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

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

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

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

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

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

What makes a leader successful? Francine Lacqua interviews top CEOs and global industry leaders for candid lessons on leadership, management, and the future of work.See omnystudio.com/listener for privacy information.

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

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

Contrarian investor Alec Cutler, manager of the Orbis Global Balanced and Cautious funds, joins Merryn Somerset Webb to discuss why global markets are shifting away from speculative growth toward the fundamentals that underpin economies—energy, infrastructure, and national security.Using his “pyramid of needs” framework, Cutler explains why investors are increasingly focusing on the resources and industries that sustain modern economies rather than the technologies built on top of them. The conversation explores opportunities in energy, AI infrastructure, global value stocks, and the changing geopolitical landscape shaping markets.See omnystudio.com/listener for privacy information.

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

On this week's Merryn Talks Your Money personal finance episode, Merryn Somerset Webb and John Stepek tackle a listener’s question about an issue many young UK professionals face: where should retirement savings go after auto-enrollment—a SIPP, an ISA or a Lifetime ISA? With markets volatile, rules changing and political risk on the horizon, the pair break down the pros and cons of each option. Sign up to the subscriber event here: https://www.bloombergevents.com/ZZ3kna?utm_source=Podcast&utm_campaign=Podcast&utm_medium=Podcast&RefId=subSee omnystudio.com/listener for privacy information.

On this week's Merryn Talks Money podcast, host Merryn Somerset Webb speaks with financial historian Edward Chancellor about how energy constraints and geopolitical tensions could reshape markets, whether the artificial intelligence boom is a bubble and what it all means for interest rates. Chancellor argues that AI enthusiasm may be overextended, warns of rising long-term rates and sovereign debt risks and makes the case for gold, commodities, Japan and emerging markets over bonds and expensive growth stocks. Sign up to the subscriber event here: https://www.bloombergevents.com/ZZ3kna?utm_source=Podcast&utm_campaign=Podcast&utm_medium=Podcast&RefId=subSee omnystudio.com/listener for privacy information.

Markets have swung sharply as the escalating war in Iran and across the Middle East injects fresh uncertainty into oil prices, inflation, and the path of interest rates. On this week's markets wrap, Merryn Somerset Webb and John Stepek discuss how prolonged energy supply disruption could Britain from mere chronic stagnation (which is bad enough) and into stagflation. They also explore the fault lines that higher-for-longer rates are starting to open up — from private credit stresses to long-running productivity woes.Sign up to the subscriber event here: https://www.bloombergevents.com/ZZ3kna?utm_source=Podcast&utm_campaign=Podcast&utm_medium=Podcast&RefId=subSee omnystudio.com/listener for privacy information.

Hosts Merryn Somerset Webb and John Stepek react to the Spring Statement, plus Bloomberg's exclusive interview with Chancellor Rachel Reeves. She sat down with Head of Economics and Government Stephanie Flanders on Tuesday, and discussed Britain's pending trade deal with the US, why it won't affect its view on the conflict with Iran, and the UK's economic future. Read more: https://www.bloomberg.com/news/articles/2026-03-03/reeves-says-uk-won-t-make-iran-decisions-based-on-us-trade-ties?srnd=homepage-uk Sign up to the subscriber event here: https://www.bloombergevents.com/ZZ3kna?utm_source=Podcast&utm_campaign=Podcast&utm_medium=Podcast&RefId=subSee omnystudio.com/listener for privacy information.

Merryn Somerset Webb speaks with Simon Judes, chief investment officer of Winton, about how to properly understand quantitative investing. Judes attempts to demystify some of the strategies quantitative funds use to allocate capital across different portfolios. They also discuss the role artificial intelligence will play in quant fund research and capital deployment. Sign up to the subscriber event here: https://www.bloombergevents.com/ZZ3kna?utm_source=Podcast&utm_campaign=Podcast&utm_medium=Podcast&RefId=subSee omnystudio.com/listener for privacy information.

From YOLO to HALO. In this week's markets wrap, hosts Merryn Somerset Webb and John Stepek discuss why markets are ditching high multiple AI and software stocks, for "HALO" companies - heavy assets, low obsolescence - and why higher interest rates and even higher infrastructure costs may be behind the moves.To see the article Merryn references in the episode, please follow the link below.Special thanks to Joachim Klement who has allowed us to share this piece from his Klement on Investing Substack. https://klementoninvesting.substack.com/p/why-do-people-invest-in-expensiveSee omnystudio.com/listener for privacy information.

Many of the graduates whose university costs were funded with Plan 2 student loans are now in their 30s, wondering why they have no money at the end of the month, and why they still owe more student debt than they left uni with. The critical mass of graduates feeling the pinch might just have been reached - and now they're feeling angry and ripped off. On this week’s personal finance edition of Merryn Talks Money, Editor at Large for Bloomberg UK Wealth, Merryn Somerset Webb and author of the Money Distilled newsletter, John Stepek unpick how Plan 2 and the new - perhaps even worse - Plan 5 loans work, how and why graduate marginal tax rates can easily exceed 50% and what tweaks could be made to ease the burden. They also ask the overarching question: is the problem the system? Or is it the fact that the UK seems to be incapable of creating enough high paying jobs?See omnystudio.com/listener for privacy information.

Fiona Yang, portfolio manager on the Invesco Asia Dragon Trust, joins Merryn Somerset Webb to discuss why global capital rotated from US equities into emerging Asia in 2025—and what she sees happening in 2026. She explains her valuation-driven, long-term, contrarian approach to stock selection across diverse Asian markets, and shares how she weighs risks like geopolitics, demographics, currency moves, and frothy AI-linked valuations. Sign up to the subscriber event here: https://www.bloombergevents.com/ZZ3kna?utm_source=Podcast&utm_campaign=Podcast&utm_medium=Podcast&RefId=subSee omnystudio.com/listener for privacy information.

On this week's markets wrap, John Stepek speaks with Bloomberg Opinion columnist Marcus Ashworth and Morwenna Coniam from the Markets Today team about this week’s fall in the headline rate of consumer price inflation and slowing wage growth. They also discuss rising youth unemployment and the potential economic impact of government labor policies, while weighing a cautiously optimistic outlook for UK growth. Marcus also comments on Nuveen’s takeover of Schroders as part of a broader trend of US asset managers seeking international diversification amid dollar weakness. Sign up to the subscriber event here: https://www.bloombergevents.com/ZZ3kna?utm_source=Podcast&utm_campaign=Podcast&utm_medium=Podcast&RefId=subSee omnystudio.com/listener for privacy information.

Merryn Somerset Webb and John Stepek are joined by Bloomberg’s Jack Sidders to break down how Real Estate Investment Trusts (REITs) work and why they’ve struggled in recent years. They explore the impact of interest rates, the significance of different sectors such as warehouses, student housing and data centers, and why many UK REITs trade at steep discounts. With interest rates potentially falling and supply constrained, they also discuss whether REITs could be poised for a comeback — and where investors might start. Sign up to the subscriber event here: https://www.bloombergevents.com/ZZ3kna?utm_source=Podcast&utm_campaign=Podcast&utm_medium=Podcast&RefId=subSee omnystudio.com/listener for privacy information.

Merryn Somerset Webb speaks with Panmure Liberum Chief Economist Simon French to unpack Modern Monetary Theory—the idea that governments issuing their own currency can spend freely, constrained only by inflation. They explore whether the pandemic offered a real-world test of MMT, why fiscal policy may be too blunt a tool to control inflation and what the theory could mean for UK politics, bond markets and capital allocation.Sign up to the subscriber event here: https://www.bloombergevents.com/ZZ3kna?utm_source=Podcast&utm_campaign=Podcast&utm_medium=Podcast&RefId=subSee omnystudio.com/listener for privacy information.

On this week's markets wrap, hosts Merryn Somerset Webb and John Stepek discuss a sharp market rotation driven by growing fears that AI will disrupt – rather than simply enhance – major sectors including legal services, wealth management, and digital platforms. As “old economy” stocks rise and Asian and European markets outperform, Merryn and John debate whether investors should shift away from the US and reassess opportunities in the UK, emerging markets, and smaller caps amid political uncertainty. See omnystudio.com/listener for privacy information.

With talk of an early UK election swirling, Reform Deputy Leader Richard Tice joins Merryn Somerset Webb to make the case that his party is ready to govern. Tice argues that Reform UK, which is leading in the polls, is gearing up policy “working groups” and road-testing power in local councils. He claims day-one moves like serving notice to leave the European Commission on Human Rights, scrapping the Human Rights Act and abandoning a net-zero approach to global warming would help cut energy bills—while he hints at a broader reset for UK markets, pensions, regulation and crypto.See omnystudio.com/listener for privacy information.

Merryn Somerset Webb is joined by Sky News economics editor Ed Conway, author of Material World, to explain why the real engines of modern life aren’t apps and algorithms—they’re the raw materials and “unseen” industries that make everything else possible. From salt and ethylene to ammonia and soda ash, Conway argues the UK (and Europe) are rapidly losing core chemical manufacturing capacity, driven by high energy costs and complacency about imports, with serious consequences for healthcare supply chains, industrial resilience and even defense. As the world pivots back toward the physical economy, from AI data centers to net-zero infrastructure, this conversation is a wake-up call for policymakers, investors and anyone who assumes critical materials will always be available on demand.See omnystudio.com/listener for privacy information.

In this emergency bonus episode of Merryn Talks Money, Merryn Somerset Webb and John Stepek unpack a sudden crypto selloff that has seen Bitcoin tumble nearly 50% from its highs, confounding expectations that it would behave like “digital gold.” To make sense of the chaos, they’re joined by Charlie Morris, founder and chairman of ByteTree, who explains why Bitcoin trades more like a tech asset than a safe haven — and why its brutal volatility may be a feature, not a bug. The conversation digs into Bitcoin’s four-year cycles, its relationship with liquidity and tech stocks, fears around quantum computing, and whether regulation or stablecoins change the long-term case.See omnystudio.com/listener for privacy information.

On this week's Merryn Talks Money markets round up, Bloomberg senior reporter, John Stepek is joined once again by Bloomberg Opinion columnist Marcus Ashworth. The pair analyse the Bank of England’s latest interest rate decision and look at what lies behind the Bank's suddenly dovish turn. They also discuss the AI triggered software stock sell off. Editor’s note: Bloomberg LP, the parent of Bloomberg News, competes with LSEG and others mentioned in this podcast in providing financial data and news. Bloomberg Law sells legal research tools and software.See omnystudio.com/listener for privacy information.

For today's show we're bringing you an evergreen episode that we found really insightful last summer and the lessons remain valid for today.The more than $100 trillion wealth transfer that’s projected to be passed down from older to younger generations over the next quarter century is set to reshape the wealth management industry. And younger investors plan to move their money to new advisors, according to a report by IT services and consulting group Capgemini.On this episode of Merryn Talks Money, the firm’s global banking industry leader, Gareth Wilson, joins host Merryn Somerset Webb to discuss why young people want to make the move and what they should consider when choosing new wealth managers.See omnystudio.com/listener for privacy information.

Investors have flocked to gold in the past year, prompting the precious metal to notch a series of price records and eclipse its inflation-adjusted peak from 1980. Friday’s Fed-announcement drama notwithstanding, the price of gold is up 13% so far this year. It even smashed through $5,000 per troy ounce last week—a first. What’s fueling the record-breaking run and where could the price go from here? On this week’s episode of Merryn Talks Money, John Reade, market strategist for Asia and Europe at the World Gold Council, joins host Merryn Somerset Webb to offer some answers.Please note this conversation was recorded on Wednesday, January 28.See omnystudio.com/listener for privacy information.

Precious metals seem to be hitting new all-time highs almost every week. On this week's markets wrap, Money Distilled author and senior reporter John Stepek joins Bloomberg Opinion columnist Marcus Ashworth to debate what’s driving the rally. They also unpack US intervention in the Japanese currency market and explore how a weakening dollar could shape monetary policy in the eurozone.See omnystudio.com/listener for privacy information.

On this week’s personal finance edition of Merryn Talks Money, Merryn Somerset Webb and John Stepek break down the insurance cover that really matters as we head into 2026. They’re joined by Kevin Ryan, a consumer insurance expert and analyst at Bloomberg Intelligence, who shares what’s shifting in the insurance market and what it means for your money.See omnystudio.com/listener for privacy information.

Pippa Malmgren, chief executive of Geopolitica Institute, joins from Greenland to explain why the Arctic is now at the center of the geopolitical chessboard — from US claims that it needs to take over the Danish territory for national security reasons to how Greenlanders want to remain independent without being “for sale.” She connects the Arctic story to wider shifts: peace talks over Russia's war on Ukraine, strained European alliances, China–Russia dynamics and technological races in space, energy and advanced materials. She also explains what investors should consider as geopolitical risk increasingly becomes market risk.See omnystudio.com/listener for privacy information.

Geopolitical tensions have grabbed the headlines this week, but the market turmoil is being driven as much by the Japanese government bond market as by anything coming out of Davos. Hosts Merryn Somerset Webb and John Stepek look at what's going on. They also discuss the growing list of reasons why investors are likely to move money away from the US - and why the UK market has a good chance of benefiting from these flows.See omnystudio.com/listener for privacy information.

Are UK house prices really taking off — or is something else at play? On this week’s personal finance edition of Merryn Talks Money, Merryn Somerset Webb and John Stepek dig into the latest eye-catching figures and reveal why the “surge” may not be quite what it seems. From the powerful role of location in driving valuations to why houses are leaving flats behind as investments, the conversation cuts through the headlines to what’s really happening in the property market.See omnystudio.com/listener for privacy information.

For more than four decades, Jeremy Grantham has been one of the most contrarian voices in global investing. The co-founder of Boston-based asset manager GMO, he built his reputation warning about bubbles before they burst, from Japanese equities in the late 1980s to US tech stocks in 2000 and housing in the run-up to the global financial crisis. He joins this week’s Merryn Talks Money podcast with host Merryn Somerset Webb to discuss why he believes there's an artificial intelligence bubble and what happens if it bursts, his approach as a value investor and the lessons in his new book, The Making of a Permabear: The Perils of Long-Term Investing in a Short-Term World.See omnystudio.com/listener for privacy information.

