In the Company of Mavericks
A podcast where we help serious active investors navigate market volatility, protect capital, and uncover new ways to confidently grow wealth in these radically uncertain times.
Episodes
Fiscal Dominance, Treasury Buybacks, Duration, Gold & Bitcoin - Bessent Declares War on the Thermometer
Read the daily market notes at the Hypernormal Times on Substack. Subscribe, review, and share at Hypernormal Times on Substack. The global financial system is running a fever, and this week the authorities declared war on the thermometer. Jeremy McKeown separates the signal from the theatre: why the surge in long-term Treasury, gilt and bund yields is a real-yield repricing of sovereign risk, no
Why Oil Isn't $200 - The Blind Squirell on the China Collar, buying Britain on the floor, & what replaces bonds
Why isn't oil at $200 with the Strait of Hormuz restricted? Rupert Mitchell — "The Blind Squirrel" — argues China has become a monopsony: the swing buyer of crude, putting an effective floor and ceiling on oil prices using storage tanks instead of quotas. He calls it the China Collar, and he thinks it will permanently re-rate energy equities.We also cover why he's buying UK domestic mid-caps "on t
Securitising Subprime Silicon - Plus the $2 trillion deficit, an indefinite oil siege, and what it means for stocks, markets and capital.
This week's easing was cyclical. The things that hardened were structural. That's the week in a sentence.Subscribe to Hypernormal Times for free on Substack.For your capital markets training needs, visit my friends at Finance Talking.Markets spent five days exhaling — a soft CPI, a softer PPI, the AI trade roaring back — while quietly signing up for an indefinite oil siege, a $2 trillion deficit f
Long-Cycle Investing, Short Selling & the AI Bubble Question - Why duration matters when buying stocks
Subscribe to Hypernormal Times on Substack. High Ground founder and CIO Edgar Allen joins to explain the investment philosophy behind one of Europe's fastest-growing long/short equity funds — now running roughly $3bn, up from $10m at launch in 2019.Edgar traces his path from teenage stock-picker in Suffolk, working through FT-ordered annual reports in the school holidays, to Fidelity during the do
Investing in Things You Can't Print: Gold, Oil & Copper & The Week Trust Left Markets
Three of the most powerful men in the global economy asked the markets to believe them, and the markets declined. On protecting capital when money, promises, and forward guidance are being printed, and gold, copper, and diesel are the only honest voices left.Hypernormal Times on Substack.For your capital markets training needs, visit my friends at Finance Talking.This week, a president's peace, a
Investing in China, Inflation Expectations & Energy - Revisiting Project Zimbabwe & S&P 10,000 with Erik@YWR
Erik of Your Weekend Reading returns from three weeks in China with a conclusion that will surprise anyone who has written the country off. Then: the 8% consumer inflation expectation the Fed is forecasting away, why bond yields are heading to 5–6%, and why he thinks the energy story could end up bigger than AI.For your information. Never advice of any kind.Visit Hypernormal Times.For your capital
Being Situationally Aware - The Hypernormal Investing Week That Was
Oil crashed on peace, stocks crashed anyway, a 557% profit was a "miss," and a hedge fund called Situational Awareness got blindsided. A week of maximum noise — and the three signals underneath that actually matter.Hypernormal Times on Substack. For your capital markets training needs, visit my friends at Finance Talking.The market fell a fifth and rose a fifth in the same week, on no change in th
ITCOM Becomes Hypernormal Investing - But nothing really changes
This is just a trailer to let you know about the podcast name change. In The Company of Mavericks will be renamed Hypernormal Investing from the next episode.Practically, apart from the new name and some new cover art, nothing else changes. There is no need to change any settings to continue to listen on your podcast app.I am doing this to align the podcast more closely to the writing I do on Subs
Mind the Inflation Gap & AI's Second Derivative - Hypernormal Investing
For your capital markets training needs, visit my friends at Finance Talking.Subscribe at Hypernormal Times.Oil hit $100, Alphabet posted its first-ever negative cash flow, Bubba and the Fed disagreed about inflation by 470 basis points, and the President started selling his tweets for $100k a month. A normal week in HyperNormal investing.This podcast explores stocks, markets, and capital, examine
Building Capita & Repurposing Private Equity Investing to Help Every Child Read - Paul Pindar on doing things differently & keeping them simple
Follow me on Substack: https://substack.com/@jeremymckeownFor your capital markets training needs, contact Finance Talking: https://bit.ly/48NLioZPaul Pindar built Capita from a £330,000 management buyout into a £7.5 billion outsourcing giant, delivering a 480x total shareholder return between its 1989 listing and his departure in 2014. Now Chairman of Literacy Capital plc (LSE: BOOK), the listed
China Ruins AI's Party While The UK Holds a Car Boot Sale - Hypernormal Week
For more, see Hypernormal Times on Substack.In this episode.Inflation vs the oil war — why June's CPI and PPI prints are already out of date, and what new Fed chair Kevin Warsh's "plenty of work to do" really signalsThe AI repricing — Korea's Kospi jumps 8% in a day, SK Hynix trades at a 50% premium to itself, then TSMC delivers a fifth straight record quarter (profits +59%) and the stock has its
Investing Decision Making: The Stock You Bought is Down 20% - Now What?
