Germany is one of few Western countries to remain truly industrialised, boasting a massive manufacturing base and trade surplus. And yet, things have gone off the rails, with the economy contracting and the governing coalition collapsing. We're joined by Wolfgang Münchau, whose new book argues we are witnessing the end of the German economic miracle. And in today’s Dumb Question of the Week, we ask: Why don’t Germans invest in the stock market? --- Thank you to Trading 212 for sponsoring this episode. Claim free fractional shares worth up to ‎£⁠100. Just create and verify a Trading 212 Invest or Stocks ISA account, make a minimum deposit of £1, and use the promo code "RAMIN" within 10 days of signing up, or use the following link: Sponsored Link. Terms apply - trading212.com/join/RAMIN  When investing, your capital is at risk and you may get back less than invested. Past performance doesn’t guarantee future results. Pies & Autoinvest is an execution-only service. Not investment advice or portfolio management. Automatic investing refers to executing scheduled deposits. You are responsible for all investment and rebalancing decisions. Free shares can be fractional. Terms and fees apply. ---Get in touch 📧 [email protected] 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube ---Disclaimer This podcast is for informational and entertainment purposes and is not financial advice. We do not provide recommendations or endorse any decision to buy, sell or hold any security. We cannot be held responsible for any actions listeners may take and investors are encouraged to seek independent financial advice. Copyright 2023 Many Happy Returns

Sensationalist headlines often lead to poor investment decisions, causing many investors to fixate on issues that have little impact on long-term returns. So, where should investors really focus their attention? And in today’s Dumb Question of the Week: Should you invest if you’re very nervous? --- Thank you to Raisin UK for sponsoring this episode. Raisin UK is a free, easy-to-use online savings platform, with savings accounts from over 40 FSCS-protected banks and building societies. Simply register, apply to open as many accounts as you like, and manage everything with a single login. Elevate your savings game today. What's more, you can receive a £100 bonus when you register and fund your first savings account with a minimum of £10,000 using the code "SAVINGS100". For more details, please go to raisin.co.uk/pensioncraft ---Get in touch 📧 [email protected] 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube ---Disclaimer This podcast is for informational and entertainment purposes and is not financial advice. We do not provide recommendations or endorse any decision to buy, sell or hold any security. We cannot be held responsible for any actions listeners may take and investors are encouraged to seek independent financial advice. Copyright 2023 Many Happy Returns

Political risk is one of the most unquantifiable aspects of investing — and one of the most consequential. Shifts in regulation, tax and trade policies can shake economies and upend asset prices. Our guest today is economist Larry Hatheway, who argues that markets vastly underestimate the dangers of a second Trump presidency. And in today’s Dumb Question of the Week, we ask: Are trade deficits a problem? --- Thank you to Raisin UK for sponsoring this episode. Raisin UK is a free, easy-to-use online savings platform, with savings accounts from over 40 FSCS-protected banks and building societies. Simply register, apply to open as many accounts as you like, and manage everything with a single login. Elevate your savings game today. What's more, you can receive a £100 bonus when you register and fund your first savings account with a minimum of £10,000 using the code "SAVINGS100". For more details, please go to raisin.co.uk/pensioncraft ---Get in touch 📧 [email protected] 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube ---Disclaimer This podcast is for informational and entertainment purposes and is not financial advice. We do not provide recommendations or endorse any decision to buy, sell or hold any security. We cannot be held responsible for any actions listeners may take and investors are encouraged to seek independent financial advice. Copyright 2023 Many Happy Returns

How should you invest when everything is expensive? Stock market valuations are stretched, gold is up 40% on a year ago, and bitcoin has hit an all-time high. With some analysts forecasting a ‘lost decade’ for US stocks, is it time to look elsewhere? And in today’s Dumb Question of the Week: Why is Warren Buffett holding so much cash? --- Thank you to Raisin UK for sponsoring this episode. Raisin UK is a free, easy-to-use online savings platform, with savings accounts from over 40 FSCS-protected banks and building societies. Simply register, apply to open as many accounts as you like, and manage everything with a single login. Elevate your savings game today. What's more, you can receive a £100 bonus when you register and fund your first savings account with a minimum of £10,000 using the code "SAVINGS100". For more details, please go to raisin.co.uk/pensioncraft ---Get in touch 📧 [email protected] 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube ---Disclaimer This podcast is for informational and entertainment purposes and is not financial advice. We do not provide recommendations or endorse any decision to buy, sell or hold any security. We cannot be held responsible for any actions listeners may take and investors are encouraged to seek independent financial advice. Copyright 2023 Many Happy Returns

Gilt yields rose after the Autumn budget as markets absorbed sharp rises in investment, taxes and borrowing. Does Liz Truss’s mini-budget still haunt UK debt markets? And is there a risk that investors will shun UK debt? In today’s Dumb Question of the Week: Does public investment ‘crowd out’ or ‘crowd in’ private sector activity? --- Thank you to Raisin UK for sponsoring this episode. Raisin UK is a free, easy-to-use online savings platform, with savings accounts from over 40 FSCS-protected banks and building societies. Simply register, apply to open as many accounts as you like, and manage everything with a single login. Elevate your savings game today. What's more, you can receive a £100 bonus when you register and fund your first savings account with a minimum of £10,000 using the code "SAVINGS100". For more details, please go to raisin.co.uk/pensioncraft ---Get in touch 📧 [email protected] 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube ---Disclaimer This podcast is for informational and entertainment purposes and is not financial advice. We do not provide recommendations or endorse any decision to buy, sell or hold any security. We cannot be held responsible for any actions listeners may take and investors are encouraged to seek independent financial advice. Copyright 2023 Many Happy Returns

