Podcasts about financial conduct authority fca

Leaked correspondence between Jes Staley—former CEO of Barclays and long-time JPMorgan executive—and Jeffrey Epstein laid bare more than just casual business exchanges; they revealed a troubling bond rooted in intimacy, trust, and privilege. In one exchange, Staley mused, “That was fun. Say hi to Snow White,” to which Epstein replied, “What character would you like next?” Staley coyly responded, “Beauty and the Beast,” turning their relationship into a grotesque pantomime. More damningly, Staley described Epstein as “family” and spoke of a “profound” connection, while photos of young women were also swapped—all under the guise of everyday correspondence. Far from distancing himself, Staley sustained contact well past Epstein's 2008 conviction, even joining him on his private island in 2009—behavior that defied any claim of a “purely professional” relationship.The fallout was swift—and deserved. The UK's Financial Conduct Authority (FCA) concluded that Staley “recklessly misled” both Barclays and regulators by downplaying the closeness of his ties with Epstein. A £1.8 million fine (later reduced to £1.1 million) and a lifetime ban from senior financial roles followed. The Upper Tribunal upheld the sanctions, emphasizing that Staley knowingly took a calculated risk, hoping the truth would stay buried. But the emails, held up like digital incriminators, ensured his downfall. His denials, evasive demeanor in court, and attempt to frame the relationship as innocuous only magnified the breach of trust. In financial leadership, reputation is everything—and Staley burned his.to contact me:bobbycapucci@protonmail.comsource:Epstein-Staley Emails Reveal Friendship Forged at JPMorgan (yahoo.com)Become a supporter of this podcast: https://www.spreaker.com/podcast/the-moscow-murders-and-more--5852883/support.

This week Nick talks to Alk BrandAlk Brand is a global agribusiness leader and the Chief Executive Officer of Wynnstay Group PLC, one of the UK's leading agricultural supplies businesses. With more than two decades of executive leadership experience, he has led major food, agriculture, and supply chain organisations across five continents, including serving as Global CEO of Westfalia Fruit and Hans Merensky Holdings, Managing Director of Richardson Milling, and CEO of Pioneer Foods UK. Nick and Alk discuss Alk Brand's lifelong connection to agriculture, from growing up on a farm in South Africa to leading major global agribusinesses and becoming CEO of Wynnstay Group. The conversation explores Wynnstay's role in supporting UK food security through its feed, arable, grain trading, and retail operations, as well as the company's growth strategy, investment priorities, and transformation programme, Project Genesis. They discuss the resilience of British farmers, the importance of rural communities, sustainability, innovation, logistics, and technology in modern agriculture, alongside the opportunities for expansion through organic growth and acquisitions. Alk also shares his leadership philosophy, his optimism for the future of UK agriculture, and his belief that Wynnstay can continue to grow by becoming an increasingly integrated and valuable partner to farmers across the UK. Book Choice The Goal by Eliyahu M GoldrattMusic ChoiceAmazing Grace by Aretha Franklin This content is issued by Zeus Capital Limited (“Zeus”) (Incorporated in England & Wales No. 4417845), which is authorised and regulated in the United Kingdom by the Financial Conduct Authority (“FCA”) for designated investment business, (Reg No. 224621) and is a member firm of the London Stock Exchange. This content is for information purposes only and neither the information contained, nor the opinions expressed within, constitute or are to be construed as an offer or a solicitation of an offer to buy or sell the securities or other instruments mentioned in it. Zeus shall not be liable for any direct or indirect damages, including lost profits arising in any way from the information contained in this material. This material is for the use of intended recipients only.

Is the "Side Hustle" actually a second job in disguise? 

Is your city making you poor? 

This week Nick talks to Dr Zaid Al-fagihZaid is Founder and CEO of Rhazes AI, an award-winning AI-powered virtual assistant designed to transform clinical workflows. Drawing on his experience as an NHS doctor and humanitarian first responder, he founded Rhazes AI to help clinicians improve productivity, reduce errors and burnout, and strengthen patient care. A graduate of Imperial College London and the University of Oxford, Dr Al-Fagih combines expertise in medicine, policy, and AI, and has published research on the application of emerging technologies in healthcare.  Nick and Zaid discuss Zaid's journey from NHS doctor to founding Rhazes AI, an AI-powered clinical assistant designed to reduce administrative burdens, improve diagnostic support, and give doctors more time with patients. They explore the challenges facing modern healthcare, including clinician burnout, inefficient workflows, regulatory barriers, and slow technology adoption, while examining how AI can transform healthcare delivery without replacing human judgement. The conversation also covers entrepreneurship, fundraising, healthcare innovation in the UK versus the US and Gulf region, and Zaid's vision for a future where AI acts as a trusted co-pilot for clinicians, making medicine both more efficient and more human. Zaid's Book Choices David Copperfield by Charles DickensGuns, Germs and Steel by Jared Diamond Zaid's Music Choicesal nahr al khalid - eternal river (m. abd al wahhab) Don't Worry be Happy by Bobby McFerrinThis content is issued by Zeus Capital Limited (“Zeus”) (Incorporated in England & Wales No. 4417845), which is authorised and regulated in the United Kingdom by the Financial Conduct Authority (“FCA”) for designated investment business, (Reg No. 224621) and is a member firm of the London Stock Exchange. This content is for information purposes only and neither the information contained, nor the opinions expressed within, constitute or are to be construed as an offer or a solicitation of an offer to buy or sell the securities or other instruments mentioned in it. Zeus shall not be liable for any direct or indirect damages, including lost profits arising in any way from the information contained in this material. This material is for the use of intended recipients only.

Have we been lied to about the property ladder? 

Is that luxury car just debt in a fancy suit? 

This week Nick talks to Scott Lane Scott is the Founder and CEO of Speeki and serves as its Principal Auditor. He brings more than 25 years of experience in governance, compliance, and ESG risk, having built and scaled international businesses focused on helping organisations strengthen risk management and stakeholder trust.  After working for Sun Microsystems and Hitachi, Scott founded The Red Flag Group in 2006, where he served as CEO and Chairman. Under Scott's leadership, the company became a globally recognised expert in risk and compliance, advising many of the world's largest organisations. Scott exited the business in 2020 when The Red Flag Group became part of London Stock Exchange Group following its acquisition by Refinitiv. Nick and Scott discuss how audit and assurance capabilities have expanded from governance and compliance into broader ESG and sustainability reporting. They explore the growing need for independent verification of ESG claims, alongside the evolving global debate around ESG regulation, reporting, and governance standards. Book Choice Good To Great by Jim CollinsMusic ChoiceBruno Mars, FKA twigs, Nine Inch Nails, BIGBANG, Karol G & David GuettaThis content is issued by Zeus Capital Limited (“Zeus”) (Incorporated in England & Wales No. 4417845), which is authorised and regulated in the United Kingdom by the Financial Conduct Authority (“FCA”) for designated investment business, (Reg No. 224621) and is a member firm of the London Stock Exchange. This content is for information purposes only and neither the information contained, nor the opinions expressed within, constitute or are to be construed as an offer or a solicitation of an offer to buy or sell the securities or other instruments mentioned in it. Zeus shall not be liable for any direct or indirect damages, including lost profits arising in any way from the information contained in this material. This material is for the use of intended recipients only.

Is your anxiety actually a money problem? 

It's not what you make; it's what you keep. ☂️In this episode, I'm talking about The ISA Wrapper. Most people obsess over what they're buying—stocks, gold, or funds—but they ignore the "roof" that protects those assets from the tax storm. I'm breaking down the data on the UK's 5,000+ ISA Millionaires and the top 1% of investors to show you how they build wealth that stays in their pockets.I've documented my own journey from a 9-5 role to becoming the Director of my own company, and I'm sharing these notes to help you navigate your own career transition with a tax-efficient mindset.

