In the Company of Mavericks

In The Company of Mavericks | David Murrin on World War III, The Five Stages of Empire, and Surviving the Global Power ShiftHost: Jeremy McKeown Guest: David Murrin (Geopolitical Forecaster and Author) Release Date: March 26th, 2026.Join host Jeremy McKeown on In the Company of Mavericks for a riveting conversation with geopolitical expert David Murrin. Discover why Murrin believes World War III has already begun, the inevitable clash between a declining America and an ascending China, and how understanding historical cycles like the "Five Stages of Empire" and the "K-Wave" can help us survive the turbulent decade ahead.Episode Overview: In this episode of In the Company of Mavericks, host Jeremy McKeown sits down with David Murrin, the renowned geopolitical forecaster, author of Breaking the Code of History, and founder of Global Forecaster. Known for his uncanny ability to predict global shifts by studying human behaviour and historical patterns, Murrin delivers a stark and urgent assessment of the world in 2026.Murrin applies his unique behavioural models—including Isaac Asimov-inspired "psychohistory" and Kondratiev waves—to dissect the current global crises. From the ongoing proxy conflicts draining Western military resources to the looming technological singularity, this episode explores the mathematical certainty of empire cycles and what Western democracies must do to adapt and survive.Key Topics Covered:World War III is Already Here: Murrin explains his controversial thesis that WW3 officially began with the invasion of Ukraine. He outlines the immediate military triggers and "pilot wars" that signal China's imminent, kinetic move against the US and its allies in the Pacific.The Iranian Bear Trap: A deep dive into how the United States is currently entangled in an asymmetric war of attrition in the Middle East. Murrin discusses how Iran's use of cheap drones and mines is depleting US mid-course interceptors, creating a strategic opening for China's hegemonic challenge.The Five Stages of Empire & American Decline: Murrin breaks down his Five Phase Life Cycle model (Regionalisation, Ascension, Maturity, Overextension, and Decline/Legacy). He discusses why the US is firmly in the terminal decline stage, characterised by debt reliance and linear bureaucracy, while China is in the aggressive ascension stage.Linear vs. Lateral Leadership: Why are Western nations suffering from a plague of idiots in leadership? Murrin explains the symbiotic relationship between linear thinkers (who maintain the status quo) and lateral or dyslexic strategic thinkers (who drive adaptation and survive high-entropy events). He argues that elevating lateral thinkers is critical to surviving the current geopolitical crisis.The K-Wave Commodity Cycle & Resource Scarcity: An analysis of the Kondratiev commodity cycle, which Murrin predicts will peak between 2025 and 2030. Learn how the simultaneous implosion of the debt-fueled Doomsday Bubble and soaring food and energy prices will reshape global survival strategies.The AI Singularity & The Future of Warfare: Murrin assesses the risk of an AI singularity, driven by the escalating global arms race. He explores how hypersonic weapons, drone swarms, and quantum technologies are permanently altering the fundamental Theory of Warfare.David Murrin, In The Company of Mavericks podcast, Jeremy McKeown, Geopolitical Forecasting, World War III predictions, Five Stages of Empire, US decline, China hegemony, K-Wave commodity cycle, Iranian Bear Trap, Lateral vs. Linear thinking, Dyslexic Strategic Thinking, AI Singularity warfare.Brought to you by Progressive Equity. 

Michael Every on Geopolitics, Wave Theories, and the De-Financialisation of the WestIn this episode of In the Company of Mavericks, we are joined by Michael Every, Global Strategist at Rabobank, for a deep dive into the chaos of our current geopolitical and macroeconomic landscape. With over two decades of experience as an economist and strategist—including senior roles at Silk Road Associates, the Royal Bank of Canada, and Dun & Bradstreet—Michael brings a highly differentiated analytical framework that challenges traditional big-bank thinking.Drawing on a diverse intellectual background ranging from early Marxist influences to firsthand observations of post-communist transitions, Michael exposes the critical flaws of neoclassical and neoliberal economics, arguing that the world is driven by raw power rather than by natural market equilibria.Key topics discussed in this episode include:The Flaws of Traditional Economics: Why the neoclassical presumption of "mean reversion" and perfect market equilibrium fails to explain our current reality.Wave Theories of History: How alternative frameworks—such as Kondratiev waves, the Austrian business cycle, Dalio's debt cycles, the Fourth Turning, and Peter Turchin's elite overproduction—can help investors better navigate today's geopolitical tipping points.The US vs. China Hegemony: An analysis of shifting global power dynamics, China's neomercantilism, and whether the United States is facing a modern equivalent of the "1956 Suez Crisis".The De-Financialisation of the West: Why the West must urgently pivot from financial engineering and asset speculation toward re-industrialisation, commodities, and "economic statecraft" to compete with the East.The Middle East and Global Commodities: How the ongoing conflict in the Middle East ties directly into global struggles for control over base commodities, energy, and the future of the US dollar.The Realities of Artificial Intelligence: The physical resource constraints holding AI back (such as copper and electricity shortages), its impact on the labour market, and whether it will lead to a technological utopia or a dystopian cognitive decline.Brought to you by Progressive Equity.Get in Touch: If you enjoyed this episode, have feedback, or want to suggest a future guest, please reach out to host Jeremy McKeown via LinkedIn, Substack, or email at JeremyMcKeown@gmail.com.Disclaimer: This podcast is for informational and entertainment purposes only and does not constitute financial or investment advice. Please consult with a professional financial advisor and do your own research before investing in these crazy markets

COMING SOON BE SURE TO SUBSCRIBE VIA YOUR PODCAST APP OR ON SUBSTACK  Michael Every on Geopolitics, Wave Theories, and the De-Financialisation of the WestIn this episode of In the Company of Mavericks, we are joined by Michael Every, Global Strategist at Rabobank, for a deep dive into the chaos of our current geopolitical and macroeconomic landscape. With over two decades of experience as an economist and strategist—including senior roles at Silk Road Associates, the Royal Bank of Canada, and Dun & Bradstreet—Michael brings a highly differentiated analytical framework that challenges traditional big-bank thinking.Drawing on a diverse intellectual background ranging from early Marxist influences to firsthand observations of post-communist transitions, Michael exposes the critical flaws of neoclassical and neoliberal economics, arguing that the world is driven by raw power rather than by natural market equilibria.Key topics discussed in this episode include:The Flaws of Traditional Economics: Why the neoclassical presumption of "mean reversion" and perfect market equilibrium fails to explain our current reality.Wave Theories of History: How alternative frameworks—such as Kondratiev waves, the Austrian business cycle, Dalio's debt cycles, the Fourth Turning, and Peter Turchin's elite overproduction—can help investors better navigate today's geopolitical tipping points.The US vs. China Hegemony: An analysis of shifting global power dynamics, China's neomercantilism, and whether the United States is facing a modern equivalent of the "1956 Suez Crisis".The De-Financialisation of the West: Why the West must urgently pivot from financial engineering and asset speculation toward re-industrialisation, commodities, and "economic statecraft" to compete with the East.The Middle East and Global Commodities: How the ongoing conflict in the Middle East ties directly into global struggles for control over base commodities, energy, and the future of the US dollar.The Realities of Artificial Intelligence: The physical resource constraints holding AI back (such as copper and electricity shortages), its impact on the labour market, and whether it will lead to a technological utopia or a dystopian cognitive decline.Brought to you by Progressive Equity.Get in Touch: If you enjoyed this episode, have feedback, or want to suggest a future guest, please reach out to host Jeremy McKeown via LinkedIn, Substack, or email at JeremyMcKeown@gmail.com.Disclaimer: This podcast is for informational and entertainment purposes only and does not constitute financial or investment advice. Please consult with a professional financial advisor and do your own research before investing in these crazy markets

