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 our investments? And in today’s Dumb Question of the Week: What’s the difference between a recession and a depression? Thanks to Freetrade for sponsoring this episode. Sign up at Freetrade.io/pensioncraft to get a free share worth between £10 and £100. When you invest, your capital is at risk. The probability is weighted, so more expensive shares will be rarer. T&Cs 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. Copyright 2023 Many Happy Returns

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 Question of the Week: What is negative equity? Thanks to Freetrade for sponsoring this episode. Sign up at Freetrade.io/freesharepensioncraft to get a free share worth between £10 and £100. When you invest, your capital is at risk. The probability is weighted, so more expensive shares will be rarer. T&Cs apply. Selected links Kastle Back to Work Barometer Monetary Tightening, Commercial Real Estate Distress, and US Bank Fragility ---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. Copyright 2023 Many Happy Returns

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 a corner. And in today’s Dumb Question of the Week: When a company goes private, are you forced to sell your shares? Selected links The atrophying UK stock market | FT Six charts that show how cheap UK equities are | Schroders FTSE 250 valuation and forecast for 2024 ---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. Copyright 2023 Many Happy Returns

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 selection, and portfolio modelling made easy. And in today’s Dumb Question of the Week: Do backtests really work? Tools discussedFund screeningJustETFVettaFIMorningstar fund screenerMorningstar ETF screenerMarket DataFREDKoyfinFinVizYahoo FinanceGoogle FinanceDataromaValuationYardeniResearch AffiliatesBarclays IndicesAswath DamodaranHistoric returns dataBogleheads SIMBA spreadsheetRobert Shiller’s dataFama/French dataMSCI dataPortfolio backtestsPortfolioChartsPortfolio VisualizerFI CalcAffiliate linksNew users of Koyfin get 15% off when signing up through this special link https://koyfin.com/?via=pensioncraftNew subscribers to Sharepad get the 2nd month free for monthly subscribers, or an additional free 13th month for annual subscribers: https://sharescope.co.uk/pensioncraftspNew users of Stockopedia get a special 25% discount on any annual plan: <a href="https://stk.pe/pensioncraft" rel="noopener noreferrer"...

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 Stock Geek at securityanalysis.org ---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. Copyright 2023 Many Happy Returns

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 index construction to valuation measures to platform fees. And in today’s Dumb Question of the Week: Why do global index funds use market-cap weighting rather than GDP? Selected links Tech Company Dilution: Finding Ground Truth Stock Market vs. GDP Share, by Country (1900-2022) | Visual Capitalist ---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. Copyright 2023 Many Happy Returns

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 Dumb Question of the Week: Why is it so hard to talk about money? ---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. Copyright 2023 Many Happy 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 golden age of stock markets can survive the great Demographic Drag? And in today’s Dumb Question of the Week: How did old people survive before pensions? Selected links Ageing Is the Real Population Bomb | IMF Boomer Retirement: Headwinds for U.S. Equity Markets? | San Francisco Fed ---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. Copyright 2023 Many Happy Returns

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 can we hope for the same in the UK? And in today’s Dumb Question of the Week: Why do economists always get it wrong? Selected links How did the US achieve a soft landing? - by Noah Smith ---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. Copyright 2023 Many Happy Returns

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? ---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. Copyright 2023 Many Happy Returns

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 for his willingness to share his wisdom, wit and one-liners. And in today’s Dumb Question of the Week: What is the “Lollapalooza Effect”? ---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. Copyright 2023 Many Happy Returns

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 dollar? We debate seven different rates and prices in attempt to crown The World’s Most Important Number. And in the Dumb Question of the Week: Why does the Fed set its policy rate as a target range? Selected links How the Fed Implements Monetary Policy with Its Tools — St Louis Fed&nbsp;How Does the Fed Influence Interest Rates Using Its New Tools? — St Louis Fed---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. Copyright 2023 Many Happy Returns

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 today’s Dumb Question of the Week: When is the right time to sell an investment? Thanks to Lightyear for sponsoring this episode. Sign up at lightyear.app.link/pensioncraft or use the code PENSIONCRAFT to get a US fractional share worth $10. Capital at risk. The provider of investment services is Lightyear Financial Ltd for the UK and Lightyear Europe AS for the EU. Terms apply: lightyear.com/terms. Seek qualified advice if necessary. Yield is provided as of November 27th, 2023. Refer to the instrument’s Key Information Document available on the issuer’s website and Lightyear App before making investment decisions. ---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. Copyright 2023 Many Happy Returns

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 regulators are sounding the alarm. And in today’s Dumb Question of the Week: What is the difference between duration and maturity? ---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. Copyright 2023 Many Happy Returns

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 common stock ownership might harm economic efficiency. And in today’s Dumb Question of the Week: How high would bond yields have to go for you to sell your stocks? Selected links How Index Funds May Hurt the Economy - The Atlantic Anti-Competitive Effects of Common Ownership The Perils of Common Ownership: The Flooding Phenomenon Martin Schmalz: How passive funds prevent competition Index Investing and Common Ownership Theories | BlackRock ---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. Copyright 2023 Many Happy Returns

The “Magnificent Seven” stocks have reigned supreme this year, accounting for almost all of the S&amp;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 last? Thanks to IG for sponsoring this episode. Find out more about IG Smart Portfolios via https://upl.inc/h46sgc IG is also offering new IG Smart Portfolio accounts 50% off the management fees until November 2024 when you open a new account via this link. That’s a management fee of just 0.25%, capped at £250 per year. Note that this offer is only open to UK residents, over the age of 18 years old, who meet the eligibility criteria for an IG Smart Portfolio account. The offer only applies to new IG Smart Portfolio accounts opened via the above link on or before 30 November 2024 (and will not apply to existing IG Smart Portfolio accounts or to any other product or service offered by IG). This offer begins on 1 November 2023 and ends on 30 November 2024. Please contact IG at helpdesk.uk@ig.com for any assistance. Please be aware that investing puts your capital at risk. Get in touch 📧 mhr@pensioncraft.com 🎧 many-happy-returns.captivate.fm Join PensionCraft 🌐 Go to pensioncraft.com for all Ramin’s work 💡 Join PensionCraft's membership here pensioncraft.com/membership ▶️ 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. Copyright 2022 Many Happy Returns

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? And in today’s Dumb Question of the Week: What is a “Long Term Asset Fund”? Thanks to IG for sponsoring this episode. Find out more about IG Smart Portfolios via https://upl.inc/h46sgc IG is also offering new IG Smart Portfolio accounts 50% off the management fees until November 2024 when you open a new account via this link. That’s a management fee of just 0.25%, capped at £250 per year. Note that this offer is only open to UK residents, over the age of 18 years old, who meet the eligibility criteria for an IG Smart Portfolio account. The offer only applies to new IG Smart Portfolio accounts opened via the above link on or before 30 November 2024 (and will not apply to existing IG Smart Portfolio accounts or to any other product or service offered by IG). This offer begins on 1 November 2023 and ends on 30 November 2024. Please contact IG at helpdesk.uk@ig.com for any assistance. Please be aware that investing puts your capital at risk. Get in touch 📧 mhr@pensioncraft.com 🎧 many-happy-returns.captivate.fm Join PensionCraft 🌐 Go to pensioncraft.com for all Ramin’s work 💡 Join PensionCraft's membership here pensioncraft.com/membership ▶️ 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. Copyright 2022 Many Happy Returns

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 IG for sponsoring this episode. Find out more about IG Smart Portfolios via https://upl.inc/h46sgc Selected links Monthly Lettings Index (Hamptons) Mortgaged landlords face falling profits and refinancing hurdles (FT) Why Britain’s buy-to-let dream is dying (The Telegraph) The Rate of Return on Everything, 1870–2015 Get in touch 📧 mhr@pensioncraft.com 🎧 many-happy-returns.captivate.fm Join PensionCraft 🌐 Go to pensioncraft.com for all Ramin’s work 💡 Join PensionCraft's membership here pensioncraft.com/membership ▶️ 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. Copyright 2022 Many Happy Returns

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 if government bonds are actually at risk of default. And in today’s Dumb Question of the Week: Why choose bonds over simply holding cash? Selected links Aswath Damodaran Twitter threadIn Search of Safe Havens: The Trust Deficit and Risk-free Investments! (Aswath Damodaran)The Bond Bear Market &amp; Asset Allocation (A Wealth of Common Sense)Get in touch 📧 mhr@pensioncraft.com 🎧 many-happy-returns.captivate.fm Join PensionCraft 🌐 Go to pensioncraft.com for all Ramin’s work 💡 Join PensionCraft's membership here pensioncraft.com/membership ▶️ 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. Copyright 2022 Many Happy Returns

