Podcast: Many Happy Returns

Markets are eerily calm. Stock volatility is low, and the Vix fear gauge has plunged to pre-pandemic levels. But is this the quiet before the storm? With the US debt ceiling now resolved, some fear that replenishing the Treasury’s coffers could rattle the serenity of markets. Others fret about heightened macroeconomic uncertainty. So are markets...

When it comes to investing, time is your friend. If you get started early, compound returns do a lot of the heavy lifting for you! But what if you didn’t put money into the market when you were young… what if you start investing later in life? We discuss ways to reach our goals and...

Japanese stocks have hit their highest level in 33 years. With markets closing in on record highs seen in the 1980s, are Japanese stocks finally about to escape the shadow of the bubble? We dig into what’s behind the rally and if it has further to run. And in today’s Dumb Question of the Week:...

Investing is said to involve climbing a wall of worry… so where will the next crisis come from? A good place to look for clues is the Fed’s twice-yearly Financial Stability Report. The latest report highlights risks at banks, money-market funds and commercial real estate, but will they really cause the next crash? And in...

The stock market has been on a tear, with the S&P 500 up more than 15% since its October lows. But is the rally supported by the fundamentals? Or is it about to go into reverse? Do company earnings and valuations justify the buoyant market? Or is it driven by hype around artificial intelligence? And...

Inflation has started to subside but remains worryingly high across the world. Will central banks need to raise rates higher still? Will inflation fall back to its 2% target without a recession? And will the Bank of England stop saying mad stuff? And in today’s Dumb Question of the Week: Will high prices be with...

Some people claim that active managers can capitalise on market crashes to beat the benchmark. But do they really save us from being savaged by bears? The analysts at S&P Dow Jones have been hard at work on their updated Index vs Active scorecard, and the numbers for 2022 are hot off the press. The...

An all-weather portfolio aims to deliver steady growth while minimising risk. Pioneered by Ray Dalio, the strategy emphasises diversification across asset classes to keep on chugging, through rain or shine. We discuss how to construct a portfolio for all seasons, and whether it lives up to its promise. And in today’s Dumb Question of the...

Growth stocks have been on a rollercoaster ride — soaring during the pandemic, only to plunge as interest rates climbed. We consider two prime examples of the growth stock phenomenon: Scottish Mortgage Investment Trust and Cathie Wood’s ARKK. We dig into the funds’ investment philosophies, faltering performance, and whether they are set for a resurgence....

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...

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...

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...

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...

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...