This week Nick talks to Alistair SmallwoodAlistair Smallwood is the Head of Applied AI at Primer AI, where he focuses on building practical artificial intelligence tools for investment workflows. He began his career as a research analyst at Whitman Howard shortly after the Brexit vote, before moving into equity sales roles and later joining UBS as a pan-European small- and mid-cap specialist salesperson. He subsequently transitioned to the buy side with Lynott Partners, a technology-focused hedge fund, where he combined his financial expertise with self-taught coding skills to explore data-driven investing.The discussion centres on how Primer AI is transforming equity research through AI-driven agents that replicate and augment the workflow of human analysts. While AI can commoditize access to information, the true edge in investing lies in workflow, judgment, and behavioural insight—areas where human expertise remains critical. Primer AI is designed not just to retrieve accurate financial data, but to guide analysts through modular research processes, from understanding company fundamentals to building and interpreting financial models. The platform emphasizes auditability, context retention, and continuous learning, enabling users to encode their own analytical frameworks and improve efficiency over time. The conversation also explores broader implications for financial markets, suggesting that AI may compress short-term alpha opportunities while increasing the importance of long-term thinking and differentiated judgment. Alistair Book Choice's Endurance by Alfred LansingNo Spin: My Autobiography by Shane WarneAlistair Music Choice's Dark Side of the Moon by Pink FloydMoney for Nothing by Dire Straits from Brothers in Arms The Thinking Game - Documentary about DeepMind and Demis HassabisThis content is issued by Zeus Capital Limited (“Zeus”) (Incorporated in England & Wales No. 4417845), which is authorised and regulated in the United Kingdom by the Financial Conduct Authority (“FCA”) for designated investment business, (Reg No. 224621) and is a member firm of the London Stock Exchange. This content is for information purposes only and neither the information contained, nor the opinions expressed within, constitute or are to be construed as an offer or a solicitation of an offer to buy or sell the securities or other instruments mentioned in it. Zeus shall not be liable for any direct or indirect damages, including lost profits arising in any way from the information contained in this material. This material is for the use of intended recipients only.

Is £100,000 the new "struggling"? 

If your income stopped today, how long would you survive? ⛽ In this episode, I'm breaking down the ultimate financial metaphor: The Engine vs. The Fuel. Most people obsess over their salary (the fuel), but your net worth is the size of your fuel tank. It's the only number that tells you how much freedom you actually have if the engine stops running.I'm diving into the 2026 UK National Median Net Worth data, explaining age benchmarks from your 20s to your 50s, and revealing the "Ghost in the Machine"—the private pension.

In this episode, brought to you by Wesleyan Financial Services, Carly Millan Page, Business to Business Account Manager talks to Wesleyan Financial Services Specialist Financial Adviser Graham Hutton and Chris Gardiner, Private Client Lawyer at Thornton's Law, about why Estate Planning is so important for Dentists. They discuss complex assets, the risks of poor planning and the need for aligned legal and financial advice to protect families, ensure business continuity and minimise tax. This podcast is for information only and does not constitute financial advice. Tax treatment depends on your individual circumstances and may be subject to change in future. Please note the Financial Conduct Authority (FCA) does not regulate inheritance tax planning and trusts. Wesleyan Financial Services Ltd (Registered in England and Wales No. 1651212) is authorised and regulated by the Financial Conduct Authority. Registered Office: Colmore Circus, Birmingham B4 6AR. Telephone: 0345 351 2352. Calls may be recorded to help us provide, monitor and improve our services to you. VAT number 487282114

This week Nick talks to Sir Nigel KnowlesSir Nigel has been Chairman of Zeus Capital since 2014. As Managing Partner of DLA Piper from 1996 to 2016, he oversaw the firm's expansion from a UK regional practice into the world's largest global business law firm. He is currently CEO of DWF, the publicly listed international law firm. Sir Nigel has also served as High Sheriff of Greater London, chairs the Sheffield City Region LEP, and is a Council Member of The Prince's Trust.  Nick and Nigel discuss Sir Nigel's path from a working-class upbringing in Stocksbridge, Sheffield, to building DLA Piper into the world's largest law firm. Sir Nigel reflects on the formative influence of working in his father and uncle's grocery shops, which instilled in him a practical understanding of profit and commerce, and credits an inspirational law lecturer, Arthur Goodwin, with steering him towards a legal career. From there, he traces his progression from article clerk at Broom Heads and Neals in 1978 through a series of mergers and expansions that eventually gave rise to DLA Piper as one of the largest law firms in the world. Sir Nigel's book choices where:Anything by John Kotter John le Carré The Spy Who Came in from the ColdThe Lincoln Lawyer by Michael ConnellySir Nigel's music choice was: Les MisérablesThis content is issued by Zeus Capital Limited (“Zeus”) (Incorporated in England & Wales No. 4417845), which is authorised and regulated in the United Kingdom by the Financial Conduct Authority (“FCA”) for designated investment business, (Reg No. 224621) and is a member firm of the London Stock Exchange. This content is for information purposes only and neither the information contained, nor the opinions expressed within, constitute or are to be construed as an offer or a solicitation of an offer to buy or sell the securities or other instruments mentioned in it. Zeus shall not be liable for any direct or indirect damages, including lost profits arising in any way from the information contained in this material. This material is for the use of intended recipients only.

Earning more but feeling poorer? You aren't alone. 

Are you standing still at 70mph? 

This week Nick talks to Dr Ewan KirkDr Ewan Kirk is a British technology entrepreneur, founder of Cantab Capital Partners, until recently was chair of the Issac Newton Institute for Mathematical Sciences, and Non-Executive Director of BAE Systems. He is also Co-Chair of the Turner Kirk Trust, which supports STEM, education, and conservation causes in the UK and the developing world. Nick and Ewan discuss Ewan's journey to becoming a leading figure in quantitative finance, from his early passion for maths, physics, and computing through to entrepreneurship and investment banking. They explore how his technical curiosity led him to build and sell software before joining Goldman Sachs, where he played a key role in developing and scaling derivatives trading, highlighting the importance of combining technical expertise with commercial instinct. The conversation also covers his departure from Goldman, reflections on risk and career decisions, and the founding of Cantab Capital Partners, where he applied systematic, data-driven trading strategies. Ewan's Book Choice was:The Selfish Gene - Richard Dawkins Ewan Music Choice was:Sweet Jane by The Velvet UndergroundThis content is issued by Zeus Capital Limited (“Zeus”) (Incorporated in England & Wales No. 4417845), which is authorised and regulated in the United Kingdom by the Financial Conduct Authority (“FCA”) for designated investment business, (Reg No. 224621) and is a member firm of the London Stock Exchange. This content is for information purposes only and neither the information contained, nor the opinions expressed within, constitute or are to be construed as an offer or a solicitation of an offer to buy or sell the securities or other instruments mentioned in it. Zeus shall not be liable for any direct or indirect damages, including lost profits arising in any way from the information contained in this material. This material is for the use of intended recipients only.

Stop falling for the "Social Media Wealth Trap." Today, I'm breaking down the psychological glitch of comparison and sharing 7 "stress tests" to prove you're actually doing much better than your feed makes you feel.I'm sharing the raw notes from my own journey transitioning from a 9-5 office role to Director of my own company to help you navigate your own career shift with a clear head.

In this final episode of Season 17, we take a brutal look at what it actually takes to build a business from scratch in today's volatile climate. If everythingthe money, the videos, and the reputationvanished today, the path back to success wouldn't be a simple matter of repeating old steps. Success is often a messy combination of preparation, skills, and the simple luck of being in the right place at the right time.Show Notes:https://trustedcreators.org/s17ep120:00 - The reality of starting from zero again 1:27 - Why success isn't always repeatable 2:15 - Pushing back against fake certainty in business 3:01 - The Day One Checklist: Domains, hubs, and niches 4:20 - Why to delay incorporation and expensive gear 5:00 - Ignoring vanity metrics and "certainty" courses 5:53 - Betting on storytelling and human psychology 6:30 - Documenting the journey vs pretending to be a guru 7:40 - The role of luck and randomness in business 9:45 - Accessing the free Business Blueprint tools 10:30 - Season 18 Preview: The UK creative climate

This week Nick talks to Christen GilchristChristen is an organisational psychologist who applies psychological principles to the workplace, helping businesses improve how their people, teams and structures function. Drawing on behavioural science and systems thinking, she works across leadership, change, performance and culture, diagnosing what isn't working and designing more effective ways of working. Nick and Christen discuss her journey from social care and NHS bed management to founding Core Potential Solutions, an organisational psychology consultancy. Her early experience navigating dysfunctional systems in the NHS gave her a clear lens on how broken processes impact both people and performance — and a drive to help organisations do better.The conversation also covers the realities of building a consultancy business, including the challenge of marketing sensitive, high-level work where clients rarely allow their engagements to be made public.Find out more about Christen's work at Core Potential SolutionsChristen's Book ChoicesThinking Systems by Donella MeadowsFour Thousands Weeks by Oliver BurkemanChristen's Music ChoiceOld Pine by Ben HowardThis content is issued by Zeus Capital Limited (“Zeus”) (Incorporated in England & Wales No. 4417845), which is authorised and regulated in the United Kingdom by the Financial Conduct Authority (“FCA”) for designated investment business, (Reg No. 224621) and is a member firm of the London Stock Exchange. This content is for information purposes only and neither the information contained, nor the opinions expressed within, constitute or are to be construed as an offer or a solicitation of an offer to buy or sell the securities or other instruments mentioned in it. Zeus shall not be liable for any direct or indirect damages, including lost profits arising in any way from the information contained in this material. This material is for the use of intended recipients only.

