Many Happy Returns

By PensionCraft

Education Business Investing Business News

What's Many Happy Returns about?

Investing is the best way to build wealth, but comes with risk and uncertainty.

Want to grow a portfolio of stocks, bonds, ETFs and more? This is the show to boost your knowledge and build your confidence.

Join us on the journey through bull markets, bubbles and crashes. Bring snacks and a steady hand; we're in it for the long haul...

Hosted by Ramin Nakisa (YouTube @PensionCraft) and Michael Pugh.

Download our free app to listen on your phone

Many Happy Returns episodes:

05.01.2024
Payout Puzzle: Does Dividend Investing Make Sense?
Many investors favour stocks that pay a high dividend, opting to live off the cash they generate. Even stingy US tech companies have started to pay dividends. But does a strategy focussed on income make sense? And in today’s Dumb...
04.24.2024
Should you de-risk your portfolio before retirement?
A stock market crash early in retirement can leave you struggling to live off your investments. We discuss de-risking our portfolios and how to manage ‘sequence of returns’ risk. And in today’s Dumb Question of the Week: Is a stock...
04.17.2024
Is The Bank of England Broken?
The Bank of England has been criticised for its failure to foresee high inflation. A damning new report takes aim at the central bank’s forecasting process and urges a major overhaul. And in today’s Dumb Question of the Week: What...
04.10.2024
How To Invest a Lump Sum in 2024
Investing a lump sum is a big decision that comes with great responsibility. Should you be conservative with your newfound wealth? Should you pile into markets straight away or drip feed slowly over time? And in today’s Dumb Question of...
04.03.2024
Are Investors Rational? Lessons From the Late Daniel Kahneman
Daniel Kahneman was the pioneer of behavioural economics and won a Nobel Prize for his work on cognitive biases. By explaining how a litany of psychological missteps skew our decisions, few people have had more influence on investing. We discuss...
03.27.2024
Bad Apple: The Trustbusters Target Big Tech
US regulators have swung for the fences, accusing Apple of running an illegal smartphone monopoly. But will the legal cases facing big tech firms hurt stock prices? Thanks to Freetrade for sponsoring this episode. Get a free share...
03.20.2024
Bubble Trouble: Are Investors Right to be Worried?
Stock markets have hit all-time highs in recent weeks, with bitcoin and gold joining the party. Inevitably, people ask, “Is this a bubble?!” And in today’s Dumb Question of the Week: What’s the difference between investing and speculation? Thanks...
03.13.2024
Sustainable Investing: The End of ESG?
ESG funds lured investors with the promise of simultaneously saving the planet and achieving higher returns. But after years of inflows, investors are pulling their money. Is there a better approach to sustainable investment? And in today’s Dumb Question of...
03.06.2024
9 Things to Do Before the End of the Tax Year
With just one month until the end of the UK tax year, it’s time to review our family finances, make the most of our annual allowances and optimise our investments. And in today’s Dumb Question of the Week: What is...
02.28.2024
The Rise and Rise of Nvidia: AI Breakthrough or Bubble?
Excitement about AI is powering a new bull market. Nvidia smashed earnings expectations, catapulting the company towards a two-trillion dollar valuation and lifting stocks globally. Thanks to Freetrade for sponsoring this episode. Sign up at Freetrade.io/pensioncraft to get a...
02.21.2024
UK Recession: Investing During an Economic Downturn
The UK and Japan slipped into recession at the end of 2023, and growth remains weak in Europe and China. While the US economy is booming, much of the world is struggling — does an economic downturn spell disaster for...
02.14.2024
Schrödinger's Flat: How Big a Problem is Commercial Real Estate?
Banks stocks have tumbled as losses mount on property loans, forcing them to set aside extra cash and slash dividends. Is the commercial real estate problem contained or is this just the tip of the iceberg? And in today’s Dumb...
02.07.2024
Are UK Stocks Really a Bargain?
UK stocks have lagged global markets in recent years. Unloved by investors and underweighted by institutions, is the UK really a bargain hiding in plain sight? We discuss what’s holding British equities back and if they’re about to turn...
01.31.2024
The Best Free Investing Tools
There’s never been more information available to investors, but how do you avoid drowning in data? We’ve gathered our favourite investing tools from across the web to help. And what’s more, they’re free. Get ready for asset valuation, fund...
01.24.2024
Weird Portfolios and Wonderful Companies, with Value Stock Geek
The "Weird Portfolio" seeks to sidestep market crashes while still achieving attractive long-term returns. We talk to its creator, Value Stock Geek. We also dig into value investing, and how to find wonderful companies at wonderful prices. Follow Value...
01.17.2024
10 Things They Don't Tell You About Stocks
To succeed at investing, you need to get the big decisions right. But the details matter too. We explore ten under-appreciated aspects of stock markets that, while seemingly trivial, can greatly affect your returns. We look at everything from...
01.10.2024
What I learned from talking to 1,000 people about their investments
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...
01.03.2024
Demographic Shifts: Will Population Ageing Derail Stock 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...
12.27.2023
Soft Landings Are Hard: How Has the US Economy Achieved the Impossible?
Despite all the predictions of doom, the American economy has achieved a macro miracle. Inflation has been tamed without the insidious side-effects of higher unemployment or a recession. But how has the Fed pulled off a soft landing, and...
12.20.2023
Merry Market Quizmas: Can You Outsmart Ramin?
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?...
12.13.2023
Charlie Munger's Wisdom: Profit, Polemics and Peanut Brittle
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...
12.06.2023
The Most Important Number in Investing
Markets are full of numbers. Big ones. Small ones. Nonsensical ones. But what is the most influential number in investing? Is it the oil price? Or the interest rate set by the Fed? Or perhaps the strength of the...
