In this episode of The Blunt Dollar, I sit down with David Stevenson, one of the UK’s most candid financial commentators. David writes the Adventurous Investor column for the Financial Times, runs a popular Substack, and is also the founder of ETF Stream.

From his days as a BBC producer to sitting on multiple investment trust boards, David has a fascinating multi-decade career that straddles journalism, fintech, and asset management.

We cover a ton of ground, including:

📚 How David’s time at the BBC shaped his blunt, evidence-based approach to communicating finance

💰 The problem with alpha, why many asset managers are “lazy,” and how the industry is becoming increasingly ossified

📈 The rise of thematic ETFs and why European defence stocks have quietly outperformed everything in 2025

🪙 Emotional assets, from wine to old coins and Chinese stamps, and why he’s cautious despite collecting them himself

🤖 A sceptical take on AI in investing and why personal relationships still matter more than ever

If you’re into ETFs, the future of asset management, and raw takes on financial media, this one’s for you.

Oh, and if you haven't already... subscribe to The Blunt Dollar for more raw and honest finance conversations.

New episodes drop every other week! Available on Spotify, Apple Podcasts, and wherever you get your podcasts.

And last, but not least, don't forget to follow me on LinkedIn: https://www.linkedin.com/in/ignacio-ramirez-moreno-cfa/

Enjoy the episode!

Disclaimer: This podcast is for informational and educational purposes only. It does not constitute financial, investment, or legal advice. Listeners should consult a qualified financial professional before making any financial decisions.

David Stevenson: The Shocking Flaws in Today’s Asset Management Game