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? And in today’s Dumb Question of the Week: Is one fund really enough? Get in touch 📧 mhr@pensioncraft.com 🎧 many-happy-returns.captivate.fm Join PensionCraft 🌐 Go to pensioncraft.com for all Ramin’s work 💡 Join PensionCraft's membership here pensioncraft.com/membership ▶️ 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. Copyright 2022 Many Happy Returns

Smaller companies look much better value than the giants of the S&amp;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 back and if they are about to gain momentum. And in today’s Dumb Question of the Week: How big can one company grow? Selected links Large Cap vs Small Cap valuations (Yardeni) A Tale of Two Small-Cap Benchmarks: 10 Years Later | S&amp;P Global Global ex-US Small Caps | Man Institute Visualising the Top 20 Most Valuable Companies of All Time Get in touch 📧 mhr@pensioncraft.com 🎧 many-happy-returns.captivate.fm Join PensionCraft 🌐 Go to pensioncraft.com for all Ramin’s work 💡 Join PensionCraft's membership here pensioncraft.com/membership ▶️ 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. Copyright 2022 Many Happy Returns

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? And in today’s Dumb Question of the Week: Instead of hiking interest rates to fight inflation, why doesn't the government simply urge people to spend less? Selected links Monetary Policy Summary and minutes (20 September 2023) - Bank of England No More Baubles: Post-Plague ConsumptionThe Regulation of Consumption | Encyclopedia.comGet in touch 📧 mhr@pensioncraft.com 🎧 many-happy-returns.captivate.fm Join PensionCraft 🌐 Go to pensioncraft.com for all Ramin’s work 💡 Join PensionCraft's membership here pensioncraft.com/membership ▶️ 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. Copyright 2022 Many Happy Returns

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 find a load of economic output down the back of the sofa? And in today’s Dumb Question of the Week: What could we measure instead of GDP? Selected links Impact of Blue Book 2023 changes on gross domestic product - Office for National StatisticsWhat is GDP and how do we measure it? | National Statistical China’s Official Economic Data: Is It Accurate? | St. Louis FedBeyond GDP: Three Other Ways to Measure Economic Health | St. Louis FedGet in touch 📧 mhr@pensioncraft.com 🎧 many-happy-returns.captivate.fm Join PensionCraft 🌐 Go to pensioncraft.com for all Ramin’s work 💡 Join PensionCraft's membership here pensioncraft.com/membership ▶️ 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. Copyright 2022 Many Happy Returns

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 self? Would you champion index funds? Warn about risk? Or maybe suggest just getting started? And in today’s Dumb Question of the Week: Am I rich? Selected links Household total wealth in Great Britain (ONS)Distribution of individual total wealth in Great Britain (ONS)Get in touch 📧 mhr@pensioncraft.com 🎧 many-happy-returns.captivate.fm Join PensionCraft 🌐 Go to pensioncraft.com for all Ramin’s work 💡 Join PensionCraft's membership here pensioncraft.com/membership ▶️ 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. Copyright 2022 Many Happy Returns

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 fold with six new members. But does the alliance actually make a difference? And in today’s Dumb Question of the Week: What are frontier markets? Get in touch 📧 mhr@pensioncraft.com 🎧 many-happy-returns.captivate.fm Join PensionCraft 🌐 Go to pensioncraft.com for all Ramin’s work 💡 Join PensionCraft's membership here pensioncraft.com/membership ▶️ 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. Copyright 2022 Many Happy Returns

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 in today’s Dumb Question of the Week: What are “systemically important banks”? Get in touch 📧 mhr@pensioncraft.com 🎧 many-happy-returns.captivate.fm Join PensionCraft 🌐 Go to pensioncraft.com for all Ramin’s work 💡 Join PensionCraft's membership here pensioncraft.com/membership ▶️ 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. Copyright 2022 Many Happy Returns

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 market. So is value investing dead? Or is it just sleeping? And in today’s Dumb Question of the Week: What is book value? Get in touch 📧 mhr@pensioncraft.com 🎧 many-happy-returns.captivate.fm Join PensionCraft 🌐 Go to pensioncraft.com for all Ramin’s work 💡 Join PensionCraft's membership here pensioncraft.com/membership ▶️ 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. Copyright 2022 Many Happy Returns

Stock markets go up because companies grow their earnings over the long term. But this year, the S&amp;P 500 is rallying despite stocks reporting their third straight quarter of falling profits. Has the market just not noticed? We discuss whether an earnings recession should worry us and if it’s about to turn around. And in today’s Dumb Question of the Week: Are share buybacks equivalent to dividends? Get in touch 📧 mhr@pensioncraft.com 🎧 many-happy-returns.captivate.fm Join PensionCraft 🌐 Go to pensioncraft.com for all Ramin’s work 💡 Join PensionCraft's membership here pensioncraft.com/membership ▶️ 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. Copyright 2022 Many Happy Returns

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 it means for investors. And in today’s Dumb Question of the Week: Is China’s currency called the Yuan or the Renminbi? Get in touch 📧 mhr@pensioncraft.com 🎧 many-happy-returns.captivate.fm Join PensionCraft 🌐 Go to pensioncraft.com for all Ramin’s work 💡 Join PensionCraft's membership here pensioncraft.com/membership ▶️ 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. Copyright 2022 Many Happy Returns

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 products and buffer ETFs and ask if they really make sense for investors. And in today’s Dumb Question of the Week: What is Monte Carlo Simulation? Get in touch 📧 mhr@pensioncraft.com 🎧 many-happy-returns.captivate.fm Join PensionCraft 🌐 Go to pensioncraft.com for all Ramin’s work 💡 Join PensionCraft's membership here pensioncraft.com/membership ▶️ 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. Copyright 2022 Many Happy Returns

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 to prepare? And in today’s Dumb Question of the Week: Why haven’t wealth preservation funds preserved wealth this year? Get in touch 📧 mhr@pensioncraft.com 🎧 many-happy-returns.captivate.fm Join PensionCraft 🌐 Go to pensioncraft.com for all Ramin’s work 💡 Join PensionCraft's membership here pensioncraft.com/membership ▶️ 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. Copyright 2022 Many Happy Returns

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 in today’s Dumb Question of the Week: What is insider trading? Get in touch 📧 mhr@pensioncraft.com 🎧 many-happy-returns.captivate.fm Join PensionCraft 🌐 Go to pensioncraft.com for all Ramin’s work 💡 Join PensionCraft's membership here pensioncraft.com/membership ▶️ 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. Copyright 2022 Many Happy Returns

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 intricate puzzles in investing. We discuss how to manage the risks and what strategies can help us enjoy our golden years. And in today’s Dumb Question of the Week: Is it best to just live off the dividends? Selected links Does The 4% Rule Work Around The World? | RROld Age and the Decline in Financial LiteracyLives on the Line - tube map life expectancyGet in touch 📧 mhr@pensioncraft.com 🎧 many-happy-returns.captivate.fm Join PensionCraft 🌐 Go to pensioncraft.com for all Ramin’s work 💡 Join PensionCraft's membership here pensioncraft.com/membership ▶️ 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. Copyright 2022 Many Happy Returns

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&amp;P 500 has entered a new bull market. And bonds are paying more than 5%. We discuss where the investing opportunities might lie and what risks lurk for the rest of 2023. And in today’s Dumb Question of the Week: Is the 60/40 portfolio dead? Get in touch 📧 mhr@pensioncraft.com 🎧 many-happy-returns.captivate.fm Join PensionCraft 🌐 Go to pensioncraft.com for all Ramin’s work 💡 Join PensionCraft's membership here pensioncraft.com/membership ▶️ 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. Copyright 2022 Many Happy Returns

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 of a recession and whether house prices could crash. And in today’s Dumb Question of the Week: Why do central banks raise interest rates incrementally rather than in one big jump? Get in touch 📧 mhr@pensioncraft.com 🎧 many-happy-returns.captivate.fm Join PensionCraft 🌐 Go to pensioncraft.com for all Ramin’s work 💡 Join PensionCraft's membership here pensioncraft.com/membership ▶️ 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. Copyright 2022 Many Happy Returns

