The investment world is full of attempts to milk us for fees and capital. But how is it done? Simply take a humdrum product, dress it up in exciting clothes, and sell the dream. Is your active fund secretly tracking an index? Is your favourite meme stock hiding faltering performance with gimmicks? Who’s actually paying for that champagne lunch with your financial advisor? Today, we coin a new term for this phenomenon: Dreamwashing. And in today’s Dumb Question of the Week: Do you need a financial advisor? Selected links Closet indexing indicators and investor outcomes (ESMA) Champers and safaris: the secret diary of a St James’s Place adviser (The Times) SEC Charges Goldman Sachs Asset Management for Failing to Follow its Policies Involving ESG Investments ---Get in touch 📧 [email protected] 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube ---Disclaimer This podcast is for informational and entertainment purposes and is not financial advice. We do not provide recommendations or endorse any decision to buy, sell or hold any security. We cannot be held responsible for any actions listeners may take and investors are encouraged to seek independent financial advice. Copyright 2023 Many Happy Returns

Investment decisions always involve trade-offs. Spend vs save. Risk vs return. There's no way around them, no matter how many times you rejig your spreadsheet. We look at five trade-offs every investor has to face: Spend vs save Risk vs return Ethics vs diversification Reliability vs excitement Liquidity vs lifestyle choices And in today’s Dumb Question of the Week: Is it better to overpay your mortgage or invest? ---Get in touch 📧 [email protected] 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube ---Disclaimer This podcast is for informational and entertainment purposes and is not financial advice. We do not provide recommendations or endorse any decision to buy, sell or hold any security. We cannot be held responsible for any actions listeners may take and investors are encouraged to seek independent financial advice. Copyright 2023 Many Happy Returns

Which countries will deliver world-beating returns to shareholders over the next four years? That’s the question we ask in today's unofficial and unscientific Stock Market World Cup. We have four closely fought international matchups to decide: UK vs France Germany vs China USA vs Japan India vs Brazil And in today’s Dumb Question of the Week: Why do index funds not perfectly track the performance an index? ---Get in touch 📧 [email protected] 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube ---Disclaimer This podcast is for informational and entertainment purposes and is not financial advice. We do not provide recommendations or endorse any decision to buy, sell or hold any security. We cannot be held responsible for any actions listeners may take and investors are encouraged to seek independent financial advice. Copyright 2023 Many Happy Returns

Last week saw FTX implode in a storm of allegations that culminated in bankruptcy. The failure of the second-largest exchange and standard-bearer for the industry has left everyone asking: what next for crypto investors? The fallout is ongoing, with customers nursing heavy losses, investigators circling and the industry teetering. We delve into what caused the collapse and ask if it could bring down more crypto institutions. Could it even spread to the wider financial system? And in today’s Dumb Question of the Week: What is a bank run? ---Get in touch 📧 [email protected] 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube ---Disclaimer This podcast is for informational and entertainment purposes and is not financial advice. We do not provide recommendations or endorse any decision to buy, sell or hold any security. We cannot be held responsible for any actions listeners may take and investors are encouraged to seek independent financial advice. Copyright 2023 Many Happy Returns

The pandemic delivered a massive simultaneous shock to the world economy. But which changes will outlast the pandemic, and should they cause us to rethink our investments? Alongside six million deaths and the largest peacetime fall in GDP since the Great Depression, Covid upended our way of life and put novel technologies centre stage. Pandemics throughout history have caused lasting economic changes and influenced societal norms. But what will the legacy of Covid be for the global economy, standards of living and investment returns? And in today’s Dumb Question of the Week: What’s the difference between a Black Swan and a Grey Rhino? ---Get in touch 📧 [email protected] 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube ---Disclaimer This podcast is for informational and entertainment purposes and is not financial advice. We do not provide recommendations or endorse any decision to buy, sell or hold any security. We cannot be held responsible for any actions listeners may take and investors are encouraged to seek independent financial advice. Copyright 2023 Many Happy Returns