On this week’s market round-up edition of Merryn Talks Money, Bloomberg senior reporter and author of the award-winning Money Distilled newsletter, John Stepek and Bloomberg Opinion columnist Marcus Ashworth discuss why falling London flat prices but rising costs mean bargains may still be illusory. They also dissect the latest moves in commodities and UK Chancellor Rachel Reeves's cunning plan to quietly reshape the gilt market.See omnystudio.com/listener for privacy information.

Most people spend their working lives earning and saving toward a financial goal. This goal can be a number or something more tangible like a paid-off mortgage. But when you’ve spent decades feeding the same frugality habit, entering retirement and reversing that addiction can be an unfamiliar challenge. Retirement also has a tendency of throwing up questions of status, belonging—and of course, mortality.In this week’s personal finance edition of Merryn Talks Money, hosts Merryn Somerset Webb and John Stepek confront a difficult listener question on the topic of retirement spending. How can a person start spending freely when their attitude toward spending has been the opposite most of their life? Chartered financial planner and Director at Flying Colours Advice, George Agan joins this episode to share his insights on what to do.Resources from George to check out if you want to learn more: This is a video with an overview on how to build your own model:https://youtu.be/7Wkr5QtY-G8?si=5ev22MOHQhl5Qvgq Course to consider: https://meaningfulacademy.com/rp-1/ And a link to George's firm: https://fcadvice.co.uk/  See omnystudio.com/listener for privacy information.

Societe Generale Head of FIC and Commodity Research Michael Haigh joins Merryn Somerset Webb to break down why the US attack on Venezuela and any subsequent attempt to reboot its energy industry is unlikely to change oil prices near-term. He explains why markets are more influenced right now by OPEC’s supply decisions and China’s rapid strategic petroleum reserve buying—and warns prices could fall if China slows purchases. The conversation then turns to a bullish outlook for copper, driven by electrification, artificial intelligence and data centers, as well as defense spending. Plus, Haigh argues gold and silver still have upside—gold on sustained central-bank demand and silver on persistent deficits—while noting key risks if central-bank buying or global uncertainty meaningfully eases.See omnystudio.com/listener for privacy information.

On this week’s markets roundup, hosts Merryn Somerset Webb and John Stepek discuss the strong performance of the FTSE 100, which has finally closed above 10,000. While it may not remain at that level, it marks a bright start. They also explore the key investment themes of 2025 and explain why equities in these areas are likely to remain elevated throughout 2026, driven by geopolitical tensions—particularly in defence, commodities, and precious metals.See omnystudio.com/listener for privacy information.

Merryn Somerset Webb and senior reporter John Stepek kick off the year by arguing that, amid political pessimism, personal finances remain one area where individuals can still take control. They run through six practical financial resolutions for 2026, from budgeting time for regular money check-ups and avoiding costly mortgage and insurance traps to improving tax efficiency, understanding pensions, and making sure wills and paperwork are in order. The message is clear: small, proactive steps now can make a meaningful difference to long-term financial security.See omnystudio.com/listener for privacy information.

Merryn Somerset Webb is joined by Saxo Bank’s Chief Macro Strategist John Hardy to unpack Saxo’s annual list of “outrageous predictions” — unlikely events that could still shake markets if they hit. They explore a potential “Q-Day” quantum-computing breakthrough that could undermine encryption and trigger a crypto-led confidence crisis, alongside space-economy scenarios like a SpaceX IPO and even lunar real estate mania. The conversation also turns to the ripple effects of widespread GLP-1 weight-loss drugs — including cheaper pill forms and the possibility they expand beyond humans into the pet world.See omnystudio.com/listener for privacy information.

Here it is! The second in our special two-part series, where John Stepek and Merryn Somerset Webb tell the extraordinary story of John Law: a fugitive Scots gambler who became the most powerful financier in France and helped invent the modern monetary system. From murder and exile to paper money, banking revolutions and spectacular collapse, Law’s life reveals why today’s financial system works the way it does—and why it sometimes blows up. It’s history, scandal and monetary theory rolled into one irresistible tale.Correction: In an earlier version of this podcast, John suggested that the term "bougie," meaning a wax candle, gave rise to the modern-day slang term "bougie," meaning "fancy." In fact, "bougie" is derived from the term "bourgeoisie". Our sincere apologies for this error. We used a range of sources for this podcast but two key books to read if you'd like to find out more are:John Law: A Scottish Adventurer of the Eighteenth Century (2018), by James BuchanJohn Law: Economic Theorist and Policy-Maker (1997), by Antoin MurphySee omnystudio.com/listener for privacy information.

In this special two-part series, John Stepek and Merryn Somerset Webb tell the extraordinary story of John Law: a fugitive Scots gambler who became the most powerful financier in France and helped invent the modern monetary system. From murder and exile to paper money, banking revolutions and spectacular collapse, Law’s life reveals why today’s financial system works the way it does—and why it sometimes blows up. It’s history, scandal and monetary theory rolled into one irresistible tale. We used a range of sources for this podcast but two key books to read if you'd like to find out more are:John Law: A Scottish Adventurer of the Eighteenth Century (2018), by James BuchanJohn Law: Economic Theorist and Policy-Maker (1997), by Antoin MurphySee omnystudio.com/listener for privacy information.

On this week's markets roundup, hosts Merryn Somerset Webb and John Stepek look back at an unexpectedly strong year for global markets, with equities, gold and even silver delivering standout performances. They dig into whether 2025’s surprising rotations—from US mega-caps to value, energy and long-ignored small caps—could carry into next year, and what persistent inflation, UK rate cuts and shifting attitudes toward net zero might mean for investors. See omnystudio.com/listener for privacy information.

In this episode of Merryn Talks Your Money, Merryn Somerset Webb sits down with veteran financial planner Hamish Leng to unravel one of the trickiest issues in personal finance: how to pass wealth to your children without undermining their drive, confidence, or future independence. From the psychology of raising financially capable kids to the smartest, tax-efficient ways to gift money, Hamish shares four decades of insight into what actually works for families.See omnystudio.com/listener for privacy information.

Merryn Somerset Webb speaks with Kurt Björklund, Executive Chairman of Permira, about where we are in the private equity cycle after several tough years and why he still believes in the asset class for the right kind of investor. They discuss what “real” private equity is, how governance and long-term value creation—not just leverage—drive returns, and the impact of higher rates, tech and AI on future opportunities. Kurt also explains who private equity is (and isn’t) suitable for, and what the shift from public to private markets means for savers, pension funds and wealthy individuals.Not yet a Bloomberg subscriber? Subscribe now!www.bloomberg.com/podcastofferSee omnystudio.com/listener for privacy information.

On this week's markets roundup, hosts Merryn Somerset Webb and John Stepek unpack silver's climb to a record high, oil’s weakness and why it raises the prospect of an energy rebound, and the latest memo on AI from Oaktree Capital Management co-founder Howard Marks. See omnystudio.com/listener for privacy information.

Host John Stepek speaks with leading economist Gerard Lyons about the UK’s latest budget and why he believes it lacks both vision and credibility. Lyons discusses the risks facing the UK economy—ranging from rising public debt to sticky inflation—while also outlining where interest rates, markets, and global growth may be heading in 2026. He closes with reasons for cautious optimism, including resilient corporate balance sheets and opportunities arising from global diversification and AI. This interview was taped at the Edelman Smithfield Investor Summit at the London Stock Exchange on Dec. 4, 2025.See omnystudio.com/listener for privacy information.

Host John Stepek speaks with Helen Jewell, International CIO of Fundamental Equities at BlackRock, about an unexpectedly strong year for global equity markets — one in which most regions outside the US outperformed. Jewell explains why widespread diversification, renewed strength in European banks, and accelerating demand for energy infrastructure—driven largely by AI—are shaping her outlook for 2026. She also highlights key risks, including investor complacency, and argues that selective opportunities in European quality growth and UK small caps remain compelling despite recent volatility. This interview was taped at the Edelman Smithfield Investor Summit at the London Stock Exchange on Dec. 4, 2025.See omnystudio.com/listener for privacy information.

On this week’s markets roundup, hosts Merryn Somerset Webb and John Stepek dig into the collapse of the proposed HICL–TRIG merger and the resurgence of shareholder activism reshaping the investment trust sector. They also explore the dramatic breakout in silver, gold’s renewed monetary significance, and Bitcoin’s latest bout of volatility—potentially tied to the unwinding yen carry trade and shifting global rate expectations. See omnystudio.com/listener for privacy information.

AI mania may be driving markets to new heights, but economist and author Dambisa Moyo argues the real question isn’t whether we’re in a tech-driven bubble—it’s what stage. Speaking with Merryn Somerset Webb, Moyo says that while valuations look stretched and investor excitement is unmistakable, there may still be a ways to go before things get bad. Turning to the UK, Moyo, a member of the House of Lords, argues that the country’s central challenge is weak growth, held back by two chokepoints: high energy costs and underperforming capital markets that fail to attract investment or nurture emerging companies. What’s needed, she says, is not just policy fixes but a stronger, more optimistic national story that makes the UK a natural magnet for capital.See omnystudio.com/listener for privacy information.

Merryn is joined by Stephanie Flanders, Head of Economics and Government at Bloomberg, Helen Thomas, founder and CEO of Blonde Money, and Money Distilled newsletter author John Stepek, to break down key announcements from the November Budget and what those changes mean for markets, investors and households.The conversation was recorded in front of an audience at Bloomberg's European Headquarters in London. See omnystudio.com/listener for privacy information.

UK consumers used to save very little — now they’re saving a lot, perhaps too much. Why? Kallum Pickering, Peel Hunt chief economist, joins host Merryn Somerset Webb to explain. He points to a “wealth shock”: when gilt yields surged in 2022, pension values fell sharply. At the same time, mortgage rates climbed and house prices stalled. This shift matters. It’s one reason the UK economy remains sluggish. But it’s not the only factor — our strained public finances and the sheer size of the state also play a role. Can it be fixed? Kallum thinks so. He shared his long-term ideas for turning things around — and even offered a few suggestions for Chancellor Rachel Reeves. Correction: At the end when Kallum discusses financing pensions, he refers to a policy that includes a one-year tax cut for young people at £2,000. That is incorrect. His calculations account for £2,000 cuts for years one and two for pensions, and £1,000 cut in healthcare. It starts for everyone at age 20 but anyone under 40 would get the chance to partake. See omnystudio.com/listener for privacy information.

In this week’s Merryn Talks Money market wrap, Merryn Somerset Webb and John Stepek sit down with Chris Clothier, Co-CIO of CGAM to discuss the proposed merger of two of the largest infrastructure investment trusts on the London market, HICL Infrastructure Company and The Renewables Infrastructure Group (TRIG). Fund managers at CGAM are "appalled" by the proposal. Clothier sits down with our usual hosts to explain why and what investors can do about it. The trio also talk about the upcoming budget and the collapse in central London house prices.See omnystudio.com/listener for privacy information.

Curious about how offshore bonds really work, and whether they’re worth it? In this week’s Merryn Talks Your Money, Merryn Somerset Webb sits down with veteran financial adviser Paula Steele, director at John Lamb Hill Oldridge, to unpack the truth behind this often-misunderstood investment wrapper. From hidden tax traps to smart long-term planning strategies, this episode will inform how you think about where (and how) to grow your wealth.See omnystudio.com/listener for privacy information.

Host Merryn Somerset Webb speaks to Jim Reid, head of Macro and Thematic Research at Deutsche Bank, to unpack why too much cash is risky over the long run and why starting valuations drive real investment outcomes. They dig into 200 years of data on equities versus cash, the role of 60/40 portfolios, gold’s surprising century and today’s artificial intelligence-fueled market dynamics—with practical pointers on cheap versus expensive markets and time horizons. Find the report here: https://www.dbresearch.com/PROD/RI-PROD/PDFVIEWER.calias?pdfViewerPdfUrl=PROD0000000000607211 Don't forget to sign up for our live podcast taping in London on November 27:https://go.bloomberg.com/attend/invite/post-budget-merryn-talks-money/See omnystudio.com/listener for privacy information.

In this week’s Merryn Talks Money market wrap, Merryn Somerset Webb and John Stepek dissect the latest UK housing trends ahead of the budget, exploring why falling mortgage rates might not be enough to lift property prices amid growing uncertainty. They also touch on the sluggish UK economy, the FTSE 100’s near-record run, and whether the AI boom in US markets is showing shades of a bubble. Don't forget to sign up for our live podcast taping in London on November 27:https://go.bloomberg.com/attend/invite/post-budget-merryn-talks-money/See omnystudio.com/listener for privacy information.

Merryn Somerset Webb sits down with Richard Staveley, manager of the Rockwood Strategic, to unpack why UK smaller companies are so unloved—and why that may be a big opportunity. Richard explains Rockwood’s playbook: concentrated, benchmark-agnostic, value investing with hands-on “constructive engagement” to unlock change. They cover liquidity myths, the impact of passives and private equity, and where he sees near-term catalysts—plus what could reignite IPOs and domestic flows (think ISAs, pensions, and momentum). Don't forget to sign up for our live podcast taping in London on November 27:https://go.bloomberg.com/attend/invite/post-budget-merryn-talks-money/See omnystudio.com/listener for privacy information.

Veteran market strategist Albert Edwards says we’re in a full-blown AI bubble—one powered by a story so seductive even skeptics are getting swept up. On this week’s Merryn Talks Money, the Société Générale global strategist explains why today’s tech optimism echoes the 1990s mania and warns that both earnings and valuations may be more fragile than they seem. His message: enjoy the ride, but stay near the exits—and maybe keep an eye on gold.Don't forget to sign up for our live podcast taping in London on November 27:https://go.bloomberg.com/attend/invite/post-budget-merryn-talks-money/See omnystudio.com/listener for privacy information.