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 of the wild west era of crypto? And in today’s Dumb Question of the Week: What exactly is a security? Get in touch 📧 mhr@pensioncraft.com 🎧 many-happy-returns.captivate.fm Join PensionCraft 🌐 Go to pensioncraft.com for all Ramin’s work 💡 Join PensionCraft's membership here pensioncraft.com/membership ▶️ 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. Copyright 2022 Many Happy Returns

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 coffers could rattle the serenity of markets. Others fret about heightened macroeconomic uncertainty. So are markets too complacent? And in today’s Dumb Question of the Week: How do minimum volatility funds work? And do they work? Selected links Certainly Uncertain - AQR Capital ManagementGet in touch 📧 mhr@pensioncraft.com 🎧 many-happy-returns.captivate.fm Join PensionCraft 🌐 Go to pensioncraft.com for all Ramin’s work 💡 Join PensionCraft's membership here pensioncraft.com/membership ▶️ 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. Copyright 2022 Many Happy Returns

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… what if you start investing later in life? We discuss ways to reach our goals and the compromises we might have to make. And in today’s Dumb Question of the Week: Are target-date retirement funds a good option? Get in touch 📧 mhr@pensioncraft.com 🎧 many-happy-returns.captivate.fm Join PensionCraft 🌐 Go to pensioncraft.com for all Ramin’s work 💡 Join PensionCraft's membership here pensioncraft.com/membership ▶️ 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. Copyright 2022 Many Happy Returns

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 rally and if it has further to run. And in today’s Dumb Question of the Week: What is a value trap? Get in touch 📧 mhr@pensioncraft.com 🎧 many-happy-returns.captivate.fm Join PensionCraft 🌐 Go to pensioncraft.com for all Ramin’s work 💡 Join PensionCraft's membership here pensioncraft.com/membership ▶️ 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. Copyright 2022 Many Happy Returns

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, money-market funds and commercial real estate, but will they really cause the next crash? And in today’s Dumb Question of the Week: Surely low liquidity just means the price is too high? Selected links Financial Stability Report, May 2023 Get in touch 📧 mhr@pensioncraft.com 🎧 many-happy-returns.captivate.fm Join PensionCraft 🌐 Go to pensioncraft.com for all Ramin’s work 💡 Join PensionCraft's membership here pensioncraft.com/membership ▶️ 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. Copyright 2022 Many Happy Returns

The stock market has been on a tear, with the S&amp;P 500 up more than 15% since its October lows. But is the rally supported by the fundamentals? Or is it about to go into reverse? Do company earnings and valuations justify the buoyant market? Or is it driven by hype around artificial intelligence? And in today’s Dumb Question of the Week: Has TINA turned into TARA? Get in touch 📧 mhr@pensioncraft.com 🎧 many-happy-returns.captivate.fm Join PensionCraft 🌐 Go to pensioncraft.com for all Ramin’s work 💡 Join PensionCraft's membership here pensioncraft.com/membership ▶️ 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. Copyright 2022 Many Happy Returns

Inflation has started to subside but remains worryingly high across the world. Will central banks need to raise rates higher still? Will inflation fall back to its 2% target without a recession? And will the Bank of England stop saying mad stuff? And in today’s Dumb Question of the Week: Will high prices be with us forever? When inflation falls, prices don’t fall, do they? Get in touch 📧 mhr@pensioncraft.com 🎧 many-happy-returns.captivate.fm Join PensionCraft 🌐 Go to pensioncraft.com for all Ramin’s work 💡 Join PensionCraft's membership here pensioncraft.com/membership ▶️ 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. Copyright 2022 Many Happy Returns

Some people claim that active managers can capitalise on market crashes to beat the benchmark. But do they really save us from being savaged by bears? The analysts at S&amp;P Dow Jones have been hard at work on their updated Index vs Active scorecard, and the numbers for 2022 are hot off the press. The latest data reveals that UK active funds experienced their worst underperformance on record. We dig into the report to find out why. And in today’s Dumb Question of the Week: Does passive investing work for Emerging Markets? Selected links SPIVA Europe Year-End 2022 | S&amp;P Dow Jones Indices SPIVA U.S. Year-End 2022 | S%P Dow Jones Indices Get in touch 📧 mhr@pensioncraft.com 🎧 many-happy-returns.captivate.fm Join PensionCraft 🌐 Go to pensioncraft.com for all Ramin’s work 💡 Join PensionCraft's membership here pensioncraft.com/membership ▶️ 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. Copyright 2022 Many Happy Returns

An all-weather portfolio aims to deliver steady growth while minimising risk. Pioneered by Ray Dalio, the strategy emphasises diversification across asset classes to keep on chugging, through rain or shine. We discuss how to construct a portfolio for all seasons, and whether it lives up to its promise. And in today’s Dumb Question of the Week: How does a tail-risk fund work? Get in touch 📧 mhr@pensioncraft.com 🎧 many-happy-returns.captivate.fm Join PensionCraft 🌐 Go to pensioncraft.com for all Ramin’s work 💡 Join PensionCraft's membership here pensioncraft.com/membership ▶️ 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. Copyright 2022 Many Happy Returns

Growth stocks have been on a rollercoaster ride — soaring during the pandemic, only to plunge as interest rates climbed. We consider two prime examples of the growth stock phenomenon: Scottish Mortgage Investment Trust and Cathie Wood's ARKK. We dig into the funds' investment philosophies, faltering performance, and whether they are set for a resurgence. And in today’s Dumb Question of the Week: What is the difference between a closed and open-ended fund? Get in touch 📧 mhr@pensioncraft.com 🎧 many-happy-returns.captivate.fm Join PensionCraft 🌐 Go to pensioncraft.com for all Ramin’s work 💡 Join PensionCraft's membership here pensioncraft.com/membership ▶️ 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. Copyright 2022 Many Happy Returns

Contagion can be rapid, unpredictable and destabilising. When a financial institution gets into trouble, it can cause a chain reaction, punishing investors, banks and even countries. We discuss what factors cause these crises to spread and what we should do about it as investors. And in today’s Dumb Question of the Week: What is a CoCo, and are they about to pop? Selected links The Unholy Trinity of Financial ContagionFinancial contagion in the era of globalised banking | OECDGet in touch 📧 mhr@pensioncraft.com 🎧 many-happy-returns.captivate.fm Join PensionCraft 🌐 Go to pensioncraft.com for all Ramin’s work 💡 Join PensionCraft's membership here pensioncraft.com/membership ▶️ 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. Copyright 2022 Many Happy Returns

On Friday last week, Silicon Valley Bank—the 16th biggest bank in the United States—succumbed to a bank run and was declared insolvent. With markets gripped by fear, the US authorities stepped in on Sunday night to guarantee customer deposits and backstop the financial system. But why did SVB collapse? What happens next? And what are the risks to the broader financial system? And in today’s Dumb Question of the Week: What is the difference between a bail-out and a bail-in? Get in touch 📧 mhr@pensioncraft.com 🎧 many-happy-returns.captivate.fm Join PensionCraft 🌐 Go to pensioncraft.com for all Ramin’s work 💡 Join PensionCraft's membership here pensioncraft.com/membership ▶️ 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. Copyright 2022 Many Happy Returns

After more than a decade of near zero interest rates, it is now possible to earn some income from cash and short-term investments. But where should you park your cash? There are many options from bank accounts to money market funds to bonds. Each come with their own benefits, risks and quirks. But why we would even hold cash? And what makes 2023 a potentially lucrative environment for short-term investments? And in today’s Dumb Question of the Week: What is a bank? Get in touch 📧 mhr@pensioncraft.com 🎧 many-happy-returns.captivate.fm Join PensionCraft 🌐 Go to pensioncraft.com for all Ramin’s work 💡 Join PensionCraft's membership here pensioncraft.com/membership ▶️ 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. Copyright 2022 Many Happy Returns

Forged in the final moments of exploding neutron stars, gold has the best origin story of any asset. To some, gold’s scarcity and history make it the only real form of money. To others, it's just a shiny rock. It's claimed to be an inflation hedge, a trusted store of value, and the asset to own when all else fails. But does gold have a role to play in our portfolios? And in today’s Dumb Question of the Week: Why did we abandon the gold standard? Selected links Three Secret Ingredients of the Most Efficient Portfolios (Portfolio Charts)Golden Butterfly Portfolio vs Pinwheel Portfolio (PensionCraft - YouTube)Get in touch 📧 mhr@pensioncraft.com 🎧 many-happy-returns.captivate.fm Join PensionCraft 🌐 Go to pensioncraft.com for all Ramin’s work 💡 Join PensionCraft's membership here pensioncraft.com/membership ▶️ 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. Copyright 2022 Many Happy Returns