When you start building a business from zero, your focus is entirely short-term: the next view, the next subscriber, the next sale. However, as the journey progresses into its fourth and fifth year, a fundamental mindset shift occurs. It is no longer just about how to get rich; it is about how to stay secure. Peace of mind becomes the primary metric for success, moving away from the loud hustle toward a quieter, more stable long game.Show notes: 0:00 - Money today vs security forever 1:22 - Shifting from short-term hustle to long-term foundations 2:50 - Shift 1: Timeline expansion and measuring progress in years 3:33 - Shift 2: Why systems beat one-off wins 4:05 - Shift 3: Facing the reality of inflation 5:00 - Shift 4: Stability requires movement and smart reinvestment 6:15 - Shift 5: Building a Freedom Fund to avoid creative traps 7:11 - Shift 6: Peace of mind as the ultimate success metric 8:33 - Adapting to future changes like AI and market shifts

Every entrepreneur eventually hits a wall where their personal output can no longer sustain the business's growth. In this episode, we dive into the "Founders Ceiling" that critical moment where you must decide if you want to remain a manual creator or transition into a strategic leader. If you are the only person capable of performing every task, you don't own a business; you own a very stressful job.Show notes: https://trustedcreators.org/s17ep100:00 - If you do everything, you have a stressful job 1:14 - Defining the Founders Ceiling 2:09 - The reality test: Creator vs Leader 3:18 - Early hiring mistakes and hiring out of exhaustion 4:48 - Applying the 80/20 rule to content production 6:46 - Trust vs Control: Why micromanagement kills initiative 8:32 - Red flag checklist: Yesmen vs Problem solvers 9:04 - Why values and mindset outperform toxic expertise 10:48 - Defining what you want to do vs what you should delegate 11:48 - The difference between expense and investment in people

Bull markets don't last forever. When you're in the throes of one, it can feel like they do. But they don't, and at a certain point you have to sell.Gold bull markets can feel even more eternal. Not just because the metal itself is eternal, but because the story comes along that we are going back to a gold standard, or that the Great Purge, which many economists of the Austrian school say is inevitable after fifty years of fiat decadence, is finally upon us.I get that argument. But it is too neat, too deterministic. Real life is much more mucky.So today I want to consider a very important question, and I want to try and answer it honestly:Where are we in this bull market?Has gold already peaked? It's possible. The spike to $5,600/oz at the end of January had many of the hallmarks of a blow-off top.Or perhaps $5,600 was just a mid-cycle peak, such as we saw in 2006 or 1975-76 during previous bull markets.Or is this bull market still in its infancy?I'm going to study this bull market through every lens I can think of: price, time, valuation, participation, market structure, macro context and sentiment.My bias going in is that we are mid-cycle, as I argued in my Great Forecast last week. Let's see where I end up. 1. DurationThere have been two great gold bull markets since the end of the gold standard: 1971-1980 and 2001-2011. Both lasted nine to ten years.When did this one begin?It depends how you define it.You could take the bear-market low of $1,045 in late 2015. You could take the $1,160 retest in 2018. You could take 2019, when gold broke out of its multi-year base.Technical analysis is often in the eye of the beholder. Just like bull markets.You could even argue late 2022, when the current acceleration began.If you start in 2015, this bull market has already lasted ten years. That would put it right in line with the duration of previous cycles, and you could argue it is close to exhaustion.If you start in 2018 or 2019, there may be several years left to run.I favour 2018. Just as gold hit $250 in 1999, rallied, and then returned to roughly the same level in 2001 before the real bull market began, the 2018 low feels like the equivalent retest. Of course this is debatable.And there is always the possibility that this bull market lasts longer than previous ones.Verdict: mid- to late-cycle.2. Relative valuation vs other assetsOilWith gold at $5,200 and WTI crude around $87, it takes roughly 60 barrels of oil to buy one ounce of gold.Historically this ratio ranges between 6 and 30.The only time oil has been this cheap relative to gold was in the 2020 pandemic collapse, when oil went negative.My view: it's not so much that gold is expensive as that oil is cheap. Plus commodities inevitably get cheaper as we get better at producing them. (As long as you don't measure the price in fiat).Gold vs the S&P 500With the S&P around 6,765, it takes about 1.3 ounces of gold to buy one unit of the index.This ratio has been as high as 5 - at the peak of Dotcom in 2000, and the nadir of gold - and as low as 0.2 (during the depths of the 1930s and at the 1980 gold peak).Gold is therefore on the expensive side relative to equities, but not at historic extremes.This ratio could fall further if equities fall or gold rises.Gold vs US housingThe US housing market varies enormously by region - Beverely Hills is not Detroit, Miami Beach is not McDowell County - so national averages should be treated cautiously. But they still give a rough guide.We are now below the 2011 level and approaching 1980 territory in terms of how many ounces of gold buy a typical home.Pretty extreme.Overall verdict: late-cycle. Warning signal3. Institutional ownershipGold is still under-owned in institutional portfolios.Even after the recent rally, gold represents only a tiny fraction of global portfolio allocation compared with equities and bonds.Gold mining equities are even more neglected.Verdict: mid-cycle4. Central banksCentral bank buying slowed to 863 tonnes in 2025, down from record levels in 2024, but still well above the 2010-2021 average.However, the World Gold Council reported that central banks purchased only 5 tonnes in January, below the monthly average of 27 tonnes. I would not read too much into that. Much buying is reported with delays, and China in particular reveals little about its activity. The usual assumption is that central bank buying is an early or mid-cycle phenomenon. I am not entirely convinced. If the real driver of this bull market is de-dollarisation and reserve diversification amidst a wider geopolitical shift, then official buying could persist for years.Gold currently represents just under 30% of central bank reserves. The US dollar still accounts for roughly 56%.I don't think this bull market ends until gold sits north of 50% having overtaken the dollar itself.Question: is the war in Iran going to arrest of accelerate de-dollarisation? You know the answer. Verdict: mid-cycle5. Retail participationRetail demand is growing. 2025 saw record bar and coin demand. ETF inflows are rising, but they are not exploding. Mining companies are finally attracting interest again.Silver went briefly manic last month, which is not a healthy sign, but the episode is already unwinding.Verdict: mid-cycleBy the way, due to its senior currency status, the US dollar is going to preserve its purchasing power better than the pound, which is a car crash waiting to happen. I keep getting asked, “is it too late to buy gold?”. If you are in the UK, . We are turning into South Africa and the currency will go the same way. The 40% loss of purchasing power that the pound has seen since 2020 is not going to reverse. If anything it accelerates. Thus …If you live in a third world country such as the UK, I urge you to own gold or silver. The pound will be further devalued, as will the euro and dollar. The bullion dealer I recommend is The Pure Gold Company. They deliver to the UK, the US, Canada and Europe. More here.6. LeverageLeverage is difficult to measure precisely.You can look at: futures positioning on Comex, options activity, speculative flows into junior miners, retail spread betting and more. The short answer is this: gold is a crowded trade, but it is not a mania.If it were a mania, the geopolitical shock in Iran last week would have triggered violent liquidations. Instead gold held up remarkably well.Verdict: mid-cycle7. Mining equitiesMining stocks had an excellent 2025. Word is that PDAC last week (the world's largest mining conference), was the like of which had not been felt since 2011 and the last top. That is a warning sign.This chart shows the ratio of the XAU (large mining companies) to gold since 1988. On a relative basis the miners are still phenomenally under-owned, and we now have a text-book base, formed over 9-years, in place. If this ratio goes back to levels of the early 0 0s , miners will multiply many times over.But these declines began with the emergence of the ETFs and the many alternative ways to own gold without taking on individual company risk. The ratio does not have to go back 00s levels.Maybe. But that base is a thing of beauty.Typically the end of a gold bull market would coincide with massive rallies in junior miners, an exploration IPO boom and a merger-and-acquisition frenzy.We are seeing healthy signs of activity, but nothing like that yet.Verdict: mid-cycleI'm delighted to report that The Secret History of Gold - Myth, Money, Politics and Power, published by Penguin Life, comes out in the US next month. (The US version is published by Pegasus). Order yours now - via Barnes and Noble or Amazon8. The narrative - gold to $150,000?Gold got some coverage in publications like The Economist and the Financial Times last month, but the story is far from mainstream.Ask most people about de-dollarisation, Triffin's dilemma or central bank reserve diversification and you will get blank looks.However, some familiar late-cycle narratives are beginning to appear.One is that silver is being remonetised.It isn't.Silver may well be an important strategic metal, but its monetary role was as medium of exchange. That role is not coming back because we no longer use physical money. That function has been digitised.Gold, by contrast, retains its role as as store of value - a function that silver never had to anything like the same extent. Silver may have use as a speculative asset. It may well rise in price. It may even overshoot spectacularly. But it is not being remonetised. That will not happen, unless Eastenders turns into Mad Max.Another narrative that sometimes appears near major peaks is the US national debt relative to gold reserves. In 1980, headlines declared the US was “solvent again” because it could have used its gold to fully settled its debt.Today US debt is roughly $39 trillion. To settle that debt using America's 262 million ounces of gold, the gold price would need to be roughly $150,000 per ounce.When arguments like that start circulating, it means the narrative can't go much further and the cycle is close to exhaustion.We are not there yet.Verdict: mid-cycle9. Real yieldsLast but not least: real interest rates.This would be the 10-year Treasury yield minus inflation, or the 10-year TIPS yield.Gold bull markets tend to end when real yields rise sharply.In 1980, Paul Volcker pushed interest rates toward 20% and real yields surged. Gold then entered a twenty-year bear market. At the 2011 peak, real yields rose from deeply negative to positive and gold topped within months. From 2020–2022 real yields went negative again and gold surged, until they rose in 2022 and gold stalled.Today nominal yields are relatively high, but inflation remains elevated, the Fed is under pressure to ease (as are most central banks) and fiscal deficits are enormous.Real yields therefore sit around zero or slightly positive, depending on how they are measured. That is not restrictive enough to kill the gold bull market.The danger signal would be inflation falling sharply while nominal yields stay high, pushing real yields well above +2%. We are some distance from that.Verdict: mid-cycleIf you are interested in following the real yield argument, Charlie Morris is the man. He gets it better than anyone, and I heartily recommend you follow his work via his Atlas Pulse. Get your copy here - it's free.ConclusionIf gold continues rising it will pull silver and mining equities higher with it.The spike in silver last month to around $125 looked very much like a mid-cycle blow-off, and a period of consolidation is now both likely and healthy. Looking across all the indicators, most point toward a mid-cycle environment rather than a late-cycle one.What superb content. You really should upgrade.Duration and relative valuation raise some concerns, but these are just one or two of nine indicators. Everything else suggests the bull market has not yet reached its final, most speculative phase.In other words: this is not the end. It is not even the beginning of the end. But it is, perhaps, the end of the beginning.$8 to $10,000 by the end of the decade is a very real possibility.Thanks very much for being a subscriber to Flying Frisby.Until next time,DominicPS I have discussed gold largely in dollar terms, because the market is quoted in dollars. But if you are in the UK the case for owning gold has less to do with the dollar and far more to do with the pound. Sterling has already lost roughly 40% of its purchasing power since 2020, and that trend is not going to reverse. If anything it will accelerate. It's not just the ineptitude of successive governments, but unelected permablob (in this case the Treasury, the OBR, the Bank of England, the FCA et al) that actually runs the show. The system- if you can call it that - is the problem and it's not going to change. The incentives are to spend more, borrow more and debase the currency slowly over time. You cannot fix that system. But you can protect yourself from it. And that means owning some gold.DisclaimerI am not regulated by the Financial Conduct Authority (FCA) or any other regulatory body as a financial advisor. Therefore, any information provided in this newsletter does not constitute regulated financial advice. It is solely an expression of opinion. Small-cap stocks are inherently risky. Please conduct your own due diligence and consult with a financial advisor, if you have any doubts. Remember, markets can both rise and fall, especially in the case of small and mid-cap stocks. I am not aware of your individual financial circumstances, so only invest money that you can afford to lose. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.theflyingfrisby.com/subscribe

