changes under the new US government—which includes the case for buying Bitcoin.

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A Dose of Cynicism from John and The Case for Becoming a Barrel Maker Nov 07, 2024

In this week's roundup, Merryn and Money Distilled newsletter author John Stepek chat about the unsurprising Bank of England decision to cut the UK's key interest rate to 4.75%. And they discuss the increase in the cost of university fees and once again explain why the student loan system is so broken.

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DC and DB Pension Schemes: What They Are and How They Work Nov 05, 2024

In this week’s personal finance edition of Merryn Talks Money, hosts Merryn Somerset Webb and John Stepek discuss a listener question about the difference between UK defined benefit and defined contribution pensions.

The listener, Mustafa, said he originally had a defined benefit pension but has since moved over to a defined contribution scheme. He wants more information about each of the pension types and is starting to question the change. Webb and Stepek help him understand the pros and cons of each scheme and make it very clear what they might prefer for their own pensions.

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Live Event: What Did Rachel Reeves Risk With Her First Budget? Oct 31, 2024

In a live-recorded episode of Merryn Talks Money, hosts Merryn Somerset Webb and John Stepek are joined in London by Bloomberg Head of Economics and Government Stephanie Flanders and former UK Office for Budget Responsibility (OBR) Chief of Staff Andy King to discuss the first budget presented by Chancellor of the Exchequer Rachel Reeves.

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What Japan’s Angry Voters Mean for Your Money and Falling Fertility Oct 30, 2024

In this week's roundup, Merryn is back with Money Distilled newsletter author John Stepek. They focus on Japan. There was an election on Sunday that left the country without a clear winner for the first time since the 1990s. They discuss what that means for the world’s fourth-largest economy-- what it could mean for markets. They also discuss fertility rates in both Japan and the UK.

Last chance to register:

Join us at Bloomberg on Oct. 31, the morning after the Budget, for a taping of the podcast in front of an audience. Register here:

https://go.bloomberg.com/attend/invite/merryn-talks-budget/

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The Best Way to Handle UK Student Debt Oct 29, 2024

In this week’s personal finance edition of Merryn Talks Money, hosts Merryn Somerset Webb and John Stepek answer a question from listener Hugo. He’s in his twenties and wondering what financial strategy graduates like him might find the most rewarding—from buying a house to investing in the equity market.
Join us at Bloomberg on Oct. 31, the morning after the Budget, for a taping of the podcast in front of an audience. Register here:
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Why Everything You Think You Know About Money Is Wrong Oct 25, 2024

Author and economist David McWilliams joins Merryn to discuss his latest book Money: A Story of Humanity, and how the evolution of currency is central to the rise and fall of civilizations.

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Gold’s Record-Breaking Run and Geopolitical Conspiracy Theories Oct 23, 2024

In this week's roundup, Money Distilled newsletter author John Stepek is joined once again by Bloomberg Opinion's Marcus Ashworth to talk macro themes. They tackle gold’s inexorable rise, oil's fall, and more on the bond market.
REMINDER: Join us at Bloomberg on Oct. 31, the morning after the Budget, for a taping of the podcast in front of an audience. Register here:

https://go.bloomberg.com/attend/invite/merryn-talks-budget/

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How UK Parents Should Be Saving for Their Children Oct 22, 2024

Hot on the heels of last week’s personal finance edition of Merry Talks Money, where we discussed Lifetime Individual Savings Accounts, or ISAs, this episode of Merryn Talks Your Money takes on a different type of vehicle: Junior ISAs. Merryn and John Stepek dive into what these UK-unique savings products are and what exactly British investors are buying into when they open one.

Join us at Bloomberg on Oct. 31, the morning after the Budget, for a taping of the podcast in front of an audience. Register here:

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Listen Now: The Deal with Alex Rodriguez and Jason Kelly Oct 20, 2024

When sports, business and culture collide, there’s often a deal to be made. Join Alex Rodriguez and Bloomberg correspondent Jason Kelly as they get the inside track from corporate titans, sports champions and game-changing entrepreneurs on investing, strategy, reinvention and the ones that got away. The Deal is a Bloomberg Podcasts and Bloomberg Originals series that’s passionate, relaxed, insightful and inspirational. If you think you know these icons, prepare to be surprised.

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How Investors Should Approach The US Election with Liz Ann Sonders Oct 18, 2024

“This has been an incredibly unique cycle, both in terms of the economy and the market,” says Liz Ann Sonders, managing director and chief investment strategist at Charles Schwab, on this week’s episode of Merryn Talks Money. “Maybe that’s the ultimate understatement.”

Sonders joins Merryn Somerset Webb to discuss what is and isn’t driving such turbulent markets—from Mother Nature “wreaking havoc” with inflation data to artificial intelligence’s promised productivity spur—and how investors can navigate the turmoil.

Join us at Bloomberg on Oct. 31, the morning after the Budget, for a taping of the podcast in front of an audience. Register here:

https://go.bloomberg.com/attend/invite/merryn-talks-budget/

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Employer NICs Drama and The UK Inflation Slide Oct 16, 2024

In this week's roundup, Merryn speaks to Money Distilled newsletter author John Stepek about what it means if the government increases employers' national insurance contributions in the autumn budget. Plus, the latest price data came in well below target, but John explains why a lot of that was due to one volatile component.
Join us at Bloomberg on Oct. 31, the morning after the Budget, for a taping of the podcast in front of an audience. Register here:

https://go.bloomberg.com/attend/invite/merryn-talks-budget/

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Using a Lifetime ISA to Get on the London Housing Ladder Oct 15, 2024

On this personal finance edition of Merryn Talks Money, our hosts discuss Lifetime ISAs and their usefulness in buying a home.

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How This Fund Manager Finds ‘Diamonds in the Dust’ Oct 11, 2024

Don’t meet with management, ignore narratives and avoid highly rated businesses—taken together that sounds like a recipe for fund failure. But for Sean Peche, founder and portfolio manager at Ranmore Fund Management Ltd., it’s how he’s consistently outperformed benchmark indices. His Ranmore Global Equity Fund outperformed the MSCI World Index in 2022 and 2023. He joins Merryn this week to talk about his strategy and his market outlook.
(Earlier podcast summary incorrectly identified the fund as a hedge fund. It is a long only fund.)

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A Discomforting Signal From the UK Bond Market and Budget, Budget, Budget! Oct 09, 2024

In this week's roundup, Money Distilled newsletter author John Stepek is joined by Bloomberg Opinion columnist Marcus Ashworth. They discuss the UK bond market, particularly the fact that UK 10-year yields are back above those of the US, what signal that sends and what's behind UK borrowing costs going up.

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How Safe Is Your Pension Pot? Oct 08, 2024

On this personal finance edition of Merryn Talks Money, hosts Merryn Somerset Webb and John Stepek discuss diversifying your UK pension.

They lay out scenarios in which your pension could be at risk, and the extent to which it would be protected by the Financial Services Compensation Scheme. And it’s not just important for pensions: these should be considerations for anyone with investments in passive funds and individual savings accounts (ISAs), Webb and Stepek say. Also on this episode, they tackle monitoring your broker’s solvency and how to gauge whether you would have “political protection” should they go bust.

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How The World Lost Its Mind with Author Dan Davies Oct 04, 2024

Author and former Bank of England regulatory economist Dan Davies joins this week to discuss his new book, The Unaccountability Machine, which describes how the cost of large organisations deferring decision-making is a widening “accountability sink.”
As companies grow more complicated, the bigger the “sink” gets, he argues. “We’ve reached a crisis point.”

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UK Housing Perks Up, China's Bazooka Stimulus Sparks a Stock Rally Oct 02, 2024

In this week's roundup, Merryn and Money Distilled newsletter author John Stepek discuss the stock market response to China's unprecedented stimulus package, where we are now with the UK housing market, and who stands to benefit from the rally in prices and sales.

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Pensions Are Another Reason to Worry About the UK Budget Oct 01, 2024

On this week’s personal finance edition of Merryn Talks Money, hosts Merryn Somerset Webb and John Stepek discuss pension drawdown with Tom McPhail, formerly the lead pensions spokesman for the investment platform Hargreaves Lansdown. He also led an external review of the Money and Pensions Service on behalf of the UK government’s Department for Work and Pensions. They tackle what drawdown is and how to avoid getting ripped off.
But first, we have a look ahead to the autumn budget and what changes to pension pots could be on the horizon.