The Strategic Importance of the Garcia ViewpointHaving advised six U.S. presidents, Charlie offers insights into the current Middle East crisis that are not merely speculative; they are informed by decades spent at the levers of power. This proximity grants him a "strategic map" allowing him to see through the fog of the US/Israeli bombing of Iran to identify the underlying structural shifts in the global order. For the investor, this episode serves as a masterclass in how kinetic warfare catalyses a broader, permanent shift in financial stabilityCharlie GarciaIn today's "crazy markets," the value of an analyst is directly proportional to the depth of their real-world experience. Navigating the intersection of war and finance requires a lens sharpened by high-stakes decision-making, making it essential to evaluate the pedigree of those providing the intelligence. Charlie Garcia's history distinguishes him as a rare "maverick" in a field often saturated by desk-bound theorists.The Garcia PedigreeMilitary Service: His analytical lens is fundamentally grounded in tactical military experience, providing a "boots-on-the-ground" realism to his geopolitical assessments.Advisory to Six Presidents: His role as advisor to six U.S. administrations has provided him with an institutional memory of American foreign policy that few can match.Commitment to Hard Assets: As an active investor, he practices a philosophy of tangible wealth, prioritising assets that survive the collapse of paper-heavy narratives.Garcia's writing style is a hybrid of a Tom Clancy thriller and the sardonic wit of P.J. O'Rourke, is more than a stylistic choice—it is a competitive advantage. In the "Digital Intelligence Era," this high-signal, narrative-driven approach ensures that high-density geopolitical information is not only absorbed but retained by the reader. Unlike sterile corporate reports, Garcia's style translates complex theatre-level manoeuvres into actionable intelligence.Capital MischiefAs traditional corporate filters increasingly sanitise geopolitical reporting to protect institutional interests, independent platforms like Substack have emerged as essential repositories for raw, unfiltered research. Capital Mischief represents the vanguard of this movement.Core DifferentiatorsNarrative Style: Garcia utilises a "Clancy-esque" narrative drive and sharp, sardonic wit to challenge conventional market wisdom, making the discovery of "hard truths" an engaging process.Responsiveness: During the recent US/Israeli/Iran escalations, Garcia moved into "overdrive," providing a kinetic stream of high-frequency situation reports that tracked the conflict's evolution in near real-time.Analytical Focus: The platform is designed for the deep-dive "sitrep," attracting a sophisticated audience that prioritises theatre-level situational awareness over daily ticker noise.For Garcia, writing is more than a creative outlet; it is his primary tool for exploring the "emerging paradigm" and making sense of global chaos. His passion for the medium allows him to provide a level of dedication and depth that standard investment research simply cannot replicate.This responsiveness proved particularly critical as global focus shifted abruptly toward the escalating hostilities in the Middle East.Geopolitical Deep Dive: War in the Middle East and the Emerging ParadigmThe current theatre of war in the Middle East—specifically the US/Israeli bombing of Iran—is a strategic inflexion point for global financial stability. This escalation is not a temporary disruption but a fundamental shift in how risk must be priced in an era of active conflict.Analysis of the ConflictThe Iran Escalation: The bombing of Iran has moved the conflict from a proxy war to a direct kinetic confrontation, demanding the "seemingly endless" stream of situation reports provided by Garcia.Tactical Agility: The shift from the Caracas discussion to the Middle East theatre demonstrates that in the current paradigm, static investment theses are a liability.High-Signal Intelligence: Garcia's reporting provides the context needed to understand if these escalations are localised events or the opening salvos of a larger systemic reconfiguration.The "emerging paradigm" is defined by the transition from theoretical, "black swan" risk to active, theatre-level conflict. In this environment, investors can no longer treat geopolitics as a peripheral variable. It is the core driver of market movement, necessitating a shift from speculative paper assets to tangible hedges.This geopolitical chaos creates an urgent requirement for a more robust investment posture focused on intrinsic value.Investment Strategy: Hard Assets in "Crazy Markets"As the old global order is disrupted, a defensive yet proactive investment posture is the only viable path forward. In "these crazy markets," where traditional paper-heavy portfolios face unprecedented volatility, Garcia's focus on the tangible provides a necessary anchor.Garcia's Investment PrioritiesThe Case for Hard Assets: Garcia is a "committed investor" in this category, viewing hard assets as the ultimate hedge. When traditional narratives fail, assets with intrinsic, physical value are the only reliable store of wealth.Navigating Uncertainty: Despite his deep expertise, Garcia maintains a professional discipline, urging listeners to seek personal financial counsel. This is not merely a disclaimer but a strategic imperative: in high-risk environments, bespoke advice is critical before committing capital.The Emerging Paradigm Defined: This new landscape is the intersection of active kinetic warfare, independent intelligence, and a return to asset classes that retain value regardless of the stability of the global financial system.The Bottom Line for the Professional Listener: The value of Charlie Garcia's approach lies in the rare intersection of "information and entertainment." By eschewing the dry, sanitised prose of traditional research in favour of a maverick perspective, Garcia provides the tactical depth needed to survive—and profit from—modern volatility. To fully grasp the implications of the Middle East conflict and the shift in the global order, the full episode provides an essential exploration of these volatile times.Brought to you by Progressive Equity. 

Last week, I was due to host a joint episode with Doomberg and Charlie Garcia, but diaries conspired against it. However, I got to do two recordings of influential Substackers covering global events and their implications: one through an energy lens, and the other, crafting a line of journalism that reminds me of the great PJ O'Rourke. Capital Mischief is an ambitious investment Substack project from a man who served six US Presidents, was decorated by US military intelligence, is an entrepreneur and investor, and, now in his mid-60s, is developing a long-held ambition to write freely about what he sees happening in the world.    Charlie's detailed briefings on the build-up to the early stages of the Middle East war have been informative, timely and highly entertaining. We had a great chat. Be sure to subscribe to receive the full episode dropping soon on a podcast app near you. 

In this timely episode, I chat with the internet's favourite financial avian—Doomberg—to unpack the escalating chaos in the Middle East and its profound impact on global energy markets. Recorded on Tuesday, March 3rd, as the fog of war deepens, we dive into why oil prices are spiking and how the world's reliance on fossil fuels is shaping modern warfare.Doomberg delivers his signature "no-holds-barred" analysis from "fly-over country," using his unique mental models to strip away the mainstream narrative. We explore the massive disconnect between the information being fed to the public and the harsh realities of energy physics and geopolitics.In this conversation, we cover:Operation Epic Fury: A day-three characterisation of the conflict.Energy as a Weapon: Why energy security is the ultimate arbiter of market stability.The Fog of War: Navigating misinformation and understanding the longevity of current market volatility in the age of algorithms. Market Impacts: How investors should view the intersection of politics and commodities during periods of high tension.Whether you're looking to understand the macroeconomic shift or seeking a "maverick" perspective on the green transition versus energy reality, this conversation provides a sobering look at where we are headed.Brought to you by Progressive Equity. Disclaimer:This podcast is for informational and entertainment purposes only. Nothing discussed in this episode constitutes financial or investment advice. Global markets are currently experiencing extreme volatility; please perform your own due diligence and consult a professional financial advisor before making any investment decisions.

Finding Wonder Stocks with Jamie Ward -  Compounding, Nick Sleep, and the Parasite of Passive InvestingHow do you find the next "supernormal" company in a world of radical uncertainty? In this episode, we sit down with Jamie Ward, author of the Wonder Stocks newsletter and a mathematician-turned-investor who survived the Global Financial Crisis.Jamie shares his framework for identifying stocks capable of 20% compound growth and discusses the profound influence of Nick Sleep (Nomad Capital) on his investment philosophy. We dive deep into why stock selection is about more than just "crunching numbers" and evaluate two specific UK-listed companies: Frasers Group (FRAS) and Wise (WISE).We also tackle the controversial rise of passive investing. Jamie explains why he views index trackers as a "parasite" on market efficiency and how retail investors should navigate this shift to protect their capital.In this episode, you'll learn:How to filter for companies with 50x to 100x return potential.The specific stock selection criteria Jamie uses to find "Wonder Stocks."The bull case for Frasers and Wise.How to adjust your portfolio for the impact of passive flows.Show Notes & KeywordsGuest: Jamie Ward (Wonder Stocks Substack)Keywords: Value Investing, Compound Interest, Stock Market Strategy, Passive Investing vs Active Management, UK Stocks, Frasers Group Analysis, Wise Stock, Nick Sleep, Nomad Capital, Financial Markets.Brought to you by Progressive Equity

I recently chatted to Substacker, investment writer and investor, Jamie Ward.Jamie writes the Wonder Stocks newsletter with a focus on identifying compounding supernormal growth stocks, and he shares his thoughts on how to find these stocks. He also discusses the damaging impact of passive investing on the stock-picking process.  Full episode to drop soon. Be sure to subscribe.      

