Many Happy Returns

Exploring the risk of government bonds defaulting and their status as the world's safest asset. Discussing the recent downgrade of US debt and its implications. Examining how the credit spread reflects default risk. Understanding the importance of the risk-free rate in finance and the role of central banks. Delving into the possibility of sovereign defaults in developed markets. Exploring the concern over government default risk and comparing bonds to cash. Explaining duration risk and the potential for higher returns from bonds.

This podcast discusses whether Vanguard is still the king of passive investing, exploring its historical significance and market influence. It analyzes the advantages and disadvantages of using the Vanguard platform and compares it to other options. The podcast also delves into Vanguard's failed attempt to launch a financial advice arm. Additionally, it explores the advantages and disadvantages of investing in multi-asset funds and the considerations for designing funds suitable for a large number of investors. Lastly, the podcast explores the concept of passive investing, BlackRock's alternative to life strategy funds, and provides advice on choosing funds based on simplicity, fees, and risk tolerance.

This podcast explores why small cap indices continue to get cheaper despite their attractive prices. It discusses the valuation difference between small caps and large caps, the outperformance of the S&P 600 over the Russell 2000, the challenges faced by small caps in funding costs and interest rates, the impact of profit margins and private equity on small caps, the growth limitations of large companies, and the changing importance of companies and the upper limit of company growth.

Last week, an unexpected cooling of inflation allowed the Bank of England to leave interest rates unchanged. But with CPI still running more than three times above its target, has the Bank wimped out before the battle is won? And in today’s Dumb Question of the Week: Instead of hiking interest rates to fight inflation, why doesn't the government simply urge people to spend less? Selected links Monetary Policy Summary and minutes (20 September 2023) - Bank of England No More Baubles: Post-Plague ConsumptionThe Regulation of Consumption | Encyclopedia.com---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 Office for National Statistics (ONS) published revised GDP figures, upending the post-pandemic economic narrative. It turns out that Britain’s economy recovered much quicker than previously thought and is no longer an international outlier. So how did the ONS find a load of economic output down the back of the sofa? And in today’s Dumb Question of the Week: What could we measure instead of GDP? Selected links Impact of Blue Book 2023 changes on gross domestic product - Office for National StatisticsWhat is GDP and how do we measure it? | National Statistical China’s Official Economic Data: Is It Accurate? | St. Louis FedBeyond GDP: Three Other Ways to Measure Economic Health | St. Louis 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

In this podcast, the hosts discuss the investing advice they would give to their younger selves, including the importance of index funds and risk assessment. They explore the benefits of being a passive investor and the emotional attachment of stock pickers. They also delve into investing mistakes, accountability, and measuring wealth. The episode highlights the low median individual net wealth in the UK, the challenges of building wealth in your 30s, and the lack of investment engagement in the UK compared to the US.

In the early 2000s, the BRICS nations were the pick of emerging markets: vast, rapidly growing economies that promised stellar long-term returns. But it hasn’t played out like that. At least, not yet. Just last week, BRICS expanded its fold with six new members. But does the alliance actually make a difference? And in today’s Dumb Question of the Week: What are frontier markets? ---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

During my 15 years in investment banking, I witnessed the brilliance of analysts, the buzz of the trading floor, and the chaos of the financial crisis. Today, we draw back the curtain on the world of high finance. And in today’s Dumb Question of the Week: What are “systemically important banks”? ---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 explores the underperformance of value investing since the financial crisis, including Warren Buffett's lagging performance. It examines the challenges of valuing stocks and multinational companies. The behavior of investors and the benefits of value investing are discussed, as well as factors contributing to underperformance. The concept of book value and its limitations are explored, along with challenges in valuing the US market.

Stock markets go up because companies grow their earnings over the long term. But this year, the S&P 500 is rallying despite stocks reporting their third straight quarter of falling profits. Has the market just not noticed? We discuss whether an earnings recession should worry us and if it’s about to turn around. And in today’s Dumb Question of the Week: Are share buybacks equivalent to dividends? ---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