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Fund Manager Sees Energy Transition as Opportunity of a Lifetime Sep 27, 2024

Foresight Group’s Bernard Fairman discusses the movement toward cleaner energy, a lucrative investment theme he sees playing out over 30 to 50 years.

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Roundup: Labour Party Conference 'Vibes,' Budget Fears, and Why We Should Care the Ultra-Rich are Leaving Sep 25, 2024

In this week's roundup, Merryn and Money Distilled newsletter author John Stepek discuss why the looming UK Budget has both consumers and businesses rattled, and whether Labour's performance at its party conference in Liverpool is doing enough to address the nervousness around investing in --and even living in-- the UK. They also discuss whether the relationship between the taxpayer and government is broken, and what danger is posed if it is.

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How Amateur Investors Can Maximize Their Returns Sep 24, 2024

How realistic is achieving a 20% annual return as an amateur investor? On this week’s personal finance edition of podcast Merryn Talks Money, it doesn’t take long for hosts Merryn Somerset Webb and John Stepek to come to the conclusion that consistently outperforming the likes of Berkshire Hathway in your free time is far from likely.

But the bigger question is how to set yourself a realistic but rewarding goal in the first place. On this episode, Webb and Stepek take personal investors back to the drawing board to discuss setting targets, picking a portfolio and—most importantly—avoiding panic.

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Looking to Outperform? Sell the US and Buy the UK Sep 20, 2024

Looking for long-term outperformance? Sell the US and buy the UK. That’s the view of Fidelity’s Alex Wright, who joins this week’s Merryn Talks Money. As Wright points out, the UK market is very good for a contrarian looking for value plus a little momentum.
Also in the episode, Wright discusses the opportunities in banks, life insurers and tobacco companies, and why he thinks Tesco is a good buy.

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Roundup: Fed Cut Fallout and Bank of England Holds Sep 19, 2024

In this week's roundup, Merryn and Money Distilled newsletter author John Stepek discuss the Federal Reserve's bold interest-rate cut -- half a percentage point --and what that means for markets. And they talk the Bank of England's decision to hold rates steady at 5 percent.

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I'm 18. Is Saving Into My Workplace Pension Enough? Sep 17, 2024

In this personal finance edition of Merryn Talks Money, Merryn and Money Distilled author John Stepek discuss how to approach your pension savings, from your first day of work.

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Security, Bookmarked: Finance (Sponsored Content) Sep 15, 2024

Financial institutions have been a leading target for cyber crime since the dawn of the internet. But phishing schemes have become far more intricate, and cyber heists go beyond stealing money from a bank. JF Legault, Deputy CISO at J.P. Morgan Chase, explains how he leads cyber defense on the front lines of work — and lays out a strategy to transform teams into early detection networks. Then David Adrian from Chrome unpacks how web browsing protections, robust monitoring, and a real-time view of threats can fit into this kind of strategy to maximize resilience to a cyber attack.

This episode is sponsored by Chrome Enterprise.

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Has the British Equities Market Been 'Hollowed Out'? Sep 13, 2024

Mark Slater, chairman and chief investment officer of Slater Investments Ltd., joins host Merryn Somerset Webb to discuss the state of the UK stock market, the missed opportunity of the British Individual Savings Account (ISA) and why deep and liquid capital markets are vital to the health of the economy.

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Roundup: Nervous Markets, The Oil Price Slide, UK Pensions to the Rescue Sep 12, 2024

In this week's roundup, Merryn and Money Distilled newsletter author John Stepek discuss:
1. Why Markets Are Still So Nervous
2.The Oil Price Slide - Red Flag or Small Mercy?
3. The Shunning of UK Stocks May Be Near Its Limit

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Should You Pay Your Child’s University Fees? Sep 10, 2024

In this personal finance edition of Merryn Talks Money, Merryn Somerset Webb and John Stepek weigh the pros and cons of taking out a student loan.

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How the Election Will Affect US-China Relations Sep 06, 2024

Merryn Somerset Webb and Diana Choyleva, chief economist at Enodo Economics, discuss what Choyleva considers one of the most important relationships in the world: US and China. What will change if Vice President Kamala Harris wins the November presidential election? Or Donald Trump?
For more from Diana, check out these links:
Enodo Economics Track Record: https://bit.ly/4dTckeS
Diana's X profile: https://bit.ly/3Mpiesw

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Roundup: Why Gold Is Having a Moment, UK Eco Health and A Tricky Day for Markets Sep 05, 2024

We're trying something new: weekly episodes dedicated to Merryn and senior reporter and Money Distilled newsletter author John Stepek discussing the biggest stories in markets and economics at the moment.
This episode looks at:
1. Why gold is having a moment
2. Why the UK is doing well, despite what the government says
3. And the two key fears behind the market's scary start to September

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Live from Fringe: Why No One In Government Understands Anything with Ed Conway Sep 01, 2024

From Day 3 of the Merryn Talks Money panel at The Edinburgh Fringe Festival from Adam Smith's Panmure House, our special panel discusses the economics behind net zero and how the UK isn’t on track to reach it by 2050. Panelists include Ed Conway, author of Material World: A Substantial Story of Our Past and Future, MacroStrategy founder James Ferguson and Bloomberg senior reporter John Stepek.

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Live from Fringe: How to Tax the UK’s Richest Aug 29, 2024

From Day 2 of the Merryn Talks Money panel at The Edinburgh Fringe Festival from Adam Smith's Panmure House, our special panel discusses the Labour government’s effort to right the budgetary ship and why it may be doing it wrong. Panelists include Interactive Investor Chief Executive Officer Richard Wilson, British comedian Simon Evans and Bloomberg editor John Stepek.

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Live from Fringe: What Would Adam Smith Think of the UK Deficit? Aug 23, 2024

Ruffer Fund Manager Duncan MacInnes, Dominic Frisby, British author and comedian, and Adam Dixon, Adam Smith Chair in Sustainable Capitalism join Merryn for the first day of her run at Adam Smith's Panmure House for the Edinburgh Fringe Festival.
They tackle questions like are political leaders dulling innovation with regulation? Is too much protectionism bad for capitalism? And how should investors position themselves at a time when politicians are too focused on dividing the pie, rather than growing it?

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Listen Now: Misconception Aug 11, 2024

Reality TV stars are freezing their eggs on camera. Lawmakers in DC are debating federal protection for IVF. Hundreds of millions of dollars are being invested in slick startups that market fertility treatments for all. But this rapid growth has revealed cracks in the system. Misconception, a new series from Bloomberg’s Prognosis, follows reporter Kristen V. Brown on her own intimate journey as she uncovers the business of fertility. Along the way, she finds a fractured industry — a profit-driven field of medicine that thrives on dueling messages of hope and fear as people gamble everything for a chance at a baby.

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Anne Applebaum Says Trump 2.0 Might Be Good News For Dictators Aug 09, 2024

Merryn and John are still OOO, enjoying their summer break, so on today's episode, we bring you a conversation between Stephanie Flanders and author and journalist Anne Applebaum about her latest book Autocracy, Inc: The Dictators Who Want to Run The World.
She says a network of dictators from China to Venezuela could be the beneficiaries of a welcoming White House should Donald Trump win the US election come November and warns that the self-proclaimed dealmaker and convicted felon’s foreign policy may be more personal and even less predictable in a second term.

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Money Stuff: The Podcast: Guy on Twitter: PSUS, Left, ETFs Aug 02, 2024

As a special treat whilst Merryn and John are away, we're bringing you the latest episode of Money Stuff: The Podcast.
Matt and Katie discuss Pershing Square USA's IPO, Citron Research's short-and-distort charges, bond market liquidity, and Katie's trip to Paris to watch running.

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How to Trade in a Radically Reshaped Economy Jul 26, 2024

On this week’s Merryn Talks Money, Lawrence McDonald, founder of The Bear Traps Report, joins to discuss his book How to Listen When Markets Speak: Risks, Myths and Investment Opportunities in a Radically Reshaped Economy. In the book, McDonald discusses the predictive model he developed in the aftermath of Lehman Brothers’ collapse, outlining actionable trading ideas for a radically reshaped economy.

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The Secret to a Contrarian Investor's Success Jul 19, 2024

Alec Cutler of Orbis Investments joins to explain what’s behind his fund’s decade of strong returns. Plus, senior reporter John Stepek joins to discuss what a Trump Presidency might mean for your money.