Does growth beat value? Does equal weighting outperform? Will the US always be the leading market? Over the last 100 years, simply buying and holding the stock market would have made you rich. But that doesn’t stop people searching for ways to juice their returns. This week we discuss seven ways to slice the stock market. From sectors to factors to weightings, we look at different ways to tilt your portfolio. And in today’s Dumb Question of the Week: Is Apple really an American company? Selected links Concentration within Sectors and Its Implications for Equal Weighting (S&amp;P Dow Jones Indices) Factor Indices: A Simple Compendium (S&amp;P Dow Jones Indices) Get in touch 📧 mhr@pensioncraft.com 🎧 many-happy-returns.captivate.fm Join PensionCraft 🌐 Go to pensioncraft.com for all Ramin’s work 💡 Join PensionCraft's membership here pensioncraft.com/membership ▶️ 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. Copyright 2022 Many Happy Returns

One in five couples identify money as their greatest relationship challenge. And when it comes to investing, 40% of couples disagree on how much risk to take. So how should we grow wealth with our partners? And what strategies can help minimise disagreements along the way? And in today’s Dumb Question of the Week: On divorce, would you rather have the pension or the property? Selected links 2021 Couples &amp; Money Study (Fidelity)What's best on divorce: the pension or the property? (FT Advisor)Get in touch 📧 mhr@pensioncraft.com 🎧 many-happy-returns.captivate.fm Join PensionCraft 🌐 Go to pensioncraft.com for all Ramin’s work 💡 Join PensionCraft's membership here pensioncraft.com/membership ▶️ 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. Copyright 2022 Many Happy Returns

To be better investors, we need to make better decisions. With a few simple steps, we can structure our thinking and improve our investments. We all struggle with bias and unstructured thinking. But there are systems we can use that nudge us into making higher-quality decisions. We discuss framing decisions to align with investing goals, overcoming analysis paralysis, and the 37 Percent Rule. And in today’s Dumb Question of the Week: Why save for retirement? Selected links Rational Reminder podcast with Ralph Keeney Foraging and the Explore/Exploit Trade-Off (Nature) The 37% Rule (Big Think) Get in touch 📧 mhr@pensioncraft.com 🎧 many-happy-returns.captivate.fm Join PensionCraft 🌐 Go to pensioncraft.com for all Ramin’s work 💡 Join PensionCraft's membership here pensioncraft.com/membership ▶️ 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. Copyright 2022 Many Happy Returns

Justin Bieber sold his back catalogue for $200m. This follows eye-watering sales for megastars like Bob Dylan, Bruce Springsteen and Tina Turner. But why are music rights now the hottest asset on the planet? We discuss how the music industry has turned itself around, the risks of owning song rights, and whether royalties deserve a place in our portfolio. And in today’s Dumb Question of the Week: What is securitization? Get in touch 📧 mhr@pensioncraft.com 🎧 many-happy-returns.captivate.fm Join PensionCraft 🌐 Go to pensioncraft.com for all Ramin’s work 💡 Join PensionCraft's membership here pensioncraft.com/membership ▶️ 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. Copyright 2022 Many Happy Returns

Institutional investors, hedge funds, and professional managers dominate financial markets. Collectively, they make up 90% of trading and are sometimes called ‘smart money’. But are they really that smart? Do they know something we don’t? And in today’s Dumb Question of the Week: What is a hedge fund? Get in touch 📧 mhr@pensioncraft.com 🎧 many-happy-returns.captivate.fm Join PensionCraft 🌐 Go to pensioncraft.com for all Ramin’s work 💡 Join PensionCraft's membership here pensioncraft.com/membership ▶️ 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. Copyright 2022 Many Happy Returns

The United States is again toying with defaulting on its national debt. If the $31 trillion debt ceiling were breached without the limit being raised, it’s fair to say all hell would break loose. But how likely is a default? And what would happen to markets if the US really jumped off the cliff? And in today’s Dumb Question of the Week: Who is the national debt owed to anyway? Get in touch 📧 mhr@pensioncraft.com 🎧 many-happy-returns.captivate.fm Join PensionCraft 🌐 Go to pensioncraft.com for all Ramin’s work 💡 Join PensionCraft's membership here pensioncraft.com/membership ▶️ 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. Copyright 2022 Many Happy Returns

Global property is worth more than all the stocks and bonds in the world combined. It is a colossal asset class and the primary source of most people’s wealth. After a remarkable run-up during the pandemic, house prices have now started to drop. But how far could they fall? And what effect could it have on the economy? And in today’s Dumb Question of the Week: Is your house an investment? Get in touch 📧 mhr@pensioncraft.com 🎧 many-happy-returns.captivate.fm Join PensionCraft 🌐 Go to pensioncraft.com for all Ramin’s work 💡 Join PensionCraft's membership here pensioncraft.com/membership ▶️ 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. Copyright 2022 Many Happy Returns

Tesla's stock price fell almost 70% in 2022 and was among the worst-performing stocks in the S&amp;P 500. To some, Tesla is the poster child for innovation, set to dominate the global automotive industry for years. But to others, it’s the most egregious example of hype and bravado to emerge from the era of free money. Was last year just a bump in the road, or has Tesla hit the skids? And how has Elon Musk's purchase of Twitter and assorted antics hurt Tesla? And in today’s Dumb Question of the Week: What is an activist shareholder? Get in touch 📧 mhr@pensioncraft.com 🎧 many-happy-returns.captivate.fm Join PensionCraft 🌐 Go to pensioncraft.com for all Ramin’s work 💡 Join PensionCraft's membership here pensioncraft.com/membership ▶️ 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. Copyright 2022 Many Happy Returns

So you’ve decided it’s time to overhaul your investment portfolio. Out with the old assets and in with the new. But hold on, before you press the sell button, there’s a lot to consider. Have you modelled your new portfolio? Have you found the cheapest funds? Have you thought about taxes? Today we discuss how to plan a big portfolio move and stick with it when things get tough. And in today’s Dumb Question of the Week: Does it matter if I choose an ETF or an index fund? Selected links PortfolioCharts T-Rex calculator CompareFundPlatforms.com Get in touch 📧 mhr@pensioncraft.com 🎧 many-happy-returns.captivate.fm Join PensionCraft 🌐 Go to pensioncraft.com for all Ramin’s work 💡 Join PensionCraft's membership here pensioncraft.com/membership ▶️ 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. Copyright 2022 Many Happy Returns

A festive round-up of the major investing stories of 2022. We consider the trends that moved the market and ask which will continue into the next year. If you've ever wanted to hear ‘The Twelve Days of Christmas’ adapted for investors, today is your lucky day! And in today’s Dumb Question of the Week: Did the wise men construct a good portfolio for Jesus? Get in touch 📧 mhr@pensioncraft.com 🎧 many-happy-returns.captivate.fm Join PensionCraft 🌐 Go to pensioncraft.com for all Ramin’s work 💡 Join PensionCraft's membership here pensioncraft.com/membership ▶️ 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. Copyright 2022 Many Happy Returns

The investment world is full of attempts to milk us for fees and capital. But how is it done? Simply take a humdrum product, dress it up in exciting clothes, and sell the dream. Is your active fund secretly tracking an index? Is your favourite meme stock hiding faltering performance with gimmicks? Who’s actually paying for that champagne lunch with your financial advisor? Today, we coin a new term for this phenomenon: Dreamwashing. And in today’s Dumb Question of the Week: Do you need a financial advisor? Selected links Closet indexing indicators and investor outcomes (ESMA) Champers and safaris: the secret diary of a St James’s Place adviser (The Times) SEC Charges Goldman Sachs Asset Management for Failing to Follow its Policies Involving ESG Investments Get in touch 📧 mhr@pensioncraft.com 🎧 many-happy-returns.captivate.fm Join PensionCraft 🌐 Go to pensioncraft.com for all Ramin’s work 💡 Join PensionCraft's membership here pensioncraft.com/membership ▶️ 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. Copyright 2022 Many Happy Returns