You've done the work, bought the stock, and now it's down 20%. Do you tell yourself it's now cheaper and buy more, or accept you got it wrong, take the loss, and move on? That decision, as Jeremy puts it, is the one that defines you as an investor.Subscribe to Hypernormal Times Substack.In this episode, Jeremy McKeown is joined by two friends of the pod: Substacker and author Rob Marstrand diallin
Count Binface & The Rise of Economic Statecraft - the Hormuz toll booth, Korea's chip casino, and a Fed reinvented
Speak to Finance Talking for your financial communications training requirements. The US bombs dozens of sites inside Iran while insisting the ceasefire talks are still on. A South Korean chipmaker posts a 19‑fold jump in profit, and the market loses $100bn in a day. Kevin Warsh hands the future of the Federal Reserve to a venture capitalist and two retired retail executives. And then, perhaps the
The English Are Coming! Investing in the Birth of a New Wine Region
Speak to Finance Talking for your financial communications training requirements. English sparkling wine is no longer a cottage industry but a new wine region in the making, and Chapel Down is its leading player. In this episode, I talk with CEO James Pennefather and Head Winemaker Josh Donaghay-Spire to explore how a Kent winery is building a global brand to rival Champagne.From 25 years of selli
The Debasement Trade Isn't Dead It's Been Repriced - Investing
Plus: a dollar rerouted in plain sight, the AI tax hits consumers, and Britain's buffoonocracy implies a Gilt crisis as a near inevitability.Wall Street wrote the obituary for the debasement trade this week, with gold below $4,000, Bitcoin has halved, and the dollar is at a 14-month high. But with a ~6% US deficit and $40 trillion of debt, what actually changed: the price, or the thesis? All this
A Buffoonocracy in Need of a Bond Crisis - Investing in the UK as Reported from Mississippi with Douglas Carswell
Speak to Finance Talking for your financial communications training requirements. Mississippi Wins Douglas Carswell helped win the Brexit referendum, then left Britain in frustration to run the Mississippi Centre for Public Policy in a state that has quietly overtaken the UK in GDP per capita. In this episode, I talk to Douglas about why Britain has become, in his words, ungovernable and what inve
Investing in Maritime Domain Awareness in a Changing World - Simon Tucker of SRT Marine
How does someone who started out selling chocolate mousse next to a Brixton brothel, then ran a cigarette-vending round in Weston-super-Mare, end up building national surveillance systems for sovereign governments across the Gulf and Southeast Asia?In this episode of In The Company of Mavericks, Jeremy is joined by Julian Collett of Blackdown Partners to talk with Simon Tucker, founder and CEO of
Investing in Humanoid Robotics - Has China Already Won?