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Why Holding For the Long Term Is For Amateurs Jul 12, 2024

Cape Wrath Capital’s Adam Rackley explains why on this week’s Merryn Talks Money. He also discusses why he thinks the time for UK small caps is here, what he currently holds and what might make it into the portfolio soon.

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Beware of the ‘Concentrated’ AI Chipmaker Bubble Jul 05, 2024

MacroStrategy’s James Ferguson tells Merryn Talks Money there are better places to put your money. Plus, senior reporter and Money Distilled author John Stepek on what a Labour government means for markets.

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Why UK Bosses Need More Skin in The Game Jun 28, 2024

Activist investors are on a mission to persuade large British businesses to move from London’s stock market to those of New York. Liad Meidar, founder and managing partner of Gatemore Capital Management, joins this week’s episode of Merryn Talks Money to discuss what’s driving this westward push and the steps London can take to head it off.
The main incentive for companies to drop London for the Big Apple is the valuation gap. FTSE 100 companies trade at little more than half of the valuation of those on the S&P 500 on a forward price-to-earnings basis. The reason? Meidar says it’s the cost of capital, the UK takeover code and how board members are incentivized. Address those issues, and you’re on your way to solving the problem.

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This Swiss Private Bank Is Bullish on Britain, Japan and Copper Jun 21, 2024

On this week’s episode of Merryn Talks Money, Peter Kinsella, global head of FX strategy at Union Bancaire Privee Ubp SA, joins host Merryn Somerset Webb to explain the bullish case he and his team are making for the UK. Earlier this year, UBP opened an initial allocation towards Britain, a first for the Swiss private bank.

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Why Now Is the Moment for Bitcoin and Gold Jun 14, 2024

Regular listeners of the Merryn Talks Money podcast know that Merryn Somerset Webb usually ends her interviews with one question. If you had to invest all of your money into one of these assets, and hold it for the next 10 years, which would it be: Bitcoin or gold? In this week’s episode, she makes that question the foundation for a conversation with Charlie Morris, chief investment officer and founder of ByteTree, and Alexander Chartres, a fund manager at Ruffer.
The episode was taped in front of audience at the Bloomberg offices in London.
Want to see Merryn live? Check out her shows in Edinburgh at Fringe Festival this August!

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Reasons to Put Your Money in a ‘Fragile’ Europe Jun 07, 2024

On this week’s Merryn Talks Money, host Merryn Somerset Webb speaks with Daniel Avigad, partner and fund manager at Lansdowne Partners, a global investment management boutique entirely focused on active equities investing. He explains why Europe, though debt heavy and over-regulated, may actually be a place to put your money.

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Living Longer Means Rethinking How You Work Right Now May 31, 2024

If aging doesn’t happen all at once, why should retirement? That’s the question Merryn Somerset Webb explores with economist and author Andrew J Scott in this week’s episode of Merryn Talks Money. They discuss the opportunities and challenges of living longer in the 21st century, and the complications it may inflict on your financial planning.
Plus, senior reporter John Stepek joins to talk the quadruple lock and the pensions bidding war.

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How To Protect Your Pension From a New Government May 24, 2024

A general election in the UK has been called for July 4. What does that mean for your money—and is there anything you can (or should) do in advance of a possible tide of new policy?
Those are the questions host Merryn Somerset Webb and senior reporter John Stepek explore with guests Helen Thomas, chief executive of macroeconomic consultancy BlondeMoney, and Tom McPhail, director of public affairs at The Lang Cat.

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The Argument Against Relative Performance May 17, 2024

Tellworth’s John Warren tells Merryn Talks Money investors aren’t interested in a manager’s record versus an index—they just want to make money.
And it has happened again. Another new high for the FTSE 100. Merryn would love to talk about something else, but John Stepek can't.

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Why Everyone Believes What They Want to Believe with Alex Edmans May 10, 2024

On this week’s episode of Merryn Talks Money, London Business School professor and author Alex Edmans joins to discuss his new book, May Contain Lies. Edmans explains why he believes that stories, statistics and studies exploit pre-existing biases.

Plus, John Stepek joins to discuss yet another boring Bank of England rate decision.
Emails to merrynmoney@bloomberg.net

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Making the Case for Active Investing May 03, 2024

Downing Fund Managers’ Simon Evan-Cook joins this week to talk about the case for active versus passive investing.

Cook says Jack Bogle, founder of The Vanguard Group and arguably the father of passive investing, did “more for individual wealth than anyone in history.” He deserved a knighthood for creating a low risk, reliable and comprehensive way of investing, Cook says. Nevertheless, the fund manager explains why he’s an investor in active funds, and discusses how to find the rare manager who might make you real money over the long term.

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Why Sunak May Quit Ahead of a July 4th Election Apr 25, 2024

Get ready for a UK election this summer, says Helen Thomas, an ex-adviser to former Conservative finance minister George Osborne and CEO of BlondeMoney. On this week’s Merryn Talks Money, she joins Merryn Somerset Webb to explain her core scenario for the British government: Rishi Sunak will resign and hand over to Penny Mordaunt, the House of Commons leader. She will call a July 4th election — and Labour leader Keir Starmer will be prime minister by the middle of July.
Plus, John Stepek joins to discuss a new high in the FTSE 100 and Opinion Columnist Adrian Wooldridge joins the post-interview discussion to share his views on Helen's predictions.
Love/Hate mail to the usual address: merrynmoney@bloomberg.net

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Why the UK Stock Market May Be Slowly Dying with Peel Hunt's Charles Hall Apr 19, 2024

Peel Hunt head of research Charles Hall tells Merryn that pension funds, wealth managers and individuals are pulling money out at an alarming rate. Plus, John Stepek talks inflation targets.

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How to Reach Net Zero Within a Capitalist System Apr 12, 2024

Many people contend that getting to net-zero emissions means smashing capitalism. While its destruction seems unlikely, another path would be to work within the capitalist system. Bloomberg senior reporter Akshat Rathi discusses the second path with Merryn Somerset Webb on this week’s episode of Merryn Talks Money. Together, they break down how business and government can work together in the fight against global warming.
Email us at merrymoney@bloomberg.net

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Why Anthony Scaramucci Is Predicting Trump Will Lose with In the City Apr 05, 2024

Merryn Talks Money will return with an all-new episode next Friday. In the meantime, here's an election-related episode from our friends at In the City. Host Francine Lacqua and Opinion columnist Adrian Wooldridge speak with Anthony Scaramucci, a Wall Street veteran and former communications director in Donald Trump’s White House. He joins to explain why he thinks a second Trump presidency would be “dangerous.” He also talks about why he isn’t voting for his former boss and why he doesn’t think the majority of Americans will either.
Find more at https://www.bloomberg.com/podcasts/series/in-the-city

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Listen Now: The Big Take Mar 26, 2024

The Big Take from Bloomberg News brings you inside what’s shaping the world's economies with the smartest and most informed business reporters around the world. The context you need on the stories that can move markets. Every afternoon.

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Why Capitalism May Soon Be Dead with Bernard Connolly Mar 22, 2024

Is capitalism dead? It’s getting there, says economist and author Bernard Connolly, but it isn’t dying a natural death. Instead, he contends it’s being killed off by the very people charged with keeping it safe and stable: central bankers. The author of The Rotten Heart of Europe joins this week’s Merryn Talks Money to explain.
Got questions or suggestions? Email us at merrynmoney@bloomberg.net

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Why Politics Mean You Won't See a Recession in 2024 with Julian Brigden Mar 15, 2024

Julian Brigden of Macro Intelligence 2 Partners explains why you should get used to higher-for-longer when it comes to the Federal Reserve and interest rates. He tells us why the better the story, the bigger the bubble, why you should be nervous about Japan's big rally, and why Bitcoin is a brilliant trade, but a lousy store of wealth.
Plus, John Stepek joins to talk gold and the price of a pint in central London.

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Investment Trusts May Be the Right Place for Your Money Mar 08, 2024

Investment trusts occupy an interesting niche in the UK market. They are listed companies whose business is to own shares in other companies, or to own other assets. On this week’s episode of Merryn Talks Money, one of Britain’s top experts on the matter—Nick Greenwood, who co-manages the MIGO opportunities trust at Asset Value Investors—joins us to explain why they are a good buy right now.