Hosts Merryn Somerset Webb and John Stepek, senior reporter and author of the Money Distilled newsletter, unpack the week’s biggest market stories — from the Bank of England’s latest rate decision and Rachel Reeves’s fiscal “reset” to whether the AI boom is starting to wobble.Don't forget to sign up for our live podcast taping in London on November 27:https://go.bloomberg.com/attend/invite/post-budget-merryn-talks-money/See omnystudio.com/listener for privacy information.

Bloomberg personal finance reporter Suzanne Woolley is back on Merryn Talks Your Money. She discusses her latest in the 'Where to Invest' series, where investment experts share suggestions on where they'd put $1 million right now. Ideas include precious metals, luxury real estate and healthcare.https://www.bloomberg.com/features/how-to-invest-a-million-dollars-q4-2025/?srnd=undefined See omnystudio.com/listener for privacy information.

Is the AI boom just a bubble or the start of something bigger? Host Merryn Somerset Webb sits down with Rob Arnott, founder and chairman of the board of Research Affiliates, to compare artificial intelligence mania with the dot-com era, unpack sky-high valuations and market concentration while exploring what rising competition, power constraints and Capex mean for Nvidia and the “Magnificent Seven.” Arnott shares a pragmatic playbook—fade frothy winners, favor fundamentals (including his RAFI approach) and look to small caps, the UK and emerging markets—plus candid takes on Bitcoin and holding a little gold as insurance.See omnystudio.com/listener for privacy information.

US economist Arthur Laffer — the man behind the famous “Laffer Curve” — joins Merryn Talks Money to explain why he thinks Western economies, especially the UK, have pushed taxes too far. As Chancellor Rachel Reeves prepares for her next budget, Laffer warns Britain is heading for stagnation, not growth. He makes the case for a radical rethink: lower taxes, less red tape, and a return to pro-growth policies inspired by Reagan, Kennedy, and Thatcher. Tune in to hear why he believes the UK could be on the brink of an economic revival — if it dares to change course. Sign up for the UK Budget event: https://go.bloomberg.com/attend/invite/post-budget-merryn-talks-money/See omnystudio.com/listener for privacy information.

Host John Stepek and author of the Money Distilled newsletter is joined by Bloomberg reporter Helen Chandler-Wilde and Stuart Trow, author of “Young, Poor and Totally Screwed” to unpack one of the Labour government's key reforms; the Renters’ Rights Act. The act, which has just received Royal Assent, aims to moderate rent increases, ban “no-fault” evictions, and end fixed-term tenancies. But without any meaningful supply side reforms, there are questions over how effective the new policy will be. Indeed, there are risks that it could do more harm than good, particularly to those already struggling to find accommodation, as tighter regulation and higher costs encourage more landlords to leave an already overly-tight market.Read more: https://www.bloomberg.com/explainers/how-to-uk-landlord-new-renters-rights-bill?utm_source=website&utm_medium=share&utm_campaign=copy Sign up for the budget event: https://go.bloomberg.com/attend/invite/post-budget-merryn-talks-money/  See omnystudio.com/listener for privacy information.

On this week’s market wrap, host and author of the Money Distilled newsletter, John Stepek is joined by Bloomberg Opinion columnist Marcus Ashworth to dissect the latest market moves. The pair discuss the pullback in gold and other precious metals, falling bond yields amid expectations of rate cuts from the Federal Reserve and Bank of England, and consider how the election of Japan’s new Prime Minister, Sanae Takaichi, could shape the country’s markets and investor sentiment.See omnystudio.com/listener for privacy information.

Neil Shearing, group chief economist at Capital Economics and author of The Fractured Age, argues hyper-globalization is giving way to a world split into US- and China-centric blocs, reshaping trade, technology, and security. He explains why de-risking will likely be concentrated in strategic sectors (chips, batteries, biotech), bringing more volatile inflation and new portfolio implications—from being cautious on China exposure to watching critical minerals and long-run AI-driven U.S. tech.See omnystudio.com/listener for privacy information.

On this week's markets wrap, hosts Merryn Somerset Webb and John Stepek unpack a series of headlines that seem to confirm their long-standing warnings — from fiscal cracks and risky lending to energy costs and gold’s sudden rise. They connect the dots between market anxiety, political inaction, and the “outbreaks of reality” shaping the UK economy.Read more: https://www.bloomberg.com/news/articles/2025-10-15/uk-s-top-energy-suppliers-warn-bills-will-surge-on-grid-upgrades Check out that video: https://parliamentlive.tv/event/index/b8c78c69-0d5b-46eb-8692-68ce2c5cf274Listen back: https://podcasts.apple.com/gb/podcast/why-new-rules-are-needed-to-avoid-war-in-space-pippa-malmgren/id1654809850?i=1000638621310  See omnystudio.com/listener for privacy information.

In this episode of Merryn Talks Your Money, Merryn Somerset Webb and John Stepek unpack the FCA’s decision to lift its ban on retail access to crypto exchange-traded notes (ETNs). They discuss what ETNs are, how investors can buy them, and whether these regulated products really make crypto investing safer—or simply more accessible. Along the way, they debate crypto’s place in a portfolio, regulatory motivations, and the ongoing risks behind this “innovative finance” frontier.See omnystudio.com/listener for privacy information.

Activist investing is back. On this week's episode of Merryn Talks Money, Merryn Somerset Webb speaks with Joe Bauernfreund, chief executive of Asset Value Investors, about buying quality companies at deep discounts—and actively forcing a catalyst. The conversation spans Japan’s ongoing governance-driven rerating, South Korea’s push to be the new Japan and moneymaking special situations from Mitsubishi Logistics to News Corp. They also unpack why AVI tilts away from the US, how private-equity trusts and buybacks can unlock value and what the future might be for the UK’s ailing investment trust industry.See omnystudio.com/listener for privacy information.

On this week's markets roundup, Merryn Somerset Webb and John Stepek dive into the surging precious metals market — from gold’s decades-long shine to silver’s sudden rally — and what the “debasement trade” says about global confidence in fiat currencies. They unpack investor psychology, fiscal risks facing the UK, and why even major institutions are rethinking the classic 60/40 portfolio. Plus, a discussion on stamp duty and whether cutting it could truly revive Britain’s housing and equity markets.See omnystudio.com/listener for privacy information.

John Stepek, senior reporter and author of the Money Distilled newsletter, is joined by pensions expert Tom McPhail to talk about pension protection. It's no secret that UK Chancellor Rachel Reeves is looking for ways to raise cash to balance the nation's books in the upcoming November budget. Stepek and McPhail discuss ways to keep your pension protected and keep more of your money.See omnystudio.com/listener for privacy information.

Gold’s on a tear — and host Merryn Somerset Webb asks Dominic Frisby, investor and author of the investment newsletter The Flying Frisby and a new book The Secret History of Gold why. They dig into central-bank buying, de-dollarization, and the metal’s timeless allure, from Roman coins to modern ETFs, plus the case for $7k gold and the pivotal $50 line in silver. Practical takeaways include how physical sovereigns, miners, and ETFs can fit into a portfolio today.See omnystudio.com/listener for privacy information.

In this week's markets round up, hosts Merryn Somerset Webb and John Stepek discuss the news that London has slipped out of the world’s top 20 initial public offering markets as the third quarter ends, overtaken by Mexico and Singapore. Meanwhile, US tech stocks surge despite bubble worries, and Japan’s market hits fresh highs with renewed investor enthusiasm.Become a Bloomberg.com subscriber today. Check out our special intro offer right now at bloomberg.com/podcastofferSee omnystudio.com/listener for privacy information.

This week, host Merryn Somerset Webb and senior reporter John Stepek examine the policy signals coming out of the Labour Party conference—and what they could mean for your finances. They break down why a standalone wealth tax looks unlikely, the risks of lowering the VAT threshold for small businesses, and the political realities shaping pension reform. Plus, they consider whether proposals to tackle youth unemployment could shift the debate on work and welfare.See omnystudio.com/listener for privacy information.

Roger Lee, head of equity strategy at Cavendish, joins Merryn Somerset Webb to explain why he thinks the UK’s worsening public finances could morph from “slowly, then suddenly” into a fiscal event, and what that means for the Labour government, Britain’s international standing and investors.See omnystudio.com/listener for privacy information.

Kindbody, one of the largest fertility companies in the US, sought to disrupt egg freezing and IVF by combining spa vibes with Silicon Valley efficiency. The startup raised millions, opened dozens of clinics, and became a billion-dollar unicorn. But its ambition came with consequences. In IVF Disrupted: The Kindbody Story, reporter Jackie Davalos takes listeners beyond Kindbody’s millennial-friendly waiting rooms and into the clinics themselves, showing the sometimes-heartbreaking consequences of bringing the “move fast and break things” mentality to the business of creating life.See omnystudio.com/listener for privacy information.

In this week’s Markets Wrap, hosts Merryn Somerset Webb and John Stepek weigh Greater Manchester mayor Andy Burnham’s bond-market remarks against fiscal reality, unpack financial services group Gavekal’s so-called “Turkish Portfolio” of equities, and consider gold’s role as a hedge in an increasingly crowded market.As always, questions and comments welcome at merrynmoney@bloomberg.netSee omnystudio.com/listener for privacy information.

In lieu of a personal finance episode this week, Merryn Somerset Webb and John Stepek host a mailbag session answering listener questions on pensions, taxation, absolute return funds, and the risks around UK debt. They clarify common misconceptions, discuss practical investment considerations, and explore how policy decisions could shape the financial outlook.As always, send thoughts to merrynmoney@bloomberg.net See omnystudio.com/listener for privacy information.

Is US exceptionalism over? Pictet Asset Management's Chief Strategist Luca Paolini joins host Merryn Somerset Webb to explain why the world is entering an “age of convergence.” They cover why America’s market dominance may fade, where Europe and China are heading, what AI hype really means and why it might be time to rethink bonds, gold and diversification.See omnystudio.com/listener for privacy information.

In this week's market wrap, Merryn Somerset Webb and John Stepek unpack Next’s half-year report to reveal what falling vacancies, rising applications, and higher labor costs say about jobs, productivity, and AI. They also break down the Bank of England’s rate hold, the Fed’s cut, and what diverging policies mean for growth, inflation, and investors.https://www.nextplc.co.uk/~/media/Files/N/next-plc-v4/documents/2025/half-year-results-july2025.pdf See omnystudio.com/listener for privacy information.

Merryn Somerset Webb sits down with  Mark Wood, Chairman of Everest Funeral Concierge, Chair of PensionBee, and former CEO off Prudential UK and AXA, to discuss how sweeping pension reforms could transform the way UK earners save and draw down their pensions.Update: We wanted to add clarification to a point made in the show. In the interview, it was suggested that taking your 25% tax-free lump sum at age 55 or later means you’ve “retired” and can no longer put money into your pension with tax relief. It is correct that from the normal minimum pension age (currently 55, rising to 57 in 2028), you can access up to 25% of your pension pot tax-free. The restriction only arises if you also start taking taxable income (for example, via drawdown or as a lump sum payment). At that point, the Money Purchase Annual Allowance (MPAA) rules apply, and your future tax-relievable contributions are capped at £10,000 per year (current rules). However, withdrawing this lump sum alone does not mean you are treated as retired. You can continue to contribute to your pension and receive tax relief on those contributions, subject to the standard annual allowance.Thanks as always to those who wrote in seeking clarification.See omnystudio.com/listener for privacy information.

These days, UK energy policies arguably seem more ideological than anything else. But that doesn’t seem to be working, so perhaps it’s time for it to be practical instead? With that in mind we invited Dieter Helm, a professor of economic policy at the University of Oxford, to join this week’s Merryn Talks Money podcast. He discusses how the UK, which consistently ranks among the most expensive countries for consumer electricity prices, should address its energy problem. See omnystudio.com/listener for privacy information.

In this week's markets roundup, host Merryn Somerset Webb, editor-at-large for Bloomberg UK Wealth, sits down with Noor Al Ali from Bloomberg Markets Live to unpack gold’s remarkable rally and its implications for global markets. See omnystudio.com/listener for privacy information.

September signals the end of summer in the UK and the start of the school year. Gearing up to start university can be a daunting time for many young people, often catapulted into a situation of continuous firsts—first time living away, first time having to cook all their own meals and the first time having to manage their own money. On this personal finance episode of Merryn Talks Money, host Merryn Somerset Webb is joined by award-winning journalist Marc Shoffman to discuss all things student finance.https://www.bloomberg.com/news/audio/2024-09-09/merryn-talks-your-money-paying-university-fees-podcast See omnystudio.com/listener for privacy information.

We'll be back next week with more Merryn Talks Money interviews, but for now we bring you an interesting conversation from the Odd Lots team.  These days, everyone is talking about high interest rates across the rich, developed world, while warning of eventual fiscal disaster. But we may have gotten an early glimpse of this anxiety in October 2022, when then-UK Prime Minister Liz Truss unveiled her mini-budget that spooked the gilt market. Well today, rates at the long end of the British yield curve are even higher. So what's going on? Why all this angst now about UK fiscal sustainability and the economy itself? In this episode, we speak with Liz Truss about what she learned during her brief time as the PM. She talks about the political reality of fiscal consolidation, and how difficult it is on both the tax and spending side. And we also discuss what her economic vision was really all about, had she not been forced from the position so quickly. In addition, we talk about the general state of politics, the media, and free speech in the UK. Only Bloomberg.com subscribers can get the Odd Lots newsletter in their inbox — now delivered every weekday — plus unlimited access to the site and app. Subscribe at bloomberg.com/subscriptions/oddlotsSee omnystudio.com/listener for privacy information.

In this news round up episode of Merryn Talks Money, host Merryn Somerset Webb has returned from her holiday and is joined by Bloomberg Opinion columnist Marcus Ashworth. The pair discuss why the IMF won't be bailing out the UK anytime soon, gold's stellar performance, soaring high gilt market yields and the whether the stamp duty regime is all that complicated. See omnystudio.com/listener for privacy information.