Jeremy speaks with Echo Yin, founder and portfolio manager at Varis Partners, fresh from factory visits across the US and Chinese robotics ecosystems. Echo brings an engineer's eye and investor's discipline to one of the most consequential technology races of our time.They cover why China's global export share has risen despite trade war headwinds, what deflation feels like on the ground in Shangh
Did the AI Look-Through Trade Just Crack? A Hypernormal Investing Report
Brought to you by Progressive EquityEpisode sponsor Finance TalkingDid the AI Look-Through Trade Just Crack?Broadcom beat consensus but dropped 13% on after-hours trading. CrowdStrike fell 10%. The Kospi crashed 7% intraday on Friday. The bar for AI stocks has moved beyond the trajectory — and the marginal buyer is starting to notice.Jeremy walks through six interconnected stories shaping the next
Becoming an Investment Manager From Academy to Allocator - Learning About Investing & Stock Selection
In this episode, Jeremy is joined by David Seaman for a conversation with Henry Rayner and Jamie Hartley, two fund managers at Ennismore, about how they've developed their craft as small-cap investors through the firm's Academy programme.We discuss:How the Ennismore Academy throws new joiners into pitching their own ideas from week one, and why that builds the muscle for genuine idea generationThe
Another Week Investing in Markets: Bond Vigilantes Stand Down as AI CapEx Goes Parabolic - A Hypernormal Investing Report May 22nd
This week, the market told two stories and chose to believe the second. The first played out in the bond market. The second played out in technology.In this episode we unpack why the vigilantes won the week and then stood down, how Andy Burnham was forced to recant his economic platform without a single vote being cast, what NVIDIA's parabolic demand means for the AI CapEx broadening across Asia,
The Maverick Taking on Nationwide: James Sherwin-Smith & Why Every Member Should Exercise Their Democratic Right to Vote
For the first time in 21 years, Nationwide Building Society members will see a genuine choice on their AGM ballot paper. Jeremy McKeown sits down with James Sherwin-Smith, fintech executive, former MasterCard senior leader, and Oliver Wyman strategist, who is standing as the first member-nominated candidate for the Nationwide board since 2005.In this episode, James reveals what it actually takes t
Running On Empty, Running Blind - Hypernormal Investing Report May 15th
Markets at all-time highs. A closed strait. The hottest inflation prints in years. The UK government is hanging by a thread. A US-China summit that resolved precisely nothing. We ask the only question that matters right now: how long can you keep running on empty?This week's episode covers six themes that are all pointing in the same direction.What We Cover1. The Global Equity Market ParadoxThe S&
Financial Literacy & Investing Basics - A Younger Person's Guide Money, Stocks & Stuff
In this episode of In The Company of Mavericks, we tackle the most requested topic since the podcast launched: the fundamentals of money and investing, and how to introduce these vital concepts to children, grandchildren, and the next generation.Host Jeremy McKeown is joined by Andy Craig, founder of Plain English Finance and author of the bestselling book How to Own the World, alongside Josh Sand
OPEC is Over, China Has Won & The Emerging New World Order with Doomberg
In this episode, I talk to Doomberg following our last chat in early March, and he expands on his thoughts that the Iran War was a catastrophic error with significant strategic consequences for the World.As usual, Doomberg doesn't hold back. China has entered the chat just as the UAE has exited OPEC, putting the instability among the Gulf countries and the broader Middle East into perspective.Desp
The Gap Between the Strait & the Tape - A HyperNormal Situation Report
Seven tankers transited the Strait of Hormuz this week, against a pre-war baseline of 140. The world's most important oil choke point is running at 5% capacity. So why did the S&P 500 just post its best April since 2020?Jeremy McKeown walks through the four stories driving markets right now: an energy shock, a bond market in revolt, a fracturing monetary order, and the deepest institutional cr
Beer is the best lubricant mankind has found in 7,000 years with Jonathan Neame & How Brtiain's oldest brewer has survived by bloodymindedness and 450 years of adaptation
Shepherd Neame has been brewing beer on the same site in Faversham, Kent, since 1573. That's before Shakespeare. Before the King James Bible. Before anyone called a pub a pub. It has survived two World Wars, the Temperance Movement, the craft beer revolution, a very public family falling-out, and a pandemic that shut down every pub in Britain overnight.Jonathan Neame is the fifth-generation CEO, a
Schrödinger's Strait & The Gems Among The Rubble with Le Shrub and Laurence Hulse: The Odd Couple of Memes and Micro-Caps
Brought to you by Progressive Equity and Finance Talking. Schrödinger's Strait & The Gems Among The RubbleEpisode Summary: Dive into the absurdities of modern macro markets and the hidden value in UK equities in this episode of Mavericks. Host Jeremy McKeown brings together an investing "odd couple": Laurie Hulse, UK small-cap stock picker and manager of the Onward Opportunities Inves
Small Ships, Big Oceans, World on Fire: Ami Daniel on the Middle East energy shock, zero cost intelligence, and why the SaaS apocalypse is your opportunity