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Introducing: The Deal with Alex Rodriguez and Jason Kelly Mar 04, 2024

The Deal, hosted by Alex Rodriguez and Jason Kelly, features intimate conversations with business titans, sports champions and game-changing entrepreneurs who reveal their investment philosophies, pivotal career moves and the ones that got away. From Bloomberg Podcasts and Bloomberg Originals, The Deal is available on Apple Podcasts, Spotify, iHeart, Bloomberg Carplay, or wherever you get your podcasts. You can also watch The Deal on Bloomberg Television, and Bloomberg Originals on YouTube.

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Lyn Alden Makes the Case for Bitcoin, Explains Why Money is Falling Behind the Times Mar 01, 2024

Investment and macroeconomic analyst Lyn Alden joins to explore the history and future of money. Discussing her book Broken Money: Why Our Financial System is Failing Us and How We Can Make it Better, Alden argues that our present monetary system has fallen behind technological developments.

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BONUS: Listen to This Before You Blow Your Bonus Feb 27, 2024

If you’re lucky enough to get a bonus this season (sorry, Barclays bankers), it’s time to give some thought on how to successfully save or spend that money. Reporter Claire Ballentine joinsto share the advice she sought out from several financial advisors.

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The ‘Soft Landing’ Skeptics Are Still Out There with Deutsche Bank's Jim Reid Feb 23, 2024

Jim Reid, Deutsche Bank’s global head of economics and thematic research, joins to explain why he thinks a US downturn may still be on the way. He also thinks the US stock market is nearly the most concentrated it’s ever been, and that's not good. The top five stocks in the market make up almost a quarter of the market cap of the S&P 500, and combined with the next two, the “Magnificent 7” stocks are bigger than the Chinese market and four times the size of the UK market.
Plus, Bloomberg Opinion columnist John Authers joins to debrief on Jim's comments and tell us why he thinks Japan has reached a point of no return.

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Why Nuclear Power Should Be Ramped Up Feb 16, 2024

Kathryn Porter, an energy consultant at Watt-Logic, contends the increase in mining needed to obtain critical minerals necessary for the energy transition “starts to actually look morally questionable” once the harms are factored in.

She joins this week’s episode to discuss the matter and what she sees as a better approach to the green transition.
Plus, Bloomberg energy reporter Rachel Morison joins to explain what the UK's current energy picture looks like, and what it could like in the future.

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BONUS: How to Really Buy a Used Car Feb 14, 2024

Automobiles are often the second-most expensive item people buy, and yet many go into the process unprepared. Ashley Winston, creator of Palmdale Car Finders joins this week’s bonus episode of Merryn Talks Money to offer advice on how to buy a used car successfully.

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How to Invest in the Coming Space Gold Rush with Tim Marshall Feb 09, 2024

There could be a “gold rush” in space, says Tim Marshall, author of The Future of Geography and a former diplomatic and foreign affairs editor at Sky News. Just as miners in the 19th century ventured into the lawless frontiers of North America, the presence of rare materials on the moon and elsewhere might fuel a race to harness the opportunities of outer space. “This might be one of the most profitable things in the 21st century.”

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Kwasi Kwarteng Says Sunak Should Feel Free to Cut Taxes Feb 02, 2024

The former Chancellor of the Exchequer explains that the Tory prime minister has been “liberated” to tackle the UK’s tax burden. But will he in the next budget? Kwarteng joins this week's episode to talk taxes, the "mini-budget" and what he thinks the Tory party should do before the next election.

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Ed Yardeni Says The Roaring Twenties May Be Back Jan 26, 2024

Making parallels between the Spanish flu pandemic and Covid-19, the Wall Street veteran says a growth boom could be coming. He also discusses what he considers the arbitrary nature of central banks’ 2% inflation target, and why he sees Bitcoin as digital gold.

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Bitcoin or Gold? Oaktree’s Howard Marks Sees Little Difference Jan 19, 2024

Just like gold, Bitcoin is `only worth what people will pay for it,’ says Oaktree Capital Management co-founder Howard Marks. He discusses crypto, explains why he believes the investment environment has undergone a “sea change,” and that we won’t be returning to the world of 0% interest rates in the foreseeable future. So instead of Bitcoin or gold, investors should be in a high-yield bond fund.
Find all of Howard's memos here:
https://www.oaktreecapital.com/insights/memos

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Introducing: Bloomberg Daybreak Europe Edition Jan 16, 2024

As you await this week's Merryn Talks Money conversation with OakTree's Howard Mark , check out another podcast from our team here at Bloomberg: Daybreak Europe Edition. Every episode delivers the day's top stories, with context, in just 15 minutes. Available every morning by 7am GMT in your feed.
Subscribe On Apple
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What 2024 Holds for the UK Economy with Simon French and Laura Foll Jan 12, 2024

All too many commentators on the UK economy are “default decliners,” according to Simon French, chief economist and head of research at UK investment bank Panmure Gordon: there’s nothing they can’t put a lousy spin on.
French and Janus Henderson portfolio manager Laura Foll join this week’s Merryn Talks Money to share their UK economic outlook for 2024. The data on the British economy isn’t looking bad at all, French says—certainly not as bad as the numbers coming out of Germany.
They also discuss their expectations for house prices and what sectors look promising right now.

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An ‘Outrageous’ Prediction That American Capitalism Is Ending with Steen Jakobsen Jan 05, 2024

Saxo Bank has published the latest in its annual series of “outrageous predictions,” and among the bigger calls is that American capitalism is ending. As US debt spirals ever upwards, the federal government will have to make government bonds tax-free, according to Chief Investment Officer Steen Jakobsen, who joins this week’s Merryn Talks Money to discuss the list. “The hand of government is just getting heavier and heavier,” he says.
Other predictions include a global Champions League owned by Saudi Arabia, a health crisis triggered by obesity drugs and a two percent European Union wealth tax.

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Regenerative Farming’s Promise for the Planet with Peter Byck Dec 22, 2023

Professor and filmmaker Peter Byck says lessons from ancient bison herds can make cattle farming less of a climate disaster and more profitable. Merryn speaks to him about his latest 4-part documentary series "Roots So Deep (you can see the devil down there)" and the future of farming.

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Why New Rules Are Needed to Avoid War in Space: Pippa Malmgren Dec 15, 2023

As the US and China vie for supremacy, Pippa Malmgren, economist, author and former adviser to US President George W. Bush, says the threat of conflict is growing. But there may be a silver lining.

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Introducing: Bloomberg News Now Dec 14, 2023

Bloomberg News Now is a comprehensive audio report on today's top stories. Listen for the latest news, whenever you want it, covering global business stories around the world.

on Apple: trib.al/Mx9TCh1
on Spotify: trib.al/T4BG8s4
Anywhere: trib.al/O4EX6BA

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The Kokou Agbo-Bloua Aftershow Dec 13, 2023

Senior Reporter John Stepek joins Merryn to discuss her conversation with Kokou Agbo-Bloua, the Societe Generale global head of economics, cross-asset and quant research.

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SocGen’s Global Head of Economics Argues a US Downturn Is Inevitable Dec 08, 2023

Recessions aren’t like they used to be, says Kokou Agbo-Bloua,

The Societe Generale global head of economics, cross-asset and quant research contends fixed rate-debt and hefty cash piles have help companies develop short-term immunity to rising interest rates. So has the “kinetic velocity” of the vast fiscal stimulus of the last few years, he says.

Agbo-Bloua argues on this week’s Merryn Talks Money that while all of that’s nice for now, it can’t last.

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The Edward Chancellor Aftershow Nov 28, 2023

Merryn and senior reporter John Stepek discuss the conversation with financial historian Edward Chancellor.

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The Revenge of the Zero-Rate World Is Coming with Edward Chancellor Nov 24, 2023

Financial historian Edward Chancellor tells Merryn how low rates resulted in capital being misallocated, and why that’s bad news for any soft landings. Plus, John Stepek tells investors how to get exposure to cheap UK equities.

