Money Wise UK®

Nick Train has spent more than 40 years in investment management. In this wide-ranging conversation, he reflects on what four decades in markets have taught him about patience, conviction, valuation and the importance of owning great businesses for the long term.

We explore active versus passive investing, why Nick believes more people should own equities, and why concentrated portfolios require both conviction and humility.

Nick also discusses the opportunities he sees within the UK stock market, including businesses such as Experian, Rightmove and RELX, and why artificial intelligence may strengthen some established digital businesses rather than simply disrupt them.

We talk about Diageo, difficult periods of performance, Warren Buffett’s influence on Nick’s investment philosophy, and perhaps one of the hardest questions in investing: how do you know when patience is still the right response and when the evidence is telling you that you are wrong?

We also explore the advantages of investment trusts as Finsbury Growth & Income Trust celebrates its 100th anniversary.

A thoughtful and unusually open conversation about investing, experience, mistakes, patience and the value of a handful of really big ideas.

Books mentioned

One Up On Wall Street: How to Use What You Already Know to Make Money in the Market — Peter Lynch with John Rothchild

Investing Against the Tide: Lessons from a Life Running Money — Anthony Bolton

Stocks for the Long Run — Jeremy J. Siegel
Important information

This podcast is for information and educational purposes only. Nothing discussed should be considered personal financial advice or a recommendation to buy, sell or hold any investment. Investments can fall as well as rise in value, and you may get back less than you invest. The views expressed are those of the individuals taking part at the time of recording.

About Money Wise UK

Money Wise UK shares independent thoughts, research, fund manager conversations and practical insights from across financial planning and investment management.

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You can find more podcasts, investment research and insights at Money Wise UK.

The debate between active and passive investing is often presented as a simple choice. But does that binary argument distract advisers from the questions that really matter?

In this episode of the Money Wise UK Podcast, George Ladds is joined by Ash Weston, Head of Model Portfolio Services at 8AM Global, to explore how investment portfolios can be designed to behave consistently, support a financial plan and deliver outcomes clients can understand.

George and Ash discuss the limitations of relying on past performance, the SPIVA research, active-manager selection and why even choosing a passive strategy is an active decision. They also explore how systematic investment processes can help control human bias, identify when an investment is no longer behaving as expected and reduce the temptation to chase recent winners.

The conversation covers:

• Active versus passive investing and why there may be no single right answer
• What SPIVA does—and does not—tell us about active fund management
• Why recent investment performance can be a dangerous basis for selection
• What a “well-behaved” investment portfolio should look like
• Systematic investing with human oversight
• Investment manager due diligence and evidencing value
• Risk profiling and genuine client understanding
• The role of model portfolio services within financial planning
• How AI and better data could change financial advice and investment management
• Why investment decisions should begin with the person and the financial plan—not the product

This is a wide-ranging and thought-provoking conversation for financial advisers, planners, investment professionals and anyone interested in portfolio construction, behavioural investing, MPS due diligence and the future of financial advice.

The central message is simple: the label attached to an investment approach matters less than whether the process is clear, repeatable, adaptable and capable of supporting better client outcomes.

Important information

This podcast is provided for general information and educational purposes only. It does not constitute financial, investment, legal or tax advice, or a personal recommendation to invest.

The views expressed are those of the individual speakers at the time of recording and may change. References to particular investment approaches, funds, model portfolios or providers should not be treated as an endorsement or recommendation.

The value of investments, and the income from them, can fall as well as rise, and investors may get back less than they originally invested. Past performance is not a reliable guide to future returns.

Any investment decision should take account of an individual’s objectives, financial circumstances, attitude to risk, capacity for loss and investment time horizon. Where appropriate, seek advice from a suitably qualified and regulated financial adviser.

Money Wise UK does not provide regulated financial advice.

In this episode of the Money Wise UK Podcast, George Ladds is joined by Andrew Spence, CEO and Founder of Aspen Advisers.