Investing is an uncertain journey, where chance, risk, and luck are constant companions. But can understanding probability help us live with the unknown? We're joined by Sir David Spiegelhalter, Emeritus Professor of Statistics at the University of Cambridge and author of 'The Art of Uncertainty: How to Navigate Chance, Ignorance, Risk, and Luck'. And in today’s Dumb Question of the Week, we ask: ‘Would you want to know when you will die?’ --- Thank you to Trading 212 for sponsoring this episode. Claim free fractional shares worth up to ‎£⁠100. Just create and verify a Trading 212 Invest or Stocks ISA account, make a minimum deposit of £1, and use the promo code "RAMIN" within 10 days of signing up, or use the following link: trading212.com/join/RAMIN When investing, your capital is at risk and you may get back less than invested. Past performance doesn’t guarantee future results. Pies & Autoinvest is an execution-only service. Not investment advice or portfolio management. Automatic investing refers to executing scheduled deposits. You are responsible for all investment and rebalancing decisions. Free shares can be fractional. Terms and fees apply. ---Get in touch 📧 [email protected] 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube ---Disclaimer This podcast is for informational and entertainment purposes and is not financial advice. We do not provide recommendations or endorse any decision to buy, sell or hold any security. We cannot be held responsible for any actions listeners may take and investors are encouraged to seek independent financial advice. Copyright 2023 Many Happy Returns

The US Presidential election is less than two weeks away, and the result hangs in the balance. While markets appear calm, a second Trump term could have profound effects on global economies and investments. We discuss how the so-called 'Trump Trade' might impact different assets and sectors. And in today’s Dumb Question of the Week: Is a strong or weak dollar better? --- Thank you to Trading 212 for sponsoring this episode. Claim free fractional shares worth up to ‎£⁠100. Just create and verify a Trading 212 Invest or Stocks ISA account, make a minimum deposit of £1, and use the promo code "RAMIN" within 10 days of signing up, or use the following link: trading212.com/join/RAMIN When investing, your capital is at risk and you may get back less than invested. Past performance doesn’t guarantee future results. Pies & Autoinvest is an execution-only service. Not investment advice or portfolio management. Automatic investing refers to executing scheduled deposits. You are responsible for all investment and rebalancing decisions. Free shares can be fractional. Terms and fees apply. ---Get in touch 📧 [email protected] 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube ---Disclaimer This podcast is for informational and entertainment purposes and is not financial advice. We do not provide recommendations or endorse any decision to buy, sell or hold any security. We cannot be held responsible for any actions listeners may take and investors are encouraged to seek independent financial advice. Copyright 2023 Many Happy Returns

Investing, at its core, is about postponing consumption in the belief that time is your friend. Yet time has powerful effects on all aspects of markets, magnifying returns, blunting volatility, and warping the very value of money itself. And in today’s Dumb Question of the Week: Why can’t we time the market? --- Thank you to Trading 212 for sponsoring this episode. Claim free fractional shares worth up to ‎£⁠100. Just create and verify a Trading 212 Invest or Stocks ISA account, make a minimum deposit of £1, and use the promo code "RAMIN" within 10 days of signing up, or use the following link: trading212.com/join/RAMIN When investing, your capital is at risk and you may get back less than invested. Past performance doesn’t guarantee future results. Pies & Autoinvest is an execution-only service. Not investment advice or portfolio management. Automatic investing refers to executing scheduled deposits. You are responsible for all investment and rebalancing decisions. Free shares can be fractional. Terms and fees apply. ---Get in touch 📧 [email protected] 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube ---Disclaimer This podcast is for informational and entertainment purposes and is not financial advice. We do not provide recommendations or endorse any decision to buy, sell or hold any security. We cannot be held responsible for any actions listeners may take and investors are encouraged to seek independent financial advice. Copyright 2023 Many Happy Returns

Despite record tax revenues, Britain's public services are struggling. So what's gone wrong and how do we fix it? We sit down with Paul Johnson, Director of the Institute for Fiscal Studies and author of Follow the Money, to unpick the issues behind Britain's stagnation. We explore the structural challenges facing the UK economy, strategies to revive growth, and which taxes might rise in the upcoming budget. --- Thank you to Trading 212 for sponsoring this episode. Claim free fractional shares worth up to ‎£⁠100. Just create and verify a Trading 212 Invest or Stocks ISA account, make a minimum deposit of £1, and use the promo code "RAMIN" within 10 days of signing up, or use the following link: trading212.com/join/RAMIN When investing, your capital is at risk and you may get back less than invested. Past performance doesn’t guarantee future results. Pies & Autoinvest is an execution-only service. Not investment advice or portfolio management. Automatic investing refers to executing scheduled deposits. You are responsible for all investment and rebalancing decisions. Free shares can be fractional. Terms and fees apply. ---Get in touch 📧 [email protected] 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube ---Disclaimer This podcast is for informational and entertainment purposes and is not financial advice. We do not provide recommendations or endorse any decision to buy, sell or hold any security. We cannot be held responsible for any actions listeners may take and investors are encouraged to seek independent financial advice. Copyright 2023 Many Happy Returns

China’s economic boom has slowed as debt, deflation, and demographics weigh on the economy. Beijing belatedly announced a massive stimulus package, cutting interest rates and funnelling money into the stock market. But will it be enough to turn around the world's second biggest economy? And in today’s Dumb Question of the Week: What’s the difference between fiscal and monetary policy? --- Thank you to Trading 212 for sponsoring this episode. Claim free fractional shares worth up to ‎£⁠100. Just create and verify a Trading 212 Invest or Stocks ISA account, make a minimum deposit of £1, and use the promo code "RAMIN" within 10 days of signing up, or use the following link: trading212.com/join/RAMIN When investing, your capital is at risk and you may get back less than invested. Past performance doesn’t guarantee future results. Pies & Autoinvest is an execution-only service. Not investment advice or portfolio management. Automatic investing refers to executing scheduled deposits. You are responsible for all investment and rebalancing decisions. Free shares can be fractional. Terms and fees apply. ---Get in touch 📧 [email protected] 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube ---Disclaimer This podcast is for informational and entertainment purposes and is not financial advice. We do not provide recommendations or endorse any decision to buy, sell or hold any security. We cannot be held responsible for any actions listeners may take and investors are encouraged to seek independent financial advice. Copyright 2023 Many Happy Returns