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The Barry Norris Aftershow Nov 22, 2023

Merryn and senior reporter John Stepek discuss the conversation with Argonaut’s Barry Norris.
Links of research/stories referenced in the show and aftershow:
https://www.argonautcapital.co.uk/stockumentaries/2023/10/26/britains-a-goner-with-the-wind/
https://www.these-islands.co.uk/publications/i390/an_inconvenient_fact.aspx
https://www.gov.uk/government/news/boost-for-offshore-wind-as-government-raises-maximum-prices-in-renewable-energy-auction
https://www.bloomberg.com/news/articles/2023-11-14/siemens-energy-secures-15-billion-deal-to-shore-up-finances
https://www.bloomberg.com/news/articles/2023-10-27/faulty-wind-turbines-become-germany-s-16-billion-problem
Link to Money Distilled newsletter:
https://www.bloomberg.com/account/newsletters/uk-wealth

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Hedge Fund Boss Barry Norris's ‘Moral Case’ for Fossil Fuel Investing Nov 17, 2023

Argonaut’s Barry Norris, whose fund has been making money by shorting renewable energy firms, joins Merryn Talks Money to explain.
Links of research/stories referenced in the show and aftershow:
https://www.argonautcapital.co.uk/stockumentaries/2023/10/26/britains-a-goner-with-the-wind/
https://www.these-islands.co.uk/publications/i390/an_inconvenient_fact.aspx
https://www.gov.uk/government/news/boost-for-offshore-wind-as-government-raises-maximum-prices-in-renewable-energy-auction
https://www.bloomberg.com/news/articles/2023-11-14/siemens-energy-secures-15-billion-deal-to-shore-up-finances
https://www.bloomberg.com/news/articles/2023-10-27/faulty-wind-turbines-become-germany-s-16-billion-problem
Link to Money Distilled newsletter:
https://www.bloomberg.com/account/newsletters/uk-wealth

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The Jonathan Asante Aftershow Nov 10, 2023

Merryn Somerset Webb and senior reporter John Stepek reflect on Asante’s assessment of the current EM landscape, debate his argument for choosing India over China as a place to invest and how he chooses what companies to put his money behind.

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Why Emerging Markets Can Still Be a Good Bet Nov 10, 2023

Emerging markets have had a bad stretch, but fund manager Jonathan Asante explains how picky investors can make them work. After taking a break from the industry in 2019, Asante is getting back in with the launch of the Chikara Global Emerging Markets Opportunities Fund.
Plus, John Stepek joins to talk about the leasehold reform mentioned in this week's King's Speech.

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Introducing: Elon, Inc. Nov 08, 2023

At Bloomberg, we’re always talking about the biggest business stories, and no one is bigger than Elon Musk.

In this new chat weekly show, host David Papadopoulos and a panel of guests including Businessweek’s Max Chafkin, Tesla reporter Dana Hull, Big Tech editor Sarah Frier, and more, will break down the most important stories on Musk and his empire. Listen wherever you get your podcasts.

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The Cathie Wood Aftershow Nov 06, 2023

Cathie Wood says she would unambiguously bet on Bitcoin — rather than gold or cash — to safeguard against the possibility of deflation in the coming decade. The head of ARK Investment Management joins this week’s Merryn Talks Money podcast and reiterates her view that she expects an era of falling prices, backed by new technologies including artificial intelligence, electric vehicles, robotics, genomic sequencing and blockchain. It’s a view she’s held since 2021.

On this week’s special aftershow episode, Somerset Webb and senior reporter John Stepek reflect on Wood’s convictions. For Stepek, Wood’s greatest edge is “being able to sell a good story to investors and make money from it.” But he points out, “that doesn’t mean that the investments she’s in are going to make money.”

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ARK'S Cathie Wood Hasn’t Lost Faith in the Future Nov 03, 2023

Despite a rough few years for her Innovation exchange-traded fund, Ark Investment Management founder Cathie Wood still sees a bright future. She joins this week to talk about her outlook, Tesla, the merits of Bitcoin and more.
Plus, John Stepek joins to discuss the Bank of England's decision to keep rates unchanged.

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Where Have All the Companies Gone? Oct 20, 2023

In the UK, there are 70% fewer listed companies today than in 1996. Around the world, equity markets are getting progressively smaller as the number of publicly traded companies dwindles. So where have all the companies gone? In this week’s episode of Merryn Talks Money, Schroders’s Duncan Lamont and Douglas Abbott join host Merryn Somerset Webb to try and answer that question.

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The Duncan Lamont + Douglas Abbott Aftershow Oct 19, 2023

Why have equity markets around the world, and in the UK in particular, been shrinking? According to Duncan Lamont and Douglas Abbott of Schroders, the answer is simple: a robust private equity industry means more companies are going private.

The two men joined Merryn Somerset Webb this week on the podcast Merryn Talks Money to discuss this state of affairs, both globally and in Britain where the situation has become extreme. There are 70% fewer listed companies in the UK today than was the case in 1996.

In this week’saftershow, senior reporter John Stepek joins host Somerset Webb to discuss the solutions posited by Lamont and Abbott for tackling the disappearance of listed UK companies.

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The Paul Johnson Aftershow Oct 13, 2023

The way the British government funds itself is complicated—ridden with fiscal drag and stealth levies. Everyone seems to hate the system for something, and there’s arguably a dire need for reform. That’s the case that was made by Institute for Fiscal Studies Director Paul Johnson during an episode of Merryn Talks Money this week. But what kind of changes are we talking about, and will they work? In this week’s special aftershow episode, Somerset Webb and senior reporter John Stepek unpack Johnson’s comments on the UK tax system and the changes he says are necessary to encourage growth across the country.

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Can the UK Fix Its Troubled Tax System? Oct 12, 2023

Institute for Fiscal Studies Director Paul Johnson joins this week’s episode of Merryn Talks Money to explain how the seemingly impossible can be achieved.

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BONUS: The Housing Market Where Renters Can Make a Fortune Oct 12, 2023

In a new series, Merryn Somerset Webb and John Stepek are examining housing markets across the globe to see how they’re holding up, and if there are any lessons we can read across to the UK. On this episode, they take a look at Germany with Bloomberg editor Benedikt Kammel and TV correspondent Oliver Crook, both in Berlin, and talk about the profitable world of subletting, the consequences of rent control and the country's fascination with Kleingartens.

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The Jeremy Grantham Aftershow Oct 10, 2023

The reckoning for markets is picking up speed, says GMO co-founder Jeremy Grantham, and as a result investors for should be wary of the US. On this week's aftershow, Merryn and John Stepek unpack Grantham's comments.

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Jeremy Grantham Says No One Should Invest in the US Oct 05, 2023

In 2021, Jeremy Grantham was telling anyone who would listen that global asset markets were in one of the biggest bubbles of all time—and that a reckoning was coming. That reckoning, he says, began the next year.
The co-founder of GMO LLC says that, while this reckoning recently took a break, it’s now back with a vengeance. Grantham joins this week’s episode of Merryn Talks Money to make the case that—as a result—no one should be invested in the US. In particular, he warns of the Russell 2000, with its high level of zombie companies and horrible debt levels. He calls it “the most vulnerable area” to rising rates.

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Seema Shah Warns: US Recession Still Coming. What Does That Mean For Your Money? Sep 29, 2023

If you think the US is heading for a soft landing, you might have another thing coming. That’s according to Seema Shah, the chief global strategist for Principal Asset Management. Despite a stream of data in recent weeks supporting the Federal Reserve’s best-case scenario, Shah argues there’s no way an economy can survive the super-fast shift in interest rates just seen without some relatively unpleasant repercussions. What would that future look like? Shah joins this week’s Merryn Talks Money to give her view of the landscape.
Plus, Merryn and John Stepek discuss what Shah's predictions could mean for your portfolio, and John's tip of the week could earn you £1000 for a few hours of "admin work."

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Is Brexit Truly to Blame for the UK’s Problems? Sep 22, 2023

On this week’s Merryn Talks Money, host Merryn Somerset Webb poses the question of whether Brexit has actually harmed the UK economy as much as some may think.

The answer is discussed by her guests: Robert Colville, director of the Centre for Policy Studies, who voted for the UK to remain in the European Union, and economist Julian Jessop, who voted for the UK to leave. They agree that—in the short term—it’s hard to argue there isn’t some damage, given the friction the UK has created between itself and one of its major trading partners. Brexit has also added to political uncertainty in the country over the last few years. But what’s less certain, they say, is how much harm has been done by Brexit.