Small Ships, Big Oceans, World on FireAmi Daniel on the Middle East energy shock, the death of cheap intelligence, and why the SaaS apocalypse is your opportunityAmi Daniel, founder of maritime AI company Windward, returns to the pod with a front-row view of the Middle East energy shock — and a confession about the one big thing he got completely wrong about AI.With US naval pressure tigh
The Iranian Toll Booth: A HyperNormalTimes Report on What the War Actually Changed
The Iranian Toll Booth: A HyperNormal Situation ReportOperation Epic Fury is over, we are told. The bombs landed. The headlines can move on. And yet, the Strait of Hormuz has become a checkpoint run by the IRGC — with US allies quietly filing the paperwork to get through.This is your HyperNormal situation report.In this solo ITCOM episode, Jeremy McKeown cuts through the noise to explain
A Letter from Brezhnev with John Polomny - Why the West Knows the System Is Broken But Can’t Say So: It's HyperNormal
ITCOM is a podcast that helps serious active investors navigate market volatility, protect capital, and uncover new ways to confidently grow your wealth in radically uncertain times.John Polomny didn't go to Georgetown. He didn't intern under a former Secretary of State. He joined the US Navy at 18, ran nuclear reactors, travelled the world on warships, opened a brokerage account at 15, s
Five Stages of Empire, WWIII & Surviving Hegemonic Power Shifts with David Murrin
In The Company of Mavericks | David Murrin on World War III, The Five Stages of Empire, and Surviving the Global Power ShiftHost: Jeremy McKeown Guest: David Murrin (Geopolitical Forecaster and Author) Release Date: March 26th, 2026.Join host Jeremy McKeown on In the Company of Mavericks for a riveting conversation with geopolitical expert David Murrin. Discover why Murrin believes World
COMING SOON - Five Stages of Empire, WWIII & Surviving Hegemonic Power Shifts with David Murrin
In The Company of Mavericks | David Murrin on World War III, The Five Stages of Empire, and Surviving the Global Power ShiftHost: Jeremy McKeown Guest: David Murrin (Geopolitical Forecaster and Author) Release Date: March 26th, 2026.Join host Jeremy McKeown on In the Company of Mavericks for a riveting conversation with geopolitical expert David Murrin. Discover why Murrin believes World
Navigating the Crashing Waves of History with Michael Every - Geopolitics and De-Financialisation
Michael Every on Geopolitics, Wave Theories, and the De-Financialisation of the WestIn this episode of In the Company of Mavericks, we are joined by Michael Every, Global Strategist at Rabobank, for a deep dive into the chaos of our current geopolitical and macroeconomic landscape. With over two decades of experience as an economist and strategist—including senior roles at Silk Road Assoc
COMING SOON - Navigating the Crashing Waves of History with Michael Every - Geopolitics and De-Financialisation
COMING SOON BE SURE TO SUBSCRIBE VIA YOUR PODCAST APP OR ON SUBSTACK Michael Every on Geopolitics, Wave Theories, and the De-Financialisation of the WestIn this episode of In the Company of Mavericks, we are joined by Michael Every, Global Strategist at Rabobank, for a deep dive into the chaos of our current geopolitical and macroeconomic landscape. With over two decades of experience as
Substack, War, Geopolitics & Hard Asset Investing with Charlie Garcia of Capital Mischief
The Strategic Importance of the Garcia ViewpointHaving advised six U.S. presidents, Charlie offers insights into the current Middle East crisis that are not merely speculative; they are informed by decades spent at the levers of power. This proximity grants him a "strategic map" allowing him to see through the fog of the US/Israeli bombing of Iran to identify the underlying structural shi
COMING SOON - Substack, Journalism, War & Hard Assets with Charlie Garcia of Capital Mischief
Last week, I was due to host a joint episode with Doomberg and Charlie Garcia, but diaries conspired against it. However, I got to do two recordings of influential Substackers covering global events and their implications: one through an energy lens, and the other, crafting a line of journalism that reminds me of the great PJ O'Rourke. Capital Mischief is an ambitious investment Substack
WW3, Energy, Markets & Politics with Doomberg - Iran & The New Global Pecking Order
In this timely episode, I chat with the internet’s favourite financial avian—Doomberg—to unpack the escalating chaos in the Middle East and its profound impact on global energy markets. Recorded on Tuesday, March 3rd, as the fog of war deepens, we dive into why oil prices are spiking and how the world’s reliance on fossil fuels is shaping modern warfare.Doomberg delivers his signature "no
Finding Wonder Stocks with Jamie Ward - Compounding, Nick Sleep, and the Parasite of Passive Investing
Finding Wonder Stocks with Jamie Ward - Compounding, Nick Sleep, and the Parasite of Passive InvestingHow do you find the next "supernormal" company in a world of radical uncertainty? In this episode, we sit down with Jamie Ward, author of the Wonder Stocks newsletter and a mathematician-turned-investor who survived the Global Financial Crisis.Jamie shares his framework for identifying s
COMING SOON - Finding Wonder Stocks with Jamie Ward
I recently chatted to Substacker, investment writer and investor, Jamie Ward.Jamie writes the Wonder Stocks newsletter with a focus on identifying compounding supernormal growth stocks, and he shares his thoughts on how to find these stocks. He also discusses the damaging impact of passive investing on the stock-picking process. Full episode to drop soon. Be sure to subscribe.