Europe has suffered relative decline in recent decades, beset by sluggish economic growth, ageing populations, and stagnant wages. Meanwhile, the success of US Big Tech firms has seen America come to dominate global markets. We dig into a new report from the European Union to see if it offers a way to get Europe growing again. And in today’s Dumb Question of the Week: What is “productivity”? --- Thank you to Saxo for sponsoring this episode. Sign up to claim GBP 200 back in online trading fees when you open an account with Saxo today via: PensionCraft | Saxo (home.saxo) Capital at risk. T&C’s apply. ---Get in touch 📧 [email protected] 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube ---Disclaimer This podcast is for informational and entertainment purposes and is not financial advice. We do not provide recommendations or endorse any decision to buy, sell or hold any security. We cannot be held responsible for any actions listeners may take and investors are encouraged to seek independent financial advice. Copyright 2023 Many Happy Returns

Sometimes you need a safe place to stash your cash. Savings accounts, bonds and money market funds are all options but how can you maximise returns? And should you ‘lock in a rate’? And in today’s Dumb Question of the Week: What’s wrong with Premium Bonds? --- Thank you to Saxo for sponsoring this episode. Sign up to claim GBP 200 back in online trading fees when you open an account with Saxo today via: PensionCraft | Saxo (home.saxo) Capital at risk. T&C’s apply. ---Get in touch 📧 [email protected] 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube ---Disclaimer This podcast is for informational and entertainment purposes and is not financial advice. We do not provide recommendations or endorse any decision to buy, sell or hold any security. We cannot be held responsible for any actions listeners may take and investors are encouraged to seek independent financial advice. Copyright 2023 Many Happy Returns

Creating a financial plan for your future requires estimating numerous unknown variables. How fast will your investments grow? How much will inflation erode your savings? Will taxes increase? We discuss the most important risks to consider and how to build a reliable plan in an uncertain world. And in today’s Dumb Question of the Week: Will care costs ruin the plan? --- Thank you to Saxo for sponsoring this episode. Sign up to claim GBP 200 back in online trading fees when you open an account with Saxo today via: PensionCraft | Saxo (home.saxo) Capital at risk. T&C’s apply. ---Get in touch 📧 [email protected] 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube ---Disclaimer This podcast is for informational and entertainment purposes and is not financial advice. We do not provide recommendations or endorse any decision to buy, sell or hold any security. We cannot be held responsible for any actions listeners may take and investors are encouraged to seek independent financial advice. Copyright 2023 Many Happy Returns

Mean reversion is one of the most powerful forces in financial markets. When returns, valuation or concentration rise to extreme levels, it’s usually only a matter of time before they come back into line with history. We discuss which aspects of markets are subject to mean reversion, and how long we might have to wait. And in today’s Dumb Question of the Week: If you love mean reversion so much, why do you hate technical analysis? --- Thank you to Saxo for sponsoring this episode. Sign up to claim GBP 200 back in online trading fees when you open an account with Saxo today via: PensionCraft | Saxo (home.saxo) Capital at risk. T&C’s apply. ---Get in touch 📧 [email protected] 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube ---Disclaimer This podcast is for informational and entertainment purposes and is not financial advice. We do not provide recommendations or endorse any decision to buy, sell or hold any security. We cannot be held responsible for any actions listeners may take and investors are encouraged to seek independent financial advice. Copyright 2023 Many Happy Returns

Asset bubbles are an occasional, inevitable, and sometimes devastating feature of financial markets, making and breaking fortunes along the way. But what is the greatest bubble of all time? And in today’s Dumb Question of the Week: Are markets rational? --- Thank you to Trading 212 for sponsoring this episode. Claim free fractional shares worth up to ‎£⁠100. Just create and verify a Trading 212 Invest or Stocks ISA account, make a minimum deposit of £1, and use the promo code "RAMIN" within 10 days of signing up, or use the following link: trading212.com/join/RAMIN When investing, your capital is at risk and you may get back less than invested. Past performance doesn’t guarantee future results. Pies & Autoinvest is an execution-only service. Not investment advice or portfolio management. Automatic investing refers to executing scheduled deposits. You are responsible for all investment and rebalancing decisions. Free shares can be fractional. Terms and fees apply. ---Get in touch 📧 [email protected] 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube ---Disclaimer This podcast is for informational and entertainment purposes and is not financial advice. We do not provide recommendations or endorse any decision to buy, sell or hold any security. We cannot be held responsible for any actions listeners may take and investors are encouraged to seek independent financial advice. Copyright 2023 Many Happy Returns

Nine out of ten people are invested in their employer’s default pension strategy. However, a hands-off approach might not suit your personal circumstances, goals, or risk appetite. So, what should you consider before switching your pension? And in today’s Dumb Question of the Week: Is it worth filling gaps in your National Insurance record? --- Thank you to Trading 212 for sponsoring this episode. Claim free fractional shares worth up to ‎£⁠100. Just create and verify a Trading 212 Invest or Stocks ISA account, make a minimum deposit of £1, and use the promo code "RAMIN" within 10 days of signing up, or use the following link: trading212.com/join/RAMIN When investing, your capital is at risk and you may get back less than invested. Past performance doesn’t guarantee future results. Pies & Autoinvest is an execution-only service. Not investment advice or portfolio management. Automatic investing refers to executing scheduled deposits. You are responsible for all investment and rebalancing decisions. Free shares can be fractional. Terms and fees apply. ---Get in touch 📧 [email protected] 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube ---Disclaimer This podcast is for informational and entertainment purposes and is not financial advice. We do not provide recommendations or endorse any decision to buy, sell or hold any security. We cannot be held responsible for any actions listeners may take and investors are encouraged to seek independent financial advice. Copyright 2023 Many Happy Returns