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Why UK Pensions Triple Lock Must Go and How ESG Threatens Democracy Sep 15, 2023

Matt Cole, head of Strive Asset Management, the anti-activism fund co-founded by GOP hopeful Vivek Ramaswamy, assails the use of sustainability targets in determining executive pay. He joins this week’s Merryn Talks Money to discuss what he says is Strive’s mission— encouraging companies to “focus on excellence” rather than ESG mandates—and argues why he thinks ESG mandates threaten democracy.
Plus, Money Distilled author and senior reporter John Stepek on why the UK pensions Triple Lock needs to go.
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BONUS: Fringe Panel Aftershow, Why the Heavy Hand of the State Is Getting Heavier Sep 13, 2023

Senior reporter and Money Distilled author John Stepek joins Merryn to talk through the themes hit in the two panels at the Fringe Festival in Edinburgh.

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Fringe Festival Panel Day 2: Jim Mellon, Richard Wilson, Paul Johnson and Simon Evans Sep 08, 2023

Double feature this week--here is the second day of Merryn's panel "The Butcher, the Brewer, the Baker." Again, it was held at Panmure House--Adam Smith's residence between 1778 and 1790. We taped this panel on August 27, 2023. Guests include: Jim Mellon, Richard Wilson, Paul Johnson and Simon Evans.
Sign up to John Stepek's Money Distilled:
https://www.bloomberg.com/account/newsletters/uk-wealth

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Fringe Festival Panel Day 1: Russell Napier, Anna MacDonald and James Anderson Sep 08, 2023

This week, we bring you a lightly edited version of Merryn's panel at the Fringe Festival in Edinburgh called "The Butcher, the Brewer, the Baker and Merryn Somerset Webb." It was held at Panmure House--Adam Smith's residence between 1778 and 1790. We taped this panel on August 26, 2023. Guests include: Russell Napier, Anna MacDonald and James Anderson.
Sign up to John Stepek's Money Distilled:
https://www.bloomberg.com/account/newsletters/uk-wealth

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BONUS: The Bank of England Arrives at a ‘Crunch Point’ Aug 15, 2023

For your summer listening, the Merryn Talks Money team brings you an episode from another podcast you might like: In the City. This week, Francine Lacqua speaks to a panel of Bloomberg experts including Bloomberg Opinion columnist Marcus Ashworth, reporter Tom Rees, and Ana Andrade of Bloomberg Economics. They discuss the central bank’s strategy and what moves the monetary policy committee might make next.
Find In the City wherever you're listening, and subscribe.

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A Conversation With Vivek Ramaswamy: the Man Who Warned of 'Woke Capitalism' Aug 04, 2023

This week, we bring you an earlier interview by Merryn Somerset Webb of Bloomberg's Merryn Talks Money, originally recorded in November 2021 as part of the MoneyWeek podcast. It's a conversation with Vivek Ramaswamy, author of Woke, Inc., biotech entrepreneur and a far-right candidate for the 2024 Republican Party nomination. We're republishing it because the populist themes discussed in the interview, like "woke capitalism" and "boycott culture," are back in the news. And so is Ramaswamy himself.

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How Angry Should the UK Be With the Bank of England? Jul 28, 2023

Is it time to get out of passive funds and switch to their active brethren? Or should you dump equities entirely and find a nice savings account that pays 4%? While the latter means you won’t be maintaining the real value of your capital, at least you won’t lose too much of it. And what of silver or gold, or perhaps even Bitcoin? If you had to choose one, which would it be?

And, just to ask, how angry should UK investors be with the Bank of England for forcing them to think about all of this? Or that the central bank left quantitative tightening too late and lost a fortune on their bond portfolio?

In this special ask-us-anything episode of Merryn Talks Money, host Merryn Somerset Webb and senior reporter John Stepek try, with the help of reporters Joe Easton and Eddie Spence and Bloomberg Opinion columnist Marcus Ashworth, to give some answers. No one chose Bitcoin over real money and no one stepped up to defend the Bank of England. But there wasn’t 100% agreement on the rest. Listen in for the conflicts, some summer reading suggestions—and a few reasons why you should watch the Barbie movie.

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Mervyn King Says the Bank of England Is Making a ‘Big Mistake’ Jul 19, 2023

Former Governor of the Bank of England Mervyn King says the central bank hasn’t been covering itself in glory of late, and that’s partly thanks to it falling victim to groupthink. The economics profession is jammed with brilliant people, he argues on this week’s episode of Merryn Talks Money, but unfortunately, they’ve all been taught the same thing: money has absolutely nothing to do with inflation.
Believing that was a “big mistake,” King says it’s brought the UK economy to where it is: inflation at multi-decade highs and the BOE having its credibility questioned.

According to King, it’s likely that—despite all money supply indicators signaling the consumer price index will soon be falling fast—the BOE will keep raising rates and the UK will end up in a recession. The central bank will have made the misstep “in both directions over a period of three to four years.” He points out that whether rates go up or down a little over the next year won’t change the fact that they are likely to remain far above the historical lows to which people are accustomed. And that suggests all asset prices are going to have to come down relative to income.

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US Inflation Will Keep Falling, Intertemporal’s Pellegrini Predicts Jul 14, 2023

Inflation in the US is going to continue falling, says founder of Intertemporal Economics Brian Pellegrini, and much faster than one might think. He joins Merryn Somerset Webb on this week’s episode of Merryn Talks Money to share his predictions. Indeed, the rate of inflation will drop so quickly that it will unnerve the US Federal Reserve, he says.

Pellegrini contends signs of the decline can be seen in inventory levels, factory prices in China and the labor market. He argues that it’s also reasonable to think the Fed will turn to monetary easing in the not-too-distant future, claiming the central bank has become politicized.

Going forward, he warns that if interest rates stay too low this time around, there’s every chance of another inflation explosion. So what should investors do? Pellegrini says look at energy and look at agriculture. And if you ever have to choose between gold or Bitcoin, choose gold, he says. We can be almost certain people will still value gold in a decade, says Pellegrini. We can’t say that about Bitcoin.

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More Ways for Investors to Crack the World of Private Equity Jul 07, 2023

A decade ago, it was almost impossible for private investors to buy into private equity with the professionals. Most PE funds require huge minimum investments and long-term commitments. Good managers also don’t come cheap. Now, however, there are more ways for private investors to get into the unlisted sector. There are funds and trusts that buy individual private companies alongside listed ones, but there are also a few dedicated listed PE trusts.
One of them is Pantheon International. In this week’s Merryn Talks Money, Helen Steers, a partner in Pantheon’s European Investment Team and co-manager of its listed global PE investment trust, Pantheon International Plc, joins host Merryn Somerset Webb to discuss the merits of the sector.

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Why the Rise of ‘Counter-Elites’ Spells Bad News for the UK Jun 30, 2023

The idea that history is cyclical is hardly new. But exactly what drives those cycles is up for debate. On this week’s Merryn Talks Money, Peter Turchin, author of End Times: Elites, Counter-Elites and the Path of Political Disintegration, suggests he’s solved the puzzle.

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BONUS: The Bank of England’s Big Decision on Digital Currency Jun 27, 2023

The Bank of England has a vision for the digital pound. But first, it has to decide whether “Britcoin” is worth building in the first place.
The BOE wants to make a cash-like alternative to the banknote—an instrument that works like cash and holds its value but won’t accrue interest or become a tool of speculators.

Right now, the bank is seeking input from Britons on whether such a central bank digital currency, or CBDC, can work or even makes sense. The period during which the BOE will take submissions began Feb. 7 and ends this week on June 30. At that point, the bank will evaluate all the advice it’s received and spend the next few years evaluating the technology and policy requirements before making a final decision.
The person leading those efforts is Tom Mutton, head of the central bank’s CBDC project. Reporter Emily Nicolle spoke to Mutton about the BOE’s plans and you can hear some of that conversation on this week’s episode of Merryn Talks Money. Nicolle joins hosts Merryn Somerset Webb and Senior Reporter John Stepek to explain what a CBDC is, why the BOE sees value in developing one and what privacy concerns are being raised.

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Using Active Management to Cut Downside Risks Jun 23, 2023

Active fund management isn’t just about maximizing upside for your shareholders, says Gervais Williams, head of equities at Premier Miton Investors. It’s also about minimizing downside risk. On this week’s Merryn Talks Money with Merryn Somerset Webb, he lays out just how to do that.
Plus John Stepek joins to discuss the Bank of England's rate hike and inflation expectations.
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The Inconvenient Truth About Reaching Net Zero Jun 16, 2023

There’s a material world people don’t think about all that often. It’s the one that provides the raw metals and chemicals that keep economies and societies moving.

