Recessions aren’t like they used to be, says Kokou Agbo-Bloua,

The Societe Generale global head of economics, cross-asset and quant research contends fixed rate-debt and hefty cash piles have help companies develop short-term immunity to rising interest rates. So has the “kinetic velocity” of the vast fiscal stimulus of the last few years, he says. 

Agbo-Bloua argues on this week’s Merryn Talks Money that while all of that’s nice for now, it can’t last.

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Merryn and senior reporter John Stepek discuss the conversation with financial historian Edward Chancellor. 

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Financial historian Edward Chancellor tells Merryn how low rates resulted in capital being misallocated, and why that’s bad news for any soft landings. Plus, John Stepek tells investors how to get exposure to cheap UK equities. 

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Merryn and senior reporter John Stepek discuss the conversation with Argonaut’s Barry Norris. 

Links of research/stories referenced in the show and aftershow: 
https://www.argonautcapital.co.uk/stockumentaries/2023/10/26/britains-a-goner-with-the-wind/

https://www.these-islands.co.uk/publications/i390/an_inconvenient_fact.aspx

https://www.gov.uk/government/news/boost-for-offshore-wind-as-government-raises-maximum-prices-in-renewable-energy-auction

 https://www.bloomberg.com/news/articles/2023-11-14/siemens-energy-secures-15-billion-deal-to-shore-up-finances

https://www.bloomberg.com/news/articles/2023-10-27/faulty-wind-turbines-become-germany-s-16-billion-problem 

Link to Money Distilled newsletter: 
https://www.bloomberg.com/account/newsletters/uk-wealth

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Argonaut’s Barry Norris, whose fund has been making money by shorting renewable energy firms, joins Merryn Talks Money to explain.

Links of research/stories referenced in the show and aftershow: 
https://www.argonautcapital.co.uk/stockumentaries/2023/10/26/britains-a-goner-with-the-wind/

https://www.these-islands.co.uk/publications/i390/an_inconvenient_fact.aspx

https://www.gov.uk/government/news/boost-for-offshore-wind-as-government-raises-maximum-prices-in-renewable-energy-auction

 https://www.bloomberg.com/news/articles/2023-11-14/siemens-energy-secures-15-billion-deal-to-shore-up-finances

https://www.bloomberg.com/news/articles/2023-10-27/faulty-wind-turbines-become-germany-s-16-billion-problem 

Link to Money Distilled newsletter: 
https://www.bloomberg.com/account/newsletters/uk-wealth

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Merryn Somerset Webb and senior reporter John Stepek reflect on Asante’s assessment of the current EM landscape, debate his argument for choosing India over China as a place to invest and how he chooses what companies to put his money behind. 

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Emerging markets have had a bad stretch, but fund manager Jonathan Asante explains how picky investors can make them work. After taking a break from the industry in 2019, Asante is getting back in with the launch of the Chikara Global Emerging Markets Opportunities Fund.

Plus, John Stepek joins to talk about the leasehold reform mentioned in this week's King's Speech. 

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At Bloomberg, we’re always talking about the biggest business stories, and no one is bigger than Elon Musk.

In this new chat weekly show, host David Papadopoulos and a panel of guests including Businessweek’s Max Chafkin, Tesla reporter Dana Hull, Big Tech editor Sarah Frier, and more, will break down the most important stories on Musk and his empire. Listen wherever you get your podcasts.

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Cathie Wood says she would unambiguously bet on Bitcoin — rather than gold or cash — to safeguard against the possibility of deflation in the coming decade. The head of ARK Investment Management joins this week’s Merryn Talks Money podcast and reiterates her view that she expects an era of falling prices, backed by new technologies including artificial intelligence, electric vehicles, robotics, genomic sequencing and blockchain. It’s a view she’s held since 2021. 

On this week’s special aftershow episode, Somerset Webb and senior reporter John Stepek reflect on Wood’s convictions. For Stepek, Wood’s greatest edge is “being able to sell a good story to investors and make money from it.” But he points out, “that doesn’t mean that the investments she’s in are going to make money.”

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Despite a rough few years for her Innovation exchange-traded fund, Ark Investment Management founder Cathie Wood still sees a bright future. She joins this week to talk about her outlook, Tesla, the merits of Bitcoin and more. 

Plus, John Stepek joins to discuss the Bank of England's decision to keep rates unchanged. 

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