Many Happy Returns

Hosted by PensionCraft

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239

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Oct 2026

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About the show

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. Contact us: mhr@pensioncraft.com

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60 recent

October 14, 202642 min

Is Now the Time to Bet Big on Small-cap Value?

After a decade in the doghouse, small-cap value has had its best run in years, but almost nobody noticed. So is this a real premium that’s finally paying out, or just a good year for cheap stocks? We ask what actually drives returns and how you can buy them. --- Thank you to Trading 212 for sponsoring this episode. Claim free fractional shares worth up to ‎£⁠100. Just create and verify a Trading 212 Invest or Stocks ISA account, make a minimum deposit of £1, and use the promo code "RAMIN" within 10 days of signing up, or use the following link: Sponsored Link. Terms apply - trading212.com/join/RAMIN When investing, your capital is at risk and you may get back less than invested. Past performance doesn’t guarantee future results. Pies & Autoinvest is an execution-only service. Not investment advice or portfolio management. Automatic investing refers to executing scheduled deposits. You are responsible for all investment and rebalancing decisions. Free shares can be fractional. 212 Cards are issued by Paynetics which provide all payment services. T212 provides customer support and user interface. Terms and fees apply. --- Get in touch 📧 mhr@pensioncraft.com 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube --- Disclaimer This podcast is for informational and entertainment purposes and is not financial advice. We do not provide recommendations or endorse any decision to buy, sell or hold any security. We cannot be held responsible for any actions listeners may take and investors are encouraged to seek independent financial advice. Music ID: ZVMI9V6X4SOWSHY0 Copyright 2026 Many Happy Returns

October 7, 202634 min

The High Life: Would You Rather Live in a High or Low-Yield Country?

A Swiss government bond pays half a percent a year. A British one pays more than five. Easy choice, you'd think. But yields can cut both ways. A low yield can mean the world trusts you with its money, or that your economy has stagnated. And high yields can be a sign of a strong economy, or that bond investors are getting nervous. So, low yields or high ones, which would you rather live with? --- Thank you to Trading 212 for sponsoring this episode. Claim free fractional shares worth up to ‎£⁠100. Just create and verify a Trading 212 Invest or Stocks ISA account, make a minimum deposit of £1, and use the promo code "RAMIN" within 10 days of signing up, or use the following link: Sponsored Link. Terms apply - trading212.com/join/RAMIN When investing, your capital is at risk and you may get back less than invested. Past performance doesn’t guarantee future results. Pies & Autoinvest is an execution-only service. Not investment advice or portfolio management. Automatic investing refers to executing scheduled deposits. You are responsible for all investment and rebalancing decisions. Free shares can be fractional. 212 Cards are issued by Paynetics which provide all payment services. T212 provides customer support and user interface. Terms and fees apply. --- Get in touch 📧 mhr@pensioncraft.com 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube --- Disclaimer This podcast is for informational and entertainment purposes and is not financial advice. We do not provide recommendations or endorse any decision to buy, sell or hold any security. We cannot be held responsible for any actions listeners may take and investors are encouraged to seek independent financial advice. Music ID: ZVMI9V6X4SOWSHY0 Copyright 2026 Many Happy Returns

September 30, 202636 min

Cancel Culture: What Happens When AI Agents Do Your Admin?

Many companies make their money from friction — forgotten subscriptions, tricky cancellations, loyalty penalties. Now AI agents promise to do all the tedious admin and save you money. So is this the end of the laziness tax? Are we about to see subscription-based moats collapse? --- Thank you to Lightyear for sponsoring this episode. I opened my 2025/2026 ISA with Lightyear. If you want to try them out as well, use PENSIONCRAFT to get between £10 and £100 in a fractional share or ETF in your General Investment Account. See full T&Cs at https://lightyear.com/pensioncraft . Investing involves risk. Returns vary and are not guaranteed. ISA rules and promotional terms apply. --- Get in touch 📧 mhr@pensioncraft.com 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube --- Disclaimer This podcast is for informational and entertainment purposes and is not financial advice. We do not provide recommendations or endorse any decision to buy, sell or hold any security. We cannot be held responsible for any actions listeners may take and investors are encouraged to seek independent financial advice. Music ID: ZVMI9V6X4SOWSHY0 Copyright 2026 Many Happy Returns

September 23, 202636 min

Central Bank Dilemma: Would You Vote to Hike Rates?