This week Nick talks to Richard Penny and Simon Like Richard Penny and Simon Like are experienced UK small-cap fund managers at Oberon Investments, with decades in the market between them. Simon began his career in banking with Midland Bank, later HSBC, before setting up his own investment vehicle and eventually joining Oberon over 25 years ago. He has focused primarily on small and micro-cap stocks and is well known for running a Venture Capital Trust. Richard's interest in investing began during the wave of UK privatisations in the 1980s. He started professionally in 1992 and has managed small-cap and recovery funds at large institutions including Legal & General before moving to a boutique model, specialising in concentrated stock picking within UK smaller companies.Both focus on undervalued UK small and micro-cap companies, particularly in recovery phases of the market cycle. They look for businesses with strong gross margins, operational gearing and management teams with proven track records. Richard highlights opportunities in high-margin software and technology businesses such as Xaar and Eagle Eye, as well as more contrarian situations like BATM, where valuations sit below intrinsic value. Simon, through the Oberon AIM VCT, backs growth and recovery plays including Audioboom and property franchise businesses such as Winkworth and The Property Franchise Group, often identifying companies entering earnings upgrade cycles.*OBR00403. Capital at Risk. Past performance is not a reliable indicator of future performance. Richard Book Choice:100 Baggers by Christopher Mayer Simon Book Choice:The Zulu Principle by Jim Slater Richard's Music Choice Rodrigo's “Concierto de AranjuezSimon's Music Choice Anything by Prince or George MichaelThis content is issued by Zeus Capital Limited (“Zeus”) (Incorporated in England & Wales No. 4417845), which is authorised and regulated in the United Kingdom by the Financial Conduct Authority (“FCA”) for designated investment business, (Reg No. 224621) and is a member firm of the London Stock Exchange. This content is for information purposes only and neither the information contained, nor the opinions expressed within, constitute or are to be construed as an offer or a solicitation of an offer to buy or sell the securities or other instruments mentioned in it. Zeus shall not be liable for any direct or indirect damages, including lost profits arising in any way from the information contained in this material. This material is for the use of intended recipients only.

We are often conditioned to believe that more money is the ultimate finish line in business. The assumption is that once revenue hits a certain milestone, stress will vanish, decisions will become effortless, and the business will magically start running itself. In this episode, Zulfiqar Ali deconstructs the "Income Illusion," explaining why more money doesn't actually solve your problems it simply upgrades them to a more expensive tier.Show Notes: https://trustedcreators.org/s17ep9Episode Chapters0:00 - Introduction: The Income Illusion1:15 - Why more money upgrades your problems instead of solving them2:43 - The reality test: Why dream income levels didn't bring peace3:23 - Reason 1: Complexity vs Cash and the mental bandwidth drag4:07 - Reason 2: Decision Fatigue and the rising cost of mistakes4:41 - Reason 3: The Responsibility Shift from Creator to Manager5:13 - Reason 4: The Efficiency Trap of using cash to hide system waste6:52 - Reason 5: New Stakes and the heavy weight of consistency7:06 - Reason 6: Why you can't hustle your way through a six-figure business9:00 - The psychological game of "How much is enough?"9:35 - Preview: Hiring, Trusting, and Letting Go