On the final panel at this year's Fringe Festival in Edinburgh, host Merryn Somerset Webb speaks with Richard Wilson, chief executive of one of the UK’s largest investment platforms, Interactive Investor, Anna MacDonald, investment manager at Aubrey Capital, and journalist and author Alex Massie. The episode is taped in front of an audience at Adam Smith’s final remaining home, Panmure House.See omnystudio.com/listener for privacy information.

In this episode of Merryn Talks Money, host Merryn Somerset Webb is joined by Bloomberg senior reporter John Stepek, author Dominic Frisby and Interactive Investor Chief Executive Officer Richard Wilson for a roundtable discussion at the Edinburgh Festival Fringe. The conversation takes place at Panmure House, the last home of economist and philosopher Adam Smith.  The panel share their favorite Adam Smith quotes and their relevance to our current economic and financial climate. They question how relevant the ideas of Adam Smith are today and the lessons we can learn from his writings. See omnystudio.com/listener for privacy information.

Could Scottish philosopher and economist Adam Smith make sense of the economic world that exists today? In this episode of Merryn Talks Money, Merryn Somerset Webb speaks with Alec Cutler, portfolio manager of the Orbis Global Balanced and Cautious funds, Tom Slater, manager of Scottish Mortgage and Bloomberg senior reporter John Stepek about how portions of Smith’s bestsellers The Theory of Moral Sentiments and The Wealth of Nations relate to today’s issues in global trade, technology, renewable energy and investment strategies. See omnystudio.com/listener for privacy information.

Daniel Rasmussen, founder of Verdad Advisers and author of The Humble Investor: How to Find a Winning Edge in a Surprising World, joins Merryn.  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.This is a replay of a conversation taped in January this year. See omnystudio.com/listener for privacy information.

John Stepek, Bloomberg senior reporter and author of the Money Distilled newsletter is joined by Opinion columnist Marcus Ashworth to discuss the unexpected good news about the UK economy, why we’re currently in a buyers market when it comes to housing and why the Bank of England needs to continue to hold its nerve. See omnystudio.com/listener for privacy information.

There’s no tradeoff between net zero and growth in the UK. That’s the conventional wisdom and the position of the current government. But what if it’s the decline in available electricity that’s causing productivity, GDP and living standards to stagnate?  Research from Kallum Pickering, chief economist at Peel Hunt, suggests there may indeed be a connection. He joins Merryn Somerset Webb and senior reporter John Stepek on Merryn Talks Money to explain that the rise of power-hungry artificial intelligence and the UK’s renewed focus on defense may mean the government should reexamine its energy policies.See omnystudio.com/listener for privacy information.

Whilst usual host Merryn Somerset Webb is still out on holiday, John Stepek is joined by Bloomberg Opinion columnist Marcus Ashworth to discuss America's tariff war vs Switzerland, the latest UK fiscal blackhole estimates and Rachel Reeves' job security. See omnystudio.com/listener for privacy information.

In this week’s Merryn Talks Money, host Merryn Somerset Webb sits down with Euronext CEO, Stéphane Boujnah to explore the reasoning behind the sense that investors are starting to look away from the US and towards Europe for opportunties. They discuss a range of topics from evolving market conditions, investor sentiment and the growing uncertainty surrounding US economic stability. They also discuss the impact of Europe’s institutional framework on its investment appeal and the role of European market integration in attracting capital.  “Europe today is perceived as a large Switzerland. It’s not like everyone is getting fascinated by the growth prospects of European economies,” says Boujnah. “It’s just the feeling is that the institutional framework is stable and predictable.”See omnystudio.com/listener for privacy information.

Whilst usual host Merryn Somerset Webb is out on holiday, John Stepek is joined by Bloomberg Opinion columnist Marcus Ashworth to discuss why America's tariff deal with the European Union is actually quite good, the spat between Chancellor Rachel Reeves and Bank of England Governor Andrew Bailey and the mood music amongst UK consumers.       See omnystudio.com/listener for privacy information.

Paula Higgins, CEO of HomeOwners Alliance, joins hosts Merryn Somerset Webb and John Stepek to answer a few more UK housing questions. They tackle all the things you need to know if you're considering a retirement apartment, if you're thinking about buying a house via auction, and Paula explains why home buyers insurance is always worth considering.  See omnystudio.com/listener for privacy information.

Scottish Mortgage Manager Tom Slater joins Merryn Talks Money to explain how the UK investment trust is trying to find tomorrow’s market winners.See omnystudio.com/listener for privacy information.

Hosts Merryn Somerset Webb and John Stepek discuss falling UK house prices, capital exodus and relocating to west London. See omnystudio.com/listener for privacy information.

Hosts Merryn Somerset Webb and John Stepek discuss some helpful tips for making the most of your money while on holiday. See omnystudio.com/listener for privacy information.

US equities markets are expensive, by any and all measures. But that doesn’t mean you shouldn’t still have a hefty allocation. That’s according to this week’s Merryn Talks Money guest, Nataliia Lipikhina, head of EMEA equity strategy and executive director at J.P. Morgan Private Bank.See omnystudio.com/listener for privacy information.

John Stepek is on holiday YET AGAIN. So on this week's market roundup, Bloomberg's Morwenna Coniam, who is part of the team that runs the UK Markets Today blog, joins Bloomberg UK Wealth Editor at Large Merryn Somerset Webb. They discuss UK inflation unexpectedly rising to 3.6%, its highest level since January 2024, and why it's a headache for BOE Governor Andrew Bailey. Plus, a debrief on Chancellor Rachel Reeves' Mansion House speech, the debate around Cash ISAs, and Bitcoin's surge in price thanks to "Crypto Week" in the US. See omnystudio.com/listener for privacy information.

Whether you’re applying for a mortgage, taking out a loan or signing up for a new credit card, one number carries more weight than many people realize: your credit score. In this week’s personal finance edition of Merryn Talks Money, hosts Merryn Somerset Webb and John Stepek are joined by John Webb, senior consumer affairs manager at Experian and an expert on credit scores. Together they explore the world of credit scores—what they are, how they’re calculated, why they vary across agencies and the many ways they can shape your financial future.See omnystudio.com/listener for privacy information.

Mining is often an afterthought for many investors. But according to this week’s guests on Merryn Talks Money, it shouldn’t be—especially given its critical role in the global economy and the energy transition (or should we say energy addition?). Nicky Shiels, head of metals strategy at MKS PAMP, and Evy Hambro, head of thematic and sector investing at BlackRock, join host Merryn Somerset Webb to discuss why investors need to pay closer attention to the melt-up in metals. See omnystudio.com/listener for privacy information.

In this week's roundup, Bloomberg UK Wealth Editor at Large Merryn Somerset Webb speaks with Money Distilled newsletter author John Stepek about the UK's debt problem. A report from Britain’s fiscal watchdog – the OBR – warns that the country faces "daunting" risks, as a soaring debt load has led to “substantial erosion” of its capacity to respond to future shocks.So how will the government tackle that debt? Everyone’s suddenly talking about wealth taxes - but we might not get the wealth taxes everyone expects. Merryn and John look at why inheritance tax on homes, and capital gains tax, both look like potential targets - and talk about why politics always gets in the way of good policy.See omnystudio.com/listener for privacy information.

You want to invest in a market with political stability, low valuations and fast growing companies? Perhaps even one that might benefit from President Donald Trump’s deglobalisation agenda? This week, host Merryn Somerset Webb is joined by Jose Manuel Silva, chief investment officer and partner of LarrainVial Asset Management, to discuss the place you should be looking - Latin America. See omnystudio.com/listener for privacy information.

In this week’s roundup, Bloomberg UK Wealth Editor at Large Merryn Somerset Webb speaks with Money Distilled newsletter author John Stepek about Chancellor Rachel Reeves's tearful appearance in the House of Commons and how that spurred a UK market selloff amid speculation about her future. They also discuss The Times report that AstraZeneca, one of the London market’s top stocks, is thinking of upping sticks and moving to America, and the trend of private equity firms accumulating a record inventory of portfolio companies. Read more: https://mailchi.mp/verdadcap/2024-private-equity-fundamentals?e=0e6992a317: https://stefanik.house.gov/2025/6/stefanik-asks-sec-to-investigate-harvard-for-potentially-withholding-material-information-from-bondholdersSee omnystudio.com/listener for privacy information.

You’ve heard of Bitcoin, but have you heard of “Bitcoin treasuries?” From Japan’s MetaPlanet to UK firms like Coincilium and The Smarter Web Company, 61 publicly listed companies have now adopted the strategy of holding Bitcoin on their balance sheets—not just as a speculative bet, but as a hedge against inflation and a way to lure investors hungry for crypto exposure. In this week’s episode of Merryn Talks Money, host Merryn Somerset Webb and Money Distilled author John Stepek are joined by Dominic Frisby, author of The Flying Frisby investment newsletter, to unpack this new strategy and whether the hype is grounded in value or hot air.See omnystudio.com/listener for privacy information.

Days after Donald Trump’s election victory in November, we sat down with Pippa Malmgren, founder and CEO of the Geopolitica Institute and former advisor to President George W. Bush, and Helen Thomas, CEO of the consultancy BlondeMoney and former special advisor at the UK Treasury, to ask what they expected out of the US president’s second term.  On this week’s Merryn Talks Money, they join host Merryn Somerset Webb yet again. This time to discuss his policies thus far, what they think is going to happen next and what it all means for your investments. See omnystudio.com/listener for privacy information.

On this week's Merryn Talks Your Money, Merryn Somerset Webb and John Stepek, author of Money Distilled, talk about navigating your portfolio amidst Middle East tensions. The conversation was recorded on Monday afternoon. See omnystudio.com/listener for privacy information.

John Authers, senior editor for markets, Bloomberg Opinion columnist, and author of the Points of Return newsletter joins Merryn Somerset Webb and John Stepek to make sense of the market reaction to the US involvement in the Iran-Israel conflict. Note: We recorded this conversation earlier today, before Iran’s retaliatory strikes at a US air base in Qatar. Traders drove stocks higher as oil tumbled, with the strikes seen as limited and unable to trigger a broader economic fallout.See omnystudio.com/listener for privacy information.

StoneX’s Director of Global Macro Strategy Vincent Deluard joins Merryn Talks Money to explain why he thinks economic downturns are going out of style. He also explains why he sees a July Correction, and how MAGA's war on Corporate America will play out. See omnystudio.com/listener for privacy information.

In this week’s roundup, Bloomberg UK Wealth Editor at Large Merryn Somerset Webb speaks with Money Distilled newsletter author John Stepek about the unsurprising UK inflation figures, the latest Bank of America Global Fund Manager Survey and why gold seems to be shining.See omnystudio.com/listener for privacy information.

Private markets by their very nature lack the same transparency that’s standard in public markets. But Morningstar, a leading provider of independent investment insights and ratings, is conducting more due diligence on private markets to help investors navigate the sector. Morningstar Chief Executive Officer Kunal Kapoor joins host Merryn Somerset Webb on this personal finance edition of Merryn Talks Money to tell us more.  See omnystudio.com/listener for privacy information.

Trump’s policies have slowed the economy, making a downturn more likely. But Peter Berezin, chief global investment strategist at BCA Research, says the nation’s yawning deficit is a bigger threat. He joins this week to talk recession odds and strategies for investing. See omnystudio.com/listener for privacy information.

In this week's roundup, Bloomberg UK Wealth Editor at Large Merryn Somerset Webb speaks with Money Distilled newsletter author John Stepek about the market indifference to Chancellor Rachel Reeves' spending review. They also share strategies for how the government can support the UK equity market: scrap stamp duty, reform ISAs, and nudge pension funds to invest at home. See omnystudio.com/listener for privacy information.

The more than $100 trillion wealth transfer that’s projected to be passed down from older to younger generations over the next quarter century is set to reshape the wealth management industry. And younger investors plan to move their money to new advisors, according to a report by IT services and consulting group Capgemini. On this episode of Merryn Talks Money, the firm’s global banking industry leader, Gareth Wilson, joins host Merryn Somerset Webb to discuss why young people want to make the move and what they should consider when choosing new wealth managers. See omnystudio.com/listener for privacy information.

Fidelity International’s Dale Nicholls joins this week’s Merryn Talks Money to discuss the Asian giant as a viable place to park your money. He explains China is now one the most innovative economies in the world. Its research and development spend is up forty-fold since 2000, and you can see the results in its clear leadership in electric vehicles, in battery storage, renewable energy infrastructure and increasingly artificial intelligence.See omnystudio.com/listener for privacy information.

Bloomberg personal finance and wealth reporter Suzanne Woolley joins Merryn this week to discuss her latest in the "Where to Invest" series. She shares the promising investment areas wealth managers and market strategists highlighted in her story on how best to invest $100,000 in today’s turbulent market.The ideas that emerged range from technology — yes, the Magnificent 7 is in there — to insurance and health-care stocks, high-quality fixed income and publicly traded private equity stocks.Read the story: https://www.bloomberg.com/features/how-to-invest-100k-q3-2025/See omnystudio.com/listener for privacy information.

Economist Felix Martin joins host Merryn Somerset Webb for this week’s episode of Merryn Talks Money to discuss the common understanding of, well, money. Specifically, why the typical conception of what constitutes it may be inaccurate. Martin, author of the book Money: The Unauthorized Biography and a former fund manager, says that rather than simply being a token medium of exchange, “money” is in fact “a system of ideas; it is the institution of credits and debts. It is the various technologies which have been developed and deployed for recording credits and debts and for transferring credits and debts from one person or one company to another.” See omnystudio.com/listener for privacy information.

Author of the Money Distilled newsletter John Stepek, is joined by Bloomberg Opinion columnist, Marcus Ashworth. Ashworth, covers European markets and was formerly chief markets strategist for Haitong Securities in London. The pair discuss Japan's bond market and what recent market activity means for decision making at the Bank of England. See omnystudio.com/listener for privacy information.

