Many Happy Returns

Contagion can be rapid, unpredictable and destabilising. When a financial institution gets into trouble, it can cause a chain reaction, punishing investors, banks and even countries. We discuss what factors cause these crises to spread and what we should do about it as investors. And in today’s Dumb Question of the Week: What is a CoCo, and are they about to pop? Selected links The Unholy Trinity of Financial ContagionFinancial contagion in the era of globalised banking | OECD---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

On Friday last week, Silicon Valley Bank—the 16th biggest bank in the United States—succumbed to a bank run and was declared insolvent. With markets gripped by fear, the US authorities stepped in on Sunday night to guarantee customer deposits and backstop the financial system. But why did SVB collapse? What happens next? And what are the risks to the broader financial system? And in today’s Dumb Question of the Week: What is the difference between a bail-out and a bail-in? ---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

After more than a decade of near zero interest rates, it is now possible to earn some income from cash and short-term investments. But where should you park your cash? There are many options from bank accounts to money market funds to bonds. Each come with their own benefits, risks and quirks. But why we would even hold cash? And what makes 2023 a potentially lucrative environment for short-term investments? And in today’s Dumb Question of the Week: What is a bank? ---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

Forged in the final moments of exploding neutron stars, gold has the best origin story of any asset. To some, gold’s scarcity and history make it the only real form of money. To others, it's just a shiny rock. It's claimed to be an inflation hedge, a trusted store of value, and the asset to own when all else fails. But does gold have a role to play in our portfolios? And in today’s Dumb Question of the Week: Why did we abandon the gold standard? Selected links Three Secret Ingredients of the Most Efficient Portfolios (Portfolio Charts)Golden Butterfly Portfolio vs Pinwheel Portfolio (PensionCraft - YouTube)---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

Does growth beat value? Does equal weighting outperform? Will the US always be the leading market? Over the last 100 years, simply buying and holding the stock market would have made you rich. But that doesn’t stop people searching for ways to juice their returns. This week we discuss seven ways to slice the stock market. From sectors to factors to weightings, we look at different ways to tilt your portfolio. And in today’s Dumb Question of the Week: Is Apple really an American company? Selected links Concentration within Sectors and Its Implications for Equal Weighting (S&P Dow Jones Indices) Factor Indices: A Simple Compendium (S&P Dow Jones Indices) ---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

One in five couples identify money as their greatest relationship challenge. And when it comes to investing, 40% of couples disagree on how much risk to take. So how should we grow wealth with our partners? And what strategies can help minimise disagreements along the way? And in today’s Dumb Question of the Week: On divorce, would you rather have the pension or the property? Selected links 2021 Couples & Money Study (Fidelity)What's best on divorce: the pension or the property? (FT Advisor)---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

To be better investors, we need to make better decisions. With a few simple steps, we can structure our thinking and improve our investments. We all struggle with bias and unstructured thinking. But there are systems we can use that nudge us into making higher-quality decisions. We discuss framing decisions to align with investing goals, overcoming analysis paralysis, and the 37 Percent Rule. And in today’s Dumb Question of the Week: Why save for retirement? Selected links Rational Reminder podcast with Ralph Keeney Foraging and the Explore/Exploit Trade-Off (Nature) The 37% Rule (Big Think) ---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

Justin Bieber sold his back catalogue for $200m. This follows eye-watering sales for megastars like Bob Dylan, Bruce Springsteen and Tina Turner. But why are music rights now the hottest asset on the planet? We discuss how the music industry has turned itself around, the risks of owning song rights, and whether royalties deserve a place in our portfolio. And in today’s Dumb Question of the Week: What is securitization? ---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

Institutional investors, hedge funds, and professional managers dominate financial markets. Collectively, they make up 90% of trading and are sometimes called ‘smart money’. But are they really that smart? Do they know something we don’t? And in today’s Dumb Question of the Week: What is a hedge 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

The United States is again toying with defaulting on its national debt. If the $31 trillion debt ceiling were breached without the limit being raised, it’s fair to say all hell would break loose. But how likely is a default? And what would happen to markets if the US really jumped off the cliff? And in today’s Dumb Question of the Week: Who is the national debt owed to anyway? ---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