It is often said that failure is a better teacher than success. This week we discuss how to live with and learn from your investing mistakes. Spotting errors is not as easy as it might sound, even with the benefit of hindsight. But there are strategies we can employ to stop them from derailing our investing goals. And in today’s Dumb Question of the Week: Why is Warren Buffett’s investment company called Berkshire Hathaway? ---Get in touch 📧 [email protected] 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube ---Disclaimer This podcast is for informational and entertainment purposes and is not financial advice. We do not provide recommendations or endorse any decision to buy, sell or hold any security. We cannot be held responsible for any actions listeners may take and investors are encouraged to seek independent financial advice. Copyright 2023 Many Happy Returns

2022 has been a horror show in markets. A nightmare on Wall Street. But every crisis presents opportunities for investors. This week we look at six different assets and consider if they may be about to rise from the grave. US small-cap stocks Chinese equity TIPS Commodities Ethereum Annuities And in today’s Dumb Question of the Week: What are zombie companies and will they ever die? ---Get in touch 📧 [email protected] 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube ---Disclaimer This podcast is for informational and entertainment purposes and is not financial advice. We do not provide recommendations or endorse any decision to buy, sell or hold any security. We cannot be held responsible for any actions listeners may take and investors are encouraged to seek independent financial advice. Copyright 2023 Many Happy Returns

The gilt market was the last place anyone expected systemic risk to almost blow up the UK pensions industry, force the Bank of England into emergency bond purchases, cause the chancellor to be sacked, and make the government reverse its flagship economic policy. But are we now out of the woods? And what other markets are vulnerable to sharply rising bond yields and similar ‘doom-loop’ dynamics? And in today’s Dumb Question of the Week: What is a haircut? ---Get in touch 📧 [email protected] 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube ---Disclaimer This podcast is for informational and entertainment purposes and is not financial advice. We do not provide recommendations or endorse any decision to buy, sell or hold any security. We cannot be held responsible for any actions listeners may take and investors are encouraged to seek independent financial advice. Copyright 2023 Many Happy Returns

Interest rates are rising at breakneck speed and the impact on the value of assets is profound. We look at how stocks, bonds, gold and property respond to climbing rates. And consider whether any assets might actually benefit from rising rates? We dig into why interest rates are so influential for asset prices. So if you're a fan of cost of capital, discounted cashflows and duration effects, this is the episode for you! And in today’s Dumb Question of the Week: What is an Interest Rate Swap? ---Get in touch 📧 [email protected] 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube ---Disclaimer This podcast is for informational and entertainment purposes and is not financial advice. We do not provide recommendations or endorse any decision to buy, sell or hold any security. We cannot be held responsible for any actions listeners may take and investors are encouraged to seek independent financial advice. Copyright 2023 Many Happy Returns

Everyone loves a list: Buzzfeed, Santa, even God himself. But if you had to list the ten most important investing principles, what would you choose? These are our guidelines for how to sustainably grow your wealth while enjoying the journey and avoiding catastrophic loss. And in today’s Dumb Question of the Week: What is asset correlation and why does it matter? ---Get in touch 📧 [email protected] 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube ---Disclaimer This podcast is for informational and entertainment purposes and is not financial advice. We do not provide recommendations or endorse any decision to buy, sell or hold any security. We cannot be held responsible for any actions listeners may take and investors are encouraged to seek independent financial advice. Copyright 2023 Many Happy Returns

On Friday, the UK chancellor unveiled his ‘mini-budget’ with the most significant tax cuts in 50 years. The market reaction was swift and brutal. Sterling crashed to a record low versus the dollar, and UK borrowing costs spiked. We ask why the market reacted so negatively and what it means for those of us who own UK assets. And in today’s Dumb Question of the Week: Why not invest everything in the US stock market? ---Get in touch 📧 [email protected] 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube ---Disclaimer This podcast is for informational and entertainment purposes and is not financial advice. We do not provide recommendations or endorse any decision to buy, sell or hold any security. We cannot be held responsible for any actions listeners may take and investors are encouraged to seek independent financial advice. Copyright 2023 Many Happy Returns