Three hikes and a hold in eight days, all in answer to the same energy shock. So why did the Fed, the ECB and the Bank of Japan raise rates, while the Bank of England sat tight, despite facing the worst inflation path of the four? So would you vote to hike? --- Thank you to Lightyear for sponsoring this episode. I opened my 2025/2026 ISA with Lightyear. If you want to try them out as well, use PENSIONCRAFT to get between £10 and £100 in a fractional share or ETF in your General Investment Account. See full T&Cs at https://lightyear.com/pensioncraft . Investing involves risk. Returns vary and are not guaranteed. ISA rules and promotional terms apply. --- Get in touch 📧 mhr@pensioncraft.com 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube --- Disclaimer This podcast is for informational and entertainment purposes and is not financial advice. We do not provide recommendations or endorse any decision to buy, sell or hold any security. We cannot be held responsible for any actions listeners may take and investors are encouraged to seek independent financial advice. Music ID: ZVMI9V6X4SOWSHY0 Copyright 2026 Many Happy Returns

September 16, 202651 min

The Madness of Markets, with Alex Edmans

Markets are meant to be efficient, yet somehow they keep producing meme-stock frenzies, CEO vanity projects, and wild booms and busts. We're joined by Alex Edmans — Professor of Finance at London Business School and author of The Madness of Markets — joins us to discuss why even smart investors lose their heads. --- Thank you to Lightyear for sponsoring this episode. I opened my 2025/2026 ISA with Lightyear. If you want to try them out as well, use PENSIONCRAFT to get between £10 and £100 in a fractional share or ETF in your General Investment Account. See full T&Cs at https://lightyear.com/pensioncraft . Investing involves risk. Returns vary and are not guaranteed. ISA rules and promotional terms apply. --- Get in touch 📧 mhr@pensioncraft.com 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube --- Disclaimer This podcast is for informational and entertainment purposes and is not financial advice. We do not provide recommendations or endorse any decision to buy, sell or hold any security. We cannot be held responsible for any actions listeners may take and investors are encouraged to seek independent financial advice. Music ID: ZVMI9V6X4SOWSHY0 Copyright 2026 Many Happy Returns

September 9, 202637 min

Will AI Hack My Accounts and Steal All My Money?

The Financial Stability Board says frontier AI is the most immediate threat to the financial system — above sovereign debt, private credit and equity valuations. As AI learns to find and exploit vulnerabilities faster than humans can patch them, are our banks about to be hacked? --- Thank you to Lightyear for sponsoring this episode. I opened my 2025/2026 ISA with Lightyear. If you want to try them out as well, use PENSIONCRAFT to get between £10 and £100 in a fractional share or ETF in your General Investment Account. See full T&Cs at https://lightyear.com/pensioncraft . Investing involves risk. Returns vary and are not guaranteed. ISA rules and promotional terms apply. --- Get in touch 📧 mhr@pensioncraft.com 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube --- Disclaimer This podcast is for informational and entertainment purposes and is not financial advice. We do not provide recommendations or endorse any decision to buy, sell or hold any security. We cannot be held responsible for any actions listeners may take and investors are encouraged to seek independent financial advice. Music ID: ZVMI9V6X4SOWSHY0 Copyright 2026 Many Happy Returns

September 2, 202644 min

Mind Your Step: Before You Build a Bond Ladder

Bond ladders are a great way to feel in control of your money. A neat row of gilts maturing year after year, each one handing back its capital right on schedule. But before you buy your first rung, it's worth asking what the ladder is for, what you’re giving up for that certainty, and whether something simpler would do. And in today’s Dumb Question of the Week: Has a developed market ever defaulted on its debt? --- Thank you to Lightyear for sponsoring this episode. I opened my 2025/2026 ISA with Lightyear. If you want to try them out as well, use PENSIONCRAFT to get between £10 and £100 in a fractional share or ETF in your General Investment Account. See full T&Cs at https://lightyear.com/pensioncraft . Investing involves risk. Returns vary and are not guaranteed. ISA rules and promotional terms apply. --- Get in touch 📧 mhr@pensioncraft.com 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube --- Disclaimer This podcast is for informational and entertainment purposes and is not financial advice. We do not provide recommendations or endorse any decision to buy, sell or hold any security. We cannot be held responsible for any actions listeners may take and investors are encouraged to seek independent financial advice. Music ID: ZVMI9V6X4SOWSHY0 Copyright 2026 Many Happy Returns