In this episode, Zulfiqar Ali gets brutally honest about a common entrepreneurial trap: being busy without actually moving the needle. It is easy to spend eight hours on "work" that doesn't advance your business an inch. Running TrustedCreators.org has revealed that most of what we call business is actually just a polished form of procrastination. This episode serves as a focus reset for the 2026 business year, turning mindless motion into measurable results.Show notes: https://trustedcreators.org/s17ep8Episode Chapters0:00 - Introduction: Why busy is a dirty word1:23 - The uncomfortable truth about motion vs progress2:32 - The 2026 Reality Test: Currency of focus3:23 - The Treadmill Effect: Running 5 miles to stay in the same place4:14 - Escaping the Planning Trap and tutorial hell5:10 - The Ratio: Creation vs Consumption6:12 - Productive Avoidance: Why we choose small tasks over real work7:31 - Deep Work: Structuring your day for flow8:13 - Identifying the Needle Movers (The 20/80 Rule)11:02 - Using your own past content for motivation11:52 - Preview: Why more money does not make things easier

Leaked correspondence between Jes Staley—former CEO of Barclays and long-time JPMorgan executive—and Jeffrey Epstein laid bare more than just casual business exchanges; they revealed a troubling bond rooted in intimacy, trust, and privilege. In one exchange, Staley mused, “That was fun. Say hi to Snow White,” to which Epstein replied, “What character would you like next?” Staley coyly responded, “Beauty and the Beast,” turning their relationship into a grotesque pantomime. More damningly, Staley described Epstein as “family” and spoke of a “profound” connection, while photos of young women were also swapped—all under the guise of everyday correspondence. Far from distancing himself, Staley sustained contact well past Epstein's 2008 conviction, even joining him on his private island in 2009—behavior that defied any claim of a “purely professional” relationship.The fallout was swift—and deserved. The UK's Financial Conduct Authority (FCA) concluded that Staley “recklessly misled” both Barclays and regulators by downplaying the closeness of his ties with Epstein. A £1.8 million fine (later reduced to £1.1 million) and a lifetime ban from senior financial roles followed. The Upper Tribunal upheld the sanctions, emphasizing that Staley knowingly took a calculated risk, hoping the truth would stay buried. But the emails, held up like digital incriminators, ensured his downfall. His denials, evasive demeanor in court, and attempt to frame the relationship as innocuous only magnified the breach of trust. In financial leadership, reputation is everything—and Staley burned his.to contact me:bobbycapucci@protonmail.comsource:Epstein-Staley Emails Reveal Friendship Forged at JPMorgan (yahoo.com)

Leaked correspondence between Jes Staley—former CEO of Barclays and long-time JPMorgan executive—and Jeffrey Epstein laid bare more than just casual business exchanges; they revealed a troubling bond rooted in intimacy, trust, and privilege. In one exchange, Staley mused, “That was fun. Say hi to Snow White,” to which Epstein replied, “What character would you like next?” Staley coyly responded, “Beauty and the Beast,” turning their relationship into a grotesque pantomime. More damningly, Staley described Epstein as “family” and spoke of a “profound” connection, while photos of young women were also swapped—all under the guise of everyday correspondence. Far from distancing himself, Staley sustained contact well past Epstein's 2008 conviction, even joining him on his private island in 2009—behavior that defied any claim of a “purely professional” relationship.The fallout was swift—and deserved. The UK's Financial Conduct Authority (FCA) concluded that Staley “recklessly misled” both Barclays and regulators by downplaying the closeness of his ties with Epstein. A £1.8 million fine (later reduced to £1.1 million) and a lifetime ban from senior financial roles followed. The Upper Tribunal upheld the sanctions, emphasizing that Staley knowingly took a calculated risk, hoping the truth would stay buried. But the emails, held up like digital incriminators, ensured his downfall. His denials, evasive demeanor in court, and attempt to frame the relationship as innocuous only magnified the breach of trust. In financial leadership, reputation is everything—and Staley burned his.to contact me:bobbycapucci@protonmail.comsource:Epstein-Staley Emails Reveal Friendship Forged at JPMorgan (yahoo.com)Become a supporter of this podcast: https://www.spreaker.com/podcast/the-moscow-murders-and-more--5852883/support.

Leaked correspondence between Jes Staley—former CEO of Barclays and long-time JPMorgan executive—and Jeffrey Epstein laid bare more than just casual business exchanges; they revealed a troubling bond rooted in intimacy, trust, and privilege. In one exchange, Staley mused, “That was fun. Say hi to Snow White,” to which Epstein replied, “What character would you like next?” Staley coyly responded, “Beauty and the Beast,” turning their relationship into a grotesque pantomime. More damningly, Staley described Epstein as “family” and spoke of a “profound” connection, while photos of young women were also swapped—all under the guise of everyday correspondence. Far from distancing himself, Staley sustained contact well past Epstein's 2008 conviction, even joining him on his private island in 2009—behavior that defied any claim of a “purely professional” relationship.The fallout was swift—and deserved. The UK's Financial Conduct Authority (FCA) concluded that Staley “recklessly misled” both Barclays and regulators by downplaying the closeness of his ties with Epstein. A £1.8 million fine (later reduced to £1.1 million) and a lifetime ban from senior financial roles followed. The Upper Tribunal upheld the sanctions, emphasizing that Staley knowingly took a calculated risk, hoping the truth would stay buried. But the emails, held up like digital incriminators, ensured his downfall. His denials, evasive demeanor in court, and attempt to frame the relationship as innocuous only magnified the breach of trust. In financial leadership, reputation is everything—and Staley burned his.to contact me:bobbycapucci@protonmail.comsource:Epstein-Staley Emails Reveal Friendship Forged at JPMorgan (yahoo.com)Become a supporter of this podcast: https://www.spreaker.com/podcast/the-epstein-chronicles--5003294/support.

This week Nick talks to Paul McDadePaul has over 35 years of international experience in the oil and gas industry, with nearly two decades as COO and CEO of Tullow Oil. He helped transform the company into a FTSE 100 business, driving growth across Africa, including the development of Ghana's Jubilee field and major M&A activity. He holds a Master's in Petroleum Engineering from Imperial College London and a BSc in Civil Engineering from the University of Strathclyde.Nick and Paul discuss Paul's early life in Glasgow and his route into the oil and gas industry, including studying petroleum engineering at Imperial College and working in the North Sea, Colombia and Kuwait. Paul describes being taken hostage during the Gulf War, which he reflects on as a formative personal experience. He explains how he joined Tullow Oil in 2001 and helped grow it into a major African-focused company, making discoveries in Ghana, Uganda and Kenya, and building local supply chains and employment. He later became CEO, managing the company through major challenges including oil price crashes, debt, asset disputes and mechanical issues, focusing on strengthening the balance sheet and maintaining investor confidence. Nick and Paul also discuss Paul's return to the industry after retirement, founding Afentra to invest in mature oil assets in Angola and support Africa's energy transition. Paul explains his belief that oil and gas will remain essential, particularly in developing economies, and argues that energy transition priorities differ between Africa and Europe.  Paul's Book choice was:Close to the Wind by Pete GossPaul's music choice was:Angel by Sarah McLachlan. City of AngelsThis content is issued by Zeus Capital Limited (“Zeus”) (Incorporated in England & Wales No. 4417845), which is authorised and regulated in the United Kingdom by the Financial Conduct Authority (“FCA”) for designated investment business, (Reg No. 224621) and is a member firm of the London Stock Exchange. This content is for information purposes only and neither the information contained, nor the opinions expressed within, constitute or are to be construed as an offer or a solicitation of an offer to buy or sell the securities or other instruments mentioned in it. Zeus shall not be liable for any direct or indirect damages, including lost profits arising in any way from the information contained in this material. This material is for the use of intended recipients only.

