Many Happy Returns

The US Securities and Exchange Commission charged Binance and Coinbase with operating illegal securities exchanges. These are the two biggest names in crypto, accounting for more than half of global trading. Does this mark the beginning of the end of the wild west era of crypto? And in today’s Dumb Question of the Week: What exactly is a security? ---Get in touch 📧 mhr@pensioncraft.com 🎧 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

Markets are eerily calm. Stock volatility is low, and the Vix fear gauge has plunged to pre-pandemic levels. But is this the quiet before the storm? With the US debt ceiling now resolved, some fear that replenishing the Treasury’s coffers could rattle the serenity of markets. Others fret about heightened macroeconomic uncertainty. So are markets too complacent? And in today’s Dumb Question of the Week: How do minimum volatility funds work? And do they work? Selected links Certainly Uncertain - AQR Capital Management---Get in touch 📧 mhr@pensioncraft.com 🎧 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

When it comes to investing, time is your friend. If you get started early, compound returns do a lot of the heavy lifting for you! But what if you didn’t put money into the market when you were young… what if you start investing later in life? We discuss ways to reach our goals and the compromises we might have to make. And in today’s Dumb Question of the Week: Are target-date retirement funds a good option? ---Get in touch 📧 mhr@pensioncraft.com 🎧 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

Japanese stocks have hit their highest level in 33 years. With markets closing in on record highs seen in the 1980s, are Japanese stocks finally about to escape the shadow of the bubble? We dig into what’s behind the rally and if it has further to run. And in today’s Dumb Question of the Week: What is a value trap? ---Get in touch 📧 mhr@pensioncraft.com 🎧 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 said to involve climbing a wall of worry… so where will the next crisis come from? A good place to look for clues is the Fed’s twice-yearly Financial Stability Report. The latest report highlights risks at banks, money-market funds and commercial real estate, but will they really cause the next crash? And in today’s Dumb Question of the Week: Surely low liquidity just means the price is too high? Selected links Financial Stability Report, May 2023 ---Get in touch 📧 mhr@pensioncraft.com 🎧 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 stock market has been on a tear, with the S&P 500 up more than 15% since its October lows. But is the rally supported by the fundamentals? Or is it about to go into reverse? Do company earnings and valuations justify the buoyant market? Or is it driven by hype around artificial intelligence? And in today’s Dumb Question of the Week: Has TINA turned into TARA? ---Get in touch 📧 mhr@pensioncraft.com 🎧 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

Inflation has started to subside but remains worryingly high across the world. Will central banks need to raise rates higher still? Will inflation fall back to its 2% target without a recession? And will the Bank of England stop saying mad stuff? And in today’s Dumb Question of the Week: Will high prices be with us forever? When inflation falls, prices don’t fall, do they? ---Get in touch 📧 mhr@pensioncraft.com 🎧 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

Active fund managers faced unprecedented underperformance in 2022, with data revealing most couldn't beat their benchmarks even during market downturns. The discussion highlights the shift from active to passive investing, particularly in Europe, where trust in managers is wavering. Delving into emerging markets, the complexities of stock picking and the potential advantages of local managers are examined. The podcast also explores the paradox of academic credentials in investment success and the inherent risks and challenges in selecting effective funds.

An all-weather portfolio aims to deliver steady growth while minimising risk. Pioneered by Ray Dalio, the strategy emphasises diversification across asset classes to keep on chugging, through rain or shine. We discuss how to construct a portfolio for all seasons, and whether it lives up to its promise. And in today’s Dumb Question of the Week: How does a tail-risk fund work? ---Get in touch 📧 mhr@pensioncraft.com 🎧 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

Growth stocks have been on a rollercoaster ride — soaring during the pandemic, only to plunge as interest rates climbed. We consider two prime examples of the growth stock phenomenon: Scottish Mortgage Investment Trust and Cathie Wood's ARKK. We dig into the funds' investment philosophies, faltering performance, and whether they are set for a resurgence. And in today’s Dumb Question of the Week: What is the difference between a closed and open-ended fund? ---Get in touch 📧 mhr@pensioncraft.com 🎧 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