Volatility comes with the territory when owning risky assets, yet investors still seek ways to hedge against it—or even profit from it. So, how can you capitalise on market turbulence, and is it worth the effort? And in today’s Dumb Question of the Week: What is the MOVE index? --- Thank you to Trading 212 for sponsoring this episode. Claim free fractional shares worth up to ‎£⁠100. Just create and verify a Trading 212 Invest or Stocks ISA account, make a minimum deposit of £1, and use the promo code "RAMIN" within 10 days of signing up, or use the following link: trading212.com/join/RAMIN When investing, your capital is at risk and you may get back less than invested. Past performance doesn’t guarantee future results. Pies & Autoinvest is an execution-only service. Not investment advice or portfolio management. Automatic investing refers to executing scheduled deposits. You are responsible for all investment and rebalancing decisions. Free shares can be fractional. Terms and fees apply. ---Get in touch 📧 [email protected] 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube ---Disclaimer This podcast is for informational and entertainment purposes and is not financial advice. We do not provide recommendations or endorse any decision to buy, sell or hold any security. We cannot be held responsible for any actions listeners may take and investors are encouraged to seek independent financial advice. Copyright 2023 Many Happy Returns

Stock markets have been pummelled in recent days — is this is a flash crash or the start of something bigger? And why has fear spread so suddenly? We look at the potential culprits, including weak economic data, central bank surprises, and sky high valuations. And in today’s Dumb Question of the Week: Should you buy the dip? --- Thank you to Trading 212 for sponsoring this episode. Claim free fractional shares worth up to ‎£⁠100. Just create and verify a Trading 212 Invest or Stocks ISA account, make a minimum deposit of £1, and use the promo code "RAMIN" within 10 days of signing up, or use the following link: trading212.com/join/RAMIN When investing, your capital is at risk and you may get back less than invested. Past performance doesn’t guarantee future results. Pies & Autoinvest is an execution-only service. Not investment advice or portfolio management. Automatic investing refers to executing scheduled deposits. You are responsible for all investment and rebalancing decisions. Free shares can be fractional. Terms and fees apply. ---Get in touch 📧 [email protected] 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube ---Disclaimer This podcast is for informational and entertainment purposes and is not financial advice. We do not provide recommendations or endorse any decision to buy, sell or hold any security. We cannot be held responsible for any actions listeners may take and investors are encouraged to seek independent financial advice. Copyright 2023 Many Happy Returns

Copper is integral to the global economy, and its importance will only increase as the world decarbonises its energy infrastructure. Bulls have long argued that supply will fail to keep up with rising demand, driving copper prices higher. So why have prices slumped in recent months? And in today’s Dumb Question of the Week: Who is ‘Doctor Copper’? --- Thank you to Saxo for sponsoring this episode. Sign up to claim GBP 200 back in online trading fees when you open an account with Saxo today via: PensionCraft | Saxo (home.saxo) Capital at risk. T&C’s apply. ---Get in touch 📧 [email protected] 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube ---Disclaimer This podcast is for informational and entertainment purposes and is not financial advice. We do not provide recommendations or endorse any decision to buy, sell or hold any security. We cannot be held responsible for any actions listeners may take and investors are encouraged to seek independent financial advice. Copyright 2023 Many Happy Returns

A botched software update hobbled IT systems around the world, grounding planes and taking TV stations off-air. But it’s not just computer systems that can crash and burn from an innocuous mistake — welcome to the ‘single point of failure’. We discuss underappreciated risks that could devastate your personal finances. And in today’s Dumb Question of the Week: Is any investment completely safe? --- Thank you to Saxo for sponsoring this episode. Sign up to claim GBP 200 back in online trading fees when you open an account with Saxo today via: PensionCraft | Saxo (home.saxo) Capital at risk. T&C’s apply. ---Get in touch 📧 [email protected] 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube ---Disclaimer This podcast is for informational and entertainment purposes and is not financial advice. We do not provide recommendations or endorse any decision to buy, sell or hold any security. We cannot be held responsible for any actions listeners may take and investors are encouraged to seek independent financial advice. Copyright 2023 Many Happy Returns

Last week saw a massive shift in markets, with unloved sectors and smaller stocks outperforming the mega-caps by a record amount. Is Big Tech’s dominance drawing to a close? And in today’s Dumb Question of the Week: Are small-cap funds forced to sell their winners? --- Thank you to Saxo for sponsoring this episode. Sign up to claim GBP 200 back in online trading fees when you open an account with Saxo today via: PensionCraft | Saxo (home.saxo) Capital at risk. T&C’s apply. ---Get in touch 📧 [email protected] 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube ---Disclaimer This podcast is for informational and entertainment purposes and is not financial advice. We do not provide recommendations or endorse any decision to buy, sell or hold any security. We cannot be held responsible for any actions listeners may take and investors are encouraged to seek independent financial advice. Copyright 2023 Many Happy Returns

After prices peaked two years ago, higher mortgage costs have caused the market to stall. But with rate cuts on the horizon, is normal service about to be resumed? We discuss how the change of government will affect the housing market. And in today’s Dumb Question of the Week: Does building more houses really lower prices? --- Thank you to Saxo for sponsoring this episode. Sign up to claim GBP 200 back in online trading fees when you open an account with Saxo today via: PensionCraft | Saxo (home.saxo) Capital at risk. T&C’s apply. ---Get in touch 📧 [email protected] 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube ---Disclaimer This podcast is for informational and entertainment purposes and is not financial advice. We do not provide recommendations or endorse any decision to buy, sell or hold any security. We cannot be held responsible for any actions listeners may take and investors are encouraged to seek independent financial advice. Copyright 2023 Many Happy Returns

Diversification is the only free lunch in investing, yet many investors choose to overweight their domestic stock market. While the UK makes up a mere 4% of global markets, off-the-shelf portfolios often include shockingly large allocations to British firms. We discuss whether home country bias is a problem or if there are good reasons to favour domestic stocks. And in today’s Dumb Question of the Week: What are safe-haven currencies? --- Thank you to Saxo for sponsoring this episode. Sign up to claim GBP 200 back in online trading fees when you open an account with Saxo today via: PensionCraft | Saxo (home.saxo) Capital at risk. T&C’s apply. ---Get in touch 📧 [email protected] 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube ---Disclaimer This podcast is for informational and entertainment purposes and is not financial advice. We do not provide recommendations or endorse any decision to buy, sell or hold any security. We cannot be held responsible for any actions listeners may take and investors are encouraged to seek independent financial advice. Copyright 2023 Many Happy Returns