Are we over-indexed on the "Digital Masters of the Universe" while starving the physical supply chains that underpin national security?In this episode, we dive into why global capital might be facing the wrong direction. We're joined by Django Davidson, Partner and Portfolio Manager at Hosking Partners, to explore the Capital Cycle Theory—an investment framework made famous by Marathon Asset Management and financial historian Edward Chancellor.While most of Wall Street obsesses over uncertain future demand, the Capital Cycle approach focuses on the one thing we can track: Supply.In this episode, we discuss:The Mag Seven vs. Physical Reality: Why the chronic underinvestment in critical infrastructure is creating a massive valuation gap.The Chancellor Doctrine: Understanding why return on capital—driven by industry competition—is the ultimate north star for share prices.The Return of the Cycle: How the current market mirrors the dot-com boom/bust and why we are in the early phases of a long-term capital rotation.Supply over Demand: Why analysing where capital is flowing (or fleeing) is more effective than chasing quarterly earnings.Django breaks down the "huge valuation discrepancies" waiting to unwind and why the next decade of investing won't look anything like the last.Brought to you by Progressive Equity. Disclaimer: This podcast is for informational and entertainment purposes only and does not constitute financial advice. Markets are volatile; please conduct your own research or consult a professional advisor before investing.

Supply is Measurable, Demand is Storytelling - Capital Cycle Investing with Django Davidson of Hosking Partners.  In his legendary book Capital Account, Chancellor said that:  Over the long run, it is a company's return on capital, not changes in quarterly earnings, which primarily determines the direction of its share price. The return on capital of any company is largely subject to the state of competition within its industry. Simple stuff, but this process happens in cycles; capital is attracted to higher returns and is withdrawn when returns fall. Critically, it is an approach to investing that focuses on supply conditions rather than expected but uncertain future demand.  So, as capital cycle investing came into prominence during the dotcom boom and bust, it is unsurprisingly making a comeback today. And it is Django's view that we are in the early phases of a new long-term capital cycle, and the world, as he sees it, has some huge valuation discrepancies to unwind. We had a fascinating chat.  

The monetary metals, gold and silver and so-called digital gold, or Bitcoin, have had an unusual few months.   As recently as September last year, the gold price was $3,500/oz, silver was $40/oz, and a Bitcoin was priced at around $110,000. Since then Gold rose by over 50% to $5,400 / oz before correcting to $5,000 / oz or up 40%; silver rose nearly 200% to $115 / oz before correcting to $80/oz up 90% and while all this was going on the price of Bitcoin more than halved peak to trough before stabilising down 40% at c $70,000. So, why the volatility spike? What just happened to the debasement trade? Has the newly nominated Fed Chair changed everything? Is AI or quantum computing about to kill Bitcoin? Is the FT right? Is the Bitcoin price still $70, 000 too high?    To help dig into what we have just experienced, I was joined last week by two friends of the pod and long-term advocates of precious metals and Bitcoin, so-called outside money, to try to better understand the drivers behind these volatile asset prices and how to assess where things might go from here. Dominic Frisby, of the Flying Frisby Substack, has written books on Bitcoin and gold, and multi-asset manager Charlie Morris of ByteTree is the founder of the BOLD (Bitcoin & Gold) Fund, which recently launched on the London Stock Exchange. It was a timely discussion in which we tried to dissect the different drivers of these asset prices and what has changed as a result of these dramatic moves. But of course, none of what you are about to hear is any kind of advice, but just for your information and hopefully entertainment too. You should seek personal financial advice and do your own research before investing a penny in these crazy markets.         And with that said, please enjoy my conversation with Dominic Frisby and Charlie Morris. Brought to you by Progressive Equity.  

Last week, I spoke with two longstanding advocates of outside money and the debasement trade: wealth manager Charlie Morris, the founder of the BOLD (Bitcoin and gold fund) and author, Substacker and all-round renaissance man, Dominic Frisby.My question to them was: WTF is happening to gold, silver, and Bitcoin, and following their extraordinary price actions over recent months, where to now? Please subscribe to ITCOM, where you listen to your podcasts, so you don't miss the full episode later this week, along with other great guests and topics lined up over the coming weeks. Brought to you by Progressive Equity.   

Davos Man, The Revelation & Capital RotationFor this episode, I chat with Roger Lee, Head of Equity Strategy at Cavendish and a City veteran with almost 30 years in the equity market. Roger started his broking career with Cazenove, then worked at HSBC James Capel, JPMorgan, Deutsche Bank, and, most recently, as Head of UK Equity Strategy at Investec.   Roger is a Fellow of the Institute of Chartered Accountants, a Physics graduate and a frustrated Politician.For this discussion, I wanted to talk to Roger about politics and how it has come to dominate markets over recent years. He puts today's seemingly chaotic geopolitics and rather depressing UK domestic politics into a useful historical context. It was an absorbing and illuminating chat with some suggestions on how markets might play out over the coming months. But as ever, none of what you are about to hear is any kind of advice; it is for your information and, hopefully, entertainment. Please seek personal financial advice and DYOR before investing a penny in these volatile markets.  And with that said, please enjoy my conversation with Roger Lee.  Brought to you by Progressive Equity. 

I spoke last week with Roger Lee, Market Strategist at London broker, Cavendish.We had a great conversation, sharing views on how politics have impacted markets over the span of our professional careers. Particularly we discuss how we are in revelationary era for Davos Man, the global elite and the interests of the ordinary man. And how the West can no longer afford the cost of the state. Roger talks about his ideas of how Trump's policy volatility and the impact of the AI card cycle has and will continue to impact financial markets.Dropping soon on all good podcast apps. If you want to listen to this and future episodes, be sure to subscribe to In The Company of Mavericks. 

Simple But Not Easy– The Investment Wisdom of Richard OldfieldRichard Oldfield, Founder of Oldfield Partners and author of Simple But Not Easy. We discuss the psychology of value investing, the structural flaws of modern asset management, and the challenges of navigating the bifurcated markets of the mid-2020s.Episode OverviewIn this episode, veteran investor Richard Oldfield debunks myths about the finance industry, arguing that successful investing is "simple but not easy." Drawing on decades of experience—from the 1970s inflation era to the AI boom of 2025—Oldfield explains why value investing is a character trait rather than a learned skill, why "doing nothing" is often the best strategy in a crisis, and why investors should treat the stock market like a casino where the odds vary wildly depending on which "table" you sit at.Key TakeawaysValue Investing is In the Blood. Oldfield argues that true value investors are born, not made. It requires a contrarian temperament that naturally gravitates toward unloved assets—a trait that is "simple" to understand but psychologically challenging ("not easy") to execute.Growth vs. Value. Oldfield believes value provides a "margin of safety" that prevents the ground from opening up beneath you, as it does with growth stocks. He discusses his view of an exciting future for value versus growth. Index Hugging. Oldfield is a fierce critic of large asset management firms, arguing they inevitably drift toward mediocrity and "index hugging" (mimicking the market to avoid being fired). He advocates small, independent firms that can maintain "distance" from the noise of Wall Street and the City, enabling independent thought.A Checklist for Selecting Managers: When choosing a fund manager, Oldfield warns against relying on past performance, calling it a "trap". Brought to you by Progressive Equity. 

A preview of the upcoming episode of In the Company of Mavericks, Simple But Not Easy with Richard Oldfield. Hosted by Jeremy McKeown, this podcast series delivers conversations with people who dare to be different. Listen to this trailer and follow now to catch the full release and other exciting content on its way to your ears. 