In this episode, Zulfiqar Ali moves past the typical "highlight reel" of entrepreneurship to discuss the messy, confusing reality of the first year as a Managing Director. Most business stories compress the timeline, skipping over the self-doubt and the moments where you wonder if you are truly cut out for the lifestyle. Zulf shares a raw look at the mistakes he made, from overthinking branding to the dangerous assumption that working harder automatically leads to faster results.Show Notes: https://trustedcreators.org/s17ep7Episode Chapters0:00 - Introduction to first year director mistakes2:01 - The assumption that effort equals speed2:41 - Understanding leverage vs. busy work4:02 - Overthinking branding and studio setup vs. getting started5:03 - Dealing with external timelines and slow professionals7:00 - The test of showing up when nothing works8:38 - Emotional mistakes vs. practical errors11:37 - What to ignore if starting over from scratch13:13 - Lessons only experience can teach: Why mistakes qualify you

Most entrepreneurs focus on the "big wins" the first sale, the thousandth subscriber, or the massive launch. However, after five years of running TrustedCreators.org, Zulfiqar Ali has discovered that businesses rarely go buss" tht because of one giant mistake. Instead, they often fail due to a hundred small, untracked expenses that quietly drain the bank account. In this episode, we pull back the curtain on the "invisible" line items in a professional budget that every business owner must manage to stay profitable.Show Notes: https://trustedcreators.org/s17ep60:00 - Small expenses vs. big mistakes1:01 - Why micro-leaks kill profitability2:19 - 1. The professional gatekeeper: Accountant fees4:16 - 2. Subscription creep and the ruthless audit5:19 - Case Study: Saving money with local NAS storage6:07 - 3. The what-if fund: Essential business insurance6:31 - 4. The hidden admin tax on your time7:12 - 5. Nickel and dime fees: Transaction and bank charges8:06 - 6. The realistic 30% buffer rule9:50 - Preview: 10 things I learned as a Director in Year 1

One of the biggest shocks for new business owners is the realization that even if the business is profitable, that cash doesn't automatically belong in your pocket. In this episode, Zulfiqar Ali explores "The Great Divorce" the essential separation between personal finances and the business bank account. Drawing from his journey building Trusted Creators, he explains why treating your company account like a personal ATM is a fast track to trouble with the tax man.Show Notes: https://trustedcreators.org/s12ep50:00 - Introduction to the money mindset shift1:32 - Sustainable business vs. a hobby2:38 - The 5 hard lessons overview2:52 - Lesson 1: The Great Divorce and ATM danger5:10 - Lesson 2: Salary vs. Dividend breakdown6:38 - Lesson 3: The Director's Loan account warning7:12 - Lesson 4: The Separate Person mindset8:54 - Lesson 5: The Accountant Myth vs. Financial Advisors10:59 - Timing payouts around tax years: The December/January example13:30 - Taking ownership of your figures15:13 - Preview: Episode 6 and hidden costs

Jes Staley, the former CEO of Barclays, saw roughly £22 million in bonuses and deferred compensation frozen in 2022 as regulators dug into his ties to Jeffrey Epstein. The freeze included unvested share payouts and long-term incentive plans that Staley had been promised but had not yet received. The Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) launched their review after concerns emerged over how Staley characterized his personal relationship with Epstein, a man whose reputation was already well-tarnished by his 2008 sex-offense conviction. The decision marked a significant step for Barclays, signaling just how seriously the bank's board and regulators were taking any whiff of reputational risk tied to Epstein.The matter didn't end with the freeze. In 2023, the FCA moved to ban Staley from holding senior positions in the UK financial industry, citing his misleading accounts of the Epstein connection. Alongside the ban, regulators initially proposed a £1.8 million fine, which was later reduced to about £1.1 million. Staley ultimately forfeited around £18 million in bonuses and deferred pay. For a man who had once been a Wall Street heavyweight, it was a public and financial fall from grace that demonstrated the long shadow Epstein's scandal continues to cast over those in his orbit.to contact me:bobbycapucci@protonmail.comsource:https://www.wsj.com/articles/barclays-profit-falls-on-slowdown-in-investment-banking-11645603658Become a supporter of this podcast: https://www.spreaker.com/podcast/the-epstein-chronicles--5003294/support.

Every growing business eventually hits a critical fork in the road: how should the business actually be structured? In this episode, Zulf explores the transition from being a sole trader to incorporating as a Limited Company. While many entrepreneurs get stuck in analysis paralysis, Zulf shares his raw experience of how growth eventually forced his business to evolve. From the early days of manual spreadsheets to managing a professional corporate entity, this journey is about choosing the right foundation for long-term success.0:00 - Choosing your business structure2:05 - Overview of the five incorporation lessons2:33 - The starting line: Content creation and early income3:11 - UK tax thresholds and self-assessment rules4:49 - Managing growth and doubling down on effort6:09 - The trigger point for setting up a Limited Company7:21 - The truth about "YouTube Accountants" and vetting firms8:42 - Software traps: Issues with QuickBooks data portability10:09 - The mental shift: Becoming an employee of your own business11:32 - Limited Company benefits and personal protection12:05 - Preview: How to pay yourself in a Limited Company structure

Zulf breaks down the seven non-negotiable categories of spending that every new business owner must consider, including why high revenue is often a “lie” if you don't understand your net profit. Whether you are setting up your first website or navigating the frustrating world of lazy accountants, this episode provides a realistic roadmap for budgeting your first year. Learn how to calculate your “monthly survival number” and why a safety buffer is the only thing that will truly free you up to be creative in your business.Show Notes: https://trustedcreators.org/s17ep3/0:00 – Introduction to business startup expenses1:27 – Can you start with zero dollars? The honest answer2:25 – Digital infrastructure and website costs3:28 – The hidden reality of accountant fees4:19 – Setting up wages and director salary foundations5:06 – Legal requirements and business insurance types6:13 – Software subscriptions and receipt management tools8:15 – Reality check on gear: Laptop and production needs9:41 – Gross vs Net: Why high revenue can be misleading11:02 – The struggle of finding a proactive accountant13:30 – Preview: Sole Trader vs Limited Company options

If you're feeling the pull to leave your job but aren't sure when the right time is, this episode will help you slow down, think clearly, and plan the transition properly.Think of this podcast as if you are sitting and chatting with friends. A lot of business tips and advice on how I progressed from my 9-5 office role to a Director of my own company. There will be banter about success and financial freedom the odd motivational speech to also give you a boost. I will share thoughts on various subjects and use this to document my career journey occasionally joined by guests. be sure to reach out if you have any questions. I will only send you emails relating to the topics I talk about in my podcast/showMy Business Working for Yourself podcast is powered by TrustedCreators.org.Clarity