In this week’s episode of Merryn Talks Your Money, Merryn Somerset Webb is joined by Money Distilled author John Stepek to answer listeners’ burning personal finance questions. Together, they tackle whether commodities still deserve a spot in your portfolio as the global economy teeters between inflation, geopolitical turmoil and policy shifts. With prices climbing and environmental concerns limiting new supply, is this the new normal or a bubble waiting to burst?See omnystudio.com/listener for privacy information.

Think it’s all over for US markets? Think they’re finally going to sink under high valuations, inflated expectations and now a nervous bond market? Maybe think again, says Ed Yardeni of the eponymous firm Yardeni Research.See omnystudio.com/listener for privacy information.

In this week's roundup, Merryn Somerset Webb, speaks with Money Distilled newsletter author John Stepek, about the latest UK inflation figures, whether there's trouble on the horizon for the bond market and what lessons investors can learn from Australian pension funds. See omnystudio.com/listener for privacy information.

Merryn Somerset Webb and John Stepek conclude their mini-series on UK housing with an overview of lesser-known issues that can arise during the home-buying process. The aim of this episode is to help homebuyers learn the things they didn’t know they didn’t know. Webb and Stepek are joined by Anthony Emmerson, director of London mortgage brokers Trinity Financial.See omnystudio.com/listener for privacy information.

Sarah Ketterer, chief executive of Causeway Capital Management, which has over $55 billion in assets under management. joins this week’s Merryn Talks Money to discuss why stocks have rebounded from last month’s bloodbath, and why the US market’s long-held dominance is nevertheless shifting as investors increasingly seek value beyond its borders—in Europe, Japan and South Korea.See omnystudio.com/listener for privacy information.

In this week's roundup, Merryn Somerset Webb, speaks with Money Distilled newsletter author John Stepek about new proposals to get pension funds to invest more in the UK, whether ISA allowances should be adjusted and UK Chancellor, Rachel Reeves's current performance.  See omnystudio.com/listener for privacy information.

Hosts Merryn Somerset Webb and John Stepek continue their mini-series on UK housing, with a focus on conveyance. In this context, that means navigating the paperwork and legal requirements involved in the home-buying process, from making an offer to receiving the keys.  They speak with Laura Conduit, a specialist property solicitor and partner at Farrer and Co LLP. The trio discuss how to balance price and value when paying for a conveyancer, common stumbling blocks that can derail a sale and why conveyance on a flat can be more expensive than a house. See omnystudio.com/listener for privacy information.

In this week's roundup, Merryn Somerset Webb speaks with Money Distilled newsletter author John Stepek about the Bank of England's somewhat surprising decision, the 'Buy the Dip' mentality that still surrounds US markets, and the UK-US trade pact. Research Merryn references: https://www.convexitymaven.com/wp-content/uploads/2025/04/Convexity-Maven-Chekhovs-Gun.pdfSee omnystudio.com/listener for privacy information.

In this episode of the Merryn Talks Money UK housing mini-series, hosts Merryn Somerset Webb and Money Distilled author John Stepek delve into the complexities of freehold and leasehold properties with guest Anthony Emmerson, who has worked in the mortgage industry for 20 years and is currently director at Trinity Financial. See omnystudio.com/listener for privacy information.

The dollar is wobbling. Not everyone is mad for Treasuries anymore. The US is likely headed for recession and it looks like the future of technology might be in China. What’s an investor to do?Move with the times, says Gavekal founding partner and Chief Executive Officer Louis-Vincent Gave. In other words, you don’t have to invest in the US, and in conversation with Merryn this week, he shares his thoughts on the best places to move your money. Gavekal Research: https://research.gavekal.com/article/prejudice-and-china/Erik Prince video Louis mentions: https://www.youtube.com/watch?v=WsKtfLRSo2cSee omnystudio.com/listener for privacy information.

Not long ago, it was seen as too slow, too expensive and too controversial to play a major role in the future energy mix. Not anymore. Nick Lawson, chief executive of investment firm Ocean Wall, and Jake Jurewicz, CEO and co-founder of modular reactor startup Blue Energy, join this week’s Merryn Talks Money to explain why they think nuclear power is becoming one of the most compelling long-term energy bets.See omnystudio.com/listener for privacy information.

In this week's roundup, Merryn Somerset Webb, speaks with Money Distilled newsletter author John Stepek about why the Nvidia share price is a magic number, falling UK mortgage rates, buying the dip and covid-level shortages caused by tariffs.See omnystudio.com/listener for privacy information.

“ Going into the property market without a buying agent is a bit like going to court without a lawyer,” says Black Brick Property Solutions founder Camilla Dell. “You’d never dream of representing yourself, and yet when it comes to buying property, which is often one of the most significant and largest financial commitments that somebody will do in their entire lifetimes, people tend to do that without proper representation.” On this episode of the Merryn Talks Money UK housing mini-series, Dell, who has worked in the London property market for more than two decades, joins hosts Merryn Somerset Webb and Money Distilled author John Stepek to explain the importance of a buying agent.See omnystudio.com/listener for privacy information.

Renowned UK value investor Ben Whitmore joins host Merryn Somerset Webb to discuss why he left Jupiter Asset Management, the mission behind Brickwood Asset Management (his new venture) and the focus behind its first fund.Whitmore is zeroing in on buying shares of undervalued UK companies. He tells us which companies, and speaks more generally about the trends he's seeing in the markets. See omnystudio.com/listener for privacy information.

In this week's roundup, Merryn Somerset Webb, speaks with Money Distilled newsletter author John Stepek about the recent volatility in the markets, significant increases in gold prices and the role of US President Donald Trump in market shifts and the theoretical versus practical independence of central banks. See omnystudio.com/listener for privacy information.

In this episode of the Merryn Talks Money UK housing mini-series, hosts Merryn Somerset Webb and Money Distilled author John Stepek are joined by Paula Higgins, founder and chief executive of HomeOwners Alliance, to tackle the question: are new-build properties a wise choice? See omnystudio.com/listener for privacy information.

As hosts Merryn Somerset Webb and John Stepek, continue on with part 3 of their UK housing mini-series, they help answer a listener question on the pros and cons of buying a shared ownership property in the UK. They are joined by Ray Boulger, of independent mortgage brokers, John Charcol. See omnystudio.com/listener for privacy information.

(This interview was recorded before the market chaos of this week.) On this week’s episode of Merryn Talks Money, Merryn Somerset Webb sits down with economist James Galbraith, who says there’s a problem with economists. The problem, he says, is that almost all of them are working with the wrong models. They look at economics in terms of equilibrium, as though the natural destination of an economy is “some kind of stable state,” Galbraith says. But absolutely nothing else tends to equilibrium. See omnystudio.com/listener for privacy information.

In this week's roundup, Merryn Somerset Webb, speaks with Money Distilled newsletter author John Stepek about trade wars, the end to American exceptionalism and President Donald Trump might actually be winning. https://www.bloomberg.com/news/newsletters/2025-04-09/everything-you-need-to-know-about-the-basis-trade-spooking-markets See omnystudio.com/listener for privacy information.

In this week’s installment of Merryn Talks Your Money, hosts Merryn Somerset Webb and Money Distilled author John Stepek continue their UK housing mini-series. On this episode, they question the value-add of mortgage brokers when buying a home in Britain. How essential are they? See omnystudio.com/listener for privacy information.

It wasn’t long ago that China was considered “uninvestable” and that the “exceptional” US market was the only game in town. That’s not the case anymore. According to Edward Cole, Man Group’s head of multi-strategy equities, nothing is permanently exceptional or uninvestable. Once you accept that premise, the great rotation currently underway makes a lot more sense. See omnystudio.com/listener for privacy information.

In this week's roundup, Merryn Somerset Webb, speaks with Money Distilled newsletter author John Stepek about how US tariffs have highlighted a benefit of Brexit and why they believe the minimum wage is too high. See omnystudio.com/listener for privacy information.

We're kicking off our special series on how to navigate the UK housing market. Professor Yolande Barnes at University College London joins host Merryn Somerset Webb to discuss the market as a whole: what’s the outlook for home prices, what’s the best strategy when purchasing your first property and why the UK is at risk of an oversupply in houses.   See omnystudio.com/listener for privacy information.

Alyx Wood, chief investment officer of UK-focused hedge fund Kernow Asset Management, joins Merryn this week. We discuss his contrarian approach to investing, where he is short, where he is long, and why he's decided to focus on UK equities. See omnystudio.com/listener for privacy information.

In this week's roundup, Merryn speaks with Money Distilled newsletter author John Stepek about Chancellor Rachel Reeves's Spring Statement. They discuss what it means for your money, and why despite the Chancellor’s cuts and tweaks, the UK’s fiscal head room remains inadequate. See omnystudio.com/listener for privacy information.

Bloomberg personal finance reporter Suzanne Woolley is back on Merryn Talks Your Money. She discusses her latest in the 'Where to Invest' series, where four investment experts share suggestions on where they'd put $1 million right now. Ideas include European stocks, multifamily housing and art.  See omnystudio.com/listener for privacy information.

UK billionaire Michael Spencer joins Merryn this week to explain why he’s betting big on Nutshell Asset Management’s trading strategy. There isn’t much everyone agrees on in markets. But one thing you rarely hear an argument against is the importance of trading as little as possible. The higher your turnover, the higher your costs go and the worse your overall performance will be. So find good quality stocks you have faith in and hold them for the very long term—Warren Buffett or Nick Train style.Or maybe don’t. Spencer, the billionaire behind one of the world’s biggest financial brokerage fortune, says the low turnover story is old hat. There has been a change in market structure, he says, and trading costs today are “microscopic” compared with even a few years ago.See omnystudio.com/listener for privacy information.

In this week's roundup, Merryn speaks with Money Distilled newsletter author John Stepek about Chancellor Rachel Reeves's upcoming fiscal event and what it could mean for your finances. See omnystudio.com/listener for privacy information.

On this week’s personal finance edition of Merryn Talks Money, hosts Merryn Somerset Webb and John Stepek discuss a selection of reader questions.Among them are why pension planning could be different between men and women, what to consider when choosing an Individual Savings Account in the UK and why dying broke might not be such a bad idea. See omnystudio.com/listener for privacy information.

Troy Asset Management founder Sebastian Lyon joins Merryn this week to talk strategies for protecting your capital in these crazy markets. They also discuss how the low interest-rate environment hit the UK investment trust industry hard, and the way he sees it rebounding, as well as American exceptionalism and why there are good reasons to be cautious about investing in the US, and his outlook for gold.See omnystudio.com/listener for privacy information.

The great John Authers, senior markets editor and Opinion columnist at Bloomberg, joins Merryn and John Stepek for this week's roundup. He talks about his time in Frankfurt, explaining "the biggest turning point for German economic policy at least since reunification, and possibly much longer." He also points out why German companies look like good value ( "take 10 percent out of your Mag7 ETF and put it into a Stocks Industrials ETF, and that will move things very quickly") and whether Wall Street is losing hope in the 'Trump put.' Disclaimer: Merryn's audio isn't great in this episode but we'll have it fixed by next week. The Johns sound excellent. See omnystudio.com/listener for privacy information.

There’s no tradeoff between net zero and growth in the UK. That’s the conventional wisdom and the position of the current government. But what if it’s the decline in available electricity that’s causing productivity, GDP and living standards to stagnate?  New research from Kallum Pickering, chief economist at Peel Hunt, suggests there may indeed be a connection. He joins Merryn Somerset Webb and senior reporter John Stepek on Merryn Talks Money to explain that the rise of power-hungry artificial intelligence and the UK’s renewed focus on defense may mean the government should reexamine its energy policies.See omnystudio.com/listener for privacy information.

Merryn speaks with Bloomberg personal finance and wealth reporter Suzanne Woolley about the latest instalment in her "Where to Invest" series. They discuss where four money managers said they’d put a $100,000 stake right now. Opportunities mentioned include stocks outside the US, tech and a holiday house in Greece. Read the story here: https://www.bloomberg.com/features/how-to-invest-100k-q2-2025/See omnystudio.com/listener for privacy information.

Merryn Somerset Webb interviews GMO co-founder and notorious caller of market bubbles Jeremy Grantham. Grantham, who also serves as the firm’s long-term investment strategist, leans in to his more than five decades of investing experience to explain the current “super bubble” in the markets. He comments on when we’ll see a correction, the fate of the green transition and why he’s so concerned about population decline. Sign up for Merryn's newsletter: https://www.bloomberg.com/account/newsletters/merryn-talks-moneyAnd for John's: https://www.bloomberg.com/account/newsletters/money-distilledSee omnystudio.com/listener for privacy information.

In this week's roundup, Merryn speaks with Money Distilled newsletter author John Stepek about the souring mood on America’s equity market, particularly megacap tech. In case you missed it (or were on holiday like John), the seven behemoths that powered a 54% surge in US stocks over two years tumbled into a collective correction Tuesday. They also discuss the latest moves in Bitcoin and Donald Trump's "gold card" plan. See omnystudio.com/listener for privacy information.

Want a different passport? Wish you lived somewhere with a better tax policy or even better weather? With enough money, it is possible. It’s called citizenship by investment, a process of gaining permanent residency by purchasing property or investing in the economy. On this week’s episode of Merryn Talks Money, host Merryn Somerset Webb speaks with Dominic Volek, group head of private clients at Henley & Partners, about why expats are deciding to move—and which countries have the best offers. See omnystudio.com/listener for privacy information.

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.See omnystudio.com/listener for privacy information.

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. See omnystudio.com/listener for privacy information.

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. See omnystudio.com/listener for privacy information.

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. See omnystudio.com/listener for privacy information.

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. See omnystudio.com/listener for privacy information.

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/  See omnystudio.com/listener for privacy information.

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   See omnystudio.com/listener for privacy information.

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-dieMatthew Hutton's book: https://www.yourlastgiftbook.com/See omnystudio.com/listener for privacy information.