Supply is Measurable, Demand is Storytelling & Why the World's Capital Out of Whack - Capital Cycle Investing with Django Davidson
Are we over-indexed on the "Digital Masters of the Universe" while starving the physical supply chains that underpin national security?In this episode, we dive into why global capital might be facing the wrong direction. We’re joined by Django Davidson, Partner and Portfolio Manager at Hosking Partners, to explore the Capital Cycle Theory—an investment framework made famous by Marathon As
COMING SOON - Supply is Measurable, Demand is Storytelling - Capital Cycle Investing with Django Davidson
Supply is Measurable, Demand is Storytelling - Capital Cycle Investing with Django Davidson of Hosking Partners. In his legendary book Capital Account, Chancellor said that: Over the long run, it is a company’s return on capital, not changes in quarterly earnings, which primarily determines the direction of its share price. The return on capital of any company is largely subject to the
Gold, Silver & Bitcoin - Is The Debasement Trade Over? with Charlie Morris & Dominic Frisby
The monetary metals, gold and silver and so-called digital gold, or Bitcoin, have had an unusual few months. As recently as September last year, the gold price was $3,500/oz, silver was $40/oz, and a Bitcoin was priced at around $110,000. Since then Gold rose by over 50% to $5,400 / oz before correcting to $5,000 / oz or up 40%; silver rose nearly 200% to $115 / oz before correcting to
COMING SOON - Gold, Silver & Bitcoin WTF Now? with Dominic Frisby & Charlie Morris
Last week, I spoke with two longstanding advocates of outside money and the debasement trade: wealth manager Charlie Morris, the founder of the BOLD (Bitcoin and gold fund) and author, Substacker and all-round renaissance man, Dominic Frisby.My question to them was: WTF is happening to gold, silver, and Bitcoin, and following their extraordinary price actions over recent months, where to
Politics & Markets with Roger Lee
Davos Man, The Revelation & Capital RotationFor this episode, I chat with Roger Lee, Head of Equity Strategy at Cavendish and a City veteran with almost 30 years in the equity market. Roger started his broking career with Cazenove, then worked at HSBC James Capel, JPMorgan, Deutsche Bank, and, most recently, as Head of UK Equity Strategy at Investec. Roger is a Fellow of the Institu
COMING SOON - Politics & Markets with Roger Lee
I spoke last week with Roger Lee, Market Strategist at London broker, Cavendish.We had a great conversation, sharing views on how politics have impacted markets over the span of our professional careers. Particularly we discuss how we are in revelationary era for Davos Man, the global elite and the interests of the ordinary man. And how the West can no longer afford the cost of the state.
Simple But Not Easy with Richard Oldfield
Simple But Not Easy– The Investment Wisdom of Richard OldfieldRichard Oldfield, Founder of Oldfield Partners and author of Simple But Not Easy. We discuss the psychology of value investing, the structural flaws of modern asset management, and the challenges of navigating the bifurcated markets of the mid-2020s.Episode OverviewIn this episode, veteran investor Richard Oldfield debunks myth
COMING SOON - Investing is Simple But Not Easy with Richard Oldfield
A preview of the upcoming episode of In the Company of Mavericks, Simple But Not Easy with Richard Oldfield. Hosted by Jeremy McKeown, this podcast series delivers conversations with people who dare to be different. Listen to this trailer and follow now to catch the full release and other exciting content on its way to your ears.