Investment decisions always involve trade-offs. Spend vs save. Risk vs return. There's no way around them, no matter how many times you rejig your spreadsheet. We look at five trade-offs every investor has to face: Spend vs save Risk vs return Ethics vs diversification Reliability vs excitement Liquidity vs lifestyle choices And in today’s Dumb Question of the Week: Is it better to overpay your mortgage or invest? Get in touch 📧 mhr@pensioncraft.com 🎧 many-happy-returns.captivate.fm Join PensionCraft 🌐 Go to pensioncraft.com for all Ramin’s work 💡 Join PensionCraft's membership here pensioncraft.com/membership ▶️ 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. Copyright 2022 Many Happy Returns

Which countries will deliver world-beating returns to shareholders over the next four years? That’s the question we ask in today's unofficial and unscientific Stock Market World Cup. We have four closely fought international matchups to decide: UK vs France Germany vs China USA vs Japan India vs Brazil And in today’s Dumb Question of the Week: Why do index funds not perfectly track the performance an index? Get in touch 📧 mhr@pensioncraft.com 🎧 many-happy-returns.captivate.fm Join PensionCraft 🌐 Go to pensioncraft.com for all Ramin’s work 💡 Join PensionCraft's membership here pensioncraft.com/membership ▶️ 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. Copyright 2022 Many Happy Returns

Last week saw FTX implode in a storm of allegations that culminated in bankruptcy. The failure of the second-largest exchange and standard-bearer for the industry has left everyone asking: what next for crypto investors? The fallout is ongoing, with customers nursing heavy losses, investigators circling and the industry teetering. We delve into what caused the collapse and ask if it could bring down more crypto institutions. Could it even spread to the wider financial system? And in today’s Dumb Question of the Week: What is a bank run? Get in touch 📧 mhr@pensioncraft.com 🎧 many-happy-returns.captivate.fm Join PensionCraft 🌐 Go to pensioncraft.com for all Ramin’s work 💡 Join PensionCraft's membership here pensioncraft.com/membership ▶️ 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. Copyright 2022 Many Happy Returns

The pandemic delivered a massive simultaneous shock to the world economy. But which changes will outlast the pandemic, and should they cause us to rethink our investments? Alongside six million deaths and the largest peacetime fall in GDP since the Great Depression, Covid upended our way of life and put novel technologies centre stage. Pandemics throughout history have caused lasting economic changes and influenced societal norms. But what will the legacy of Covid be for the global economy, standards of living and investment returns? And in today’s Dumb Question of the Week: What’s the difference between a Black Swan and a Grey Rhino? Get in touch 📧 mhr@pensioncraft.com 🎧 many-happy-returns.captivate.fm Join PensionCraft 🌐 Go to pensioncraft.com for all Ramin’s work 💡 Join PensionCraft's membership here pensioncraft.com/membership ▶️ 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. Copyright 2022 Many Happy Returns

It is often said that failure is a better teacher than success. This week we discuss how to live with and learn from your investing mistakes. Spotting errors is not as easy as it might sound, even with the benefit of hindsight. But there are strategies we can employ to stop them from derailing our investing goals. And in today’s Dumb Question of the Week: Why is Warren Buffett’s investment company called Berkshire Hathaway? Get in touch 📧 mhr@pensioncraft.com 🎧 many-happy-returns.captivate.fm Join PensionCraft 🌐 Go to pensioncraft.com for all Ramin’s work 💡 Join PensionCraft's membership here pensioncraft.com/membership ▶️ 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. Copyright 2022 Many Happy Returns

2022 has been a horror show in markets. A nightmare on Wall Street. But every crisis presents opportunities for investors. This week we look at six different assets and consider if they may be about to rise from the grave. US small-cap stocks Chinese equity TIPS Commodities Ethereum Annuities And in today’s Dumb Question of the Week: What are zombie companies and will they ever die? Get in touch 📧 mhr@pensioncraft.com 🎧 many-happy-returns.captivate.fm Join PensionCraft 🌐 Go to pensioncraft.com for all Ramin’s work 💡 Join PensionCraft's membership here pensioncraft.com/membership ▶️ 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. Copyright 2022 Many Happy Returns

The gilt market was the last place anyone expected systemic risk to almost blow up the UK pensions industry, force the Bank of England into emergency bond purchases, cause the chancellor to be sacked, and make the government reverse its flagship economic policy. But are we now out of the woods? And what other markets are vulnerable to sharply rising bond yields and similar ‘doom-loop’ dynamics? And in today’s Dumb Question of the Week: What is a haircut? Get in touch 📧 mhr@pensioncraft.com 🎧 many-happy-returns.captivate.fm Join PensionCraft 🌐 Go to pensioncraft.com for all Ramin’s work 💡 Join PensionCraft's membership here pensioncraft.com/membership ▶️ 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. Copyright 2022 Many Happy Returns

Interest rates are rising at breakneck speed and the impact on the value of assets is profound. We look at how stocks, bonds, gold and property respond to climbing rates. And consider whether any assets might actually benefit from rising rates? We dig into why interest rates are so influential for asset prices. So if you're a fan of cost of capital, discounted cashflows and duration effects, this is the episode for you! And in today’s Dumb Question of the Week: What is an Interest Rate Swap? Get in touch 📧 mhr@pensioncraft.com 🎧 many-happy-returns.captivate.fm Join PensionCraft 🌐 Go to pensioncraft.com for all Ramin’s work 💡 Join PensionCraft's membership here pensioncraft.com/membership ▶️ 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. Copyright 2022 Many Happy Returns

Everyone loves a list: Buzzfeed, Santa, even God himself. But if you had to list the ten most important investing principles, what would you choose? These are our guidelines for how to sustainably grow your wealth while enjoying the journey and avoiding catastrophic loss. And in today’s Dumb Question of the Week: What is asset correlation and why does it matter? Get in touch 📧 mhr@pensioncraft.com 🎧 many-happy-returns.captivate.fm Join PensionCraft 🌐 Go to pensioncraft.com for all Ramin’s work 💡 Join PensionCraft's membership here pensioncraft.com/membership ▶️ 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. Copyright 2022 Many Happy Returns

On Friday, the UK chancellor unveiled his ‘mini-budget’ with the most significant tax cuts in 50 years. The market reaction was swift and brutal. Sterling crashed to a record low versus the dollar, and UK borrowing costs spiked. We ask why the market reacted so negatively and what it means for those of us who own UK assets. And in today’s Dumb Question of the Week: Why not invest everything in the US stock market? Get in touch 📧 mhr@pensioncraft.com 🎧 many-happy-returns.captivate.fm Join PensionCraft 🌐 Go to pensioncraft.com for all Ramin’s work 💡 Join PensionCraft's membership here pensioncraft.com/membership ▶️ 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. Copyright 2022 Many Happy Returns

Mary Childs (financial journalist and co-host of NPR's Planet Money) joins us to discuss her recent book The Bond King: How One Man Made a Market, Built an Empire, and Lost It All. This is the story of Bill Gross, the legendary investor and fund manager who revolutionised the bond market.&nbsp;Before Bill Gross, bonds were the sleepy backbone of retirement accounts, paying the holders a steady stream of coupons each year. But Gross upended all that. After co-founding investment giant Pimco in the 1970s, Gross pioneered active bond trading: buying, selling and exploiting any advantage to eke out extra returns for investors. But Pimco was riven by internal political battles and a toxic culture. It all came to a head in 2014. With the performance of the fund now lacklustre, Gross’s behaviour became increasingly erratic and internal conflict led to the resignation of CEO Mohamed El-Erian. Bill Gross left Pimco later that year in an acrimonious departure that rocked the financial world. Get in touch 📧 mhr@pensioncraft.com 🎧 many-happy-returns.captivate.fm Join PensionCraft 🌐 Go to pensioncraft.com for all Ramin’s work 💡 Join PensionCraft's membership here pensioncraft.com/membership ▶️ 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. Copyright 2022 Many Happy Returns

Many forecasters think that recession is imminent in the UK and Europe, with the US not far behind. But how deep will the downturn be? How long will it last? And will the economy emerge stronger on the other side? We discuss how this recession could compare to ones in the past and which assets might best weather the storm. And in today’s Dumb Question of the Week, we ask: Why does economic growth matter and is it unsustainable? Get in touch 📧 mhr@pensioncraft.com 🎧 many-happy-returns.captivate.fm Join PensionCraft 🌐 Go to pensioncraft.com for all Ramin’s work 💡 Join PensionCraft's membership here pensioncraft.com/membership ▶️ 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. Copyright 2022 Many Happy Returns