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. See omnystudio.com/listener for privacy information.

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 SuccessSee omnystudio.com/listener for privacy information.

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.See omnystudio.com/listener for privacy information.

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.See omnystudio.com/listener for privacy information.

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. See omnystudio.com/listener for privacy information.

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?See omnystudio.com/listener for privacy information.

“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.) Sign up to Merryn's newsletter: https://www.bloomberg.com/account/newsletters/merryn-talks-moneySee omnystudio.com/listener for privacy information.

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.See omnystudio.com/listener for privacy information.

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.See omnystudio.com/listener for privacy information.

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. Don't forget, sign up to Merryn's newsletter: https://www.bloomberg.com/account/newsletters/merryn-talks-moneySee omnystudio.com/listener for privacy information.

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.”See omnystudio.com/listener for privacy information.

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.See omnystudio.com/listener for privacy information.

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.See omnystudio.com/listener for privacy information.

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.Become a Bloomberg.com subscriber using our special intro offer at bloomberg.com/podcastoffer. You’ll get episodes of this podcast ad-free and unlock access to deep reporting, data and analysis from reporters around the world. Already a subscriber? Connect your account on the %20to%20Return%201)Delete%20%202)Reply%20%2022)Reply%20All%20%203)Forward%20%2046)IB%20Reply%20%20%20%2012)Prev%20%2011)Next%20%2099)Options%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20Message:%20View%20 %20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%2011/13/24%2022:11:42%20UTC%20%20%20%20%20%20%20%20%20%20From%20%20%20%20Alison%20Mobley%20(BLOOMBERG/%20NEWSROOM/)%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20+1-212-318-2000%20%20%20%20%20%20%20%20%20%20%20%20%20To%20%20%20%20Sommer%20Saadi%20%20%20%20%20Mohsis%20Andam%20%20%20%20%20%20%20%20%20%20%20%20%20Cc%20%20%20%20Brendan%20Newnam%20(OUT:731%20LEX%2018:14%2011/14)%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20+1-646-803-3068%20%20%20%20%20%20%20Subject %20%20REMINDER:%20Bloomberg.com%20Subscription%20Promotion%20-%20Merryn%20Talks%20Money+%20In%20The%20City%20%20%20%20%20Attached%20%20 No%20Attachments%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%2091)%20%20%20%20%20%20%20Move%20%20%20%20%20%20Folders%20This%20Message%20is%20Firm-forwardable%20Want%20to%20listen%20to%20episodes%20of%20Merryn%20Talks%20Money%20ad-free?%20Become%20a%20Bloomberg.com%20subscriber%20today.%20Check%20out%20our%20special%20intro%20offer%20right%20now%20at%20%20bloomberg.com/podcastoffer,%20or%20click%20the%20link%20in%20the%20Show%20Notes.%20You’ll%20also%20unlock%20deep%20reporting,%20data,%20and%20analysis%20from%20reporters%20around%20the%20%20world.%20%20If%20you’re%20already%20a%20Bloomberg.com%20subscriber,%20connect%20your%20account%20within%20Apple%20Podcasts%20to%20listen%20to%20this%20episode%20ad-free.%20%20%20EPISODIC%20PODCAST%20DESCRIPTIONS%20%20Become%20a%20Bloomberg.com%20subscriber%20using%20our%20special%20intro%20offer%20at%20bloomberg.com/podcastoffer.%20You’ll%20get%20episodes%20of%20this%20podcast%20ad-free%20and%20unlock%20%20access%20to%20deep%20reporting,%20data%20and%20analysis%20from%20reporters%20around%20the%20world.%20Already%20a%20subscriber?%20Connect%20your%20account%20on%20the%20Bloomberg%20channel%20page%20%20in%20Apple%20Podcasts%20to%20listen%20ad-free.%20 %20*note:%20hyperlink%20bloomberg.com/podcastoffer%20text%20to%20this%20trackable%20link%20here:%20www.bloomberg.com/podcastoffer?%20utm_medium=referral&utm_source=Podcast&utm_campaign=MerrynTalksMoney%20%20*note:%20hyperlink%20Bloomberg%20channel%20page%20text%20to%20this%20link%20here:%20https://podcasts.apple.com/us/channel/bloomberg/id6442484579">Bloomberg channel page in Apple Podcasts to listen ad-free.Sign up to Merryn's newsletter: https://www.bloomberg.com/account/newsletters/merryn-talks-moneySee omnystudio.com/listener for privacy information.

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. Become a Bloomberg.com subscriber using our special intro offer at bloomberg.com/podcastoffer. You’ll get episodes of this podcast ad-free and unlock access to deep reporting, data and analysis from reporters around the world. Already a subscriber? Connect your account on the %20to%20Return%201)Delete%20%202)Reply%20%2022)Reply%20All%20%203)Forward%20%2046)IB%20Reply%20%20%20%2012)Prev%20%2011)Next%20%2099)Options%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20Message:%20View%20 %20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%2011/13/24%2022:11:42%20UTC%20%20%20%20%20%20%20%20%20%20From%20%20%20%20Alison%20Mobley%20(BLOOMBERG/%20NEWSROOM/)%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20+1-212-318-2000%20%20%20%20%20%20%20%20%20%20%20%20%20To%20%20%20%20Sommer%20Saadi%20%20%20%20%20Mohsis%20Andam%20%20%20%20%20%20%20%20%20%20%20%20%20Cc%20%20%20%20Brendan%20Newnam%20(OUT:731%20LEX%2018:14%2011/14)%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20+1-646-803-3068%20%20%20%20%20%20%20Subject %20%20REMINDER:%20Bloomberg.com%20Subscription%20Promotion%20-%20Merryn%20Talks%20Money+%20In%20The%20City%20%20%20%20%20Attached%20%20 No%20Attachments%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%2091)%20%20%20%20%20%20%20Move%20%20%20%20%20%20Folders%20This%20Message%20is%20Firm-forwardable%20Want%20to%20listen%20to%20episodes%20of%20Merryn%20Talks%20Money%20ad-free?%20Become%20a%20Bloomberg.com%20subscriber%20today.%20Check%20out%20our%20special%20intro%20offer%20right%20now%20at%20%20bloomberg.com/podcastoffer,%20or%20click%20the%20link%20in%20the%20Show%20Notes.%20You’ll%20also%20unlock%20deep%20reporting,%20data,%20and%20analysis%20from%20reporters%20around%20the%20%20world.%20%20If%20you’re%20already%20a%20Bloomberg.com%20subscriber,%20connect%20your%20account%20within%20Apple%20Podcasts%20to%20listen%20to%20this%20episode%20ad-free.%20%20%20EPISODIC%20PODCAST%20DESCRIPTIONS%20%20Become%20a%20Bloomberg.com%20subscriber%20using%20our%20special%20intro%20offer%20at%20bloomberg.com/podcastoffer.%20You’ll%20get%20episodes%20of%20this%20podcast%20ad-free%20and%20unlock%20%20access%20to%20deep%20reporting,%20data%20and%20analysis%20from%20reporters%20around%20the%20world.%20Already%20a%20subscriber?%20Connect%20your%20account%20on%20the%20Bloomberg%20channel%20page%20%20in%20Apple%20Podcasts%20to%20listen%20ad-free.%20 %20*note:%20hyperlink%20bloomberg.com/podcastoffer%20text%20to%20this%20trackable%20link%20here:%20www.bloomberg.com/podcastoffer?%20utm_medium=referral&utm_source=Podcast&utm_campaign=MerrynTalksMoney%20%20*note:%20hyperlink%20Bloomberg%20channel%20page%20text%20to%20this%20link%20here:%20https://podcasts.apple.com/us/channel/bloomberg/id6442484579">Bloomberg channel page in Apple Podcasts to listen ad-free.Sign up to Merryn's newsletter: https://www.bloomberg.com/account/newsletters/merryn-talks-moneySee omnystudio.com/listener for privacy information.

Market historian Russell Napier joins Merryn to explain that economic nationalism will have negative consequences for some nations. They also talk Bitcoin and cryptocurrencies. Become a Bloomberg.com subscriber using our special intro offer at bloomberg.com/podcastoffer. You’ll get episodes of this podcast ad-free and unlock access to deep reporting, data and analysis from reporters around the world. Already a subscriber? Connect your account on the %20to%20Return%201)Delete%20%202)Reply%20%2022)Reply%20All%20%203)Forward%20%2046)IB%20Reply%20%20%20%2012)Prev%20%2011)Next%20%2099)Options%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20Message:%20View%20 %20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%2011/13/24%2022:11:42%20UTC%20%20%20%20%20%20%20%20%20%20From%20%20%20%20Alison%20Mobley%20(BLOOMBERG/%20NEWSROOM/)%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20+1-212-318-2000%20%20%20%20%20%20%20%20%20%20%20%20%20To%20%20%20%20Sommer%20Saadi%20%20%20%20%20Mohsis%20Andam%20%20%20%20%20%20%20%20%20%20%20%20%20Cc%20%20%20%20Brendan%20Newnam%20(OUT:731%20LEX%2018:14%2011/14)%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20+1-646-803-3068%20%20%20%20%20%20%20Subject %20%20REMINDER:%20Bloomberg.com%20Subscription%20Promotion%20-%20Merryn%20Talks%20Money+%20In%20The%20City%20%20%20%20%20Attached%20%20 No%20Attachments%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%2091)%20%20%20%20%20%20%20Move%20%20%20%20%20%20Folders%20This%20Message%20is%20Firm-forwardable%20Want%20to%20listen%20to%20episodes%20of%20Merryn%20Talks%20Money%20ad-free?%20Become%20a%20Bloomberg.com%20subscriber%20today.%20Check%20out%20our%20special%20intro%20offer%20right%20now%20at%20%20bloomberg.com/podcastoffer,%20or%20click%20the%20link%20in%20the%20Show%20Notes.%20You’ll%20also%20unlock%20deep%20reporting,%20data,%20and%20analysis%20from%20reporters%20around%20the%20%20world.%20%20If%20you’re%20already%20a%20Bloomberg.com%20subscriber,%20connect%20your%20account%20within%20Apple%20Podcasts%20to%20listen%20to%20this%20episode%20ad-free.%20%20%20EPISODIC%20PODCAST%20DESCRIPTIONS%20%20Become%20a%20Bloomberg.com%20subscriber%20using%20our%20special%20intro%20offer%20at%20bloomberg.com/podcastoffer.%20You’ll%20get%20episodes%20of%20this%20podcast%20ad-free%20and%20unlock%20%20access%20to%20deep%20reporting,%20data%20and%20analysis%20from%20reporters%20around%20the%20world.%20Already%20a%20subscriber?%20Connect%20your%20account%20on%20the%20Bloomberg%20channel%20page%20%20in%20Apple%20Podcasts%20to%20listen%20ad-free.%20 %20*note:%20hyperlink%20bloomberg.com/podcastoffer%20text%20to%20this%20trackable%20link%20here:%20www.bloomberg.com/podcastoffer?%20utm_medium=referral&utm_source=Podcast&utm_campaign=MerrynTalksMoney%20%20*note:%20hyperlink%20Bloomberg%20channel%20page%20text%20to%20this%20link%20here:%20https://podcasts.apple.com/us/channel/bloomberg/id6442484579">Bloomberg channel page in Apple Podcasts to listen ad-free.Sign up to Merryn's newsletter: https://www.bloomberg.com/account/newsletters/merryn-talks-moneySee omnystudio.com/listener for privacy information.

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. Become a Bloomberg.com subscriber using our special intro offer at bloomberg.com/podcastoffer. You’ll get episodes of this podcast ad-free and unlock access to deep reporting, data and analysis from reporters around the world. Already a subscriber? Connect your account on the %20to%20Return%201)Delete%20%202)Reply%20%2022)Reply%20All%20%203)Forward%20%2046)IB%20Reply%20%20%20%2012)Prev%20%2011)Next%20%2099)Options%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20Message:%20View%20 %20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%2011/13/24%2022:11:42%20UTC%20%20%20%20%20%20%20%20%20%20From%20%20%20%20Alison%20Mobley%20(BLOOMBERG/%20NEWSROOM/)%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20+1-212-318-2000%20%20%20%20%20%20%20%20%20%20%20%20%20To%20%20%20%20Sommer%20Saadi%20%20%20%20%20Mohsis%20Andam%20%20%20%20%20%20%20%20%20%20%20%20%20Cc%20%20%20%20Brendan%20Newnam%20(OUT:731%20LEX%2018:14%2011/14)%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20+1-646-803-3068%20%20%20%20%20%20%20Subject %20%20REMINDER:%20Bloomberg.com%20Subscription%20Promotion%20-%20Merryn%20Talks%20Money+%20In%20The%20City%20%20%20%20%20Attached%20%20 No%20Attachments%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%2091)%20%20%20%20%20%20%20Move%20%20%20%20%20%20Folders%20This%20Message%20is%20Firm-forwardable%20Want%20to%20listen%20to%20episodes%20of%20Merryn%20Talks%20Money%20ad-free?%20Become%20a%20Bloomberg.com%20subscriber%20today.%20Check%20out%20our%20special%20intro%20offer%20right%20now%20at%20%20bloomberg.com/podcastoffer,%20or%20click%20the%20link%20in%20the%20Show%20Notes.%20You’ll%20also%20unlock%20deep%20reporting,%20data,%20and%20analysis%20from%20reporters%20around%20the%20%20world.%20%20If%20you’re%20already%20a%20Bloomberg.com%20subscriber,%20connect%20your%20account%20within%20Apple%20Podcasts%20to%20listen%20to%20this%20episode%20ad-free.%20%20%20EPISODIC%20PODCAST%20DESCRIPTIONS%20%20Become%20a%20Bloomberg.com%20subscriber%20using%20our%20special%20intro%20offer%20at%20bloomberg.com/podcastoffer.%20You’ll%20get%20episodes%20of%20this%20podcast%20ad-free%20and%20unlock%20%20access%20to%20deep%20reporting,%20data%20and%20analysis%20from%20reporters%20around%20the%20world.%20Already%20a%20subscriber?%20Connect%20your%20account%20on%20the%20Bloomberg%20channel%20page%20%20in%20Apple%20Podcasts%20to%20listen%20ad-free.%20 %20*note:%20hyperlink%20bloomberg.com/podcastoffer%20text%20to%20this%20trackable%20link%20here:%20www.bloomberg.com/podcastoffer?%20utm_medium=referral&utm_source=Podcast&utm_campaign=MerrynTalksMoney%20%20*note:%20hyperlink%20Bloomberg%20channel%20page%20text%20to%20this%20link%20here:%20https://podcasts.apple.com/us/channel/bloomberg/id6442484579">Bloomberg channel page in Apple Podcasts to listen ad-free.Sign up to Merryn's newsletter: https://www.bloomberg.com/account/newsletters/merryn-talks-moneySee omnystudio.com/listener for privacy information.

