Is AI really a bubble? Is the UK economy broken with a huge “black hole” that forces Rachel Reeves to raise taxes? Is Bitcoin finally dead after the latest crash? In this episode of Noise Cancelling, Neil Woodford takes on the doom-mongers and explains what’s actually going on – and what it means for investors.

This week’s headlines say it’s all over:

Neil doesn’t buy most of it.

In this conversation, Neil and Jon Adair break down three big stories:

🤖 AI bubble or Ponzi?

🇬🇧 Britain is “broke” and Reeves must hike taxes

₿ Bitcoin: investment or pure gamble?

At the end of the episode, Neil sets out a simple framework for dealing with doom-laden headlines about markets: how to weigh stories against valuation, history and real cash flows before touching your portfolio.

If you want to see how Neil is actually positioned on AI, the UK and more, his strategies and holdings are available on W4.0. More information: https://www.w4pz.com 

Use the code PODCAST for 30% off your first subscription.

Are AI valuations out of control? Are investors blindly following the Mag7? In this episode of Noise Cancelling, Neil Woodford breaks down the real risks in the AI boom, why the S&P 500 is more concentrated than most people realise, and why he believes the consensus has completely misunderstood this moment in markets.

Neil explains why he still questions the valuations of the largest AI companies, how the Mag7 have distorted global asset allocation, and why the strongest opportunities may now sit outside the obvious US tech giants. We discuss whether this is another “AI bubble”, how today differs from the dot-com era, why China and the UK have surprised investors in 2025, and what most people are missing about the next decade of returns.

Neil Woodford calls out Chancellor of the Exchequer Rachel Reeves' ‘expectation management’ speech ahead of the UK Budget — arguing that Britain’s economic problems aren’t caused by low taxes, Brexit or Liz Truss’s mini-Budget, but by record government spending. In this week’s episode, Neil dissects every claim from Rachel Reeves and exposes what he calls “the big lie” about Britain’s economy.

He explains why raising taxes won’t fix the UK’s problems, how inflation and spending have pushed interest costs to £100 billion, and why productivity isn’t what economists think it is. We break down the data behind debt, growth, and the OBR’s forecasts — and reveal which sectors could benefit as inflation and interest rates fall.

If you care about the UK Budget, Rachel Reeves, taxes vs spending, and Britain’s growth outlook, watch this before Budget Day.

Nothing in this podcast or W4.0 is financial advice.

Nvidia just became the world’s first $5 trillion company, but can that kind of dominance really last?

In this week’s conversation, Neil Woodford explains why he believes valuation is the financial law of gravity—and why even the strongest markets eventually have to obey it.

Neil also answers quick-fire questions on the Magnificent Seven, the hype around AI infrastructure, and whether markets have lost the ability to separate signal from noise.

Is Brexit really dragging down Britain’s economy and the stock market, or is there more to the story? Valuations in the UK stock market are low so is now the right time to invest?

For a limited time only, join W4.0 with the discount code "PODCAST" to receive 30% off your first subscription. More details at: https://www.w4pz.com/landing/welcome-var1/ 

In this episode, Jon Adair and Neil Woodford discuss the impact of Brexit on the UK economy, particularly focusing on investor sentiment, market performance, and productivity. They explore the significant outflows from UK equity funds, the resilience of the UK economy post-Brexit, and the ongoing debate about whether Brexit is to blame for productivity issues. Neil argues that the pandemic has had a more detrimental effect on the economy than Brexit, and he emphasises the importance of long-term investment strategies in the current market environment. The discussion also touches on market valuations, risks, and opportunities for investors looking to navigate the current economic landscape.

Not financial advice.

Is it better to buy the bubble or miss the boom?

Join Neil Woodford and Jon Adair as they discuss the week’s major market developments. In this episode, they discuss the implications of high valuations on future returns, the performance of Neil's Top 40 investment strategy, and the significance of accurate productivity data in the UK.

The conversation also touches on the ongoing trade tensions with China and the role of central banks in shaping economic growth and important announcements from TSMC and ASML.

Join Neil Woodford and Jon Adair as they discuss the week’s major market developments. In this episode, they investigate the speculation surrounding a potential market crash, analyse the reasons behind gold reaching $4,000/oz, and examine the political turmoil in France.

Join Neil Woodford and Jon Adair as they discuss the week’s major market developments. In this episode, is an AI bubble forming? Neil unpacks the hype and reality of AI’s economic impact as well as how he's positioned the W4.0 strategies to benefit from the AI industrial revolution without having to accept ludicrous valuations. We also discuss the likelihood that the UK will need an IMF bailout.

Join Neil Woodford and Jon Adair as they discuss the week’s major market developments. In this episode, Neil shares his perspective on Donald Trump’s surprise shift on Ukraine and what it signals for geopolitics and markets. We cover the growing clash over drug pricing in the UK and why major pharma companies are pulling back investment. Neil also explains why he agrees with PIMCO that UK inflation and interest rates could fall faster than consensus expects, and what the $4 trillion wave of AI investment means for future returns — and for investors tempted to trust ChatGPT with their stock picks.

In this episode, Neil gives his view on the latest central bank rate decisions from the Fed and the Bank of England. We also cover US-China trade relations, with insights into the implications of TikTok’s deal, NVIDIA’s AI chip restrictions and how US investment in the UK could impact the economy and why caution is still advised despite a promising announcement.