Andrew’s route into financial services was not a traditional one. After studying marine engineering, he moved into investment management just before the Global Financial Crisis. That experience shaped much of his thinking around portfolio construction, risk, client behaviour and the importance of building solutions from first principles.

George and Andrew discuss the evolution of Aspen, why innovation in financial services needs to be built around clients rather than assets under management, and how AI could change the way financial planning firms operate over the next few years.

The conversation then turns to risk profiling, where Andrew challenges whether the current system really helps advisers deliver better outcomes. They explore the limitations of questionnaires, the danger of relying too heavily on a single risk score, and why retirement planning may need a very different conversation around risk, objectives, time horizons, sequencing risk and income sustainability.

The second half of the episode focuses on retirement planning. George and Andrew discuss why many firms still struggle to build effective retirement propositions, the debate between natural income and selling down capital, and why simple, repeatable and client-friendly solutions matter. Andrew also explains why he believes the bucketing approach can help clients understand where their income is coming from and give them greater confidence during difficult markets.

Ultimately, this episode is about more than investment portfolios. It is about helping people retire with confidence, reduce worry, and build a retirement plan that reflects the life they want to live.

Risk Warning

This podcast is for information and discussion purposes only and does not constitute financial advice, investment advice or a personal recommendation. The value of investments can fall as well as rise and you may get back less than you invest. Retirement income is not guaranteed and will depend on individual circumstances, investment performance, tax rules and future market conditions. Tax treatment depends on personal circumstances and may change in the future. You should seek regulated financial advice before making decisions about your pension, investments or retirement planning.

Retirement is changing.

People are living longer, defined benefit pensions are becoming less common, and more responsibility is shifting to individuals to create sustainable retirement incomes.

In this episode of the Money Wise UK Podcast, I am joined by Emma Mogford, Portfolio Manager at Premier Miton Investors, to explore what retirement may look like over the next 10–20 years.

We discuss:

• Why retirement should still be viewed as something positive to look forward to
• The challenges of inflation and longevity in retirement planning
• Why retirement risk is different from accumulation risk
• The growing importance of behavioural coaching and financial advice
• How retirement income strategies are evolving
• Natural income versus selling units in retirement
• Sequencing risk and why timing matters when drawing an income
• The role of technology, AI and targeted support in closing the advice gap
• How demographics, inflation and changing economic trends may shape future retirement outcomes

Throughout the conversation, Emma shares her thoughts on why confidence, flexibility and sustainability may become just as important as investment returns when planning for retirement.

Whether you are approaching retirement, already retired, or work within financial planning, this episode offers valuable insights into one of the biggest shifts facing investors today.

The information discussed in this podcast is for educational purposes only and should not be considered personal financial advice.

In this episode, George Ladds is joined by Gervais Williams, veteran fund manager, author, and long-standing advocate for UK equities. Gervais shares his journey from engineering into investment management and reflects on over three decades of navigating market cycles.

We discuss:

• Why today’s markets differ from past cycles – and the risks of assuming “buy the dip” always works

• The retreat of globalisation, the rise of nationalism, and what this means for investors

• Why equity income and cash-generative businesses could define the next 20 years

• The overlooked potential of UK small and micro-caps (including AIM)

• How active management can help avoid “zombie companies” and uncover future winners

Gervais also reflects on conviction, resilience, and why diversification across industries and company sizes is critical in a more uncertain world.

👉 A thoughtful and candid conversation on building resilient portfolios and rediscovering opportunities in the UK market.

Book: The Retreat of Globalisation

Premier Miton

Disclaimer: This conversation is for information only and isn’t investment advice. Past performance is not a guide to future returns. Investing involves risk, including loss of capital.

In this episode, George Ladds sits down with Benji Dawes, co-manager of the Premier Miton UK Growth Fund, to explore why UK equities, particularly small and mid-caps, may offer one of the most compelling opportunities for long-term investors.