If the stories are to be believed, and the first casualty of war is truth and all that, Venezuelan President Nicolas Maduro sent some 3.6 million ounces of gold - $16 billion in today's money - to Switzerland before 2017, when the EU brought sanctions against Venezuela.Switzerland last week froze his accounts and the accounts of some 36 others with close ties. We don't know how much money he had in them, or how many accounts there were, but the figure doing the rounds is $10 billion.It has also emerged that Tether has been freezing “wallets identified as being involved in the Venezuelan oil trade.” As much as 80% of Petroleos de Venezuela's oil revenue is believed to be transacted in tether. This could be a total figure in the billions too.We also know that Venezuela was mining bitcoin for many years - when the price was a lot lower - but we don't know what they did with the coins. Did they fall into Maduro's hands? Were they sold? Were they held?The number doing the rounds here that it owns 600,000 BTC (~$60 billion). That would put Venezuela up there with Michael Saylor and Strategy. It's three times the 198,000 coins the US government itself is said to own.There's a seed phrase I'd like to know. Where are the keys, I wonder?And where did the proceeds of Venezuela's enormous oil, gold and other natural resource exports end up, exactly? Only some of them we know. At this point we remind you that the Venezuelan currency itself - the bolivar - collapsed in hyperinflation and has little to no value. Beware national currencies, particularly under socialist regimes. They don't last.There are several things I take away from all of this.First, the US dollar - whether via SWIFT or stablecoin - remains the number one international currency of choice, even for America's enemies.Second, tether and other US dollar stablecoins might be convenient - you don't have to use banks - but Tether will do what the US government tells it to do, and if the government wants your assets frozen, Tether will freeze them.Stablecoins, then, have a central point of failure. If someone can freeze them, they are not sovereign. And just as the US froze Russian US dollar assets after its invasion of Ukraine, so can and will it freeze the stablecoin assets of its enemies too.What did that 2022 freezing of Russian assets trigger? The mother of all bull markets in gold, and then silver and miners.What will this freezing trigger? A bull market in bitcoin. Possibly. Likely.It's already creeping back up.While the US does its geo-political, strategic, critical minerals thing, quaint old Western Europe is sinking deeper into higher taxes and - I'm sure they're coming eventually - capital controls. In fact, capital controls already exist in effect, banks are so heavily regulated and limiting of what you can send and to whom.The value of permissionless, international money just went up.You need to own money that they can't touch, whether by seizure or debasement.Meanwhile …Gold and silver continue to go bananas - the latter especially.So many roads lead to gold at the moment, it's hard to see when this stops.The inevitable debasement of national currencies off the back of uncontrollable government spending. Gold. Dedollarisation. Gold. Increasing geo-political uncertainty - Iran, Venezuela. Gold. Reshoring of US industry - highly inflationary. Gold. Revaluation of US gold holdings. Gold. Looming crisis from Japan as yields spike. Gold. China's ambitions for its currency and trade. Gold. Triffin's dilemma. Gold. AI putting everyone out of work leading to more money printing. Gold. Declining competence of and as a result faith in institutions worldwide. Gold.The dollar has now fallen to a 40% share of global central bank reserves, while gold is now at 30% on the back of its higher price and central bank accumulation. (Note currency and reserves are not the same).We are in a major capital rotational event the like of which occurs only every few decades.Typical portfolios are still underweight gold.If you live in a Third World Country such as the UK, I urge you to own gold or silver. The pound is going to be further devalued. The bullion dealer I recommend is The Pure Gold Company. Pricing is competitive, quality of service is high. They deliver to the UK, US, Canada and Europe or you can store your gold with them. More here.Own bothAs regular readers will know, I advocate owning both bitcoin and gold. The two assets have many similarities in that they are non-government, independent money. But the fundamental difference is that one is physical and one is digital.Both have their uses, and I have little patience with this notion that one must choose one or the other.In that regard, as with many others, my worldview is aligned with that of Charlie Morris (whose newsletters I urge you to subscribe to. There are lots of free options, including Atlas Pulse, which I love). Remember many years ago Charlie was calling for $7,000 gold by the end of this decade and many thought he was dotty. His call is looking perfectly sensible now, which it was - and which he is. Charlie previously managed a multi-billion-dollar fund for HSBC, before going solo. Aside from his newsletter, one his main endeavours has been BOLD, and he has been trying to get it listed for years. But the UK's Financial Conduct Authority is retarded.BOLD is a fund you can buy through a broker which is 75% gold and 25% bitcoin - all properly audited and backed, of course, with institutional-grade custody.Over the past five years, BOLD has returned 186%, while bitcoin has returned 202%, gold 128%, and equities 77%. The average return of bitcoin and gold together was 165%, yet BOLD was 21% ahead. This is because every month Charlie rebalances the portfolio, effectively buying more of whichever is the weaker asset to retain that 75:25 ratio. This act of rebalancing both strips out the volatility and increases the gains.Since Charlie first conceived of it in 2017, over pretty much any timeframe, BOLD (in blue) has beaten everything.Since its listing in Europe in 2022 BOLD has returned 123% since launch (in GBP to end 2025 including fees) compared to 111% for bitcoin and 113% for gold.It would have been nice to have been able to enjoy these gains in the UK. Thank goodness the FCA has protected us from them.Not for much longer.I was delighted to be at the London Stock Exchange yesterday to see the listing of this product which delivers “bitcoin-like returns with the lesser volatility of gold.”Congratulations, Charlie, for finally getting this listed. I wish you every success.Now we can actually invest.Obviously, if gold AND bitcoin both turn down, BOLD will suffer. But this is a classic buy-and-forget product, perfect for the Dolce Far Niente portfolio. You can own it in your pension, your ISA and it should become a mainstay of any portfolio.The 21Shares Bitcoin Gold ETP, BOLD, has the ticker LSE:BOLD.I am a buyer.PS some brokers such as AJ Bellend have only made this product available to pro investors. The broker I use is Interactive Investor, who are pretty good about getting these kinds of things live. If you open an account via this link you get a year's free. I am just on the phone to them now to get this listed.Disclaimer:The Flying Frisby is not regulated by the Financial Conduct Authority (FCA) or any other regulatory body as a financial advisor. Therefore, any information provided in this newsletter does not constitute regulated financial advice. It is solely an expression of opinion. Please conduct your own due diligence and consult with a financial advisor, if you have any doubts. Remember, markets can both rise and fall, especially in the case of small and mid-cap stocks. I am not aware of your individual financial circumstances, so only invest money that you can afford to lose. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.theflyingfrisby.com/subscribe

In this season 17 premiere, Zulf strips away the “expensive coffee and sleeping in” fantasy of self-employment to reveal the gritty reality of being your own boss. Transitioning from a 9-5 isn't an escape from hard work; it is a trade-off where you exchange the security of a manager for the heavy responsibility of choosing which problems you want to solve. If you have ever felt that “freedom” should feel easier, this episode explains why it actually requires more discipline than any office job ever could.Show Notes: ZulfTalks.com/s17ep10:00 – Introduction: A different kind of hard1:26 – The reality of discipline vs. freedom2:25 – The 5 brutal truths about going solo3:31 – Defining the Freedom Trap4:58 – CEO vs. Worker: Which mindset do you have?6:29 – Managing your life is managing your business8:38 – The importance of knowing your numbers and costings11:51 – Reflections on year five as a Director13:03 – Preview: Why you shouldn't quit your day job yet

On this third episode of Ropes & Gray's Non-Financial Misconduct Miniseries, Amanda Raad, co-leader of the firm's crisis management and global risk practices, is once again joined by asset management partner Eve Ellis as well as special guest Michelle DiMartino, an organizational research and design specialist at the R&G Insights Lab. Together, they explore the critical role of workplace culture in preventing and addressing non-financial misconduct, such as harassment, bullying, and discrimination, and examine why regulators like the UK's Financial Conduct Authority (FCA) are increasingly focused on these issues. The discussion dives into how culture shapes behavior, influences misconduct, and serves as both a risk factor and a protective shield. Michelle explains how informal social cues and everyday interactions can quietly redefine what is considered acceptable, often before any formal rules are broken. The conversation highlights the importance of proactive culture assessment, using both quantitative and qualitative data, and introduces practical frameworks—like the “four I's” of cultural psychology—to help organizations identify misalignments and drive meaningful change.

Season 16, ep6 Choosing the Right Videos to Make Time vs Effort vs ReturnNot every video or channel idea hits from the start. In this episode, I talk about what happens when your content doesn't get traction, how I handle underperforming videos, and the steps I take to adjust my strategy without giving up. This is part of my real-time journey building a channel from zero through my business TrustedCreators.org.New Channel Update:Current stats: [e.g., 156 videos uploaded, 156 subscribers, 64,728 viewsSome videos have performed better than others; a few are underperforming.Goal for next week: test adjustments in titles, thumbnails, or format to improve engagement.Episode Summary:How to assess why a video or topic isn't performing.Adjustments you can make: format, title, thumbnail, or niche focus.The importance of experimenting without losing momentum.Why consistency and patience matter when building a new channel.Outro CTA: Follow along on Zulftalks.com as I document each step of my YouTube journey, including mistakes and pivots. If I can start from scratch and adjust in real-time, so can you.Think of this podcast as if you are sitting and chatting with friends. A lot of business tips and advice on how I progressed from my 9-5 office role to a Director of my own company. There will be banter about success and financial freedom the odd motivational speech to also give you a boost. I will share thoughts on various subjects and use this to document my career journey occasionally joined by guests. be sure to reach out if you have any questions. I will only send you emails relating to the topics I talk about in my podcast/showMy Business Working for Yourself podcast is powered by TrustedCreators.org.Clarity

Season 16, Episode 5: How to See Which YouTube Videos Are Doing Well on Your Channel.mp4Not every video or channel idea hits from the start. In this episode, I talk about what happens when your content doesn't get traction, how I handle underperforming videos, and the steps I take to adjust my strategy without giving up. This is part of my real-time journey building a channel from zero through my business TrustedCreators.org.New Channel Update:Current stats: [e.g., 156 videos uploaded, 156 subscribers, 64,728 viewsSome videos have performed better than others; a few are underperforming.Goal for next week: test adjustments in titles, thumbnails, or format to improve engagement.Episode Summary:How to assess why a video or topic isn't performing.Adjustments you can make: format, title, thumbnail, or niche focus.The importance of experimenting without losing momentum.Why consistency and patience matter when building a new channel.Outro CTA: Follow along on Zulftalks.com as I document each step of my YouTube journey, including mistakes and pivots. If I can start from scratch and adjust in real-time, so can you.Think of this podcast as if you are sitting and chatting with friends. A lot of business tips and advice on how I progressed from my 9-5 office role to a Director of my own company. There will be banter about success and financial freedom the odd motivational speech to also give you a boost. I will share thoughts on various subjects and use this to document my career journey occasionally joined by guests. be sure to reach out if you have any questions. I will only send you emails relating to the topics I talk about in my podcast/showMy Business Working for Yourself podcast is powered by TrustedCreators.org.Clarity