11.29.2023
How to Fight Investing FOMO
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...
11.22.2023
Treasury Doom Loop: The World's Most Dangerous Trade?
What do you get if you combine the world’s most important financial market, hedge funds, enormous leverage, and doom loop dynamics? Welcome to the Treasury ‘basis trade'. We discuss the risks that lurk behind the Treasury market and why...
11.15.2023
Passive Power: Do Index Funds Hurt the Economy?
Over decades, index funds have delivered superior returns and surged in popularity. But some claim the rise of passive investing has come at the cost of less competitive markets and inflated prices for consumers. We look at the evidence that...
11.08.2023
The Magnificent Seven: What if Big Tech Starts to Shrink?
The “Magnificent Seven” stocks have reigned supreme this year, accounting for almost all of the S&P; 500’s returns. But what if these titans of tech begin to stumble? And in today’s Dumb Question of the Week: How long do companies...
11.01.2023
Are UK Investment Trusts A Bargain?
Ever feel like investing in something unusual? From unlisted shares to commercial property to infrastructure, Investment Trusts could be your answer. Performance has waned of late, and many are available at chunky discounts. Is now the time to buy in?...
10.25.2023
Is Buy-to-Let Investing Dead?
Regulatory changes and rising interest rates have squeezed rental yields, leaving investors to wonder: Is the buy-to-let dream over? And in today’s Dumb Question of the Week: Does real estate outperform the stock market over the long-term? Thanks to...
10.18.2023
Are Government Bonds Really Risk-Free?
Government bonds are considered the world's safest asset, setting the "risk-free rate" against which all other investments are judged. But with rising national debts and dwindling credit ratings, are they really above question? We discuss the implications for investors...
10.11.2023
The King of Passive Investing: No Longer at the Vanguard?
Is Vanguard still the king of passive investing? Vanguard pioneered passive index funds, driving down fees and maximising returns for ordinary investors. But with the rise of innovative new brokers in the UK, has Vanguard lost its mojo? ...
10.04.2023
Small caps are cheap. Why do they keep getting cheaper!?
Smaller companies look much better value than the giants of the S&P; 500. Yet despite attractive prices, small cap indices continue to get cheaper, further widening the gap. Is bigger really better? We look at what's holding small caps...
09.27.2023
Has the Bank of England Bottled It?
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?...
09.20.2023
Macro Mysteries: The Shocking Revision to UK GDP
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...
09.06.2023
Advice to My Younger Self: What I Wish I'd Known About Investing
You don’t get to invest with the benefit of hindsight. Mistakes are made, and you have to live with them. But it begs the question: if you could travel back in time, what investing advice would you give your 21-year-old...
08.30.2023
BRICS: Bigger Is Better?
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...
08.23.2023
Tales from the Trading Floor: The Truth About Investment Banks
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...
08.16.2023
Is Value Investing Dead?
For the best part of a century, buying cheap stocks was a reliable way to beat the market. But since the financial crisis, value investing has significantly underperformed. Even Warren Buffett — its most famous advocate — has lagged the...
08.09.2023
The Upside of Down Earnings: Plummeting Profits and Soaring Stocks
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...
08.02.2023
Is the China Growth Story Over?
For decades, China has been the engine of global growth, doubling its GDP every eight years. But now it faces weak demand, slowing productivity and an ageing population. We debate if China can beat the “middle-income trap” and what...
07.26.2023
Structured Products: An Expensive Free Lunch?
What if you could invest in the stock market but not risk losing money? Yes, yes, your alarm bells should be ringing! But that's exactly what some new funds claim to offer. We take a hard look at structured...
07.19.2023
How To Stress Test Your Portfolio
How would your portfolio cope with a severe economic shock? We’ve picked out five different scenarios to stress test our finances, including recessions, depressions, and sky-high inflation. But how should we think about tail-risks, and what we can do...
07.12.2023
Politics vs Economics: What Politicians Misunderstand About Markets
Politicians are tasked with steering the economy and spreading prosperity. But, shockingly, not all of their claims about money and markets stack up. We discuss common misconceptions in politics and the political truisms that mislead us about investing. And...
07.05.2023
How To Live Off Your Investments In Retirement
How can we maintain our quality of life in retirement without exhausting our funds? We don’t know how long we will live, and the unpredictability of inflation and market crashes combine to make retirement planning one of the most...
06.28.2023
Mid-Year Market Review: Time To Get Off The Bull?
We’re halfway through the year, and it’s time to take stock. Central banks are approaching the end of the hiking cycle. The S&P; 500 has entered a new bull market. And bonds are paying more than 5%. We discuss...
06.20.2023
How High Will Interest Rates Go?
The UK has the highest inflation of any major economy, and markets expect the Bank of England to keep hiking interest rates in response. But how high could rates go? Will mortgages become unaffordable? We discuss the chances...
06.14.2023
The War on Crypto
The US Securities and Exchange Commission charged Binance and Coinbase with operating illegal securities exchanges. These are the two biggest names in crypto, accounting for more than half of global trading. Does this mark the beginning of the end...
06.07.2023
Markets Are Quiet. Too Quiet.
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...
05.31.2023
How Late Is Too Late To Get Started Investing?
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…...
05.24.2023
Japanese Stocks Surge: Is It Time To Buy?
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...
05.17.2023
What Will Cause The Next Market Crash?
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,...