In this episode, we move beyond the typical hype surrounding cryptocurrency and digital assets to dissect the plumbing of the global financial system. To do this, we have a panel of industry insiders:You will hear from Steve Whyman, who previously ran Fidelity International's debt capital markets business, where he built their investment thesis for digital assets from scratch. Joining him is Ian Hunt, a 40-year veteran of the buy-side who designed the very first ledger for a tokenised fund launched in the UK market. Rounding out the panel is Marvin, an economist and returning "friend of the pod," who brings his critical geopolitical lens to the discussion.Our guests argue that the current financial ecosystem is not just inefficient, but fundamentally "absurd", filled with intermediaries that add cost without adding value. They contend that we are standing at a precipice: we can either "retool" old processes with new tech, or undergo a paradigm shift toward "composability"—a system in which smart contracts self-execute and assets are built from the ground up as tokens.This conversation goes far beyond technical theory.The panel explores:• How tokenisation will democratise wealth, allowing individuals to invest mere pence into equities, bonds, and private assets.• The massive geopolitical threat to London's dominance, as self-executing contracts may remove the need for English Common Law in global debt markets.• How the rise of US-backed stablecoins could act as a foreign policy tool to counter China and destabilise economies in the Global South.Stay tuned until the end for an existential risk to the Euro and the European Union: a flight to digital dollars could trigger a major liquidity crisis.

Coming soon, we explore how tokenisation is set to revolutionise the global economy.Joined by "friend of the pod" Marvin Barth of Seriously, Marvin? and Thematic Markets, we chat with digital assets specialists Dr Ian Hunt and Steve Whyman.  We expose the "absurd" complexity and cost added by traditional intermediaries in the financial sector. Discover how blockchain technology acts as the ultimate disintermediator, democratising access to markets by allowing individuals to invest mere pence into equities, bonds, and private asset funds.We dive into:• The geopolitical impact of self-executing contracts, reducing reliance on traditional jurisdictions like the UK for global transactions.• The rise of dollarised stablecoin economies in emerging markets such as Venezuela, Nigeria, and Argentina.• Critical predictions regarding the potential "end of the European Union" and financial events that could make the Silicon Valley Bank collapse look minor by comparison.Tune in to understand why financial markets designed for intermediation are facing a huge disruptive test. Keywords: Tokenisation, Blockchain, Fintech, Disintermediation, Stablecoins, Global Economics, Investment, Smart Contracts.Brought to you by Progressive Equity. 

Is silver's price spike a bubble, or an early warning of government confiscation for AI data centres and military needs? Craig Tindale, Australian investor and essayist, argues the West has lost touch with the physical economy — and national capitalism is our only path back.In this episode:• Why Craig sees silver regulation or confiscation coming, or where we rip out solar panels for their silver content. • How Western policy has detached from real-world physics• Lessons from 40 years of upgrading Asian manufacturing, banks & central banks• Why “national capitalism” is the West's last hope• The real economic operating system we've forgottenTimestamps:0:00 – Intro & Craig's background4:44 – The West's detachment from physical reality12:24 – Silver: not a bubble, but a strategic signal20:26 – National capitalism vs globalism29.04 – Lessons from Asia's economic transformation38:03 – Final thoughts & provocative outlookFor information & entertainment only – not financial advice. Always do your own research or consult a professional before investing.Did you enjoy this? If so, please leave a 5-star review — it really helps the show reach more listeners! Subscribe for weekly deep dives into markets, economics and the investment world.Brought to you by Progressive Equity.  

According to Australian investor and essayist Craig Tindale, we are in an era of Hard Bifurcation, a terminal rupture between the monetary economy and the physical world. For forty years, Western orthodoxy has blythely assumed that financial liquidity and material goods were a unified system. But that linkage is dead, and we have entered a state of Impedance Mismatch.According to Tindale, Western policymakers must evolve their mandates to reflect the hard physics of strategic rivalry and material constraint. If we continue to manage the economy as a stateless financial abstraction, we will enter the next decade of great-power competition with an operating system designed for a world that no longer exists. Power belongs to the system that aligns its money with matter first.Please subscribe to make sure you get the full episode, dropping shortly. Brought to you by Progressive Equity. 

I recently caught up with Erik @ YWR, a widely experienced investment professional and popular Substacker.  Erik discusses his experience investing in Africa in the 20'teens and his involvement in what he calls Project Zimbabwe; don't think that we, in the West, are immune from our own versions of Project Zimbabwe. In Erik's view, we are, and counterintuitively, it partially explains Erik's current bullish stance on equities, with his framing of S&P 10,000 and how we can get there. He also shares how his investing process identifies sectors and markets at inflexion points, and he currently sees energy (specifically oil and gas) as poised to join the commodity rally underway in metals and rare earths. He also discusses how AI and robo-advisors might challenge the impact of passive investing on equity markets.   But of course, none of what you are about to hear is any type of advice; it's for your information and, hopefully, entertainment only. Please take personal financial advice before investing a penny of your money in these crazy markets. With that said, please enjoy my conversation with Erik @ YWR. Brought to you by Progressive Equity. 

I recently caught up with experienced investor and Substacker, Erik@YWR, to chat about the state of the markets and how he sees things for 2026. Erik has a unique perspective on what he calls Project Zimbabwe, which he experienced firsthand while running an African fund in the 2010s, and it enables him to be more bullish than most investors about his call for the S&P to reach 10,000 in this cycle. Erik's framework seeks out unloved areas of the markets and inflexion points to time his investments. He sees energy as offering such an opportunity at the moment. As he says, inflation-adjusted oil has rarely been cheaper. But of course, none of this is investment advice. Please take personal financial advice before investing in these crazy markets.Brought to you by Progressive Equity.    

What have the Austrians ever done for us?The answer is quite a lot, particularly regarding the importance of liberty and free markets, and how government overreach in economic matters results in long-term damage and decline.However, Carl Menger, Ludwig von Mises, Friedrich Hayek, and other members of the so-called Austrian School have long occupied a fringe position in conventional economic thought, and their ideas have been excluded from policymakers' toolkits, which are dominated by the Keynesian framework.But is this changing?The evidence suggests it might be. The growing interest in non-state-backed money, the rise of social media platforms such as Substack, which provide outlets for new ideas, and, significantly, the Milei Revolution, now underway in Argentina, all point to a renaissance in Austrian economics.   Javier Milei regards himself as an Austrian economist and cites, among others, Mises, Hayek and Murray Rothbard as his heroes, whose ideas changed his life. They may yet change the course of Argentina's history.So, I was honoured when Dr Mark Thornton of Auburn University and the Mises Institute agreed to join me for a discussion on the Austrian School and its growth since the early 1980s. At that time, we were both undergraduates reading works such as Hayek's The Road to Serfdom, von Mises' Human Action, and Rothbard's Man, Economy & State. And it turns out that we may have met previously, 45 years ago. It is sometimes a small world.   We had a great conversation in which Mark outlined his optimistic view of how Austrian ideas can help us understand the investment landscape, the broader significance of Milei's reform agenda, and our world where human action seeks opportunities in non-fiat money.Mark's published works include The Skyscraper Curse: How Austrian Economics Predicted Every Major Economic Crisis of the Last Century. Additionally, articles, digests, and podcasts from the Mises Institute, which provides extensive freely available content for those keen to learn more about the Austrian way of thinking and its growing relevance to our times. However, of course, none of what you are about to hear is any kind of advice but solely for your information and hopefully, entertainment. Please seek personal financial advice before investing a penny of your money in these crazy markets. With that said, please enjoy my conversation with the maverick Austrian economist, Dr Mark Thornton.Brought to you by Progressive Equity.   Hayek for the 21st Century: Essays in Political Economy/ Order a FREE copy of the book or multiple copies! Also, you can download the PDF and ePub versions using this link:  https://mises.org/library/book/hayek-21st-century-essays-political-economy 