We’re halfway through the year, and it’s time to take stock. The AI narrative continues to power the equity bull market. Central banks have started to cut interest rates. And the US Presidential election looms large. We debate if things are as good as they look and what risks lie ahead for the second half of 2024. And in today’s Dumb Question of the Week: What isn’t priced in? --- Thank you to Trading 212 for sponsoring this episode. Claim free fractional shares worth up to ‎£⁠100. Just create and verify a Trading 212 account, make a minimum deposit of £1, and use the promo code "RAMIN" or via trading212.com/join/ramin When investing, your capital is at risk. Past performance doesn’t guarantee future results. Other fees may apply. Interest applies on the uninvested cash in your account. Free shares can be fractional. Terms apply. ---Get in touch 📧 [email protected] 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube ---Disclaimer This podcast is for informational and entertainment purposes and is not financial advice. We do not provide recommendations or endorse any decision to buy, sell or hold any security. We cannot be held responsible for any actions listeners may take and investors are encouraged to seek independent financial advice. Copyright 2023 Many Happy Returns

Labour is 20 points ahead in the polls and looks set to form the next UK government. But how will their economic, tax and spending plans impact investors? We look at the promises included in Labour’s manifesto and what was left unsaid. And in today’s Dumb Question of the Week: Why are capital gains taxed at a lower rate than income? --- Thank you to Trading 212 for sponsoring this episode. Claim free fractional shares worth up to ‎£⁠100. Just create and verify a Trading 212 account, make a minimum deposit of £1, and use the promo code "RAMIN" or via trading212.com/join/ramin When investing, your capital is at risk. Past performance doesn’t guarantee future results. Other fees may apply. Interest applies on the uninvested cash in your account. Free shares can be fractional. Terms apply. ---Get in touch 📧 [email protected] 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube ---Disclaimer This podcast is for informational and entertainment purposes and is not financial advice. We do not provide recommendations or endorse any decision to buy, sell or hold any security. We cannot be held responsible for any actions listeners may take and investors are encouraged to seek independent financial advice. Copyright 2023 Many Happy Returns

Central banks in Europe and Canada cut interest rates for the first time since the pandemic, lowering borrowing costs and kicking off the easing cycle. Are the Bank of England and the Federal Reserve about to join them? And in today’s Dumb Question of the Week: Does it matter if inflation stays above 2%? ---Thank you to Trading 212 for sponsoring this episode. Claim free fractional shares worth up to ‎£⁠100. Just create and verify a Trading 212 account, make a minimum deposit of £1, and use the promo code "RAMIN" or via trading212.com/join/ramin. When investing, your capital is at risk. Past performance doesn’t guarantee future results. Other fees may apply. Interest applies on the uninvested cash in your account. Free shares can be fractional. Terms apply. ---Get in touch 📧 [email protected] 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube ---Disclaimer This podcast is for informational and entertainment purposes and is not financial advice. We do not provide recommendations or endorse any decision to buy, sell or hold any security. We cannot be held responsible for any actions listeners may take and investors are encouraged to seek independent financial advice. Copyright 2023 Many Happy Returns

Should investors fear the escalating trade war between the world’s two biggest economies? US President Joe Biden recently announced a slew of new tariffs on Chinese imports, including a massive 100% charge on electric vehicles. What comes next? And in today's Dumb Question of the Week: Is China uninvestable? ___ Thank you to Trading 212 for sponsoring this episode. Claim free fractional shares worth up to ‎£⁠100. Just create and verify a Trading 212 account, make a minimum deposit of £1, and use the promo code "RAMIN" or via trading212.com/join/ramin. When investing, your capital is at risk. Past performance doesn’t guarantee future results. Other fees may apply. Interest applies on the uninvested cash in your account. Free shares can be fractional. Terms apply. ---Get in touch 📧 [email protected] 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube ---Disclaimer This podcast is for informational and entertainment purposes and is not financial advice. We do not provide recommendations or endorse any decision to buy, sell or hold any security. We cannot be held responsible for any actions listeners may take and investors are encouraged to seek independent financial advice. Copyright 2023 Many Happy Returns

The evidence suggests that certain types of stock tend to beat the market in the long run. Patient investors can reap higher returns by tilting towards stocks that are cheap, high-quality or rising in price. But how easy is it to identify undervalued companies? And what risks are involved in building a DIY portfolio? This week we speak to Ed Croft, the co-founder of Stockopedia, about multi-factor investing and a quantitative approach to stock selection. --- New users of Stockopedia get a special 25% discount on any annual plan if they use this link https://stk.pe/pensioncraft or enter our promo code 'PC25' at the checkout. (This affiliate link may provide PensionCraft with a small commission) ---Get in touch 📧 [email protected] 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube ---Disclaimer This podcast is for informational and entertainment purposes and is not financial advice. We do not provide recommendations or endorse any decision to buy, sell or hold any security. We cannot be held responsible for any actions listeners may take and investors are encouraged to seek independent financial advice. Copyright 2023 Many Happy Returns

As interest rates have risen, more and more people are interested in buying bonds. Individual government bonds can be a useful tool to lock in a high rate. But do individual bonds really make more sense than bond funds? --- Get a FREE share 🎁 worth between £10 and £100, exclusively for Many Happy Return's listeners. Ready to claim your FREE share? 1️⃣ Open a Freetrade account via Freetrade.io/pensioncraft 2️⃣ Fund your account with at least £50 3️⃣ Freetrade will drop the free share into your account within 7-10 days! Thanks to Freetrade for sponsoring this episode. Capital at risk. The probability is weighted, so more expensive shares will be rarer. T&Cs apply. ---Get in touch 📧 [email protected] 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube ---Disclaimer This podcast is for informational and entertainment purposes and is not financial advice. We do not provide recommendations or endorse any decision to buy, sell or hold any security. We cannot be held responsible for any actions listeners may take and investors are encouraged to seek independent financial advice. Copyright 2023 Many Happy Returns