But, as Ed Conway, the economics editor of Sky News and author of Material World, says, people need to start thinking about it a lot. He joins this week’s Merryn Talks Money to discuss the six materials that shape our lives, and how they will continue to do so for some time to come.

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It’s Time to Buy Japan Jun 09, 2023

It’s fair to say that Japan is back and that its deflationary years are arguably behind it. The Asian nation may also be in just the right place to win big on today’s shifting geopolitical landscape.

Japan is full of high-quality companies, its stock market just hit a 33-year high, and overseas buying exploded last month. But despite these advantages, Japan’s market is still remarkably cheap. This according to David Mitchinson, fund manager at Zennor Asset Management, who joins Merryn Somerset Webb on this week’s Merryn Talks Money to explain why this rally in Tokyo’s equity market is longer-lived than previous rallies, and why the excitement around Japan is different this time.
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Burnbrae’s Mellon Says Shell and BP Are Good Long-Term Investments Jun 02, 2023

The British government is woefully incompetent, says Burnbrae Chairman Jim Mellon. But of course that doesn’t mean you can’t buy UK equities. Mellon tells Merryn Somerset Webb on this week’s Merryn Talks Money that fossil fuel giants Shell and BP are good long-term investments, as are British defense stocks and financial services companies.

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Why UK Value Stocks Are Still the Trade of the Decade May 26, 2023

Famed contrarian investor Rob Arnott, co-founder of Research Affiliates, has said since the autumn of 2020 that UK shares are a great bargain—in particular so-called value stocks. In a conversation with Merryn Somerset Webb on this week’s Merryn Talks Money, he contends that’s still the case. The 2020s may be the “the decade for diversifiers,” he says—those prepared to move out of mainstream stocks and bonds and into assets that haven’t been talked about.

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Inflation Will Fall, Just Not the Way You Think May 19, 2023

Inflation will eventually come down, but not rapidly or in the way it would have in previous years. So says Sharon Bell, managing director and senior European equity strategist at Goldman Sachs. She tells Merryn Somerset Webb on this week’s Merryn Talks Money that the reason for this state of affairs is specifically the tight labor market, and more broadly the demographics of the Western world.
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Wanted — your questions. Merryn and John will be doing an AMA (Ask Me/Us Anything) session at 1pm on May 24 — which also happens to be the day the UK’s next monthly inflation data reading comes out — over on the UK Markets Today blog. So what do you want to ask us? Send your questions to jstepek2@bloomberg.net. The earlier you send them, the better the odds you’ll get a sensible answer.

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Central Banks at Risk of Breaking Economies, Dario Perkins Warns May 12, 2023

Are we getting to the point where central banks are starting to break economies?Dario Perkins, Managing Director on the Global Macro team at TS Lombard, asks that question in his conversation this week with Merryn Somerset Webb on Merryn Talks Money. He says central banks are losing control of their own tools, and that policymakers may drive their economies into recession.
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Why Your Portfolio Needs Investment Trusts May 05, 2023

Investment trusts are special, says Simon Elliott, client director at J.P. Morgan Investment Trusts. They have a strong history of outperforming other types of investment vehicles. They provide pools of genuinely permanent long-term capital. They come with boards of directors whose specific job is to look out for investors. And on this week’s Merryn Talks Money, Elliott argues that, right now, an awful lot of them look like bargains.
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Is the Age of Growth in the UK Really Over? Apr 28, 2023

Dambisa Moyo is an economist and board member of Chevron and 3M. She’s also author of the 2018 book Edge of Chaos. In this week’s episode of Merryn Talks Money, Moyo and host Merryn Somerset Webb discuss whether the world has finally slipped off the edge.

Moyo says it feels that way. Most economies were already stagnating before the pandemic struck, she says. Growth was trending downwards, productivity was a problem and it was hard to see how countries could all grow their GDPs at 3% a year.
Now there’s a new and urgent question, she says: what to do with people who won’t have work in an AI dominated economy. It won’t be long before pretty much every country—even the UK—has too many workers, she warns. There are, however, some easy wins Britain can notch, she says. Namely, lowering taxes and loosening regulations. The UK has gotten a bad rap thanks to Brexit and political uncertainty, Moyo says, but that doesn’t mean it can’t take advantage of its intellectual base and prime location.

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And as promised, Baroness Moyo's Maiden Speech.

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Fund Manager Says There’s an Easy Way to Make 3% More Apr 21, 2023

There’s not much you can do right now to dramatically improve your personal finances. But there’s at least one thing you can get on top of: cash savings accounts. You can now get 3 or 4% a year on your money if you look around. Take the easy win and move, says Simon Edelsten, manager of the Artemis Global Select fund, on this week’s episode of Merryn Talks Money.

This shift is symptomatic of the change in all markets, he explains. Rising rates are good for cash savers (although 4% doesn’t totally cut it when inflation is 10%), but they’re horrible for other sectors of the financial world. There are many unexploded bombs out there, he says, noting you may want to keep your eyes on the private equity sector.
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How to Get a 7% Return Without Buying Risky Equities Apr 14, 2023

During the Panic of 1907, J.P. Morgan came up with a clever plan to slow the ongoing bank run. He told his tellers to count all the money twice before handing it over. The more time paying out the cash took, the more time there was to work on rebuilding confidence before money ran out.

Of course, that kind of tactic can’t work anymore, Ruffer Investment Director Duncan MacInnes explained on this week’s Merryn Talks Money. Now, he says, people can use the internet to move money anywhere anytime in the blink of an eye, a fact the world witnessed in real time last month. “This,” MacInnes says, was “not your grandfather’s bank run.”

But he adds that, for savers, it doesn’t really matter. Governments are standing by to protect depositors to the hilt. What you do need to worry about is the risk elsewhere. In the last decade, everyone has jumped up the risk curve in a desperate effort to make returns, MacInnes says. He’s seen those who once only invested in public markets move to private, those who used to do private equity go to venture capital—and the venture capitalists move to crypto.

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Capital Had Its Day. Now It’s Labor’s Turn, Troy’s Lyon Says Mar 31, 2023

Sebastian Lyon says he’d been expecting inflation to rise for a long time. So when prices began to tick up, his firm was ready. Now the founder and chief investment officer of Troy Asset Management says be prepared for inflation to stick around awhile.

Lyon says rates can still fall, and not every part of the economy that thrived in a low-interest environment will run into trouble. So what’s at risk? He says housing, growth stocks, bonds and banks for starters. In terms of protecting investor wealth, Lyon echoes others by suggesting gold.
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Why You Should Stop Selling UK Equities Mar 24, 2023

British pension funds used to have up to 55% of their assets in UK equities. That might have been too much. Now it’s more like 5% (and 70% in US equities). That might be too little. Why? Because those UK equities are cheap and US equities are expensive, explains Temple Bar Investment Trust Portfolio Manager Ian Lance on this week’s episode of Merryn Talks Money.

He also argues that there’s an inverse correlation between the price you pay for an equity and the return you get on it long term. The less you pay, the more you get. So why are most investors holding lots of expensive things and not many cheap things? It is the “maddest thing in markets,” he says. Maybe it’s time to do something else: Lance says buy UK oil and mining companies—and maybe Marks & Spencers, too.
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Why UK Mortgage Rates Aren’t as High as You Think Mar 17, 2023

In an earlier episode of Merryn Talks Money, reporter Neil Callanan joined the podcast to talk house prices. It’s fair to say his outlook for the UK housing market was not optimistic. It is, he said, entirely possible that prices across the UK will end this cycle down 40% in real terms (adjusted for inflation).