What have the Austrians ever done for us? In terms of understanding the importance of liberty, free markets, and, particularly, how government overreach in economic matters results in long-term damage and decline, the answer is a lot. However, Carl Menger, Ludwig von Mises, Friedrich Hayek, and other members of the so-called Austrian School have long occupied a fringe position in conventional economic thought and have been largely excluded from policymakers' toolkits, which are dominated by Keynesian frameworks. But is this changing? The growing interest in non-state-backed money, the rise of social media, and the Milei Revolution underway in Argentina all suggest it is.   In particular, Javier Milei strongly aligns his worldview with that of the Austrian School and cites, among others, Mises, Hayek and Murray Rothbard as his philosophical heroes.I was honoured when Dr Mark Thornton of Auburn University and the Mises Institute agreed to join me for a discussion on the Austrian School and its growth since the early 1980s. At that time, we were both econ-undergraduates reading works such as Hayek's The Road to Serfdom, von Mises' Human Action, and Rothbard's Man, Economy & State.  We had a great conversation in which Mark outlined his optimistic view of how Austrian ideas can help us understand the investment landscape and the broader significance of Milei's reform agenda in Argentina. Mark's published works include The Skyscraper Curse: How Austrian Economics Predicted Every Major Economic Crisis of the Last Century.  I began by asking Mark about a former colleague of his at the Mises Institute, Roger Garrison. It turns out we might have attended the same Summer School that Roger taught 45 years ago. As they say, it's a small world. Please enjoy my conversation with the maverick Austrian economist, Dr Mark Thornton. Brought to you by Progressive Equity.    Hayek for the 21st Century: Essays in Political Economy/ Order a FREE copy of the book or multiple copies! Also, you can download the PDF and ePub versions using this link:  https://mises.org/library/book/hayek-21st-century-essays-political-economy    

I visited Buenos Aires in November last year.  I wanted to see firsthand what was going on under the newly elected President, Javier Milei. I met some fascinating people who shared their stories and perspectives on the Milei Revolution.  As I was researching an article about my visit, I read some early accounts of the rise of Milei and the stories told about him in 2022 and early 2023.  In the readers' comments section under a rather scathing article about him in the Buenos Aires Times, there was a short but forthright comment that explained why the reader thought Milei was likely to win the Presidency. It was from a reader named Jeffrey Stout, who seemed to be a lone voice in the comments section, taking this counter view.  I looked up Jeffrey on LinkedIn and asked him a couple of questions. It turned out Jeffrey was in BA and only a short walk from where I was staying, and the following day, he met me for lunch in the Argentinian November Spring sunshine.  Jeffrey, a successful businessman and US citizen, knew what he was talking about, and he kindly spent a couple of hours helping understand a few fundamentals of how things worked, or most often didn't work, in his adopted country.  12 months on, with the midterms out of the way, I reconnected with Jeffrey for an update on what had happened over the year since we met, and how he sees things shaping up. He kindly agreed to record this interview. And this is what he told me.  Please enjoy my conversation with Jeffrey Stout. Brought to you by Progressive Equity  

I visited Buenos Aires in November last year.  I wanted to see firsthand what was going on under the newly elected President, Javier Milei. I met some fascinating people who shared their stories and perspectives on the Milei Revolution.  As I was researching an article about my visit, I read some early accounts of the rise of Milei and the stories told about him in 2022 and early 2023.  In the readers' comments section under a rather scathing article about him in the Buenos Aires Times, there was a short but forthright comment that explained why the reader thought Milei was likely to win the Presidency. It was from a reader named Jeffrey Stout, who seemed to be a lone voice in the comments section, taking this counter view.  I looked up Jeffrey on LinkedIn and asked him a couple of questions. It turned out Jeffrey was in BA and only a short walk from where I was staying, and the following day he met me for lunch in the Argentinian November Spring sunshine.  Jeffrey, a successful businessman and US citizen, knew what he was talking about, and he kindly spent a couple of hours helping understand a few fundamentals of how things worked, or most often didn't work, in his adopted country.  12 months on, with the midterms out of the way, I reconnected with Jeffrey for an update on what had happened over the year since we met, and how he sees things shaping up. He kindly agreed to record this interview. And this is what he told me.  Please enjoy my conversation with Jeffrey Stout. Brought to you by Progressive Equity   

On the 27th of November, I had the good fortune to speak with a friend of the pod, Simon French, Head of Research at Panmure Liberum, and Thomas Moore, Senior Investment Director at Aberdeen, to discuss the UK Budget and its implications.  Simon, who writes a regular column in the Times, is a go-to person on the UK economy, and Thomas is steeped in experience and understanding of the value and income attractions of UK equities, with a long and successful track record of managing the Aberdeen Equity Income Trust.    We had a great chat and distinguished the essential differences between the UK economy and the UK market. But also at the risk of mansplaining, they also identified what more needs to be done for the UK economy to deliver growth and, importantly, to make UK assets more attractive to global capital.  But of course, none of what you are about to hear is any kind of advice, but just for your information and hopefully entertainment. Please take personal financial advice before investing a penny of your money into these crazy markets.  And with that said, please enjoy my conversation with Simon French and Thomas Moore.  Brought to you by Progressive Equity.

Get ready for a touch of mansplaining as Simon French of Panmure Liberum and Thomas Moore of Aberdeen discuss the Budget and its implications for UK equities. Brought to you by Progressive Equity 

A few weeks ago, friend of the pod, Mark Wharrier, and I were invited to the 6th-anniversary party for the fund manager, Kernow Asset Management. CEO Ed Hugo and CIO Alyx Wood have featured on previous episodes.But today, Mark and I chat with Alyx about his approach to the UK, why he finds it an attractive market with his active contrarian long-short strategy, and which ideas he is currently most interested in and invested in. We had a great discussion, with Mark sharing his valuable perspective as a successful UK equity fund manager over many years, and Alyx talking about his investment process, the lessons he has learnt, and why he is now unemployable elsewhere, given how much fun he derives from doing what he is doing. But as ever, none of what you are about to hear is any kind of advice, but just for your information and hopefully entertainment. Please take personal financial advice before investing a penny of your money into these crazy markets.With that, please enjoy our conversation with Alyx Wood.        Brought to you by Progressive Equity.  

I increasingly believe that to invest in today's markets, one needs a macroeconomic framework. Pure momentum or valuation approaches are insufficient. I have been keen to talk with people who understand the macroeconomic and geopolitical landscape we operate in and have mental models for using these dynamics to increase the likelihood of identifying risk asymmetries. Two of my guests this year from the world of global thematic investing, David Dredge and Marvin Barth, both cited Mark Farrington as someone they refer to for insight, particularly on developments in Asia. Mark Farrington writes about global thematic investing in his Watchtower series on Substack: The Global Watchtower, The Dollar Watchtower, and the BoJ Watchtower. Mark is as prolific as he is insightful. It was a great pleasure to catch up with Mark for a fascinating conversation about his experience and learnings from a long career following developments in Asia —from the rise of Japan in the 70s and 80s to its lost decade and the rise of China. In particular, I was keen to ask Mark whether Japan can normalise its monetary policy without collapsing the global financial system. Will China follow Japan into a lost decade of debt deflation? And how poorly understood Asian markets might impact our economies and financial markets in a new world order marked by the reassertion of economic nationalism. Mark delivered a masterclass of the how's and why's of global thematic investing, it is an episode that should have a long shelf life.  It is one of those episodes that I have learnt more from each time I have listened to it. But of course, none of what you are about to hear is any kind of advice; it's just for your information and entertainment. Please seek personal financial advice before investing a penny in these crazy markets. With that, please enjoy my conversation with global thematic investor Mark Farrington.Brought to you by Progressive Equity 