Benji shares his unique journey from studying anthropology to becoming a fund manager, explains the fund’s three investment pillars —quality, valuation, and growth —and discusses how his holistic perspective helps him assess businesses in context.

We dive into:

• Why UK companies remain undervalued despite strong fundamentals

• The importance of understanding management teams and incentives

• How small & mid-caps can generate alpha over time

• Real examples from holdings such as Cranswick, Wise, and M&S

• What makes London a hub for AI and fintech innovation

Benji also reflects on the importance of process, partnership, and keeping an open mind as an investor.

👉 Tune in for an honest, insightful look at UK equities and where opportunities lie today.

Book: The Opposable Mind - Roger L Martin

Disclaimer: This conversation is for information only and isn’t investment advice. Past performance is not a guide to future returns. Investing involves risk, including loss of capital.

In this episode of the Money Wise UK Podcast, host George Ladds speaks with Matthew Spencer of Orbis Investments — one of the most distinctive voices in the world of multi-asset investing.

Matthew shares his journey from aspiring sports coach in South Africa to becoming part of Orbis’ global investment team, reflecting on early mentors, work ethic, and the lessons learned along the way.

Together, they explore:

• The people and books that shaped Matthew’s approach to investing

• Coaching the Bermuda National Hockey Team — and what it taught him about leadership

• The origins of Orbis Investments and its founder Allan Gray’s philosophy

• Why Orbis uses a performance-based fee model — and how it aligns incentives with clients

• Active vs. Passive investing: why both have a place, but concentration risk matters

• The real story behind Orbis’ exposure to gold and how they manage “competition for capital”

• How Orbis maintains culture, discipline, and accountability through its “investment academy”

• The power of compounding, and why the industry needs to talk more about the benefits of investing, not just the risks

It’s an honest and energising discussion about investment philosophy, culture, and long-term thinking — reminding us that success is deliberate, alignment matters, and patient capital still has a place in a fast-changing world.

Listen now to hear how Orbis is doing things differently — and what investors and advisers can learn from its approach to purpose-driven active management.

Disclaimer: This conversation is for information only and isn’t investment advice. Past performance is not a guide to future returns. Investing involves risk, including loss of capital.

How far should you diversify before you dilute returns? In this episode, George sits down with Damian Bird, Portfolio Manager for Polen Capital’s Emerging Markets Growth strategy, to challenge conventional wisdom on diversification, active vs. passive in EM, and where the most exciting compounding businesses live today.

Damian revisits the classic Evans & Archer (1968) research on portfolio size, explains why 15–20 names can cap volatility—and why professional portfolios still settle around 30–35 due to real-world correlations. We dig into why emerging markets today host several of the world’s best businesses (think semis, EVs, fintech, and the AI supply chain), why index exposure often buys you the “average EM company,” and why selective, quality-biased active may make more sense right now.

We also cover governance nuances country by country, when Polen’s “sleep-easier” approach can underperform (speculative manias), and why allocations anchored at 70% US / 5% EM might be ripe for a rethink.

You’ll learn:

• The point where diversification becomes over-diversification

• Why EM stock quality dispersion makes active selection powerful

• How valuation, currency, and earnings growth set up EM’s risk/reward today

• Practical governance red flags (SOEs, chaebols, related-party risks)

• Polen’s four pillars: best businesses, concentrated, long-term, willing to be different

Chapters

• 00:03 Intro & why diversification needs a rethink

• 03:07 Humility in investing: the “do nothing” lesson from 2008–09

• 06:17 Low turnover and making only meaningful changes

• 09:43 How many stocks do you need? (Evans & Archer; EM reality)

• 13:06 Correlations & why ~30–35 holdings often hit the sweet spot

• 16:03 Why not just buy the index? Active vs. passive in EM

• 19:25 EM vs. developed markets: where the great businesses are now

• 23:06 Case studies: semis, EVs, e-commerce, fintech, AI supply chain

• 26:36 Valuations, policy, and the EM macro setup

• 30:09 Earnings growth vs. multiple compression: what it means for returns

• 33:42 Governance & minority protection: what to avoid (and why)