Designing a retirement portfolio is one of the thorniest problems in investing. The mix of assets you choose dramatically affects how much you can safely spend during retirement. Withdraw too much from your pot, and you risk running out of money. We’re joined by the creator of Portfolio Charts to examine optimal asset allocation. Tyler has modelled retirement scenarios around the world, identifying portfolios that help you sleep well at night and make the most of your money. Selected links Global Withdrawal Rates – Portfolio Charts What Global Withdrawal Rates Teach Us About Ideal Retirement Portfolios ---Get in touch 📧 [email protected] 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube ---Disclaimer This podcast is for informational and entertainment purposes and is not financial advice. We do not provide recommendations or endorse any decision to buy, sell or hold any security. We cannot be held responsible for any actions listeners may take and investors are encouraged to seek independent financial advice. Copyright 2023 Many Happy Returns

With valuations stretched, American stocks need to deliver the goods this earnings season. Companies must grow their profits and defend their margins or risk the end of the S&P 500 bull market. And in today’s Dumb Question of the Week: What is a ‘blackout period’? ---Get a FREE share 🎁 worth between £10 and £100, exclusively for Many Happy Return's listeners. Ready to claim your FREE share? 1️⃣ Open a Freetrade account via Freetrade.io/pensioncraft2️⃣ Fund your account with at least £50 3️⃣ Freetrade will drop the free share into your account within 7-10 days! Thanks to Freetrade for sponsoring this episode. Capital at risk. The probability is weighted, so more expensive shares will be rarer. T&Cs apply.---Get in touch 📧 [email protected] 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube ---Disclaimer This podcast is for informational and entertainment purposes and is not financial advice. We do not provide recommendations or endorse any decision to buy, sell or hold any security. We cannot be held responsible for any actions listeners may take and investors are encouraged to seek independent financial advice. Copyright 2023 Many Happy Returns

Many investors favour stocks that pay a high dividend, opting to live off the cash they generate. Even stingy US tech companies have started to pay dividends. But does a strategy focussed on income make sense? And in today’s Dumb Question of the Week: What is ‘Shareholder Yield’? --- Get a FREE share 🎁worth between £10 and £100, exclusively for Many Happy Return's listeners. Ready to claim your FREE share? 1️⃣ Open a Freetrade account via Freetrade.io/pensioncraft 2️⃣ Fund your account with at least £50 3️⃣ Freetrade will drop the free share into your account within 7-10 days! Thanks to Freetrade for sponsoring this episode. Capital at risk. The probability is weighted, so more expensive shares will be rarer. T&Cs apply. ---Get in touch 📧 [email protected] 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube ---Disclaimer This podcast is for informational and entertainment purposes and is not financial advice. We do not provide recommendations or endorse any decision to buy, sell or hold any security. We cannot be held responsible for any actions listeners may take and investors are encouraged to seek independent financial advice. Copyright 2023 Many Happy Returns

A stock market crash early in retirement can leave you struggling to live off your investments. We discuss de-risking our portfolios and how to manage ‘sequence of returns’ risk. And in today’s Dumb Question of the Week: Is a stock market crash good for long-term returns? Thanks to Freetrade for sponsoring this episode. Sign up at Freetrade.io/pensioncraft to get a free share worth between £10 and £100. When you invest, your capital is at risk. The probability is weighted, so more expensive shares will be rarer. T&Cs apply. ---Get in touch 📧 [email protected] 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube ---Disclaimer This podcast is for informational and entertainment purposes and is not financial advice. We do not provide recommendations or endorse any decision to buy, sell or hold any security. We cannot be held responsible for any actions listeners may take and investors are encouraged to seek independent financial advice. Copyright 2023 Many Happy Returns

The Bank of England has been criticised for its failure to foresee high inflation. A damning new report takes aim at the central bank’s forecasting process and urges a major overhaul. And in today’s Dumb Question of the Week: What is 'quantitative tightening'? Thanks to Freetrade for sponsoring this episode. Sign up at Freetrade.io/pensioncraft to get a free share worth between £10 and £100. When you invest, your capital is at risk. The probability is weighted, so more expensive shares will be rarer. T&Cs apply. ---Get in touch 📧 [email protected] 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube ---Disclaimer This podcast is for informational and entertainment purposes and is not financial advice. We do not provide recommendations or endorse any decision to buy, sell or hold any security. We cannot be held responsible for any actions listeners may take and investors are encouraged to seek independent financial advice. Copyright 2023 Many Happy Returns

Investing a lump sum is a big decision that comes with great responsibility. Should you be conservative with your newfound wealth? Should you pile into markets straight away or drip feed slowly over time? And in today’s Dumb Question of the Week: What does FSCS protection cover? Thanks to Freetrade for sponsoring this episode. Sign up at Freetrade.io/pensioncraft to get a free share worth between £10 and £100. When you invest, your capital is at risk. The probability is weighted, so more expensive shares will be rarer. T&Cs apply. ---Get in touch 📧 [email protected] 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube ---Disclaimer This podcast is for informational and entertainment purposes and is not financial advice. We do not provide recommendations or endorse any decision to buy, sell or hold any security. We cannot be held responsible for any actions listeners may take and investors are encouraged to seek independent financial advice. Copyright 2023 Many Happy Returns