Mary Childs (financial journalist and co-host of NPR's Planet Money) joins us to discuss her recent book The Bond King: How One Man Made a Market, Built an Empire, and Lost It All. This is the story of Bill Gross, the legendary investor and fund manager who revolutionised the bond market. Before Bill Gross, bonds were the sleepy backbone of retirement accounts, paying the holders a steady stream of coupons each year. But Gross upended all that. After co-founding investment giant Pimco in the 1970s, Gross pioneered active bond trading: buying, selling and exploiting any advantage to eke out extra returns for investors. But Pimco was riven by internal political battles and a toxic culture. It all came to a head in 2014. With the performance of the fund now lacklustre, Gross’s behaviour became increasingly erratic and internal conflict led to the resignation of CEO Mohamed El-Erian. Bill Gross left Pimco later that year in an acrimonious departure that rocked the financial world. ---Get in touch 📧 [email protected] 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube ---Disclaimer This podcast is for informational and entertainment purposes and is not financial advice. We do not provide recommendations or endorse any decision to buy, sell or hold any security. We cannot be held responsible for any actions listeners may take and investors are encouraged to seek independent financial advice. Copyright 2023 Many Happy Returns

Many forecasters think that recession is imminent in the UK and Europe, with the US not far behind. But how deep will the downturn be? How long will it last? And will the economy emerge stronger on the other side? We discuss how this recession could compare to ones in the past and which assets might best weather the storm. And in today’s Dumb Question of the Week, we ask: Why does economic growth matter and is it unsustainable? ---Get in touch 📧 [email protected] 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube ---Disclaimer This podcast is for informational and entertainment purposes and is not financial advice. We do not provide recommendations or endorse any decision to buy, sell or hold any security. We cannot be held responsible for any actions listeners may take and investors are encouraged to seek independent financial advice. Copyright 2023 Many Happy Returns

This episode is sponsored by NOA: Click here to get the free months of NOA premium. Some claim that artificial intelligence will trigger the fourth industrial revolution, upending traditional ways of living and doing business. This week we look at how an AI and big data arms race might change the world of investing. We discuss the implications for markets and returns and the effect AI could have on our investment decisions and portfolios. And in today’s Dumb Question of the Week, we ask: Why is it so hard to beat the market? ---Get in touch 📧 [email protected] 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube ---Disclaimer This podcast is for informational and entertainment purposes and is not financial advice. We do not provide recommendations or endorse any decision to buy, sell or hold any security. We cannot be held responsible for any actions listeners may take and investors are encouraged to seek independent financial advice. Copyright 2023 Many Happy Returns

This episode is sponsored by NOA: Click here to get a free month of NOA premium. 2021 was a record year for initial public offerings. More than 3,000 companies listed on global stock markets and raised over $600 billion in the process. Companies such as Coinbase, Roblox and Rivian each pulled in more than 10 billion dollars. Exciting times! But since going public, many companies have seen their stock price plunge, leaving investors to wonder: Are IPOs a good investment? And in today’s Dumb Question of the Week, we ask: Am I missing out by not investing in private companies? Selected links What Happens to IPOs Over the Long Run? (Nasdaq) Which, Why, and for How Long do IPOs Underperform (ResearchGate) ---Get in touch 📧 [email protected] 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube ---Disclaimer This podcast is for informational and entertainment purposes and is not financial advice. We do not provide recommendations or endorse any decision to buy, sell or hold any security. We cannot be held responsible for any actions listeners may take and investors are encouraged to seek independent financial advice. Copyright 2023 Many Happy Returns

This episode is sponsored by NOA: Click here to get a free month of NOA premium. Few topics divide opinion more than investing in China. The incredible growth. The ethical dilemmas. The disappointing returns. This week we look at the big economic and political developments in China and whether now is the time to buy Chinese equity. What opportunities and risks confront investors? And how should we think about Chinese stocks in the context of our portfolios? And in today’s Dumb Question of the Week: What happens if Chinese stocks are delisted from the New York Stock Exchange? ---Get in touch 📧 [email protected] 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube ---Disclaimer This podcast is for informational and entertainment purposes and is not financial advice. We do not provide recommendations or endorse any decision to buy, sell or hold any security. We cannot be held responsible for any actions listeners may take and investors are encouraged to seek independent financial advice. Copyright 2023 Many Happy Returns