I increasingly believe that to invest in today's markets, one needs a macroeconomic framework. Pure momentum or valuation approaches are insufficient. I have been keen to talk with people who understand the macroeconomic and geopolitical landscape we operate in and have mental models for using these dynamics to increase the likelihood of identifying risk asymmetries. Two of my guests this year from the world of global thematic investing, David Dredge and Marvin Barth, both cited Mark Farrington as someone they refer to for insight, particularly on developments in Asia. Mark Farrington writes about global thematic investing in his Watchtower series on Substack: The Global Watchtower, The Dollar Watchtower, and the BoJ Watchtower. Mark is as prolific as he is insightful. It was a great pleasure to catch up with Mark for a fascinating conversation about his experience and learnings from a long career following developments in Asia —from the rise of Japan in the 70s and 80s to its lost decade and the rise of China. In particular, I was keen to ask Mark whether Japan can normalise its monetary policy without collapsing the global financial system. Will China follow Japan into a lost decade of debt deflation? And how poorly understood Asian markets might impact our economies and financial markets in a new world order marked by the reassertion of economic nationalism. Mark delivered a masterclass of the how's and why's of global thematic investing, it is an episode that should have a long shelf life.  It is one of those episodes that I have learnt more from each time I have listened to it. But of course, none of what you are about to hear is any kind of advice; it's just for your information and entertainment. Please seek personal financial advice before investing a penny in these crazy markets. With that, please enjoy my conversation with global thematic investor Mark Farrington. Brought to you by Progressive Equity 

As Keir Starmer and Ed Miliband return from COP30 in Brazil, I wanted to take a look at the UK's energy policy amid a global backdrop suggesting the world is turning away from net-zero absolutism towards more human-centric policy options. The Overton window on energy policy is being pushed aside by the likes of Tony Blair, Bill Gates, and, significantly, by the lobbying interests of big technology, and resource nationalism is being reasserted. In the run-up to the next General Election, the UK's energy policy will form a key battleground, and in particular, our sky-high energy prices and the future of our North Sea hydrocarbons industry will be critical factors in the debate.  So, I was delighted to be joined, last week, by Kathryn Porter, Watt Logic energy consultant and Telegraph columnist, and Martin Copeland Chief Financial Officer of North Sea oil and gas operator, Serica Energy for a discussion about the UK's energy policy and the future of the North Sea, for a hugely insightful conversation. While we covered a lot of ground, the key question is whether the UK is prepared to sacrifice its North Sea oil and gas industry to the god of net-zero. While it has already been severely damaged, it is not too late for government policy to save the jobs and energy reserves at stake, but action is needed in the upcoming Budget. This significant event could mark a turning point for an industry on the brink of destruction from the irrational pursuit of territorial net-zero at all costs. As ever, none of what you are about to hear is any kind of advice, but hopefully you will find it both entertaining and informative. Please seek personal financial advice before investing a penny in these crazy markets. And with that said, please enjoy my conversation with Kathryn Porter and Martin Copeland. Brought to you by Progressive Equity. 

As COP delegates use a road cut through the Amazon to attend a gathering of people who tell us we need to make sacrifices to protect the planet, the wider world is pivoting away from climate alarmism toward more human-centric policy choices. UK energy policy is becoming a critical political battleground ahead of the next election, and the North Sea hydrocarbon industry is a focal point. As Professor Sir Dieter Helm said this week in the Times, "Global climate change won't be mitigated by halting licences in the UK's sector of the North Sea and instead importing oil and gas from elsewhere (including the Norwegian sector). Replacing North Sea gas with American LNG is environmentally much worse than “home-grown” gas. It also just makes the balance of payments worse, alongside all the imported gas from Norway and the imported electricity from Europe."I recently spoke to Watt Energy consultant Kathryn Porter and Serica Energy plc CFO Martin Copeland to discuss this very issue. How long do we have to save the North Sea from this ideologically riven madness? What steps do we need to take to fix our astronomically high energy costs? Is the UK prepared to sacrifice its hydrocarbon industry to the gods of net-zero? Coming soon, In The Company of Mavericks, on all good podcast apps ...Brought to you by Progressive Equity. 

What's happening to gold?  Is the so-called debasement trade over? Have we just seen another FOMO driven momentum bubble hit a blowout top?Is that it for another decade? Of course, a bubble is a bull market that we are not involved in, and from the outside, the recent frenzy over gold is just another case of market hysteria, right? Conspiracy theories like the dollar debasement are just, well, conspiracy theories, right? This week I invited two long standing and respected sound money advocates to share their thoughts on gold, where it came from, where it might be heading and why. We had a great chat.  Dominic Frisby has recently published his latest book, The Secret History of Gold: Myth, Money, Politics & Power and is also the man behind the excellent Flying Frisby Substack … Wealth manager Tim Price of Price Value Partners is also the author of Investing Through the Looking Glass, a rational guide to irrational financial markets.  We discussed why gold is valuable, why the gold price has recently been so strong and how investors should think about gold as an investment asset class in a world of government deficits, spiralling debt and uncertain geopoliticsBut as ever, none of what you are about to hear is any kind of advice; hopefully, it is informative and entertaining. Please take professional advice before investing a penny in these crazy markets. And with that, please enjoy my conversation with Dominic Frisby and Tim Price    Brought to you by Progressive Equity 

Earlier this week, I chatted with Dominic Frisby of the Flying Frisby and Tim Price of Price Value Partners to talk about gold and related issues. I asked them: Is the fiat debasement inevitable? Should we be buying the dip in precious metals prices? And much, much more ....Don't miss it. Make sure you are subscribed, dropping soon on all good podcast apps.  Brought to you by Progressive Equity 

Two of my favourite Substackers, Doomberg and The Brawl Street Journal, have recently written about the future of Europe and its predicament in a rapidly changing world. And from their differing perspectives, they both agreed that it is not good. So, earlier this week I brought them together to share their views, one from the perspective of an experienced trade dispute lawyer and former policymaker in Berlin, the other a straight talking energy analyst and green chicken from his coop in mid-western American flyover country. We discussed the factors that have led Europe to its current position, its role in a multipolar world, and its struggles to adapt to these new, urgent realities.  I must warn you that the consequences they draw are not positive for Europe or its institutions, and they pull no punches in their delivery. In short, they agree that the consequences of current established European policies will likely lead to a collapse of the EU; a consequence of the delusion, incompetence and intransigence of its established political class.  But as always, nothing you are about to hear is any kind of advice, but solely for your information and hopefully entertainment. I began by asking each of them about the origins of the EU and how Europe got itself into the position it finds itself today.  Please enjoy my conversation with Doomberg and Brawlster. Brought to you by Progressive Equity 

Doomberg and The Brawl Street Journal have published pieces recently about the economic, political and financial predicament of Europe and the EU in our rapidly changing geopolitical landscape. Both argue that it doesn't look good. So, earlier this week, I brought them together to share their views. We discussed how we got here, the main factors, and how Europe is positioned in the emerging multipolar world order. I must warn you, they don't hold any punches. Full episode coming soon, please subscribe. Brought to you by Progressive Equity.     

Have you ever wondered why some equities earn the special designation of quality compounder? It sounds easy when you read about Charlie Munger or Nick Sleep buying Costco and holding it forever. But everyone now knows the Costco story and how great it is. We can buy that great business, but we risk paying the wrong price.  So, what enables such businesses to compound? How can we identify their critical characteristics to improve our odds of buying them at a fair or even low valuation? I recently had the chance to speak with two high-calibre professional investors who are passionate about doing just this and who spend their time searching the UK market for precisely these situations. These two highly experienced UK equity specialists started their careers in the 1990s at what was Mercury Asset Management and is today BlackRock. Simon Young, among other things, writes The Curious Compounder Substack, and Mark Wharrier has a varied portfolio, including co-hosting the excellent Business Case podcast and is a colleague of mine on the investment committee at Onward Opportunities Ltd.In this episode, we discuss Wise and Goodwin as examples of how very different businesses can compound growth. They share key characteristics, such as high return on capital, growth capacity and duration. Very often, these businesses are founder-led or family-owned, allowing them to pivot when circumstances change and take a considered long-term view about investing. We also discuss acquisitional compound growth typified by UK-listed Halma and Diploma, or North American-listed Constellation Software. These companies derive their compounding from making serial acquisitions funded from internally generated cash flows. Finally, we discuss those companies that might earn the serial compounder tag in the years to come.But of course, as always, none of what you are about to hear is any type of advice, but just for your information and hopefully entertainment. Please take personal financial advice before investing your money in these crazy markets. With that said, please enjoy my conversation with Mark Wharrier and Simon Young. Brought to you by Progressive Equity.  

