Toby Nangle, a former fund manager and FT contributing editor with deep insights into finance, joins to discuss the U.S. government's substantial bitcoin holdings, confiscated from illegal operations. They explore Senator Lummis's proposal for a national strategic reserve of crypto and the implications this could have on the financial system. The conversation touches on bitcoin's speculative nature, its capped supply, and the historical parallels with financial bubbles. Plus, they lighten the mood by sharing festive favorites and whimsical wishes.

Toby Nangle, a former asset manager and current journalist at the FT, delves into the murky ethics of investing for authoritarian regimes. He shares his journey from finance to journalism after grappling with moral dilemmas surrounding human rights abuses in sovereign wealth funds. The conversation highlights the tension between profit and personal values, stressing the need for ethical engagement in investment practices. Nangle also reflects on the political implications of these investments, like how they can serve dual economic and political goals.

Toby Nangle, an independent analyst, discusses how higher yields are changing asset allocation strategies, specifically in UK pensions. He explores the impact of political events and market movements on UK assets and the pound, offering insights on optimizing investments and navigating the evolving investment landscape.