This episode is sponsored by NOA: Click here to get a free month of NOA premium. This year has seen remarkable shifts in currency markets, with the US Dollar reaching a 20 year high and parity with the Euro. We discuss the factors that drive exchange rates and the implications of a strong US dollar on trade, growth and our investments. And in today’s Dumb Question of the Week, we ask: Should you currency hedge your investments? Selected links Dollar Doom Loop video (PensionCraft) Bretton Woods III video (PensionCraft) The Stealth Erosion of Dollar Dominance (IMF) How to diagnose your own Dutch disease (FT - paywall) ---Get in touch 📧 [email protected] 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube ---Disclaimer This podcast is for informational and entertainment purposes and is not financial advice. We do not provide recommendations or endorse any decision to buy, sell or hold any security. We cannot be held responsible for any actions listeners may take and investors are encouraged to seek independent financial advice. Copyright 2023 Many Happy Returns

The cost of living always attracts controversy, even before the current surge in prices. Many people believe that the true rate of inflation is consistently far higher than the official stats suggest. But is there any evidence to back up these claims? We discuss the nuances of how inflation is calculated and whether the changes made in the 1980s and 1990s have lowered official inflation numbers, as claimed by websites such as ShadowStats. And what impact does it have on investors? And in today’s Dumb Question of the Week: Why does the Fed look at Core PCE inflation rather than CPI? Doesn’t it care about food and energy prices? Selected links Misconceptions about the CPI (Bureau of Labor Statistics) Public comment of inflation measurement (ShadowStats) What ShadowStats gets right and what it gets wrong (Ed Dolan) ---Get in touch 📧 [email protected] 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube ---Disclaimer This podcast is for informational and entertainment purposes and is not financial advice. We do not provide recommendations or endorse any decision to buy, sell or hold any security. We cannot be held responsible for any actions listeners may take and investors are encouraged to seek independent financial advice. Copyright 2023 Many Happy Returns

Kids are sometimes hard-work, often fun, and always expensive. But due to the magic of compounding, a small amount of money invested when they are young can grow into a substantial nest egg for later in life. We discuss how much to set aside, what to put in their portfolio, and how to keep them from blowing the cash as soon as they turn 18. And in today’s Dumb Question of the Week, we ask: Is government debt effectively stealing from future generations? ---Get in touch 📧 [email protected] 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube ---Disclaimer This podcast is for informational and entertainment purposes and is not financial advice. We do not provide recommendations or endorse any decision to buy, sell or hold any security. We cannot be held responsible for any actions listeners may take and investors are encouraged to seek independent financial advice. Copyright 2023 Many Happy Returns

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

VICE. UFO. COW. Welcome to the weird world of niche ETFs. Exchange Traded Funds are an easy way for investors to buy into a basket of stocks. The last few years has seen a proliferation of ETFs that offer investors different indices, themes, and strategies. We discuss which of these funds is worth our time, in what environments they might outperform, and how best to incorporate them in our portfolio. And in today’s Dumb Question of the Week, we ask: What’s the difference between ETFs and ETNs? ---Get in touch 📧 [email protected] 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube ---Disclaimer This podcast is for informational and entertainment purposes and is not financial advice. We do not provide recommendations or endorse any decision to buy, sell or hold any security. We cannot be held responsible for any actions listeners may take and investors are encouraged to seek independent financial advice. Copyright 2023 Many Happy Returns

Natural gas is critical to the functioning of the European economy, used in everything from heating homes to powering industry. Russia is the continent's biggest gas supplier, and many analysts fear that President Putin might be about to turn off the gas taps. The impact of such a move could be profound, with the German Economy Minister warning of the potential for a “Lehman Brothers” moment. We look at how likely it is to happen, what the fallout could be, and what could it mean for our investments? And in today’s Dumb Question of the Week, we ask: What is a black swan event? ---Get in touch 📧 [email protected] 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube ---Disclaimer This podcast is for informational and entertainment purposes and is not financial advice. We do not provide recommendations or endorse any decision to buy, sell or hold any security. We cannot be held responsible for any actions listeners may take and investors are encouraged to seek independent financial advice. Copyright 2023 Many Happy Returns