The Future Will Be Tokenised with Steve Whyman, Ian Hunt & Marvin Barth
In this episode, we move beyond the typical hype surrounding cryptocurrency and digital assets to dissect the plumbing of the global financial system. To do this, we have a panel of industry insiders:You will hear from Steve Whyman, who previously ran Fidelity International’s debt capital markets business, where he built their investment thesis for digital assets from scratch. Joining him
COMING SOON - The Future Will Be Tokenised
Coming soon, we explore how tokenisation is set to revolutionise the global economy.Joined by "friend of the pod" Marvin Barth of Seriously, Marvin? and Thematic Markets, we chat with digital assets specialists Dr Ian Hunt and Steve Whyman. We expose the "absurd" complexity and cost added by traditional intermediaries in the financial sector. Discover how blockchain technology acts as th
Silver Confiscation, National Capitalism & the West’s Awakening – Craig Tindale
Is silver's price spike a bubble, or an early warning of government confiscation for AI data centres and military needs? Craig Tindale, Australian investor and essayist, argues the West has lost touch with the physical economy — and national capitalism is our only path back.In this episode:• Why Craig sees silver regulation or confiscation coming, or where we rip out solar panels for thei
COMING SOON - Why Matter Matters & How National Capitalism Won with Craig Tindale
According to Australian investor and essayist Craig Tindale, we are in an era of Hard Bifurcation, a terminal rupture between the monetary economy and the physical world. For forty years, Western orthodoxy has blythely assumed that financial liquidity and material goods were a unified system. But that linkage is dead, and we have entered a state of Impedance Mismatch.According to Tindale,
Project Zimbabwe, S&P 10,000 & Cheap Energy with Erik@YWR
I recently caught up with Erik @ YWR, a widely experienced investment professional and popular Substacker. Erik discusses his experience investing in Africa in the 20'teens and his involvement in what he calls Project Zimbabwe; don't think that we, in the West, are immune from our own versions of Project Zimbabwe. In Erik's view, we are, and counterintuitively, it partially explains Erik
COMING SOON - Project Zimbabwe, S&P 10,000 & Cheap Energy with Erik @ YWR
I recently caught up with experienced investor and Substacker, Erik@YWR, to chat about the state of the markets and how he sees things for 2026. Erik has a unique perspective on what he calls Project Zimbabwe, which he experienced firsthand while running an African fund in the 2010s, and it enables him to be more bullish than most investors about his call for the S&P to reach 10,000 i
Maverick Economics - The Austrian School with Dr Mark Thornton of the Mises Institute
What have the Austrians ever done for us?The answer is quite a lot, particularly regarding the importance of liberty and free markets, and how government overreach in economic matters results in long-term damage and decline.However, Carl Menger, Ludwig von Mises, Friedrich Hayek, and other members of the so-called Austrian School have long occupied a fringe position in conventional econom
COMING SOON - The Renaissance of Austrian Economics with Dr Mark Thornton of the Mises Institue
What have the Austrians ever done for us? The answer is quite a lot, particularly regarding the importance of liberty and free markets, and how government overreach in economic matters results in long-term damage and decline. However, Carl Menger, Ludwig von Mises, Friedrich Hayek, and other members of the so-called Austrian School have long occupied a fringe position in conventional econ
An Update on Argentina's Milei Revolution with Jeffrey Stout
I visited Buenos Aires in November last year. I wanted to see firsthand what was going on under the newly elected President, Javier Milei. I met some fascinating people who shared their stories and perspectives on the Milei Revolution. As I was researching an article about my visit, I read some early accounts of the rise of Milei and the stories told about him in 2022 and early 2023. I
COMING SOON - An Update on Argentina's Milei Revolution with Jeffrey Stout
I visited Buenos Aires in November last year. I wanted to see firsthand what was going on under the newly elected President, Javier Milei. I met some fascinating people who shared their stories and perspectives on the Milei Revolution. As I was researching an article about my visit, I read some early accounts of the rise of Milei and the stories told about him in 2022 and early 2023. I
The Consequences of the Budget with Simon French & Thomas Moore
