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 📧 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

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 📧 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

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 📧 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

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 📧 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

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 📧 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

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 📧 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 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 📧 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

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 📧 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 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 📧 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