This episode is sponsored by NOA: Click here to get the free months of NOA premium. Some claim that artificial intelligence will trigger the fourth industrial revolution, upending traditional ways of living and doing business. This week we look at how an AI and big data&nbsp;arms race might change the world of investing. We discuss the implications for markets and returns and the effect AI could have on our investment decisions and portfolios. And in today’s Dumb Question of the Week, we ask: Why is it so hard to beat the market? Get in touch 📧 mhr@pensioncraft.com 🎧 many-happy-returns.captivate.fm Join PensionCraft 🌐 Go to pensioncraft.com for all Ramin’s work 💡 Join PensionCraft's membership here pensioncraft.com/membership ▶️ 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. Copyright 2022 Many Happy Returns

This episode is sponsored by NOA: Click here to get a free month of NOA premium. 2021 was a record year for initial public offerings. More than 3,000 companies listed on global stock markets and raised over $600 billion in the process. Companies such as Coinbase, Roblox and Rivian each pulled in more than 10 billion dollars. Exciting times! But since going public, many companies have seen their stock price plunge, leaving investors to wonder: Are IPOs a good investment? And in today’s Dumb Question of the Week, we ask: Am I missing out by not investing in private companies? Selected links What Happens to IPOs Over the Long Run? (Nasdaq) Which, Why, and for How Long do IPOs Underperform (ResearchGate) Get in touch 📧 mhr@pensioncraft.com 🎧 many-happy-returns.captivate.fm Join PensionCraft 🌐 Go to pensioncraft.com for all Ramin’s work 💡 Join PensionCraft's membership here pensioncraft.com/membership ▶️ 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. Copyright 2022 Many Happy Returns

This episode is sponsored by NOA: Click here to get a free month of NOA premium. Few topics divide opinion more than investing in China. The incredible growth. The ethical dilemmas. The disappointing returns. This week we look at the big economic and political developments in China and whether now is the time to buy Chinese equity. What opportunities and risks confront investors? And how should we think about Chinese stocks in the context of our portfolios? And in today’s Dumb Question of the Week: What happens if Chinese stocks are delisted from the New York Stock Exchange? Get in touch 📧 mhr@pensioncraft.com 🎧 many-happy-returns.captivate.fm Join PensionCraft 🌐 Go to pensioncraft.com for all Ramin’s work 💡 Join PensionCraft's membership here pensioncraft.com/membership ▶️ 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. Copyright 2022 Many Happy Returns

This episode is sponsored by NOA: Click here to get a free month of NOA premium. This year has seen remarkable shifts in currency markets, with the US Dollar reaching a 20 year high and parity with the Euro. We discuss the factors that drive exchange rates and the implications of a strong US dollar on trade, growth and our investments. And in today’s Dumb Question of the Week, we ask: Should you currency hedge your investments? Selected links Dollar Doom Loop video (PensionCraft) Bretton Woods III video (PensionCraft) The Stealth Erosion of Dollar Dominance (IMF) How to diagnose your own Dutch disease (FT - paywall) Get in touch 📧 mhr@pensioncraft.com 🎧 many-happy-returns.captivate.fm Join PensionCraft 🌐 Go to pensioncraft.com for all Ramin’s work 💡 Join PensionCraft's membership here pensioncraft.com/membership ▶️ 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. Copyright 2022 Many Happy Returns

The cost of living always attracts controversy, even before the current surge in prices. Many people believe that the true rate of inflation is consistently far higher than the official stats suggest. But is there any evidence to back up these claims? We discuss the nuances of how inflation is calculated and whether the changes made in the 1980s and 1990s have lowered official inflation numbers, as claimed by websites such as ShadowStats. And what impact does it have on investors? And in today’s Dumb Question of the Week: Why does the Fed look at Core PCE inflation rather than CPI? Doesn’t it care about food and energy prices? Selected links Misconceptions about the CPI (Bureau of Labor Statistics) Public comment of inflation measurement (ShadowStats) What ShadowStats gets right and what it gets wrong (Ed Dolan) Get in touch 📧 mhr@pensioncraft.com 🎧 many-happy-returns.captivate.fm Join PensionCraft 🌐 Go to pensioncraft.com for all Ramin’s work 💡 Join PensionCraft's membership here pensioncraft.com/membership ▶️ 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. Copyright 2022 Many Happy Returns

Kids are sometimes hard-work, often fun, and always expensive. But due to the magic of compounding, a small amount of money invested when they are young can grow into a substantial nest egg for later in life. We discuss how much to set aside, what to put in their portfolio, and how to keep them from blowing the cash as soon as they turn 18. And in today’s Dumb Question of the Week, we ask: Is government debt effectively stealing from future generations? Get in touch 📧 mhr@pensioncraft.com 🎧 many-happy-returns.captivate.fm Join PensionCraft 🌐 Go to pensioncraft.com for all Ramin’s work 💡 Join PensionCraft's membership here pensioncraft.com/membership ▶️ 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. Copyright 2022 Many Happy Returns

Does it pay to be an optimist?Volatile financial markets and flaws in human psychology can cause many investors to be unduly pessimistic.Yet, remaining an optimist - and remaining invested - is the surest way to achieve the unrivalled long-term returns of the stock market.Today, we discuss why optimism about investing is not only desirable but rational. And how to spot biases and alarmist thinking that can lead to destructive behaviour.And in today’s Dumb Question of the Week, we ask: Why hold any bonds at all?Selected linksGapminderOur World in DataA Long Bet: Brynjolfsson vs Gordon

VICE. UFO. COW. Welcome to the weird world of niche ETFs. Exchange Traded Funds are an easy way for investors to buy into a basket of stocks. The last few years has seen a proliferation of ETFs that offer investors different indices, themes, and strategies. We discuss which of these funds is worth our time, in what environments they might outperform, and how best to incorporate them in our portfolio. And in today’s Dumb Question of the Week, we ask: What’s the difference between ETFs and ETNs? Get in touch 📧 mhr@pensioncraft.com 🎧 many-happy-returns.captivate.fm Join PensionCraft 🌐 Go to pensioncraft.com for all Ramin’s work 💡 Join PensionCraft's membership here pensioncraft.com/membership ▶️ 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. Copyright 2022 Many Happy Returns

Natural gas is critical to the functioning of the European economy, used in everything from heating homes to powering industry. Russia is the continent's biggest gas supplier, and many analysts fear that President Putin might be about to turn off the gas taps. The impact of such a move could be profound, with the German Economy Minister warning of the potential for a “Lehman Brothers” moment. We look at how likely it is to happen, what the fallout could be, and what could it mean for our investments? And in today’s Dumb Question of the Week, we ask: What is a black swan event? Get in touch 📧 mhr@pensioncraft.com 🎧 many-happy-returns.captivate.fm Join PensionCraft 🌐 Go to pensioncraft.com for all Ramin’s work 💡 Join PensionCraft's membership here pensioncraft.com/membership ▶️ 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. Copyright 2022 Many Happy Returns

Leverage is borrowing money to invest. It can boost your returns in good times and amplify your losses when the market turns against you. This week we look at the different types of leveraged investments and how to employ them. We discuss the pros and cons of investing with margin loans, leveraged ETFs, and options. And the surprising evidence for using leverage to reduce retirement risk... And in today’s Dumb Question of the Week: "If your broker sells your stocks in a margin call, can you be left owing more money than you invested?" Selected links Life-Cycle Investing and Leverage: Buying Stock on Margin Can Reduce Retirement Risk Federal Reserve Financial Stability Report: Leverage in the Financial Sector (May 2022)Get in touch 📧 mhr@pensioncraft.com 🎧 many-happy-returns.captivate.fm Join PensionCraft 🌐 Go to pensioncraft.com for all Ramin’s work 💡 Join PensionCraft's membership here pensioncraft.com/membership ▶️ 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. Copyright 2022 Many Happy Returns

Government bonds are considered the steady - perhaps even boring - investment class. But this year has seen the biggest bond crash in a generation, as inflation runs wild and central banks pretend not to panic. As if things weren’t interesting enough, the European Central Bank is concocting a new wheeze to keep bond spreads in check, the Bank of Japan is printing record-breaking amounts of money, and Russia has defaulted on its debt. We try to make sense of all this and wonder whether now might be the time to buy government bonds? And if so, which ones? And in today’s Dumb Question of the Week: Why don't governments issue perpetual bonds? Get in touch 📧 mhr@pensioncraft.com 🎧 many-happy-returns.captivate.fm Join PensionCraft 🌐 Go to pensioncraft.com for all Ramin’s work 💡 Join PensionCraft's membership here pensioncraft.com/membership ▶️ 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. Copyright 2022 Many Happy Returns