Ever wondered why some equities get that special tag of quality compounder? It sounds easy when you read about Charlie Munger or Nick Sleep buying Costco and holding it forever. But everyone knows the Costco story and how great it is. You risk buying a great business at the wrong price. What enables such businesses to compound? How can you identify their critical characteristics so that you can increase the odds of buying them at a fair or low valuation? I recently had the chance to speak with two high-calibre and professional investors who are passionate about doing just this and spending their time searching the UK market for exactly these situations. These two highly experienced UK equity fund managers both started their careers in the 1990s at what was Mercury Asset Management and is today BlackRock. Simon Young, among other things, writes The Curious Compounder Substack, and Mark Wharrier has a varied current portfolio, including co-hosting the excellent Business Case podcast and is a colleague of mine on the investment committee at Onward Opportunities Ltd.COMING SOON on all good podcast platforms ... subscribe to get more great episodes.  Brought to you by Progressive Equity.         

It was a true pleasure last week to chat to the meme trader, parody hedge fund manager and Shrubstack author himself, Le Shrub. Le Shrub uses humour and parody to highlight opportunities and turning points in financial markets, which he brings to life for his followers on his Reminiscences of a Shrub Operator website.  We discuss the role of satire in understanding the stranger than fiction world we inhabit. Why it only makes sense when you realise it is all nonsense … and how his fictional characters, Klaus and the Pod Monkeys, can shed light on the investment landscape we inhabit.    Shrub gives his thoughts on the asymmetry of global markets, why he thinks Nvidia Must Die and why currency debasement is a feature of the Golden Age of Grift, not a bug.  But of course, none of what you are about to hear is any kind of advice, but just for your information and hopefully enjoyment.  Please take personal financial advice before investing a penny of your money in these crazy markets.  And with that said, please enjoy my conversation with Le Shrub. I wrote about Satire & Investing as a tribute to Tom Lehrer, who died earlier this year, where I mentioned Le Shrub's great work. Brought to you by Progressive Equity. 

It was a great pleasure and a lot of fun to catch up with the master meme trader, the Eurotrash hedge fund parody investor himself, Le Shrub. Learn how he understands the world through satire and memes, as he says, 'nothing makes sense until you accept it's all nonsense.' Full episode dropping soon on all good podcast apps. Please make sure you're subscribed. 

Last week I had a conversation with Marvin Barth, author of the Thematic Markets and Seriously, Marvin?! Substacks.Marvin is what I would call an evolved policy wonk. A PhD economist, Marvin's career includes working for The Federal Reserve, the Bank for International Settlements, the US Treasury Department and several major Wall Street banks.He has a well-informed and holistic view of the world and its core drivers, which should be interesting to everyone, but particularly those of us trying to understand how to position long-term investment portfolios in these chaotic and challenging times. I was keen to speak to Marvin about his Global Entropy framework, which he first outlined on his “paid for” Thematic Markets service two years ago, but has recently republished along with an epilogue on his non-paywalled Substack, Seriously, Marvin! In a wide-ranging discussion, which I found challenging to edit, we discussed what Global Entropy is and how it has commonly been interpreted by differing versions of cognitive dissonance or derangements among universalist liberal elites.        As always, what you are about to hear is not intended as advice, but rather for your enjoyment and hopefully, entertainment. Please take personal financial advice before investing a penny of your money in these crazy markets.  With that said, please enjoy my conversation with the maverick, Marvin Barth. Brought to you by Progressive Equity. 

Last week I was joined by economist and Substack author Marvin Barth for a chat about his work about Global Entropy as a way of thinking about our increasingly chaotic world. Coming soon, please subscribe. 

A couple of weeks ago, I was joined by Catherine McBride, OBE, to talk about her work and, in particular, her recent Substack series on the UK's Doom Loops, Debt Spirals and Dumb Taxes. Catherine is an expert in trade policy, taxation, commodities, agriculture, Brexit, and financial services regulation. She writes to offer a new perspective on traditional media's misdirection and spin.  Catherine has over thirty years of experience in financial markets, as a member of the UK's Trade & Agriculture Commission, she has worked in think tank land, and her work has been widely published. She has worked for the Campaign for an Independent Britain, the Institute of Economic Affairs, and the Tax Reform Council, always striving to provide clarity on complex economic issues.  Catherine does not come from an ivory tower; she approaches her work armed with a wealth of practical, real-world experience. She has worked in a variety of roles, ranging from Strategic Planning to trading financial derivatives.   In our fascinating conversation, we discuss the state of the UK economy and how it led to the world of debt spirals and doom loops. What is the outlook for the upcoming Budget? What are our dumbest taxes? And when and how will this or a future UK government be required to roll back the size of the state?  Finally, we discuss how the new world trade order under the emerging Trump tariff regime changes things, why most people don't really understand it, and how Britain can benefit from it. Spoiler alert, it already is.   Catherine's perspective is as refreshing as it is challenging to today's widely accepted mainstream view of decline and despair. However, as always, none of what you are about to hear is any kind of advice, but hopefully you will find it informative and enjoyable. Please take independent financial advice before investing a penny of your money in these crazy markets.  With that said, please enjoy my conversation with the maverick economist, Catherine McBride.    

A couple of weeks ago, I was joined by Catherine McBride, OBE, to talk about her work and, in particular, her recent Substack series on the UK's Doom Loops, Debt Spirals and Dumb Taxes. Catherine is an expert in trade policy, taxation, commodities, agriculture, Brexit, and financial services regulation. She writes to offer a new perspective on traditional media's misdirection and spin.  Catherine has over thirty years of experience in financial markets, as a member of the UK's Trade & Agriculture Commission, she has worked in think tank land, and her work has been widely published. She has worked for the Campaign for an Independent Britain, the Institute of Economic Affairs, and the Tax Reform Council, always striving to provide clarity on complex economic issues.  Catherine does not come from an ivory tower; she approaches her work armed with a wealth of practical, real-world experience. She has worked in a variety of roles, ranging from Strategic Planning to trading financial derivatives.   In our fascinating conversation, we discuss the state of the UK economy and how it led to the world of debt spirals and doom loops. What is the outlook for the upcoming Budget? What are our dumbest taxes? And when and how will this or a future UK government be required to roll back the size of the state?  Finally, we discuss how the new world trade order under the emerging Trump tariff regime changes things, why most people don't really understand it, and how Britain can benefit from it. Spoiler alert, it already is.   Catherine's perspective is as refreshing as it is challenging to today's widely accepted mainstream view of decline and despair. However, as always, none of what you are about to hear is any kind of advice, but hopefully you will find it informative and enjoyable. Please take independent financial advice before investing a penny of your money in these crazy markets.  With that said, please enjoy my conversation with the maverick economist, Catherine McBride.    

Recently, Head of Research at Panmure Liberum, Times columnist and friend of the podcast, Simon French, wrote an article in which he asked, Can Kemi Badenoch sell Mileinomics in Britain?  This was after the Conservative leader had said that she saw Argentina's Javier Milei as her “template for government.”   An interesting thought experiment, but how serious is this idea? Is it realistic to expect the UK electorate to vote for such drastic economic reform?  Do our politicians really understand what is involved in cutting back the state as undertaken by the Milei administration over the last 18 months?  Will the Argentine experiment deliver an oven-ready case study that the UK might consider adopting in 2029?  To answer these and other questions about the economies and stock markets of both the UK and Argentina and compare notes on these very different countries, with fascinating interwoven histories,  I invited Robert Marstrand, another friend of the podcast, to join Simon and I to discuss the central question…. Does Britain Need a Javier Milei?  Robert has lived in Buenos Aires for many years and writes the excellent Substack OfWealth. He believes that the UK must endure more economic and financial pain, with the potential for currency and gilt crises, before it is ready to accept the Milei medicine. Even then, he has his doubts.  We discuss the disconnect between the economy and the stock market, and Simon offers his stockbroker's insight into how to pitch the UK's longer-term potential to global investors, who, after all, must stay invested and for whom other options are not looking great right now. They agree that the UK has been a good place to invest in recently.  We had a great discussion, but as always, none of what you are about to hear is investment or any other kind of advice, but for your information and hopefully enjoyment only. Please take personal financial advice before investing a penny of your money in these crazy markets.  With that said, please enjoy my conversation with Simon French and Robert Marstrand.Brought to you by Progressive Equity. 