Daniel Kahneman was the pioneer of behavioural economics and won a Nobel Prize for his work on cognitive biases. By explaining how a litany of psychological missteps skew our decisions, few people have had more influence on investing. We discuss how Kahneman improved our investing judgement and taught us to manage risk intelligently. And in today’s Dumb Question of the Week: Are stock analysts’ price targets worth anything? Thanks to Freetrade for sponsoring this episode. Get a free share worth between £100 and £2,100 when you open & top up, or transfer an ISA and/or SIPP. Head over to: Freetrade.io/transfer. New and existing customers. Min £10k transfer or top up. Annual subscription required. Capital at risk. ISA and SIPP eligibility, tax rules and T&Cs apply. Free share value varies on the amount topped up or transferred. The value of your investments can go down as well as up and you may get back less than you invest. Tax treatment depends on personal circumstances and current rules may change. At present, Freetrade only supports Uncrystallised Fund Pension Lump Sums (UFPLS) for customers who wish to withdraw funds from their SIPP after their 55th birthday. We strongly encourage you to seek financial advice before making any withdrawals from your SIPP. ---Get in touch 📧 [email protected] 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube ---Disclaimer This podcast is for informational and entertainment purposes and is not financial advice. We do not provide recommendations or endorse any decision to buy, sell or hold any security. We cannot be held responsible for any actions listeners may take and investors are encouraged to seek independent financial advice. Copyright 2023 Many Happy Returns

US regulators have swung for the fences, accusing Apple of running an illegal smartphone monopoly. But will the legal cases facing big tech firms hurt stock prices? Thanks to Freetrade for sponsoring this episode. Get a free share worth between £100 and £2,100 when you open & top up, or transfer an ISA and/or SIPP. Head over to: Freetrade.io/transfer. New and existing customers. Min £10k transfer or top up. Annual subscription required. Capital at risk. ISA and SIPP eligibility, tax rules and T&Cs apply. Free share value varies on the amount topped up or transferred. The value of your investments can go down as well as up and you may get back less than you invest. Tax treatment depends on personal circumstances and current rules may change. At present, Freetrade only supports Uncrystallised Fund Pension Lump Sums (UFPLS) for customers who wish to withdraw funds from their SIPP after their 55th birthday. We strongly encourage you to seek financial advice before making any withdrawals from your SIPP. ---Get in touch 📧 [email protected] 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube ---Disclaimer This podcast is for informational and entertainment purposes and is not financial advice. We do not provide recommendations or endorse any decision to buy, sell or hold any security. We cannot be held responsible for any actions listeners may take and investors are encouraged to seek independent financial advice. Copyright 2023 Many Happy Returns

Stock markets have hit all-time highs in recent weeks, with bitcoin and gold joining the party. Inevitably, people ask, “Is this a bubble?!” And in today’s Dumb Question of the Week: What’s the difference between investing and speculation? Thanks to Freetrade for sponsoring this episode. Get a free share worth between £100 and £2,100 when you open & top up, or transfer an ISA and/or SIPP. Head over to Freetrade.io/transfer. New and existing customers. Min £10k investment. Annual subscription required. Limited time offer. Capital at risk. ISA and SIPP eligibility, tax rules and T&Cs apply. Free share value varies on the amount topped up or transferred. Ends 5 April 2024. ---Get in touch 📧 [email protected] 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube ---Disclaimer This podcast is for informational and entertainment purposes and is not financial advice. We do not provide recommendations or endorse any decision to buy, sell or hold any security. We cannot be held responsible for any actions listeners may take and investors are encouraged to seek independent financial advice. Copyright 2023 Many Happy Returns

ESG funds lured investors with the promise of simultaneously saving the planet and achieving higher returns. But after years of inflows, investors are pulling their money. Is there a better approach to sustainable investment? And in today’s Dumb Question of the Week: Why are there multiple oil prices? Thanks to Freetrade for sponsoring this episode. Get a free share worth between £100 and £2,100 when you open & top up, or transfer an ISA and/or SIPP. Head over to Freetrade.io/transfer. New and existing customers. Min £10k investment. Annual subscription required. Limited time offer. Capital at risk. ISA and SIPP eligibility, tax rules and T&Cs apply. Free share value varies on the amount topped up or transferred. Ends 5 April 2024. ---Get in touch 📧 [email protected] 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube ---Disclaimer This podcast is for informational and entertainment purposes and is not financial advice. We do not provide recommendations or endorse any decision to buy, sell or hold any security. We cannot be held responsible for any actions listeners may take and investors are encouraged to seek independent financial advice. Copyright 2023 Many Happy Returns

With just one month until the end of the UK tax year, it’s time to review our family finances, make the most of our annual allowances and optimise our investments. And in today’s Dumb Question of the Week: What is 'bed and breakfasting’? Thanks to Freetrade for sponsoring this episode. Get a free share worth between £100 and £2,100 when you open & top up, or transfer an ISA and/or SIPP. Head over to Freetrade.io/transfer. New and existing customers. Min £10k investment. Annual subscription required. Limited time offer. Capital at risk. ISA and SIPP eligibility, tax rules and T&Cs apply. Free share value varies on the amount topped up or transferred. Ends 5 April 2024. ---Get in touch 📧 [email protected] 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube ---Disclaimer This podcast is for informational and entertainment purposes and is not financial advice. We do not provide recommendations or endorse any decision to buy, sell or hold any security. We cannot be held responsible for any actions listeners may take and investors are encouraged to seek independent financial advice. Copyright 2023 Many Happy Returns

Excitement about AI is powering a new bull market. Nvidia smashed earnings expectations, catapulting the company towards a two-trillion dollar valuation and lifting stocks globally. Thanks to Freetrade for sponsoring this episode. Sign up at Freetrade.io/pensioncraft to get a free share worth between £10 and £100. When you invest, your capital is at risk. The probability is weighted, so more expensive shares will be rarer. T&Cs apply. ---Get in touch 📧 [email protected] 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube ---Disclaimer This podcast is for informational and entertainment purposes and is not financial advice. We do not provide recommendations or endorse any decision to buy, sell or hold any security. We cannot be held responsible for any actions listeners may take and investors are encouraged to seek independent financial advice. Copyright 2023 Many Happy Returns