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? Become a Bloomberg.com subscriber using our special intro offer at bloomberg.com/podcastoffer. You’ll get episodes of this podcast ad-free and unlock access to deep reporting, data and analysis from reporters around the world. Already a subscriber? Connect your account on the %20to%20Return%201)Delete%20%202)Reply%20%2022)Reply%20All%20%203)Forward%20%2046)IB%20Reply%20%20%20%2012)Prev%20%2011)Next%20%2099)Options%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20Message:%20View%20 %20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%2011/13/24%2022:11:42%20UTC%20%20%20%20%20%20%20%20%20%20From%20%20%20%20Alison%20Mobley%20(BLOOMBERG/%20NEWSROOM/)%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20+1-212-318-2000%20%20%20%20%20%20%20%20%20%20%20%20%20To%20%20%20%20Sommer%20Saadi%20%20%20%20%20Mohsis%20Andam%20%20%20%20%20%20%20%20%20%20%20%20%20Cc%20%20%20%20Brendan%20Newnam%20(OUT:731%20LEX%2018:14%2011/14)%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20+1-646-803-3068%20%20%20%20%20%20%20Subject %20%20REMINDER:%20Bloomberg.com%20Subscription%20Promotion%20-%20Merryn%20Talks%20Money+%20In%20The%20City%20%20%20%20%20Attached%20%20 No%20Attachments%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%2091)%20%20%20%20%20%20%20Move%20%20%20%20%20%20Folders%20This%20Message%20is%20Firm-forwardable%20Want%20to%20listen%20to%20episodes%20of%20Merryn%20Talks%20Money%20ad-free?%20Become%20a%20Bloomberg.com%20subscriber%20today.%20Check%20out%20our%20special%20intro%20offer%20right%20now%20at%20%20bloomberg.com/podcastoffer,%20or%20click%20the%20link%20in%20the%20Show%20Notes.%20You’ll%20also%20unlock%20deep%20reporting,%20data,%20and%20analysis%20from%20reporters%20around%20the%20%20world.%20%20If%20you’re%20already%20a%20Bloomberg.com%20subscriber,%20connect%20your%20account%20within%20Apple%20Podcasts%20to%20listen%20to%20this%20episode%20ad-free.%20%20%20EPISODIC%20PODCAST%20DESCRIPTIONS%20%20Become%20a%20Bloomberg.com%20subscriber%20using%20our%20special%20intro%20offer%20at%20bloomberg.com/podcastoffer.%20You’ll%20get%20episodes%20of%20this%20podcast%20ad-free%20and%20unlock%20%20access%20to%20deep%20reporting,%20data%20and%20analysis%20from%20reporters%20around%20the%20world.%20Already%20a%20subscriber?%20Connect%20your%20account%20on%20the%20Bloomberg%20channel%20page%20%20in%20Apple%20Podcasts%20to%20listen%20ad-free.%20 %20*note:%20hyperlink%20bloomberg.com/podcastoffer%20text%20to%20this%20trackable%20link%20here:%20www.bloomberg.com/podcastoffer?%20utm_medium=referral&utm_source=Podcast&utm_campaign=MerrynTalksMoney%20%20*note:%20hyperlink%20Bloomberg%20channel%20page%20text%20to%20this%20link%20here:%20https://podcasts.apple.com/us/channel/bloomberg/id6442484579">Bloomberg channel page in Apple Podcasts to listen ad-free.Sign up to Merryn's newsletter: https://www.bloomberg.com/account/newsletters/merryn-talks-moneySee omnystudio.com/listener for privacy information.

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. See omnystudio.com/listener for privacy information.

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. Become a Bloomberg.com subscriber using our special intro offer at bloomberg.com/podcastoffer. You’ll get episodes of this podcast ad-free and unlock access to deep reporting, data and analysis from reporters around the world. Already a subscriber? Connect your account on the %20to%20Return%201)Delete%20%202)Reply%20%2022)Reply%20All%20%203)Forward%20%2046)IB%20Reply%20%20%20%2012)Prev%20%2011)Next%20%2099)Options%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20Message:%20View%20 %20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%2011/13/24%2022:11:42%20UTC%20%20%20%20%20%20%20%20%20%20From%20%20%20%20Alison%20Mobley%20(BLOOMBERG/%20NEWSROOM/)%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20+1-212-318-2000%20%20%20%20%20%20%20%20%20%20%20%20%20To%20%20%20%20Sommer%20Saadi%20%20%20%20%20Mohsis%20Andam%20%20%20%20%20%20%20%20%20%20%20%20%20Cc%20%20%20%20Brendan%20Newnam%20(OUT:731%20LEX%2018:14%2011/14)%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20+1-646-803-3068%20%20%20%20%20%20%20Subject %20%20REMINDER:%20Bloomberg.com%20Subscription%20Promotion%20-%20Merryn%20Talks%20Money+%20In%20The%20City%20%20%20%20%20Attached%20%20 No%20Attachments%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%2091)%20%20%20%20%20%20%20Move%20%20%20%20%20%20Folders%20This%20Message%20is%20Firm-forwardable%20Want%20to%20listen%20to%20episodes%20of%20Merryn%20Talks%20Money%20ad-free?%20Become%20a%20Bloomberg.com%20subscriber%20today.%20Check%20out%20our%20special%20intro%20offer%20right%20now%20at%20%20bloomberg.com/podcastoffer,%20or%20click%20the%20link%20in%20the%20Show%20Notes.%20You’ll%20also%20unlock%20deep%20reporting,%20data,%20and%20analysis%20from%20reporters%20around%20the%20%20world.%20%20If%20you’re%20already%20a%20Bloomberg.com%20subscriber,%20connect%20your%20account%20within%20Apple%20Podcasts%20to%20listen%20to%20this%20episode%20ad-free.%20%20%20EPISODIC%20PODCAST%20DESCRIPTIONS%20%20Become%20a%20Bloomberg.com%20subscriber%20using%20our%20special%20intro%20offer%20at%20bloomberg.com/podcastoffer.%20You’ll%20get%20episodes%20of%20this%20podcast%20ad-free%20and%20unlock%20%20access%20to%20deep%20reporting,%20data%20and%20analysis%20from%20reporters%20around%20the%20world.%20Already%20a%20subscriber?%20Connect%20your%20account%20on%20the%20Bloomberg%20channel%20page%20%20in%20Apple%20Podcasts%20to%20listen%20ad-free.%20 %20*note:%20hyperlink%20bloomberg.com/podcastoffer%20text%20to%20this%20trackable%20link%20here:%20www.bloomberg.com/podcastoffer?%20utm_medium=referral&utm_source=Podcast&utm_campaign=MerrynTalksMoney%20%20*note:%20hyperlink%20Bloomberg%20channel%20page%20text%20to%20this%20link%20here:%20https://podcasts.apple.com/us/channel/bloomberg/id6442484579">Bloomberg channel page in Apple Podcasts to listen ad-free.Sign up to Merryn's newsletter: https://www.bloomberg.com/account/newsletters/merryn-talks-moneySee omnystudio.com/listener for privacy information.

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.See omnystudio.com/listener for privacy information.

“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. See omnystudio.com/listener for privacy information.

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. Become a Bloomberg.com subscriber using our special intro offer at bloomberg.com/podcastoffer. You’ll get episodes of this podcast ad-free and unlock access to deep reporting, data and analysis from reporters around the world. Already a subscriber? Connect your account on the %20to%20Return%201)Delete%20%202)Reply%20%2022)Reply%20All%20%203)Forward%20%2046)IB%20Reply%20%20%20%2012)Prev%20%2011)Next%20%2099)Options%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20Message:%20View%20 %20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%2011/13/24%2022:11:42%20UTC%20%20%20%20%20%20%20%20%20%20From%20%20%20%20Alison%20Mobley%20(BLOOMBERG/%20NEWSROOM/)%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20+1-212-318-2000%20%20%20%20%20%20%20%20%20%20%20%20%20To%20%20%20%20Sommer%20Saadi%20%20%20%20%20Mohsis%20Andam%20%20%20%20%20%20%20%20%20%20%20%20%20Cc%20%20%20%20Brendan%20Newnam%20(OUT:731%20LEX%2018:14%2011/14)%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20+1-646-803-3068%20%20%20%20%20%20%20Subject %20%20REMINDER:%20Bloomberg.com%20Subscription%20Promotion%20-%20Merryn%20Talks%20Money+%20In%20The%20City%20%20%20%20%20Attached%20%20 No%20Attachments%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%2091)%20%20%20%20%20%20%20Move%20%20%20%20%20%20Folders%20This%20Message%20is%20Firm-forwardable%20Want%20to%20listen%20to%20episodes%20of%20Merryn%20Talks%20Money%20ad-free?%20Become%20a%20Bloomberg.com%20subscriber%20today.%20Check%20out%20our%20special%20intro%20offer%20right%20now%20at%20%20bloomberg.com/podcastoffer,%20or%20click%20the%20link%20in%20the%20Show%20Notes.%20You’ll%20also%20unlock%20deep%20reporting,%20data,%20and%20analysis%20from%20reporters%20around%20the%20%20world.%20%20If%20you’re%20already%20a%20Bloomberg.com%20subscriber,%20connect%20your%20account%20within%20Apple%20Podcasts%20to%20listen%20to%20this%20episode%20ad-free.%20%20%20EPISODIC%20PODCAST%20DESCRIPTIONS%20%20Become%20a%20Bloomberg.com%20subscriber%20using%20our%20special%20intro%20offer%20at%20bloomberg.com/podcastoffer.%20You’ll%20get%20episodes%20of%20this%20podcast%20ad-free%20and%20unlock%20%20access%20to%20deep%20reporting,%20data%20and%20analysis%20from%20reporters%20around%20the%20world.%20Already%20a%20subscriber?%20Connect%20your%20account%20on%20the%20Bloomberg%20channel%20page%20%20in%20Apple%20Podcasts%20to%20listen%20ad-free.%20 %20*note:%20hyperlink%20bloomberg.com/podcastoffer%20text%20to%20this%20trackable%20link%20here:%20www.bloomberg.com/podcastoffer?%20utm_medium=referral&utm_source=Podcast&utm_campaign=MerrynTalksMoney%20%20*note:%20hyperlink%20Bloomberg%20channel%20page%20text%20to%20this%20link%20here:%20https://podcasts.apple.com/us/channel/bloomberg/id6442484579">Bloomberg channel page in Apple Podcasts to listen ad-free.Sign up to Merryn's newsletter: https://www.bloomberg.com/account/newsletters/merryn-talks-moneySee omnystudio.com/listener for privacy information.

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. Become a Bloomberg.com subscriber using our special intro offer at bloomberg.com/podcastoffer. You’ll get episodes of this podcast ad-free and unlock access to deep reporting, data and analysis from reporters around the world. Already a subscriber? Connect your account on the Bloomberg channel page in Apple Podcasts to listen ad-free.Sign up for the newsletter: https://www.bloomberg.com/merrynnewsletterSee omnystudio.com/listener for privacy information.

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.See omnystudio.com/listener for privacy information.

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. Become a Bloomberg.com subscriber using our special intro offer at bloomberg.com/podcastoffer. You’ll get episodes of this podcast ad-free and unlock access to deep reporting, data and analysis from reporters around the world. Already a subscriber? Connect your account on the Bloomberg channel page in Apple Podcasts to listen ad-free.Sign up for the newsletter: https://www.bloomberg.com/account/newsletters/merryn-talks-moneySee omnystudio.com/listener for privacy information.