This year the S&amp;P 500 has fallen over 23%. With the benefit of hindsight, what were the clues that we had reached the top at the start of 2022? And what could indicate the market has now reached a bottom and is about to resume its upward drift? Accepted wisdom says that what matters is “time in the market, not timing the market.” Is this always true? And how does it affect how we invest? And in today’s Dumb Question of the Week, we ask "When stock prices fall, where does the money go?" Selected links Where does the wealth go when asset prices go down? (Noahpinion) The Buffett Indicator Get in touch 📧 mhr@pensioncraft.com 🎧 many-happy-returns.captivate.fm Join PensionCraft 🌐 Go to pensioncraft.com for all Ramin’s work 💡 Join PensionCraft's membership here pensioncraft.com/membership ▶️ 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. Copyright 2022 Many Happy Returns

The UK stock market has lagged global indices over the past decade and struggled to attract new companies. We look at the reasons for the underperformance and the prospects for the future. We discuss the sector composition of the UK market, with its crucial underweight in technology companies, as well as whether the dividend investing culture at many UK equity funds holds back business investment and growth. And in today's Dumb Question of the Week, we ask "How can a stock be listed on two exchanges and does it matter which one I buy?"Get in touch 📧 mhr@pensioncraft.com 🎧 many-happy-returns.captivate.fm Join PensionCraft 🌐 Go to pensioncraft.com for all Ramin’s work 💡 Join PensionCraft's membership here pensioncraft.com/membership ▶️ 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. Copyright 2022 Many Happy Returns

For decades, oil has held a critical and unique place in the global economy. Many commodities are claimed to be “the new oil” for their importance in the modern world. But are these claims mere soundbites or do they indicate the emergence of new strategic commodities? We discuss the prospects for claims ranging from tech innovations like data and artificial intelligence to natural resources like copper and gas. For each, we ask are these really going to be the "new oil?" And if so, how can we best position ourselves as investors? And in today’s Dumb Question of the Week, we look at “How did the price of oil go negative in 2020?” Selected links Copper is the New Oil (Goldman Sachs) Why Copper May Be One of the Tightest Markets the World Has Ever Seen (Odd Lots) Negative Oil Prices Explained (PensionCraft) The Essex Boys: How Nine Traders Hit a Gusher With Negative Oil (Bloomberg) Get in touch 📧 mhr@pensioncraft.com 🎧 many-happy-returns.captivate.fm Join PensionCraft 🌐 Go to pensioncraft.com for all Ramin’s work 💡 Join PensionCraft's membership here pensioncraft.com/membership ▶️ 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. Copyright 2022 Many Happy Returns

There are many different risks we have to navigate as investors, from the volatility of markets to collapsing companies to our own behaviour. How we choose to respond to these risks is ultimately what will determine our success in building and preserving our wealth. This week we dig into the different types of investment risk, how best to measure and quantify them, and what strategies we can employ to protect our portfolios. And in the Dumb Question of the Week, we ask "What happens if my broker goes bankrupt?" Get in touch 📧 mhr@pensioncraft.com 🎧 many-happy-returns.captivate.fm Join PensionCraft 🌐 Go to pensioncraft.com for all Ramin’s work 💡 Join PensionCraft's membership here pensioncraft.com/membership ▶️ 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. Copyright 2022 Many Happy Returns

The S&amp;P 500 has fallen to the brink of a bear market, with companies severely punished for missing their earnings forecasts. The price-to-earnings multiple has declined and market prospects look uncertain. The question everyone is asking is ‘what comes next?' We look into whether the S&amp;P 500 is now at fair value? What events could trigger a stock market crash? And whether bonds will successfully hedge equity going forward? And in the Dumb Question of the Week, we ask: Why do people still reference the Dow Jones industrial average? Selected links Finviz heatmaps FactSet Earnings Insight Get in touch 📧 mhr@pensioncraft.com 🎧 many-happy-returns.captivate.fm Join PensionCraft 🌐 Go to pensioncraft.com for all Ramin’s work 💡 Join PensionCraft's membership here pensioncraft.com/membership ▶️ 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. Copyright 2022 Many Happy Returns

Stablecoins are a core part of the financial plumbing when it comes to cryptocurrency and digital assets. They promise that if you put a dollar in, you will always be able to get a dollar out. But last week saw Terra, one of the largest stablecoins, lose its peg to the dollar and collapse. Investors are estimated to have lost over $40 billion in value. Ouch. We dig into what happened, what might be the consequences for markets and whether stablecoins present a systemic risk to the economy. And in the Dumb Question of the Week, we ask: What exactly is a Ponzi scheme? Get in touch 📧 mhr@pensioncraft.com 🎧 many-happy-returns.captivate.fm Join PensionCraft 🌐 Go to pensioncraft.com for all Ramin’s work 💡 Join PensionCraft's membership here pensioncraft.com/membership ▶️ 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. Copyright 2022 Many Happy Returns

Myth-busting popular sayings, cliches and folk wisdom about the stock market and investing. We discuss "sell in May and go away", dividend investing, and "buy the dip." Ramin also let's loose on Technical Analysis and the dependability of vomiting camels. In the Dumb Question of the Week, we ask: Are credit ratings useless? Get in touch 📧 mhr@pensioncraft.com 🎧 many-happy-returns.captivate.fm Join PensionCraft 🌐 Go to pensioncraft.com for all Ramin’s work 💡 Join PensionCraft's membership here pensioncraft.com/membership ▶️ 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. Copyright 2022 Many Happy Returns

The Berkshire Hathaway annual meeting is often referred to as the Woodstock of Capitalism, where legendary investors Warren Buffett and Charlie Munger opine on the state of markets and investing. The 2022 meeting took place this weekend, with as many interesting nuggets of wisdom and controversy as ever. We discuss Berkshire ramping up their stock purchases and running down their cash pile, the companies they've bought into, and Buffett's opinions on everything from inflation to bitcoin. And we answer the Dumb Question of the Week: How accurate is the forward Price-to-Earnings ratio, given it relies on analyst forecasts? Get in touch 📧 mhr@pensioncraft.com 🎧 many-happy-returns.captivate.fm Join PensionCraft 🌐 Go to pensioncraft.com for all Ramin’s work 💡 Join PensionCraft's membership here pensioncraft.com/membership ▶️ 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. Copyright 2022 Many Happy Returns

Many different assets are touted as potential inflation hedges but which ones actually work? People often make the case for inflation-linked bonds, gold, commodities... but how do we know how each asset class will respond in a period of high inflation? When does it make sense for us to hedge? What risks are involved and what impact does it have on our long-term investment returns? In today's Dumb Question of the Week, we ask: What does it mean to say the Fed is behind the curve? Get in touch 📧 mhr@pensioncraft.com 🎧 many-happy-returns.captivate.fm Join PensionCraft 🌐 Go to pensioncraft.com for all Ramin’s work 💡 Join PensionCraft's membership here pensioncraft.com/membership ▶️ 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. Copyright 2022 Many Happy Returns

Emerging Markets promised investors better returns and broader diversification. But growth has stalled in recent years, with heightened volatility and uncertainty. This week we look at what risks and opportunities are involved with investing in Emerging Markets and what role they should play in our portfolio. We discuss the unique position of China, the impact of tighter Fed monetary policy on developing countries, and the distinction between Emerging and Frontier markets. And in today's Dumb Question of the Week, we ask: How do ETFs actually work? Get in touch 📧 mhr@pensioncraft.com 🎧 many-happy-returns.captivate.fm Join PensionCraft 🌐 Go to pensioncraft.com for all Ramin’s work 💡 Join PensionCraft's membership here pensioncraft.com/membership ▶️ 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. Copyright 2022 Many Happy Returns

House prices in the UK are up by 10% year on year, with similar rises in much of the western world. What has caused this runaway growth in prices? And what could cause it to reverse? We look to interest rates, supply constraints, government policy and wage growth for the answer. Could the market be in for a fall or is it poised just to keep on rising? In the Dumb Question of the Week, we ask: Why does infinite money printing not inevitably lead to high inflation? Get in touch 📧 mhr@pensioncraft.com 🎧 many-happy-returns.captivate.fm Join PensionCraft 🌐 Go to pensioncraft.com for all Ramin’s work 💡 Join PensionCraft's membership here pensioncraft.com/membership ▶️ 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. Copyright 2022 Many Happy Returns