• 36:45 Dividends, buybacks, and improving EM corporate behaviour

• 40:07 Rethinking the US-heavy global allocation

• 43:42 Early signs: EM momentum and flows

• 47:15 Damian’s path (and why he loves EM)

• 50:13 On-the-ground change: Singapore, India, Poland, Vietnam

• 53:33 When Polen underperforms (and why)

• 56:37 Team, Somerset Capital transition & one-fund focus

• 59:42 Book pick: The Outsiders (capital allocation)

• 1:03:05 One-minute pitch: why EM now

• 1:06:20 Wrap-up

Guest: Damian Bird, Portfolio Manager, Polen Capital — Emerging Markets Growth
Host: George Ladds, Money Wise UK®

Links mentioned:

• Polen Capital (EM Growth)

• Book: The Outsiders — William N. Thorndike

If this episode helped you rethink diversification or EM allocations, follow, rate, and share the show.

Disclaimer: This conversation is for information only and isn’t investment advice. Past performance is not a guide to future returns. Investing involves risk, including loss of capital.

In this episode of the MoneyWise UK Podcast, host George Ladds is joined by Ceri Hill, Head of Decumulation at Brooks Macdonald, for an in-depth discussion on the changing face of retirement.

Retirement has shifted from the world of guaranteed defined benefit pensions to one where individuals must manage defined contribution pots, creating new challenges for both clients and financial planners. Ceri explains why planning for sustainable retirement income is more complex than ever and highlights the key risks people face once they stop working—longevity, inflation, and sequencing risk.

The conversation explores:

• How to define “enough” for retirement and why income needs must come before portfolio size.

• The growing importance of cash flow modelling, its benefits, and its limitations.

• The shared responsibility between clients and advisers in building accurate retirement plans.

• The pros and cons of the three main income approaches: selling down units, natural income, and annuities.

• Why the bucketing strategy—segregating investments by time horizon—can help manage risk and provide reassurance during market downturns.

• The emotional as well as financial dimensions of retirement, and the importance of strategies that promote better behavioural outcomes.

Ceri also shares insights into Brooks Macdonald’s recently launched retirement solutions, built on a multi-bucket approach designed to balance flexibility, income security, and long-term growth. He emphasises the opportunity for advisers in the decumulation space, the need for providers to support planners beyond just product delivery, and the importance of innovation as retirement needs continue to evolve.

Whether you are an adviser, investor, or someone planning for your own retirement, this episode offers clear insights into the risks, strategies, and innovations shaping retirement today.

Follow, share, comment, rate and subscribe to Money Wise UK for thoughtful, independent conversations on the future of investing.

Please note: This podcast does not provide financial advice. If you have any questions, we recommend speaking to a financial adviser. Past performance does not guide future returns; investments can fall and rise. Any mention of a company is not a recommendation.

Is natural income outdated, risky… or the missing link in sustainable retirement planning?
In this episode of Money Wise UK, George welcomes back David Jane of Premier Miton to revisit one of our most debated topics: natural income. Together, they unpack whether it still has a role in modern portfolios, how it compares to total return strategies, and why client psychology plays such a big part in income decisions.

From sequencing risk to safe withdrawal rates, and from dividends to bonds, David shares 38 years of experience in investment management—along with practical insights on building retirement income strategies that balance growth, resilience, and peace of mind.

If you’re a financial adviser, investor, or simply curious about the future of retirement income, this conversation will challenge assumptions and offer a fresh perspective.

Book: The Misbehavior of Markets: A Fractal View of Financial Turbulence

Follow, share, comment, rate and subscribe to Money Wise UK for thoughtful, independent conversations on the future of investing.

Please note: This podcast does not provide financial advice. If you have any questions, we recommend speaking to a financial adviser. Past performance does not guide future returns; investments can fall and rise. Any mention of a company is not a recommendation.