The UK and Japan slipped into recession at the end of 2023, and growth remains weak in Europe and China. While the US economy is booming, much of the world is struggling — does an economic downturn spell disaster for our investments? And in today’s Dumb Question of the Week: What’s the difference between a recession and a depression? Thanks to Freetrade for sponsoring this episode. Sign up at Freetrade.io/pensioncraft to get a free share worth between £10 and £100. When you invest, your capital is at risk. The probability is weighted, so more expensive shares will be rarer. T&Cs apply. ---Get in touch 📧 [email protected] 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube ---Disclaimer This podcast is for informational and entertainment purposes and is not financial advice. We do not provide recommendations or endorse any decision to buy, sell or hold any security. We cannot be held responsible for any actions listeners may take and investors are encouraged to seek independent financial advice. Copyright 2023 Many Happy Returns

Banks stocks have tumbled as losses mount on property loans, forcing them to set aside extra cash and slash dividends. Is the commercial real estate problem contained or is this just the tip of the iceberg? And in today’s Dumb Question of the Week: What is negative equity? Thanks to Freetrade for sponsoring this episode. Sign up at Freetrade.io/freesharepensioncraft to get a free share worth between £10 and £100. When you invest, your capital is at risk. The probability is weighted, so more expensive shares will be rarer. T&Cs apply. Selected links Kastle Back to Work Barometer Monetary Tightening, Commercial Real Estate Distress, and US Bank Fragility ---Get in touch 📧 [email protected] 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube ---Disclaimer This podcast is for informational and entertainment purposes and is not financial advice. We do not provide recommendations or endorse any decision to buy, sell or hold any security. We cannot be held responsible for any actions listeners may take and investors are encouraged to seek independent financial advice. Copyright 2023 Many Happy Returns

UK stocks have lagged global markets in recent years. Unloved by investors and underweighted by institutions, is the UK really a bargain hiding in plain sight? We discuss what’s holding British equities back and if they’re about to turn a corner. And in today’s Dumb Question of the Week: When a company goes private, are you forced to sell your shares? Selected links The atrophying UK stock market | FT Six charts that show how cheap UK equities are | Schroders FTSE 250 valuation and forecast for 2024 ---Get in touch 📧 [email protected] 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube ---Disclaimer This podcast is for informational and entertainment purposes and is not financial advice. We do not provide recommendations or endorse any decision to buy, sell or hold any security. We cannot be held responsible for any actions listeners may take and investors are encouraged to seek independent financial advice. Copyright 2023 Many Happy Returns

There’s never been more information available to investors, but how do you avoid drowning in data? We’ve gathered our favourite investing tools from across the web to help. And what’s more, they’re free. Get ready for asset valuation, fund selection, and portfolio modelling made easy. And in today’s Dumb Question of the Week: Do backtests really work? Tools discussedFund screeningJustETFVettaFIMorningstar fund screenerMorningstar ETF screenerMarket DataFREDKoyfinFinVizYahoo FinanceGoogle FinanceDataromaValuationYardeniResearch AffiliatesBarclays IndicesAswath DamodaranHistoric returns dataBogleheads SIMBA spreadsheetRobert Shiller’s dataFama/French dataMSCI dataPortfolio backtestsPortfolioChartsPortfolio VisualizerFI CalcAffiliate linksNew users of Koyfin get 15% off when signing up through this special link https://koyfin.com/?via=pensioncraftNew subscribers to Sharepad get the 2nd month free for monthly subscribers, or an additional free 13th month for annual subscribers: https://sharescope.co.uk/pensioncraftspNew users of Stockopedia get a special 25% discount on any annual plan: <a href="https://stk.pe/pensioncraft" rel="noopener noreferrer"...

The "Weird Portfolio" seeks to sidestep market crashes while still achieving attractive long-term returns. We talk to its creator, Value Stock Geek. We also dig into value investing, and how to find wonderful companies at wonderful prices. Follow Value Stock Geek at securityanalysis.org ---Get in touch 📧 [email protected] 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube ---Disclaimer This podcast is for informational and entertainment purposes and is not financial advice. We do not provide recommendations or endorse any decision to buy, sell or hold any security. We cannot be held responsible for any actions listeners may take and investors are encouraged to seek independent financial advice. Copyright 2023 Many Happy Returns

To succeed at investing, you need to get the big decisions right. But the details matter too. We explore ten under-appreciated aspects of stock markets that, while seemingly trivial, can greatly affect your returns. We look at everything from index construction to valuation measures to platform fees. And in today’s Dumb Question of the Week: Why do global index funds use market-cap weighting rather than GDP? Selected links Tech Company Dilution: Finding Ground Truth Stock Market vs. GDP Share, by Country (1900-2022) | Visual Capitalist ---Get in touch 📧 [email protected] 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube ---Disclaimer This podcast is for informational and entertainment purposes and is not financial advice. We do not provide recommendations or endorse any decision to buy, sell or hold any security. We cannot be held responsible for any actions listeners may take and investors are encouraged to seek independent financial advice. Copyright 2023 Many Happy Returns

Since starting PensionCraft, I’ve spoken to more than a thousand people about their finances, helping with their investing goals, strategies, and fears. We discuss common challenges investors face and how they chart the right course. And in today’s Dumb Question of the Week: Why is it so hard to talk about money? ---Get in touch 📧 [email protected] 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube ---Disclaimer This podcast is for informational and entertainment purposes and is not financial advice. We do not provide recommendations or endorse any decision to buy, sell or hold any security. We cannot be held responsible for any actions listeners may take and investors are encouraged to seek independent financial advice. Copyright 2023 Many Happy Returns

After a century of rapid population growth, the world is getting older. But with fewer workers to subsidise healthcare and pensions, some speculate that shifting demographics spell trouble for the economy and our investments. We debate whether the golden age of stock markets can survive the great Demographic Drag? And in today’s Dumb Question of the Week: How did old people survive before pensions? Selected links Ageing Is the Real Population Bomb | IMF Boomer Retirement: Headwinds for U.S. Equity Markets? | San Francisco Fed ---Get in touch 📧 [email protected] 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube ---Disclaimer This podcast is for informational and entertainment purposes and is not financial advice. We do not provide recommendations or endorse any decision to buy, sell or hold any security. We cannot be held responsible for any actions listeners may take and investors are encouraged to seek independent financial advice. Copyright 2023 Many Happy Returns