How much money do you need to invest to live the life you want? How much can you safely withdraw from a portfolio each year? And how do you ensure you don't run out of money in retirement? What really makes us happy? What role does money play in our happiness and how do we approach investing for our future? And in today's Dumb Question of the Week, we ask: Does passive investing distort markets? Get in touch 📧 mhr@pensioncraft.com 🎧 many-happy-returns.captivate.fm Join PensionCraft 🌐 Go to pensioncraft.com for all Ramin’s work 💡 Join PensionCraft's membership here pensioncraft.com/membership ▶️ 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. Copyright 2022 Many Happy Returns

Meme stocks are on the rise again, with GameStop and AMC leading the charge again over the past week. We look back at the crazy month of January 2021 to understand what caused meme stocks to gain over 2,000%, before falling back just as sharply. How did the short squeeze on hedge funds work? What effect did Wall Street Bets and social media have? And what does the future hold for these stocks? In the Dumb Question of the Week, we ask what it means to say something is "priced in" to markets. Get in touch 📧 mhr@pensioncraft.com 🎧 many-happy-returns.captivate.fm Join PensionCraft 🌐 Go to pensioncraft.com for all Ramin’s work 💡 Join PensionCraft's membership here pensioncraft.com/membership ▶️ 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. Copyright 2022 Many Happy Returns

Which macroeconomic indicators should we look at to understand where markets are heading? How important are labour market indicators such as nonfarm payrolls, initial jobless claims and the unemployment rate? And what impact do housing and credit market indicators - such as the senior loan officers survey - have on markets? How do these different data points influence federal reserve policy and the wider economy? In this week's Dumb Question of the Week, we ask: Does global equity always rise in the long term? And if so, why? Selected links FRED Markit PMI data Get in touch 📧 mhr@pensioncraft.com 🎧 many-happy-returns.captivate.fm Join PensionCraft 🌐 Go to pensioncraft.com for all Ramin’s work 💡 Join PensionCraft's membership here pensioncraft.com/membership ▶️ 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. Copyright 2022 Many Happy Returns

Cognitive biases can impair investment decisions and cause us to make costly mistakes. We discuss the different biases, how to mitigate their impact, and even how to profit from bias in the market. We discuss loss aversion, the endowment effect, anchoring bias, the bandwagon effect, survivorship bias, and confirmation bias. In the Dumb Question of the Week, we ask: When should you cut your losses on an investment that keeps falling? Get in touch 📧 mhr@pensioncraft.com 🎧 many-happy-returns.captivate.fm Join PensionCraft 🌐 Go to pensioncraft.com for all Ramin’s work 💡 Join PensionCraft's membership here pensioncraft.com/membership ▶️ 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. Copyright 2022 Many Happy Returns

How will sanctions on Russia affect markets? Western governments have imposed unprecedented economic sanctions on Russia for its invasion of Ukraine. Central bank reserves have been frozen. Banks have been cut out of the SWIFT payment network. And Russian stocks have been shorn from equity indices. We look at what impact these moves will have on markets and how investors might respond. Is inflation going to keep rising? Might there be hidden systemic risks lurking? And might markets fall further? In the Dumb Question of the Week, we ask why central banks target an inflation rate of 2%? Get in touch 📧 mhr@pensioncraft.com 🎧 many-happy-returns.captivate.fm Join PensionCraft 🌐 Go to pensioncraft.com for all Ramin’s work 💡 Join PensionCraft's membership here pensioncraft.com/membership ▶️ 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. Copyright 2022 Many Happy Returns

Should you add satellite investments to your core investment portfolio? To prevent meddling with the core investment portfolio, many investors set aside a small amount of money to invest in risky satellite investments. Ramin talks us through some of the assets he has on his 'Market Crash Shopping List' and when he might consider adding them to his portfolio. We look at actively managed investment trusts, leveraged funds, Chinese stocks, high-yield credit, REITs, cryptocurrency and more. In today's Dumb Question of the Week, we ask: What does it mean to say cryptocurrency is "unregulated"? Get in touch 📧 mhr@pensioncraft.com 🎧 many-happy-returns.captivate.fm Join PensionCraft 🌐 Go to pensioncraft.com for all Ramin’s work 💡 Join PensionCraft's membership here pensioncraft.com/membership ▶️ 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. Copyright 2022 Many Happy Returns

A popular approach to investing is to construct a core portfolio of long-term investments. But what investments should go into this core? We consider the case for stocks, bonds, cash and gold, and how they complement each other. We also discuss what to look for in an index fund, when to rebalance and what risks are involved in long-term investing. In the Dumb Question of the Week, we ask: Who actually decides what companies are included in the S&amp;P 500 index? Selected links S&amp;P 500 return calculator T-Rex score Golden Butterfly portfolio Get in touch 📧 mhr@pensioncraft.com 🎧 many-happy-returns.captivate.fm Join PensionCraft 🌐 Go to pensioncraft.com for all Ramin’s work 💡 Join PensionCraft's membership here pensioncraft.com/membership ▶️ 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. Copyright 2022 Many Happy Returns

Can ESG funds save the planet while delivering strong investment returns? ESG funds claim to be able to keep the environment - and your conscience - clean. And all while delivering better returns than the broad market. We dig into how ESG indexes are constructed, what returns we can expect, and whether the environmental claims actually stack up. We also consider alternative investments which might be better placed to achieve the same goals. In the Dumb Question of the Week, we ask: Why would anyone buy bonds with a negative yield? Aren't you guaranteed to lose money? Get in touch 📧 mhr@pensioncraft.com 🎧 many-happy-returns.captivate.fm Join PensionCraft 🌐 Go to pensioncraft.com for all Ramin’s work 💡 Join PensionCraft's membership here pensioncraft.com/membership ▶️ 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. Copyright 2022 Many Happy Returns

Big Tech companies have had a wild earnings season. Meta - the parent company of Facebook - suffered the largest-ever one-day loss in market value for a US company. The very next day, Amazon notched the largest-ever one-day gain in history. What is going on to cause such dramatic price moves? And what does the future hold for companies such as Apple, Amazon, Google, Facebook, Tesla and Microsoft? In the Dumb Question of the Week, we ask why companies care about their stock price? And how does the company benefit from a higher price? Get in touch 📧 mhr@pensioncraft.com 🎧 many-happy-returns.captivate.fm Join PensionCraft 🌐 Go to pensioncraft.com for all Ramin’s work 💡 Join PensionCraft's membership here pensioncraft.com/membership ▶️ 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. Copyright 2022 Many Happy Returns

Ramin and Michael look at whether investing in factors such as value, momentum or quality can boost returns. Which stocks do these funds buy? What are the risks? And how might we incorporate them in our portfolios? And in the Dumb Question of the Week, we ask: Do CEO's deserve their high pay and does it lead to better performance? Get in touch 📧 mhr@pensioncraft.com 🎧 many-happy-returns.captivate.fm Join PensionCraft 🌐 Go to pensioncraft.com for all Ramin’s work 💡 Join PensionCraft's membership here pensioncraft.com/membership ▶️ 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. Copyright 2022 Many Happy Returns

Are we in an asset bubble? Stocks, property and many other investments look expensive at the moment. Ramin guides us through different ways of looking at valuations to see just how expensive. If we are in a bubble, what could cause it to pop? And how can we protect ourselves as investors? And in today's Dumb Question of the Week, we ask: Is China communist or capitalist? Get in touch 📧 mhr@pensioncraft.com 🎧 many-happy-returns.captivate.fm Join PensionCraft 🌐 Go to pensioncraft.com for all Ramin’s work 💡 Join PensionCraft's membership here pensioncraft.com/membership ▶️ 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. Copyright 2022 Many Happy Returns

In the first ever episode of Many Happy Returns, Ramin and Michael discuss the current surge in inflation. How bad is it? How long will it last? And how might it affect our stock, bond and gold investments? In our regular Dumb Question of the Week, we ask: Is legendary stockpicker Warren Buffett’s success is down to skill or luck? Get in touch 📧 mhr@pensioncraft.com 🎧 many-happy-returns.captivate.fm Join PensionCraft 🌐 Go to pensioncraft.com for all Ramin’s work 💡 Join PensionCraft's membership here pensioncraft.com/membership ▶️ 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. Copyright 2022 Many Happy Returns