This week, Bloomberg Opinion writer Marcus Ashworth joined Merryn Somerset Webb and John Stepek to make a different case. He contends that the mortgage rates actually paid by buyers are nothing like the ones you see on the panicked pages of Sunday newspapers. Not only that, but UK planning rules have kept supply far too tight, he argues, turning it into a “cash-led” market.
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What the New Cold War Means for the Global Economy with Niall Ferguson Mar 10, 2023

The world has been mired in a new Cold War for at least four years, according to Niall Ferguson, a columnist for Bloomberg Opinion and Milbank Family Senior Fellow. Ferguson joins this episode of Merryn Talks Money to discuss the implications for inflation, the Federal Reserve and how investors should navigate the current economic climate.
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Why Inflation May Not Be Heading Back to 2% Mar 03, 2023

Inflation isn’t heading back to 2%, according to Pippa Malmgren, author and former adviser to President George W. Bush. She says it’s more likely to stay around 4 to 5%. Why? Malmgren contends that it’s because the main problem facing economies today is tied to supply and demand, and that means traditional inflation-fighting tools won’t really work. Malmgren joins this week’s episode of Merryn Talks Money to talk inflation targets, geopolitics and Britain's future in space.
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The Top Takeaways From 300 Years of Investment Advice Feb 24, 2023

The industry of providing people with investment advice has been around for a long time. Just how long is the subject of this week’s Merryn Talks Money. Host Merryn Somerset Webb speaks with Peter Knight and Helen Paul, two of the five authors of Invested: How Three Centuries of Stock Market Advice Reshaped Our Money, Markets and Minds.

The new work is a review of centuries of pamphlets and books offering investment advice, and the authors didn’t come away very impressed. Too much of it, they write, offers false hope to an audience desperate to change themselves and their lives without putting in the work.
Want to get rich quick? Knight says don’t bother with the actual investing—just write a best-selling book telling others how to do it. The authors say much of the advice doled out by generations of writers is remarkably similar: look for value, don’t pay too much in commissions, don’t over-trade, and don’t fall for fanciful stories.

Common sense, in other words.
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The Collapse of the UK Housing Market May Be Coming Feb 17, 2023

The UK housing market is not in a good place. Mortgage rates are up, buyers are disappearing and so are sellers. The former don’t want to dump money in a falling market, and they can’t afford mortgages at current prices anyway. The latter don’t want to accept that prices are falling in the first place.

The result? A standoff. And that means the number of transactions are dropping. And while prices aren’t sinking very fast right now, what happens when sellers can’t hold out any longer? If the past is any guide, prices will fall very fast indeed—just like they did in the early 1990s.

How far and how fast? In this week’s episode of the podcast Merryn Talks Money, Senior Editor Neil Callanan and Senior Reporter John Stepek join Merryn Somerset Webb to discuss the scope of the potential implosion. There are an awful lot of vested interests out there insisting that prices won’t fall more than 10%, but without government intervention, they warn prices may drop as much as 40%.

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The Year of the Value Hunter Has Arrived Feb 10, 2023

For a fund manager with a belief in value, 2021 was as discombobulating a year as they come, says Ben Inker, co-head of GMO’s asset allocation team. Valuations went to insane levels across all markets, and there was nothing you could buy or hold that was cheap enough to offer real long-term returns. But the good news according to Inker is that an awful lot of froth came out of the market last year. Prices went down and inflation went up. Add those together and a lot of markets were down 25% plus in real terms, he says.
Inker joins Merryn Somerset Webb on this week’s Merryn Talks Money to explain that, for the first time in several years, it’s possible to find assets with “compelling valuations.” There could be more nastiness to come in the most expensive markets, he warns, but the opportunity set going into 2023 is far better than it was a year ago.
Plus, John Stepek and Merryn discuss was she calls one of the best books she's ever read.
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Why Governments Won’t Let Inflation Go Away Feb 03, 2023

Inflation isn’t going away. Why? Because governments can’t let it. So says market historian Russell Napier, who on this episode of Merryn Talks Money tells host Merryn Somerset Webb that, with the global debt-to-GDP ratio at an historic high, using inflation to eat away at the real value of debt is the only escape route. What that means, Napier says, is that for the first time in a long time politics will matter most to markets.

Napier also shares his ideas on how investors can navigate this new environment. He says market indices may fall, but mentions some equities that he says will still make investors real money. Which ones? Tune in to find out.
And Money Distilled's finest John Stepek joins to talk about why dividends are due a comeback. Check out his daily newsletter here:
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Deflation May Be Coming Sooner Than You Think Jan 27, 2023

James Ferguson, founder of MacroStrategy Partners, isn’t worried about inflation this year. Instead, he sees the beginnings of deflation. On this week’s Merryn Talks Money, he tells host Merryn Somerset Webb that it’s purely a matter of remembering what the monetarists said: Print money and (with a long and variable lag) you will get inflation; Yank money out of the economy (as the US Federal Reserve is doing) and you will get the opposite. According to Ferguson, there will be deflation by April.
Plus, John Stepek joins Merryn for a passionate chat about pensions. Yes, it can be done. An extended version of that chat can be heard here:
https://twitter.com/i/spaces/1PlJQpeNWZqGE?s=20
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The Case For Buying Emerging Markets, Bonds and Gold in 2023 Jan 20, 2023

Pictet Chief Strategist Luca Paolini says that while there’s a lot to be negative about these days, things aren’t as bad as they seem—even in the UK. He joins Merryn Somerset Webb on this week’s Merryn Talks Money to explain why things are looking up there and elsewhere. There’s also a chance there could be more happy surprises in 2023. According to Paolini, a ceasefire in Russia’s war on Ukraine would be a massive positive economically—one that could see commodity prices and interest rates fall, as well as a European boom. And when it comes to other investments, Paolini says avoid crypto but move some money into bonds. As for stocks, he advises think emerging markets—and don’t forget gold.

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How the Global Economy Has Been 'Rewired' and What That Means for Your Portfolio Jan 13, 2023

Not many investment trusts made a positive return last year. The Ruffer Investment Company did -- partly by using strategies not open to the retail investor but also using ones that are. In this week’s Merryn Talks Money, the firm’s Investment Director Alexander Chartres talks host Merryn Somerset Webb through what worked for Ruffer in 2022 and what might work in 2023.

Chartres’s key point is the world has changed. He says the global economy is in the process of being “fully rewired,” which means investors must reconsider the fundamentals behind all of their investments. He also says China is changing; there are hot and cold wars on the go all over the world: big BIG government is back; and there is financial repression ahead — so maybe buy some gold.
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The bad news may soon be over for UK small caps Jan 06, 2023

Smaller UK companies were among the worst performing assets in the world last year. That made 2022 a tough time for small cap fund managers. But small caps very rarely see two down years in a row, says Anna Macdonald, fund manager at Amati. She joins host Merryn Somerset Webb on this week’s Merryn Talks Money. Macdonald shares her suggestions for the stocks to buy in this kind of environment—think trains, hospital software and specialty lenders.
Plus, senior reporter John Stepek joins to discuss Rishi Sunak's five pledges for British voters to hold him to.
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Why the best small UK companies have a global niche Dec 23, 2022

Harry Nimmo, one of the most successful investors in smaller UK companies over the past three decades, is retiring from asset manager Abrdn at the end of this month. But that didn’t stop him from predicting a recovery for the sector within six months. In this week’s episode of Merryn Talks Money, Nimmo reflects on his life in investing and how it has informed his outlook for the future.

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Losing money is the price of making money Dec 16, 2022

Tom Slater, co-manager of the UK’s most popular investment trust, Scottish Mortgage, joins this week's episode of Merryn Talks Money. Shares in the trust are down 40% year-to-date. What went wrong? Maybe nothing, says Slater. If you want to get real growth, you need to be prepared to pay an “unreasonable price” to get it, and then you need to be prepared for a lot of volatility before any fortunes are made. Plus, senior reporter John Stepek is back -- this time to talk about the British property market.
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Saxo’s ‘Outrageous’ Prediction? Gold Will Top $3,000 in 2023 Dec 09, 2022

Holding gold? Better load up since it may jump to $3,000 soon. Work in private equity? Maybe get out now: there could be a new tax regime on the way. As for 2% inflation? Not in this "war economy."
These are among Saxo Bank’s self-described "outrageous" predictions for the year ahead, which the Danish bank says will see policymakers shift fully into defensive mode. Chief Investment Officer Steen Jakobsen joins Merryn Somerset Webb to discuss projections he says are far less outlandish than the moniker suggests. Plus, senior reporter and Money Distilled author John Stepek is back to share his own prediction for 2023 and rant about crypto.

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Introducing: Merryn Talks Money Nov 16, 2022

Merryn Somerset Webb and Bloomberg Wealth senior reporter and author of the daily Money Distilled newsletter John Stepek are reunited to give listeners a taste of what is to come on Merryn Talks Money. They talk investment tools for inflationary times, strategies for managing savings and share their outlooks for the global economy. New episodes start every Friday starting December 9th. From Bloomberg Podcasts.

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