Recently, Head of Research at Panmure Liberum, Times columnist and friend of the podcast, Simon French wrote an article in which he asked, Can Kemi Badenoch sell Mileinomics in Britain?  This was after the Conservative leader had said that she saw Argentina's Javier Milei as her “template for government.”   An interesting thought experiment, but how serious is this idea? Is it realistic to expect the UK electorate to vote for such drastic economic reform?  Do our politicians really understand what is involved in cutting back the state as undertaken by the Milei administration over the last 18 months?  Will the Argentine experiment deliver an oven-ready case study that the UK might consider adopting in 2029?  To answer these and other questions about the economies and stock markets of both the UK and Argentina and compare notes on these very different countries, with fascinating interwoven histories,  I invited Robert Marstrand, another friend of the podcast, to join Simon and I to discuss the central question…. Does Britain Need a Javier Milei?  Robert has lived in Buenos Aires for many years and writes the excellent Substack OfWealth. He believes that the UK must endure more economic and financial pain, with the potential for currency and gilt crises before it is ready to accept the Milei medicine. Even then he has his doubts.  We discuss the disconnect between the economy and the stock market, and Simon offers his stockbroker's insight into how to pitch the UK's longer term  potential to global investors, who, after all must stay invested and for whom other options are not looking great right now. They agree that the UK has been a good place to invest recently.  We had a great discussion, but as always none of what you are about to hear is investment or any other kind of advice but for your information and hopefully enjoyment only. Please take personal financial advice before investing a penny of your money in these crazy markets.  With that said, please enjoy my conversation with Simon French and Robert Marstrand. Brought to you  by Progressive Equity.    

I am spending an increasing amount of time on Substack. It features some excellent content and a diverse range of perspectives. Something that is valuable for any investor seeking non-consensus views and opinions. A recent favourite of mine has been The Brawl Street Journal, a source that posts on “second-order thinking on Europe's markets, energy, and the collision between regulation and reality.”The man behind this blog holds a PhD in international economic law, with a background in World Trade Organisation (remember them?) dispute settlements, and has worked with an international law firm. He also advised banking clients on sanctions law following Russia's invasion of Crimea. He then worked in various economic and regulatory roles within Germany's civil service, giving him a front-row seat on how subsidies, regulations, and political priorities work in practice. The Brawl Street Journal was launched last year to help investors question the consensus, which its creator believes has been infiltrated by propaganda, as defined by the French sociologist Jacques Ellul, who wrote a book of that name in the 1960s. We discuss how propaganda is often an emergent phenomenon of well-intentioned people, rather than the simplistic, malign, authoritarian means of control we usually envision. We discuss how net zero has become one of several propaganda myths of the established European consensus that have weakened the EU and wider European economies. We also discuss the potential for a net-zero-induced crisis, similar to the global financial crisis and what the prospects might be for Europe to avoid this outcome. As always, what you are about to hear is not any kind of advice, but for your information and hopefully entertainment. Please take personal financial advice before investing a penny of your money in these crazy markets. With that, please enjoy my conversation with the maverick behind The Brawl Street Journal.Brought to you by Progressive Equity. 

I am spending an increasing amount of time on Substack. It features some excellent content and a diverse range of perspectives. Something that is valuable for any investor seeking non-consensus views and opinions. A recent favourite of mine has been The Brawl Street Journal, a source that posts on “second-order thinking on Europe's markets, energy, and the collision between regulation and reality.”The man behind this blog holds a PhD in international economic law, with a background in World Trade Organisation (remember them?) dispute settlements, and has worked with an international law firm. He also advised banking clients on sanctions law following Russia's invasion of Crimea. He then worked in various economic and regulatory roles within Germany's civil service, giving him a front-row seat on how subsidies, regulations, and political priorities work in practice. The Brawl Street Journal was launched last year to help investors question the consensus, which its creator believes has been infiltrated by propaganda, as defined by the French sociologist Jacques Ellul, who wrote a book of that name in the 1960s. We discuss how propaganda is often an emergent phenomenon of well-intentioned people, rather than the simplistic, malign, authoritarian means of control we usually envision. We discuss how net zero has become one of several propaganda myths of the established European consensus that have weakened the EU and wider European economies. We also discuss the potential for a net-zero-induced crisis, similar to the global financial crisis and what the prospects might be for Europe to avoid this outcome. As always, what you are about to hear is not any kind of advice, but for your information and hopefully entertainment. Please take personal financial advice before investing a penny of your money in these crazy markets. With that, please enjoy my conversation with the maverick behind The Brawl Street Journal. Brought to you by Progressive Equity. 

Is China investable? If so, how do you go about it? What are the basic ground rules? Recently, I spoke to an American fund manager living in the UK whose life has been intertwined with China since he was a young boy. Rufus Frazier has a long career investing in emerging markets, and he believes China offers some of the best investment opportunities available anywhere in the world. In a fascinating discussion, we cover the macro backdrop to China and the perceived risks, such as the Taiwan issue, property rights and the historically poor returns from Chinese equities over the last couple of decades, when its economic growth has been so strong. What are we missing about this disconnect, and why might this be changing?   Rufus explains why the scale and structure of China's market makes stock picking essential, he talks about the things to look for as well as the sectors and stocks to avoid.For example, China's Uber, Didi, seems fine, but its huge battery manufacturer with a dominant global market position, CATL, is more problematic. Finally, Rufus puts the opportunity for Chinese equities into its broader EM context. Where are the other “hot” emerging markets? In his view, mainly in Latin America and Southeast Asia. Now comes the bit where I remind you that none of what you are about to hear is investment or any other kind of advice, but just for your information and hopefully enjoyment. Please take professional advice before investing a penny of your money into these crazy markets. And with that, please enjoy my conversation with the maverick, Rufus Frazier.  Brought to you by Progressive Equity.    

Charlie Morris is an investor, entrepreneur, and advocate for hard assets. Charlie has 27 years of experience in fund management, with a reputation for actively managing multi-asset portfolios. Charlie was previously the Head of Absolute Return at HSBC Global Asset Management, where he managed $3bn of assets.He writes research for private clients, providing actionable model portfolios that cover equities, bonds, commodities, and other alternative assets. Having discovered gold in the early 2000s, Charlie was an early entrant into the Bitcoin rabbit hole. In 2013, Charlie founded ByteTree, which he initially intended to be the “Bloomberg for Bitcoin”. However, he was unable to find a workable revenue model. With start-ups, being early is just another way of being wrong. In 2022, he launched a Bitcoin and gold ETF (BOLD SW). A fund that remains unauthorised in the UK, albeit available to sophisticated investors on other European exchanges. As Charlie says, he developed BOLD as a new take on the traditional 60:40 portfolio.He identified a valuable low level of correlation between its constituents, Bitcoin and gold, which he has exploited to deliver impressive results.  Towards the end of this chat, we trade thoughts on the latest UK microcap craze for Bitcoin treasury companies, which Charlie believes is unsustainable and just the result of regulatory arbitrage.  And before we get going, here's the bit where I tell you that none of what you are about to hear is investment or any other kind of advice, but just for information and hopefully entertainment purposes only. You should take personal financial advice before investing a penny of your money in these crazy markets. With that, please enjoy my conversation with the maverick, Charlie Morris.Brought to you by Progressive Equity.https://bold.report/https://www.trustpilot.com/review/bytetree.com?utm_medium=trustbox&utm_source=Minihttps://www.bytetree.com/the-multi-asset-investor/