Leverage is borrowing money to invest. It can boost your returns in good times and amplify your losses when the market turns against you. This week we look at the different types of leveraged investments and how to employ them. We discuss the pros and cons of investing with margin loans, leveraged ETFs, and options. And the surprising evidence for using leverage to reduce retirement risk... And in today’s Dumb Question of the Week: "If your broker sells your stocks in a margin call, can you be left owing more money than you invested?" Selected links Life-Cycle Investing and Leverage: Buying Stock on Margin Can Reduce Retirement Risk Federal Reserve Financial Stability Report: Leverage in the Financial Sector (May 2022)---Get in touch 📧 [email protected] 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube ---Disclaimer This podcast is for informational and entertainment purposes and is not financial advice. We do not provide recommendations or endorse any decision to buy, sell or hold any security. We cannot be held responsible for any actions listeners may take and investors are encouraged to seek independent financial advice. Copyright 2023 Many Happy Returns

Government bonds are considered the steady - perhaps even boring - investment class. But this year has seen the biggest bond crash in a generation, as inflation runs wild and central banks pretend not to panic. As if things weren’t interesting enough, the European Central Bank is concocting a new wheeze to keep bond spreads in check, the Bank of Japan is printing record-breaking amounts of money, and Russia has defaulted on its debt. We try to make sense of all this and wonder whether now might be the time to buy government bonds? And if so, which ones? And in today’s Dumb Question of the Week: Why don't governments issue perpetual bonds? ---Get in touch 📧 [email protected] 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube ---Disclaimer This podcast is for informational and entertainment purposes and is not financial advice. We do not provide recommendations or endorse any decision to buy, sell or hold any security. We cannot be held responsible for any actions listeners may take and investors are encouraged to seek independent financial advice. Copyright 2023 Many Happy Returns

This year the S&P 500 has fallen over 23%. With the benefit of hindsight, what were the clues that we had reached the top at the start of 2022? And what could indicate the market has now reached a bottom and is about to resume its upward drift? Accepted wisdom says that what matters is “time in the market, not timing the market.” Is this always true? And how does it affect how we invest? And in today’s Dumb Question of the Week, we ask "When stock prices fall, where does the money go?" Selected links Where does the wealth go when asset prices go down? (Noahpinion) The Buffett Indicator ---Get in touch 📧 [email protected] 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube ---Disclaimer This podcast is for informational and entertainment purposes and is not financial advice. We do not provide recommendations or endorse any decision to buy, sell or hold any security. We cannot be held responsible for any actions listeners may take and investors are encouraged to seek independent financial advice. Copyright 2023 Many Happy Returns

The UK stock market has lagged global indices over the past decade and struggled to attract new companies. We look at the reasons for the underperformance and the prospects for the future. We discuss the sector composition of the UK market, with its crucial underweight in technology companies, as well as whether the dividend investing culture at many UK equity funds holds back business investment and growth. And in today's Dumb Question of the Week, we ask "How can a stock be listed on two exchanges and does it matter which one I buy?"---Get in touch 📧 [email protected] 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube ---Disclaimer This podcast is for informational and entertainment purposes and is not financial advice. We do not provide recommendations or endorse any decision to buy, sell or hold any security. We cannot be held responsible for any actions listeners may take and investors are encouraged to seek independent financial advice. Copyright 2023 Many Happy Returns

For decades, oil has held a critical and unique place in the global economy. Many commodities are claimed to be “the new oil” for their importance in the modern world. But are these claims mere soundbites or do they indicate the emergence of new strategic commodities? We discuss the prospects for claims ranging from tech innovations like data and artificial intelligence to natural resources like copper and gas. For each, we ask are these really going to be the "new oil?" And if so, how can we best position ourselves as investors? And in today’s Dumb Question of the Week, we look at “How did the price of oil go negative in 2020?” Selected links Copper is the New Oil (Goldman Sachs) Why Copper May Be One of the Tightest Markets the World Has Ever Seen (Odd Lots) Negative Oil Prices Explained (PensionCraft) The Essex Boys: How Nine Traders Hit a Gusher With Negative Oil (Bloomberg) ---Get in touch 📧 [email protected] 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube ---Disclaimer This podcast is for informational and entertainment purposes and is not financial advice. We do not provide recommendations or endorse any decision to buy, sell or hold any security. We cannot be held responsible for any actions listeners may take and investors are encouraged to seek independent financial advice. Copyright 2023 Many Happy Returns