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. Become a Bloomberg.com subscriber using our special intro offer at bloomberg.com/podcastoffer. You’ll get episodes of this podcast ad-free and unlock access to deep reporting, data and analysis from reporters around the world. Already a subscriber? Connect your account on the %20to%20Return%201)Delete%20%202)Reply%20%2022)Reply%20All%20%203)Forward%20%2046)IB%20Reply%20%20%20%2012)Prev%20%2011)Next%20%2099)Options%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20Message:%20View%20 %20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%2011/13/24%2022:11:42%20UTC%20%20%20%20%20%20%20%20%20%20From%20%20%20%20Alison%20Mobley%20(BLOOMBERG/%20NEWSROOM/)%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20+1-212-318-2000%20%20%20%20%20%20%20%20%20%20%20%20%20To%20%20%20%20Sommer%20Saadi%20%20%20%20%20Mohsis%20Andam%20%20%20%20%20%20%20%20%20%20%20%20%20Cc%20%20%20%20Brendan%20Newnam%20(OUT:731%20LEX%2018:14%2011/14)%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20+1-646-803-3068%20%20%20%20%20%20%20Subject %20%20REMINDER:%20Bloomberg.com%20Subscription%20Promotion%20-%20Merryn%20Talks%20Money+%20In%20The%20City%20%20%20%20%20Attached%20%20 No%20Attachments%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%20%2091)%20%20%20%20%20%20%20Move%20%20%20%20%20%20Folders%20This%20Message%20is%20Firm-forwardable%20Want%20to%20listen%20to%20episodes%20of%20Merryn%20Talks%20Money%20ad-free?%20Become%20a%20Bloomberg.com%20subscriber%20today.%20Check%20out%20our%20special%20intro%20offer%20right%20now%20at%20%20bloomberg.com/podcastoffer,%20or%20click%20the%20link%20in%20the%20Show%20Notes.%20You’ll%20also%20unlock%20deep%20reporting,%20data,%20and%20analysis%20from%20reporters%20around%20the%20%20world.%20%20If%20you’re%20already%20a%20Bloomberg.com%20subscriber,%20connect%20your%20account%20within%20Apple%20Podcasts%20to%20listen%20to%20this%20episode%20ad-free.%20%20%20EPISODIC%20PODCAST%20DESCRIPTIONS%20%20Become%20a%20Bloomberg.com%20subscriber%20using%20our%20special%20intro%20offer%20at%20bloomberg.com/podcastoffer.%20You’ll%20get%20episodes%20of%20this%20podcast%20ad-free%20and%20unlock%20%20access%20to%20deep%20reporting,%20data%20and%20analysis%20from%20reporters%20around%20the%20world.%20Already%20a%20subscriber?%20Connect%20your%20account%20on%20the%20Bloomberg%20channel%20page%20%20in%20Apple%20Podcasts%20to%20listen%20ad-free.%20 %20*note:%20hyperlink%20bloomberg.com/podcastoffer%20text%20to%20this%20trackable%20link%20here:%20www.bloomberg.com/podcastoffer?%20utm_medium=referral&utm_source=Podcast&utm_campaign=MerrynTalksMoney%20%20*note:%20hyperlink%20Bloomberg%20channel%20page%20text%20to%20this%20link%20here:%20https://podcasts.apple.com/us/channel/bloomberg/id6442484579">Bloomberg channel page in Apple Podcasts to listen ad-free.Sign up to Merryn's newsletter: https://www.bloomberg.com/account/newsletters/merryn-talks-moneySee omnystudio.com/listener for privacy information.

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.  SPECIAL ANNOUNCEMENT: Merryn is getting her own newsletter. Sign up here: https://www.bloomberg.com/account/newsletters/merryn-talks-moneySee omnystudio.com/listener for privacy information.

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. Merryn is getting her own newsletter. Sign up here: https://www.bloomberg.com/account/newsletters/merryn-talks-moneySee omnystudio.com/listener for privacy information.

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? SPECIAL ANNOUNCEMENT: Merryn is getting her own newsletter. Sign up here: https://www.bloomberg.com/account/newsletters/merryn-talks-moneySee omnystudio.com/listener for privacy information.

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. See omnystudio.com/listener for privacy information.

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. See omnystudio.com/listener for privacy information.

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. See omnystudio.com/listener for privacy information.

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.See omnystudio.com/listener for privacy information.

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.  See omnystudio.com/listener for privacy information.

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/  See omnystudio.com/listener for privacy information.

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:https://go.bloomberg.com/attend/invite/merryn-talks-budget/See omnystudio.com/listener for privacy information.

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.See omnystudio.com/listener for privacy information.

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/  See omnystudio.com/listener for privacy information.

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: https://go.bloomberg.com/attend/invite/merryn-talks-budget/See omnystudio.com/listener for privacy information.

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.See omnystudio.com/listener for privacy information.

“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/See omnystudio.com/listener for privacy information.

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/    See omnystudio.com/listener for privacy information.

On this personal finance edition of Merryn Talks Money, our hosts discuss Lifetime ISAs and their usefulness in buying a home.See omnystudio.com/listener for privacy information.

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.) See omnystudio.com/listener for privacy information.

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.See omnystudio.com/listener for privacy information.

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. See omnystudio.com/listener for privacy information.

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.” See omnystudio.com/listener for privacy information.

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. See omnystudio.com/listener for privacy information.

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.  See omnystudio.com/listener for privacy information.

Foresight Group’s Bernard Fairman discusses the movement toward cleaner energy, a lucrative investment theme he sees playing out over 30 to 50 years.See omnystudio.com/listener for privacy information.

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.See omnystudio.com/listener for privacy information.

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. See omnystudio.com/listener for privacy information.

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. See omnystudio.com/listener for privacy information.

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. See omnystudio.com/listener for privacy information.

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. See omnystudio.com/listener for privacy information.

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.See omnystudio.com/listener for privacy information.

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.See omnystudio.com/listener for privacy information.

In this week's roundup, Merryn and Money Distilled newsletter author John Stepek discuss:1. Why Markets Are Still So Nervous2.The Oil Price Slide - Red Flag or Small Mercy? 3. The Shunning of UK Stocks May Be Near Its Limit See omnystudio.com/listener for privacy information.

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.See omnystudio.com/listener for privacy information.

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/3MpieswSee omnystudio.com/listener for privacy information.

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 says3. And the two key fears behind the market's scary start to SeptemberSee omnystudio.com/listener for privacy information.

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.See omnystudio.com/listener for privacy information.

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. See omnystudio.com/listener for privacy information.

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? See omnystudio.com/listener for privacy information.

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.See omnystudio.com/listener for privacy information.

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. See omnystudio.com/listener for privacy information.

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.See omnystudio.com/listener for privacy information.

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. See omnystudio.com/listener for privacy information.

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.See omnystudio.com/listener for privacy information.

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. See omnystudio.com/listener for privacy information.

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. See omnystudio.com/listener for privacy information.

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. See omnystudio.com/listener for privacy information.

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. See omnystudio.com/listener for privacy information.

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! See omnystudio.com/listener for privacy information.

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.See omnystudio.com/listener for privacy information.

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. See omnystudio.com/listener for privacy information.

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. See omnystudio.com/listener for privacy information.

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. See omnystudio.com/listener for privacy information.

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.netSee omnystudio.com/listener for privacy information.

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. See omnystudio.com/listener for privacy information.

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.netSee omnystudio.com/listener for privacy information.

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. See omnystudio.com/listener for privacy information.

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.netSee omnystudio.com/listener for privacy information.

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-citySee omnystudio.com/listener for privacy information.

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.See omnystudio.com/listener for privacy information.

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.netSee omnystudio.com/listener for privacy information.

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. See omnystudio.com/listener for privacy information.

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. See omnystudio.com/listener for privacy information.

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.See omnystudio.com/listener for privacy information.

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. See omnystudio.com/listener for privacy information.

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 joins to share the advice she sought out from several financial advisors. See omnystudio.com/listener for privacy information.

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. See omnystudio.com/listener for privacy information.

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. See omnystudio.com/listener for privacy information.

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.See omnystudio.com/listener for privacy information.

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.”See omnystudio.com/listener for privacy information.

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. See omnystudio.com/listener for privacy information.

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. See omnystudio.com/listener for privacy information.

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/memosSee omnystudio.com/listener for privacy information.

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 AppleSubscribe On SpotifySubscribe On Youtube Subscribe On Podcast Addict Subscribe On AudibleSee omnystudio.com/listener for privacy information.

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. See omnystudio.com/listener for privacy information.

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.See omnystudio.com/listener for privacy information.

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. See omnystudio.com/listener for privacy information.

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.See omnystudio.com/listener for privacy information.

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/O4EX6BASee omnystudio.com/listener for privacy information.

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.See omnystudio.com/listener for privacy information.

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.See omnystudio.com/listener for privacy information.

Merryn and senior reporter John Stepek discuss the conversation with financial historian Edward Chancellor. See omnystudio.com/listener for privacy information.

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. See omnystudio.com/listener for privacy information.

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.aspxhttps://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-financeshttps://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-wealthSee omnystudio.com/listener for privacy information.

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.aspxhttps://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-financeshttps://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-wealthSee omnystudio.com/listener for privacy information.

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. See omnystudio.com/listener for privacy information.

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. See omnystudio.com/listener for privacy information.

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.  See omnystudio.com/listener for privacy information.

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.”See omnystudio.com/listener for privacy information.

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. See omnystudio.com/listener for privacy information.

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.See omnystudio.com/listener for privacy information.

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’s aftershow, 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.See omnystudio.com/listener for privacy information.

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.See omnystudio.com/listener for privacy information.

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.See omnystudio.com/listener for privacy information.

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.  See omnystudio.com/listener for privacy information.

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. See omnystudio.com/listener for privacy information.

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. See omnystudio.com/listener for privacy information.

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." See omnystudio.com/listener for privacy information.

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. See omnystudio.com/listener for privacy information.

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. Sign up for Money Distilled now: https://www.bloomberg.com/account/newsletters/uk-wealthSee omnystudio.com/listener for privacy information.

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. See omnystudio.com/listener for privacy information.

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-wealthSee omnystudio.com/listener for privacy information.

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-wealthSee omnystudio.com/listener for privacy information.

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.  See omnystudio.com/listener for privacy information.

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.  See omnystudio.com/listener for privacy information.

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.See omnystudio.com/listener for privacy information.

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.See omnystudio.com/listener for privacy information.

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.See omnystudio.com/listener for privacy information.

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. See omnystudio.com/listener for privacy information.

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.  Sign up to John Stepek's daily newsletter Money Distilled. https://www.bloomberg.com/account/newsletters/uk-wealth See omnystudio.com/listener for privacy information.

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. See omnystudio.com/listener for privacy information.

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. Sign up to John Stepek's daily newsletter Money Distilled. https://www.bloomberg.com/account/newsletters/uk-wealth See omnystudio.com/listener for privacy information.

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.  Sign up to John Stepek's daily newsletter Money Distilled. https://www.bloomberg.com/account/newsletters/uk-wealth See omnystudio.com/listener for privacy information.

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. Sign up to John Stepek's daily newsletter Money Distilled. https://www.bloomberg.com/account/newsletters/uk-wealth See omnystudio.com/listener for privacy information.

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.  Sign up to John Stepek's daily newsletter Money Distilled. https://www.bloomberg.com/account/newsletters/uk-wealth See omnystudio.com/listener for privacy information.

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.  Sign up to John Stepek's daily newsletter Money Distilled. https://www.bloomberg.com/account/newsletters/uk-wealth See omnystudio.com/listener for privacy information.

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.Sign up to John Stepek's daily newsletter Money Distilled. https://www.bloomberg.com/account/newsletters/uk-wealthWanted — 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.See omnystudio.com/listener for privacy information.

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. Sign up to John Stepek's daily newsletter Money Distilled. https://www.bloomberg.com/account/newsletters/uk-wealthSee omnystudio.com/listener for privacy information.

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.Sign up to John Stepek's daily newsletter Money Distilled. https://www.bloomberg.com/account/newsletters/uk-wealthSee omnystudio.com/listener for privacy information.

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. Sign up to John Stepek's daily newsletter Money Distilled. https://www.bloomberg.com/account/newsletters/uk-wealth And as promised, Baroness Moyo's Maiden Speech.See omnystudio.com/listener for privacy information.

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.Sign up to John Stepek's daily newsletter Money Distilled. https://www.bloomberg.com/account/newsletters/uk-wealthSee omnystudio.com/listener for privacy information.

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. Sign up to John Stepek's daily newsletter Money Distilled. https://www.bloomberg.com/account/newsletters/uk-wealthSee omnystudio.com/listener for privacy information.

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.Sign up to John Stepek's daily newsletter Money Distilled. https://www.bloomberg.com/account/newsletters/uk-wealthSee omnystudio.com/listener for privacy information.

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. Sign up to John Stepek's daily newsletter Money Distilled. https://www.bloomberg.com/account/newsletters/uk-wealthSee omnystudio.com/listener for privacy information.

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.Sign up to John Stepek's daily newsletter Money Distilled. https://www.bloomberg.com/account/newsletters/uk-wealthAnd sign up to be in the audience of our live podcast taping at Bloomberg Invest: Strategies For Wealth Creation: bloom.bg/3kTCmbH See omnystudio.com/listener for privacy information.

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. Sign up to John Stepek's daily newsletter Money Distilled. https://www.bloomberg.com/account/newsletters/uk-wealthAnd sign up to be in the audience of our live podcast taping at Bloomberg Invest: Strategies For Wealth Creation: bloom.bg/3kTCmbH See omnystudio.com/listener for privacy information.

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. Sign up to John Stepek's daily newsletter Money Distilled. https://www.bloomberg.com/account/newsletters/uk-wealthAnd sign up to be in the audience of our live podcast taping at Bloomberg Invest: Strategies For Wealth Creation: bloom.bg/3kTCmbH See omnystudio.com/listener for privacy information.

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.Sign up to John Stepeker's daily newsletter Money Distilled. https://www.bloomberg.com/account/newsletters/uk-wealthAnd sign up to be in the audience of our live podcast taping at Bloomberg Invest: Strategies For Wealth Creation: bloom.bg/3kTCmbH See omnystudio.com/listener for privacy information.

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%. See omnystudio.com/listener for privacy information.

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. Sign up for John's daily newsletter Money Distilled: https://www.bloomberg.com/account/newsletters/uk-wealthSee omnystudio.com/listener for privacy information.

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:https://www.bloomberg.com/account/newsletters/uk-wealth See omnystudio.com/listener for privacy information.

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=20And of course, sign up for John Stepek's  daily newsletter: https://www.bloomberg.com/account/newsletters/uk-wealth See omnystudio.com/listener for privacy information.

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.See omnystudio.com/listener for privacy information.

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.Sign up for John's daily newsletter Money Distilled: https://www.bloomberg.com/account/newsletters/uk-wealth See omnystudio.com/listener for privacy information.

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. Sign up for John's newsletter Money Distilled here. See omnystudio.com/listener for privacy information.

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. See omnystudio.com/listener for privacy information.

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. Sign up for John's daily newsletter Money Distilled: https://www.bloomberg.com/account/newsletters/uk-wealth See omnystudio.com/listener for privacy information.

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.   Sign up to John's daily newsletter Money Distilled: https://www.bloomberg.com/account/newsletters/uk-wealth See omnystudio.com/listener for privacy information.

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.  See omnystudio.com/listener for privacy information.