August 26, 202648 min

Zero Sum: Investing in a World Without Growth

Humanity has just fallen below replacement fertility for the first time in history. A new paper challenges everything we thought we knew about population decline and economic growth. So what happens to your portfolio when the pie stops growing? And in the Dumb Question of the Week: Did the Black Death make Europe rich? --- Thank you to Trading 212 for sponsoring this episode. Claim free fractional shares worth up to ‎£⁠100. Just create and verify a Trading 212 Invest or Stocks ISA account, make a minimum deposit of £1, and use the promo code "RAMIN" within 10 days of signing up, or use the following link: Sponsored Link. Terms apply - trading212.com/join/RAMIN When investing, your capital is at risk and you may get back less than invested. Past performance doesn’t guarantee future results. Pies & Autoinvest is an execution-only service. Not investment advice or portfolio management. Automatic investing refers to executing scheduled deposits. You are responsible for all investment and rebalancing decisions. Free shares can be fractional. 212 Cards are issued by Paynetics which provide all payment services. T212 provides customer support and user interface. Terms and fees apply. --- Get in touch 📧 mhr@pensioncraft.com 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube --- Disclaimer This podcast is for informational and entertainment purposes and is not financial advice. We do not provide recommendations or endorse any decision to buy, sell or hold any security. We cannot be held responsible for any actions listeners may take and investors are encouraged to seek independent financial advice. Music ID: ZVMI9V6X4SOWSHY0 Copyright 2026 Many Happy Returns

August 19, 202642 min

Defending the Yen: Can Governments Beat Currency Markets?

The Japanese and US governments just spent an estimated $80 billion propping up the yen — and within a fortnight, the market had pocketed half of it. We ask whether politicians can ever actually beat currency traders. And in the Dumb Question of the Week: Why can't the government just pick whatever exchange rate it likes? --- Thank you to Trading 212 for sponsoring this episode. Claim free fractional shares worth up to ‎£⁠100. Just create and verify a Trading 212 Invest or Stocks ISA account, make a minimum deposit of £1, and use the promo code "RAMIN" within 10 days of signing up, or use the following link: Sponsored Link. Terms apply - trading212.com/join/RAMIN When investing, your capital is at risk and you may get back less than invested. Past performance doesn’t guarantee future results. Pies & Autoinvest is an execution-only service. Not investment advice or portfolio management. Automatic investing refers to executing scheduled deposits. You are responsible for all investment and rebalancing decisions. Free shares can be fractional. 212 Cards are issued by Paynetics which provide all payment services. T212 provides customer support and user interface. Terms and fees apply. --- Get in touch 📧 mhr@pensioncraft.com 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube --- Disclaimer This podcast is for informational and entertainment purposes and is not financial advice. We do not provide recommendations or endorse any decision to buy, sell or hold any security. We cannot be held responsible for any actions listeners may take and investors are encouraged to seek independent financial advice. Music ID: ZVMI9V6X4SOWSHY0 Copyright 2026 Many Happy Returns

August 12, 202638 min

Record Profits: The Importance of Beating Earnings

Corporate America has just delivered its best earnings season in years — record beats, record margins, and growth numbers that look almost too good to be true. Which is convenient, because some of them are. Meanwhile, Europe is also delivering the goods. We discuss what's driving the blowout quarter on both sides of the Atlantic. And in today’s Dumb Question of the Week: Why do companies report every three months? --- Thank you to Trading 212 for sponsoring this episode. Claim free fractional shares worth up to ‎£⁠100. Just create and verify a Trading 212 Invest or Stocks ISA account, make a minimum deposit of £1, and use the promo code "RAMIN" within 10 days of signing up, or use the following link: Sponsored Link. Terms apply - trading212.com/join/RAMIN When investing, your capital is at risk and you may get back less than invested. Past performance doesn’t guarantee future results. Pies & Autoinvest is an execution-only service. Not investment advice or portfolio management. Automatic investing refers to executing scheduled deposits. You are responsible for all investment and rebalancing decisions. Free shares can be fractional. 212 Cards are issued by Paynetics which provide all payment services. T212 provides customer support and user interface. Terms and fees apply. --- Get in touch 📧 mhr@pensioncraft.com 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube --- Disclaimer This podcast is for informational and entertainment purposes and is not financial advice. We do not provide recommendations or endorse any decision to buy, sell or hold any security. We cannot be held responsible for any actions listeners may take and investors are encouraged to seek independent financial advice. Music ID: ZVMI9V6X4SOWSHY0 Copyright 2026 Many Happy Returns