There are many different risks we have to navigate as investors, from the volatility of markets to collapsing companies to our own behaviour. How we choose to respond to these risks is ultimately what will determine our success in building and preserving our wealth. This week we dig into the different types of investment risk, how best to measure and quantify them, and what strategies we can employ to protect our portfolios. And in the Dumb Question of the Week, we ask "What happens if my broker goes bankrupt?" ---Get in touch 📧 [email protected] 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube ---Disclaimer This podcast is for informational and entertainment purposes and is not financial advice. We do not provide recommendations or endorse any decision to buy, sell or hold any security. We cannot be held responsible for any actions listeners may take and investors are encouraged to seek independent financial advice. Copyright 2023 Many Happy Returns

The S&P 500 has fallen to the brink of a bear market, with companies severely punished for missing their earnings forecasts. The price-to-earnings multiple has declined and market prospects look uncertain. The question everyone is asking is ‘what comes next?' We look into whether the S&P 500 is now at fair value? What events could trigger a stock market crash? And whether bonds will successfully hedge equity going forward? And in the Dumb Question of the Week, we ask: Why do people still reference the Dow Jones industrial average? Selected links Finviz heatmaps FactSet Earnings Insight ---Get in touch 📧 [email protected] 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube ---Disclaimer This podcast is for informational and entertainment purposes and is not financial advice. We do not provide recommendations or endorse any decision to buy, sell or hold any security. We cannot be held responsible for any actions listeners may take and investors are encouraged to seek independent financial advice. Copyright 2023 Many Happy Returns

Stablecoins are a core part of the financial plumbing when it comes to cryptocurrency and digital assets. They promise that if you put a dollar in, you will always be able to get a dollar out. But last week saw Terra, one of the largest stablecoins, lose its peg to the dollar and collapse. Investors are estimated to have lost over $40 billion in value. Ouch. We dig into what happened, what might be the consequences for markets and whether stablecoins present a systemic risk to the economy. And in the Dumb Question of the Week, we ask: What exactly is a Ponzi scheme? ---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

Myth-busting popular sayings, cliches and folk wisdom about the stock market and investing. We discuss "sell in May and go away", dividend investing, and "buy the dip." Ramin also let's loose on Technical Analysis and the dependability of vomiting camels. In the Dumb Question of the Week, we ask: Are credit ratings useless? ---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 Berkshire Hathaway annual meeting is often referred to as the Woodstock of Capitalism, where legendary investors Warren Buffett and Charlie Munger opine on the state of markets and investing. The 2022 meeting took place this weekend, with as many interesting nuggets of wisdom and controversy as ever. We discuss Berkshire ramping up their stock purchases and running down their cash pile, the companies they've bought into, and Buffett's opinions on everything from inflation to bitcoin. And we answer the Dumb Question of the Week: How accurate is the forward Price-to-Earnings ratio, given it relies on analyst forecasts? ---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 different assets are touted as potential inflation hedges but which ones actually work? People often make the case for inflation-linked bonds, gold, commodities... but how do we know how each asset class will respond in a period of high inflation? When does it make sense for us to hedge? What risks are involved and what impact does it have on our long-term investment returns? In today's Dumb Question of the Week, we ask: What does it mean to say the Fed is behind the curve? ---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

Emerging Markets promised investors better returns and broader diversification. But growth has stalled in recent years, with heightened volatility and uncertainty. This week we look at what risks and opportunities are involved with investing in Emerging Markets and what role they should play in our portfolio. We discuss the unique position of China, the impact of tighter Fed monetary policy on developing countries, and the distinction between Emerging and Frontier markets. And in today's Dumb Question of the Week, we ask: How do ETFs actually work? ---Get in touch 📧 [email protected] 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube ---Disclaimer This podcast is for informational and entertainment purposes and is not financial advice. We do not provide recommendations or endorse any decision to buy, sell or hold any security. We cannot be held responsible for any actions listeners may take and investors are encouraged to seek independent financial advice. Copyright 2023 Many Happy Returns

House prices in the UK are up by 10% year on year, with similar rises in much of the western world. What has caused this runaway growth in prices? And what could cause it to reverse? We look to interest rates, supply constraints, government policy and wage growth for the answer. Could the market be in for a fall or is it poised just to keep on rising? In the Dumb Question of the Week, we ask: Why does infinite money printing not inevitably lead to high inflation? ---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 much money do you need to invest to live the life you want? How much can you safely withdraw from a portfolio each year? And how do you ensure you don't run out of money in retirement? What really makes us happy? What role does money play in our happiness and how do we approach investing for our future? And in today's Dumb Question of the Week, we ask: Does passive investing distort markets? ---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