On the 27th of November, I had the good fortune to speak with a friend of the pod, Simon French, Head of Research at Panmure Liberum, and Thomas Moore, Senior Investment Director at Aberdeen, to discuss the UK Budget and its implications. Simon, who writes a regular column in the Times, is a go-to person on the UK economy, and Thomas is steeped in experience and understanding of the valu
COMING SOON - The Consequences of the Budget with Simon French & Thomas Moore
Get ready for a touch of mansplaining as Simon French of Panmure Liberum and Thomas Moore of Aberdeen discuss the Budget and its implications for UK equities. Brought to you by Progressive Equity
Contrarian Investing in UK Equities with Alyx Wood of Kernow Asset Management
A few weeks ago, friend of the pod, Mark Wharrier, and I were invited to the 6th-anniversary party for the fund manager, Kernow Asset Management. CEO Ed Hugo and CIO Alyx Wood have featured on previous episodes.But today, Mark and I chat with Alyx about his approach to the UK, why he finds it an attractive market with his active contrarian long-short strategy, and which ideas he is curren
A Global Thematic Masterclass with Mark Farrington
I increasingly believe that to invest in today’s markets, one needs a macroeconomic framework. Pure momentum or valuation approaches are insufficient. I have been keen to talk with people who understand the macroeconomic and geopolitical landscape we operate in and have mental models for using these dynamics to increase the likelihood of identifying risk asymmetries. Two of my guests this
COMING SOON - A Global Thematic Masterclass with Mark Farrington
I increasingly believe that to invest in today’s markets, one needs a macroeconomic framework. Pure momentum or valuation approaches are insufficient. I have been keen to talk with people who understand the macroeconomic and geopolitical landscape we operate in and have mental models for using these dynamics to increase the likelihood of identifying risk asymmetries. Two of my guests this
Will the UK Sacrifice the North Sea to Net Zero? with Kathryn Porter & Martin Copeland
As Keir Starmer and Ed Miliband return from COP30 in Brazil, I wanted to take a look at the UK’s energy policy amid a global backdrop suggesting the world is turning away from net-zero absolutism towards more human-centric policy options. The Overton window on energy policy is being pushed aside by the likes of Tony Blair, Bill Gates, and, significantly, by the lobbying interests of big t
COMING SOON - Will the UK Sacrifice the North Sea to Net Zero? with Kathryn Porter & Martin Copeland
As COP delegates use a road cut through the Amazon to attend a gathering of people who tell us we need to make sacrifices to protect the planet, the wider world is pivoting away from climate alarmism toward more human-centric policy choices. UK energy policy is becoming a critical political battleground ahead of the next election, and the North Sea hydrocarbon industry is a focal point. A
Gold & Unstoppable Fiat Debasement with Dominic Frisby & Tim Price
What’s happening to gold? Is the so-called debasement trade over? Have we just seen another FOMO driven momentum bubble hit a blowout top?Is that it for another decade? Of course, a bubble is a bull market that we are not involved in, and from the outside, the recent frenzy over gold is just another case of market hysteria, right? Conspiracy theories like the dollar debasement are just,
COMING SOON - Gold & Unstoppable Fiat Debasement with Dominic Frisby & Tim Price
Earlier this week, I chatted with Dominic Frisby of the Flying Frisby and Tim Price of Price Value Partners to talk about gold and related issues. I asked them: Is the fiat debasement inevitable? Should we be buying the dip in precious metals prices? And much, much more ....Don't miss it. Make sure you are subscribed, dropping soon on all good podcast apps. Brought to you by Progressive
Europe's Crisis of Competence with Doomberg & The Brawl Street Journal
Two of my favourite Substackers, Doomberg and The Brawl Street Journal, have recently written about the future of Europe and its predicament in a rapidly changing world. And from their differing perspectives, they both agreed that it is not good. So, earlier this week I brought them together to share their views, one from the perspective of an experienced trade dispute lawyer and former p
COMING SOON - The Future of Europe with Doomberg & The Brawl Street Journal
Doomberg and The Brawl Street Journal have published pieces recently about the economic, political and financial predicament of Europe and the EU in our rapidly changing geopolitical landscape. Both argue that it doesn't look good. So, earlier this week, I brought them together to share their views. We discussed how we got here, the main factors, and how Europe is positioned in the emergi
Investing in Quality Compounders with Simon Young & Mark Wharrier
