Merryn Talks Money

Discover the fascinating life of John Law, a Scots gambler turned financier who reshaped modern money in France. From his reckless youth and tumultuous legal battles to his daring escape from prison, Law's journey is filled with scandal and ambition. Delve into his revolutionary ideas on banking, paper money, and credit systems that challenge our understanding of finance. Learn how his visionary reforms emerged during troubled times, setting the stage for modern economic concepts we still grapple with today.

Hosts dive into the surprising strength of global markets, spotlighting stellar performances in gold and silver. They explore the shift from US mega-caps towards value and small-cap opportunities, while also discussing Bitcoin's notable underperformance. Inflation concerns, a Bank of England rate cut, and changing net zero policies add to the mix. Historical insights show when small caps could surge again, and the hosts highlight practical investment takeaways for 2026.

Hamish Leng, a veteran financial planner with over 40 years of experience, shares his expertise on wealth transfer and parenting in this enlightening discussion. He emphasizes the importance of teaching financial responsibility through early investments and meaningful conversations. Hamish argues that self-confidence should come from achievements rather than inherited wealth, and he offers strategies for fair gift distribution among siblings. Additionally, he discusses tax-efficient gifting methods and encourages parents to secure their financial future before passing on wealth.

Kurt Björklund, Executive Chairman at Permira, shares insights from his extensive career in private equity. He discusses the current reset in the private equity cycle post-COVID and the importance of true governance over mere leverage. Kurt explains how control buyouts drive long-term value creation and the impact of interest rates on investment strategies. He advises pension funds and long-horizon investors on navigating this landscape while cautioning retail investors about illiquidity risks. Topics include the rise of tech, shifts from public to private markets, and the role of top GPs.

This week, hosts dive into silver's impressive rise past $60, sharing surprising anecdotes and discussing its inflationary backdrop. They analyze the recent dip in oil prices and its implications for an energy rebound. A fascinating summary of Howard Marks’ memo on AI sparks debate over potential bubbles and structural opacity in the private-credit sector. Additionally, the impact of AI on jobs and society is explored, alongside the stability of the gilt market and shifting central bank policies.

Gerard Lyons, a prominent UK economist and former policy adviser, shares his insights on the nation’s budget, calling it visionless and politically driven. He warns about rising public debt and a potential debt trap, while discussing the calm market reactions owing to smaller fiscal gaps. Lyons critiques the Bank of England's strategies, advocates for central bank accountability, and emphasizes opportunities in AI and global diversification. Despite challenges, he identifies positive signs like resilient corporate balance sheets and high savings, offering a cautiously optimistic outlook.

Helen Jewell, International Chief Investment Officer at BlackRock with over 20 years in financial services, shares insights on why 2025 was surprisingly strong for global equities. She discusses the resurgence of European banks and the rise in energy infrastructure demands powered by AI. Highlighting selective opportunities, Jewell emphasizes the appeal of UK small caps and cautious optimism despite risks like market complacency. Her insights underscore the importance of diversification and strategic investing in the evolving landscape.

Hosts dive into the fallout from the failed HICL–TRIG merger, highlighting shareholder activism's impact on investment trusts. They discuss silver's impressive surge above $50 and its resurgent role in the market, while gold continues to shine. The conversation shifts to Bitcoin's recent volatility, exploring how the unwinding yen carry trade might affect its movements. Listeners get insights into the dynamics of global assets and the ongoing debate between gold and cryptocurrencies.

Dambisa Moyo, a prominent global economist and member of the UK's House of Lords, shares her insights on the current AI market dynamics and the UK's economic challenges. She believes the AI sector shows bubble characteristics but is still in its early stages. Moyo discusses the concentration of gains in tech stocks and the risks posed by shadow banking. She highlights the impact of high energy costs on UK growth and emphasizes the need for a more compelling national story to attract investment. Additionally, her views on Bitcoin reveal skepticism towards its valuation.

Stephanie Flanders, Head of Economics at Bloomberg, Helen Thomas, CEO of Blonde Money, and John Stepek, author of Money Distilled, share insights on the latest UK budget. They debate whether it helps secure the Chancellor's position amidst market calm. The panel discusses inflation impacts, missed opportunities for meaningful reform, and concerns about rising household costs. They also tackle housing policies, welfare spending, and the risks of wealthy emigration due to tax changes, ultimately highlighting the budget's limited effectiveness in driving long-term growth.