Meme stocks are on the rise again, with GameStop and AMC leading the charge again over the past week. We look back at the crazy month of January 2021 to understand what caused meme stocks to gain over 2,000%, before falling back just as sharply. How did the short squeeze on hedge funds work? What effect did Wall Street Bets and social media have? And what does the future hold for these stocks? In the Dumb Question of the Week, we ask what it means to say something is "priced in" to markets. ---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

Which macroeconomic indicators should we look at to understand where markets are heading? How important are labour market indicators such as nonfarm payrolls, initial jobless claims and the unemployment rate? And what impact do housing and credit market indicators - such as the senior loan officers survey - have on markets? How do these different data points influence federal reserve policy and the wider economy? In this week's Dumb Question of the Week, we ask: Does global equity always rise in the long term? And if so, why? Selected links FRED Markit PMI data ---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

Cognitive biases can impair investment decisions and cause us to make costly mistakes. We discuss the different biases, how to mitigate their impact, and even how to profit from bias in the market. We discuss loss aversion, the endowment effect, anchoring bias, the bandwagon effect, survivorship bias, and confirmation bias. In the Dumb Question of the Week, we ask: When should you cut your losses on an investment that keeps falling? ---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 will sanctions on Russia affect markets? Western governments have imposed unprecedented economic sanctions on Russia for its invasion of Ukraine. Central bank reserves have been frozen. Banks have been cut out of the SWIFT payment network. And Russian stocks have been shorn from equity indices. We look at what impact these moves will have on markets and how investors might respond. Is inflation going to keep rising? Might there be hidden systemic risks lurking? And might markets fall further? In the Dumb Question of the Week, we ask why central banks target an inflation rate of 2%? ---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 you add satellite investments to your core investment portfolio? To prevent meddling with the core investment portfolio, many investors set aside a small amount of money to invest in risky satellite investments. Ramin talks us through some of the assets he has on his 'Market Crash Shopping List' and when he might consider adding them to his portfolio. We look at actively managed investment trusts, leveraged funds, Chinese stocks, high-yield credit, REITs, cryptocurrency and more. In today's Dumb Question of the Week, we ask: What does it mean to say cryptocurrency is "unregulated"? ---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 popular approach to investing is to construct a core portfolio of long-term investments. But what investments should go into this core? We consider the case for stocks, bonds, cash and gold, and how they complement each other. We also discuss what to look for in an index fund, when to rebalance and what risks are involved in long-term investing. In the Dumb Question of the Week, we ask: Who actually decides what companies are included in the S&P 500 index? Selected links S&P 500 return calculator T-Rex score Golden Butterfly portfolio ---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

Can ESG funds save the planet while delivering strong investment returns? ESG funds claim to be able to keep the environment - and your conscience - clean. And all while delivering better returns than the broad market. We dig into how ESG indexes are constructed, what returns we can expect, and whether the environmental claims actually stack up. We also consider alternative investments which might be better placed to achieve the same goals. In the Dumb Question of the Week, we ask: Why would anyone buy bonds with a negative yield? Aren't you guaranteed to lose 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

Big Tech companies have had a wild earnings season. Meta - the parent company of Facebook - suffered the largest-ever one-day loss in market value for a US company. The very next day, Amazon notched the largest-ever one-day gain in history. What is going on to cause such dramatic price moves? And what does the future hold for companies such as Apple, Amazon, Google, Facebook, Tesla and Microsoft? In the Dumb Question of the Week, we ask why companies care about their stock price? And how does the company benefit from a higher price? ---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

Ramin and Michael look at whether investing in factors such as value, momentum or quality can boost returns. Which stocks do these funds buy? What are the risks? And how might we incorporate them in our portfolios? And in the Dumb Question of the Week, we ask: Do CEO's deserve their high pay and does it lead to better performance? ---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

Are we in an asset bubble? Stocks, property and many other investments look expensive at the moment. Ramin guides us through different ways of looking at valuations to see just how expensive. If we are in a bubble, what could cause it to pop? And how can we protect ourselves as investors? And in today's Dumb Question of the Week, we ask: Is China communist or 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