Have you ever wondered why some equities earn the special designation of quality compounder? It sounds easy when you read about Charlie Munger or Nick Sleep buying Costco and holding it forever. But everyone now knows the Costco story and how great it is. We can buy that great business, but we risk paying the wrong price. So, what enables such businesses to compound? How can we identify
COMING SOON - Quality Compounders with Simon Young & Mark Wharrier
Ever wondered why some equities get that special tag of quality compounder? It sounds easy when you read about Charlie Munger or Nick Sleep buying Costco and holding it forever. But everyone knows the Costco story and how great it is. You risk buying a great business at the wrong price. What enables such businesses to compound? How can you identify their critical characteristics so that y
Satire & Investing with Le Shrub
It was a true pleasure last week to chat to the meme trader, parody hedge fund manager and Shrubstack author himself, Le Shrub. Le Shrub uses humour and parody to highlight opportunities and turning points in financial markets, which he brings to life for his followers on his Reminiscences of a Shrub Operator website. We discuss the role of satire in understanding the stranger than ficti
COMING SOON - Don't Worry, it's a Good Bubble with Le Shrub
It was a great pleasure and a lot of fun to catch up with the master meme trader, the Eurotrash hedge fund parody investor himself, Le Shrub. Learn how he understands the world through satire and memes, as he says, 'nothing makes sense until you accept it's all nonsense.' Full episode dropping soon on all good podcast apps. Please make sure you're subscribed.
Global Entropy & Common Derangements with Marvin Barth
Last week I had a conversation with Marvin Barth, author of the Thematic Markets and Seriously, Marvin?! Substacks.Marvin is what I would call an evolved policy wonk. A PhD economist, Marvin’s career includes working for The Federal Reserve, the Bank for International Settlements, the US Treasury Department and several major Wall Street banks.He has a well-informed and holistic view of th
COMING SOON - Global Entropy & Common Derangements with Marvin Barth
Last week I was joined by economist and Substack author Marvin Barth for a chat about his work about Global Entropy as a way of thinking about our increasingly chaotic world. Coming soon, please subscribe.
Doom Loops, Dumb Taxes & Trump's Tariffs with Catherine McBride
A couple of weeks ago, I was joined by Catherine McBride, OBE, to talk about her work and, in particular, her recent Substack series on the UK’s Doom Loops, Debt Spirals and Dumb Taxes. Catherine is an expert in trade policy, taxation, commodities, agriculture, Brexit, and financial services regulation. She writes to offer a new perspective on traditional media's misdirection and spin. C
COMING SOON - Doom Loops, Dumb Taxes & Trump's Tariffs with Catherine McBride
A couple of weeks ago, I was joined by Catherine McBride, OBE, to talk about her work and, in particular, her recent Substack series on the UK’s Doom Loops, Debt Spirals and Dumb Taxes. Catherine is an expert in trade policy, taxation, commodities, agriculture, Brexit, and financial services regulation. She writes to offer a new perspective on traditional media's misdirection and spin. C
Does Britain Need a Milei? with Simon French & Robert Marstrand
Recently, Head of Research at Panmure Liberum, Times columnist and friend of the podcast, Simon French, wrote an article in which he asked, Can Kemi Badenoch sell Mileinomics in Britain? This was after the Conservative leader had said that she saw Argentina’s Javier Milei as her “template for government.” An interesting thought experiment, but how serious is this idea? Is it realistic
COMING SOON - Does Britain Need a Milei? with Simon French & Robert Marstrand
Recently, Head of Research at Panmure Liberum, Times columnist and friend of the podcast, Simon French wrote an article in which he asked, Can Kemi Badenoch sell Mileinomics in Britain? This was after the Conservative leader had said that she saw Argentina’s Javier Milei as her “template for government.” An interesting thought experiment, but how serious is this idea? Is it realistic t
Net Zero, Propaganda & The Future of Europe with The Brawl Street Journal
I am spending an increasing amount of time on Substack. It features some excellent content and a diverse range of perspectives. Something that is valuable for any investor seeking non-consensus views and opinions. A recent favourite of mine has been The Brawl Street Journal, a source that posts on “second-order thinking on Europe’s markets, energy, and the collision between regulation and
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