What's Many Happy Returns about?

Download our free app to listen on your phone

Many Happy Returns episodes:

Payout Puzzle: Does Dividend Investing Make Sense?

Should you de-risk your portfolio before retirement?

Is The Bank of England Broken?

How To Invest a Lump Sum in 2024

Are Investors Rational? Lessons From the Late Daniel Kahneman

Bad Apple: The Trustbusters Target Big Tech

Bubble Trouble: Are Investors Right to be Worried?

Sustainable Investing: The End of ESG?

9 Things to Do Before the End of the Tax Year

The Rise and Rise of Nvidia: AI Breakthrough or Bubble?

UK Recession: Investing During an Economic Downturn

Schrödinger's Flat: How Big a Problem is Commercial Real Estate?

Are UK Stocks Really a Bargain?

The Best Free Investing Tools

Weird Portfolios and Wonderful Companies, with Value Stock Geek

10 Things They Don't Tell You About Stocks

What I learned from talking to 1,000 people about their investments

Demographic Shifts: Will Population Ageing Derail Stock Returns?

Soft Landings Are Hard: How Has the US Economy Achieved the Impossible?

Merry Market Quizmas: Can You Outsmart Ramin?

Charlie Munger's Wisdom: Profit, Polemics and Peanut Brittle

The Most Important Number in Investing

How to Fight Investing FOMO

Treasury Doom Loop: The World's Most Dangerous Trade?

Passive Power: Do Index Funds Hurt the Economy?

The Magnificent Seven: What if Big Tech Starts to Shrink?

Are UK Investment Trusts A Bargain?

Is Buy-to-Let Investing Dead?

Are Government Bonds Really Risk-Free?

The King of Passive Investing: No Longer at the Vanguard?

Small caps are cheap. Why do they keep getting cheaper!?

Has the Bank of England Bottled It?

Macro Mysteries: The Shocking Revision to UK GDP

Advice to My Younger Self: What I Wish I'd Known About Investing

BRICS: Bigger Is Better?

Tales from the Trading Floor: The Truth About Investment Banks

Is Value Investing Dead?

The Upside of Down Earnings: Plummeting Profits and Soaring Stocks

Is the China Growth Story Over?

Structured Products: An Expensive Free Lunch?

How To Stress Test Your Portfolio

Politics vs Economics: What Politicians Misunderstand About Markets

How To Live Off Your Investments In Retirement

Mid-Year Market Review: Time To Get Off The Bull?

How High Will Interest Rates Go?

The War on Crypto

Markets Are Quiet. Too Quiet.

How Late Is Too Late To Get Started Investing?

Japanese Stocks Surge: Is It Time To Buy?

What Will Cause The Next Market Crash?