Many Happy Returns

Explore underappreciated aspects of stock markets: flaws of price-weighted indices, advantages of market cap weighting, active management vs passive investing, limitations of P.E. ratio, dilution in stocks and foreign exchange fees, optimizing fees and taxes, market cap vs GDP in global index funds, and reliability of market cap vs GDP as an indicator.

Since starting PensionCraft, I’ve spoken to more than a thousand people about their finances, helping with their investing goals, strategies, and fears. We discuss common challenges investors face and how they chart the right course. And in today’s Dumb Question of the Week: Why is it so hard to talk about money? ---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 a century of rapid population growth, the world is getting older. But with fewer workers to subsidise healthcare and pensions, some speculate that shifting demographics spell trouble for the economy and our investments. We debate whether the golden age of stock markets can survive the great Demographic Drag? And in today’s Dumb Question of the Week: How did old people survive before pensions? Selected links Ageing Is the Real Population Bomb | IMF Boomer Retirement: Headwinds for U.S. Equity Markets? | San Francisco Fed ---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

Discussion on the achievement of a soft landing in the American economy, without higher unemployment or a recession. Exploring the challenges faced during the soft landing, including the bankruptcy of Orange County. Theories on the US economy's inflation spike and the risks to the economy. Challenges of predicting human behavior and the complexity of economic modeling.

12 tricky questions to test anyone's knowledge about money, markets and investing in 2023. Can you triumph in our Christmas pub quiz?! And in today’s Dumb Question of the Week: What is the Santa Rally and is it real? ---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

We celebrate the life of Charlie Munger and look to learn from his wisdom. Warren Buffett's long-time right-hand man helped build Berkshire Hathaway and was a brilliant investor in his own right. But perhaps he will be best remembered for his willingness to share his wisdom, wit and one-liners. And in today’s Dumb Question of the Week: What is the “Lollapalooza Effect”? ---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 podcast discusses the most influential number in investing, debating the significance of oil prices, interest rates, and the strength of the dollar. It explores the impact of oil prices on the global economy, the relationship between the Fed funds rate and the 10-year treasury yield, the importance of treasury yields and the 10-year treasury yield in investing, the significance of the bond market and the S&P 500, the potential of a space elevator, and the most important number in investing, which is argued to be non-farm payrolls. It also delves into the understanding of the Federal Reserve's policy interest rate and its mechanisms.

The Fear of Missing Out tempts us all. Amid fast-moving markets and 24-hour news, FOMO can be an investor's worst enemy, derailing decision-making and undermining long-term goals. We discuss the strategies that help us stick to the plan. And in today’s Dumb Question of the Week: When is the right time to sell an investment? Thanks to Lightyear for sponsoring this episode. Sign up at lightyear.app.link/pensioncraft or use the code PENSIONCRAFT to get a US fractional share worth $10. Capital at risk. The provider of investment services is Lightyear Financial Ltd for the UK and Lightyear Europe AS for the EU. Terms apply: lightyear.com/terms. Seek qualified advice if necessary. Yield is provided as of November 27th, 2023. Refer to the instrument’s Key Information Document available on the issuer’s website and Lightyear App before making investment decisions. ---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 podcast explores the risks of the Treasury 'basis trade' and the concerns raised by regulators. It discusses the use of leverage by hedge funds and the potential consequences of market dislocations. The resurgence of the basis trade in the bond market and the risks associated with it are also covered. In addition, the podcast explains the difference between duration and maturity in bonds and how bond duration is used to measure risk.

This podcast explores the potential harm of index funds on market competition and consumer prices. It discusses the concept of common ownership and its effects on industries. The dominance of mega-cap companies and concerns of anti-competitive behavior are also analyzed. The impact of index funds on tax avoidance and higher prices is explored. The long-term concerns of monopoly pricing power and the attractiveness of government bonds as investment options are discussed.