Season 16, Episode 4: What to Do If Your YouTube Topic Doesn't Do WellNot every video or channel idea hits from the start. In this episode, I talk about what happens when your content doesn't get traction, how I handle underperforming videos, and the steps I take to adjust my strategy without giving up. This is part of my real-time journey building a channel from zero through my business TrustedCreators.org.New Channel Update:Current stats: [e.g., 6 videos uploaded, 20 subscribers, 800 views.Some videos have performed better than others; a few are underperforming.Goal for next week: test adjustments in titles, thumbnails, or format to improve engagement.Episode Summary:How to assess why a video or topic isn't performing.Adjustments you can make: format, title, thumbnail, or niche focus.The importance of experimenting without losing momentum.Why consistency and patience matter when building a new channel.Outro CTA:Follow along on Zulftalks.com as I document each step of my YouTube journey, including mistakes and pivots. If I can start from scratch and adjust in real-time, so can you.Think of this podcast as if you are sitting and chatting with friends. A lot of business tips and advice on how I progressed from my 9-5 office role to a Director of my own company. There will be banter about success and financial freedom the odd motivational speech to also give you a boost. I will share thoughts on various subjects and use this to document my career journey occasionally joined by guests. be sure to reach out if you have any questions. I will only send you emails relating to the topics I talk about in my podcast/showMy Business Working for Yourself podcast is powered by TrustedCreators.org.Clarity

Season 16, Episode 3: Setting Up My YouTube Channel and Getting People to My VideosLaunching a channel is one thing, but getting people to actually watch your videos is another challenge entirely. In this episode, I walk through setting up my new YouTube channel, optimizing it for discovery, and my strategies to start driving the first views.New Channel Update:Current stats: Progress since Episode 2: initial traction from friends, social media, and early shares.Goal for next week: 50+ views per video organically and first comments.Episode Summary:How I set up my channel: branding, banners, about section, and playlists.Techniques to get initial viewers without paid ads.Sharing your first videos with the right audience.Why consistency and clear messaging matter from day one.Outro CTA:Follow along on Zulftalks.com to track the journey and see my channel grow. Remember, this is powered entirely through TrustedCreators.org — no outside funding. If I can start from scratch, so can you.Think of this podcast as if you are sitting and chatting with friends. A lot of business tips and advice on how I progressed from my 9-5 office role to a Director of my own company. There will be banter about success and financial freedom the odd motivational speech to also give you a boost. I will share thoughts on various subjects and use this to document my career journey occasionally joined by guests. be sure to reach out if you have any questions. I will only send you emails relating to the topics I talk about in my podcast/showMy Business Working for Yourself podcast is powered by TrustedCreators.org.Clarity

Season 16, Episode 2: How I Chose My YouTube Channel Idea (And How You Can Too)Choosing the right idea for your YouTube channel is one of the most important steps when starting from zero. In this episode, I share how I decided the niche for my new channel, the thought process behind it, and why having clarity from the beginning can save you months of wasted effort.New Channel Update:Current stats:Progress since Episode 1: channel is live and early engagement is coming in.Milestone goal: first 50 subscribers and initial watch time tracking.Episode Summary:How I narrowed down potential ideas and niches.Mistakes beginners make when choosing a niche.The exercise I used to pick my channel idea.Why niche clarity is essential for long-term growth.Follow along on Zulftalks.com to see each step of my YouTube journey. If I can start from zero and build this channel through my own business TrustedCreators.org, so can you.Think of this podcast as if you are sitting and chatting with friends. A lot of business tips and advice on how I progressed from my 9-5 office role to a Director of my own company. There will be banter about success and financial freedom the odd motivational speech to also give you a boost. I will share thoughts on various subjects and use this to document my career journey occasionally joined by guests. be sure to reach out if you have any questions. I will only send you emails relating to the topics I talk about in my podcast/showMy Business Working for Yourself podcast is powered by TrustedCreators.org.Clarity

In Washington, U.S. Senator Elizabeth Warren has officially urged the nation's top banking regulators — the Federal Reserve Board, the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) — to launch public and private investigations into Staley's conduct while he was at J.P. Morgan Chase & Co. and later Barclays PLC. Warren's letter alleges that Staley helped shield Epstein's access to the banking system by intervening when internal red flags about Epstein's transactions were raised and that despite the banks settling for large sums in sister cases, Staley has so far avoided U.S. accountabilityAt the same time, U.S. lawsuits are advancing against Barclays and Staley over alleged investor mis-representation. A judge in Los Angeles denied Staley's request to dismiss a class-action claim that the bank and Staley misled investors about the true nature of his ties to Epstein after his arrest in 2019. The U.K.'s Financial Conduct Authority (FCA) earlier found that Staley misled regulators by approving a letter stating his relationship with Epstein was not “close,” whereas email evidence showed they were in contact well beyond what the letter claimed.to contact  me:bobbycapucci@protonmail.com

In Washington, U.S. Senator Elizabeth Warren has officially urged the nation's top banking regulators — the Federal Reserve Board, the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) — to launch public and private investigations into Staley's conduct while he was at J.P. Morgan Chase & Co. and later Barclays PLC. Warren's letter alleges that Staley helped shield Epstein's access to the banking system by intervening when internal red flags about Epstein's transactions were raised and that despite the banks settling for large sums in sister cases, Staley has so far avoided U.S. accountabilityAt the same time, U.S. lawsuits are advancing against Barclays and Staley over alleged investor mis-representation. A judge in Los Angeles denied Staley's request to dismiss a class-action claim that the bank and Staley misled investors about the true nature of his ties to Epstein after his arrest in 2019. The U.K.'s Financial Conduct Authority (FCA) earlier found that Staley misled regulators by approving a letter stating his relationship with Epstein was not “close,” whereas email evidence showed they were in contact well beyond what the letter claimed.to contact  me:bobbycapucci@protonmail.comBecome a supporter of this podcast: https://www.spreaker.com/podcast/the-epstein-chronicles--5003294/support.

Jes Staley, the former CEO of Barclays, has seen his reputation and career unravel after revelations of a deeper-than-declared relationship with Jeffrey Epstein surfaced. Regulators found that Staley had misled both Barclays' board and the UK's Financial Conduct Authority (FCA) by characterizing his bond with Epstein as merely professional, when a trove of emails and correspondence suggested otherwise. The FCA banned Staley from holding senior roles in the UK financial sector and fined him—punishments he challenged in court but largely failed to overturn.Beyond regulatory action, Staley and Barclays now face class-action lawsuits in the U.S. alleging investor deception: shareholders claim the bank and Staley downplayed Epstein links to protect stock prices. A judge recently rejected efforts to dismiss the case, allowing it to proceed. Meanwhile, Staley has publicly accused the FCA of trying to “destroy” him, insisting he mostly had a professional relationship with Epstein and that he was transparent with regulatorsto contact me:bobbycapucci@protonmail.comBecome a supporter of this podcast: https://www.spreaker.com/podcast/the-epstein-chronicles--5003294/support.

The UK's Financial Conduct Authority (FCA) concluded that former Barclays CEO Jes Staley misled regulators about the depth of his relationship with Jeffrey Epstein. The FCA determined that Staley “recklessly approved” misleading statements in a 2019 letter sent by Barclays, which downplayed his contact with Epstein and suggested their relationship had ended long before his tenure at the bank. In reality, correspondence revealed an ongoing relationship that continued for years after Epstein's first conviction. The FCA ruled that Staley's conduct demonstrated a lack of integrity and transparency expected of senior banking officials and issued a penalty totaling £1.8 million alongside a ban preventing him from holding any senior management or key function roles in the UK financial sector.After a lengthy appeal process, the UK Upper Tribunal upheld the FCA's decision in mid-2025, describing Staley's behavior as a “serious failure of judgment” and noting his lack of contrition throughout proceedings. While the tribunal slightly reduced the fine to £1.1 million, it agreed that Staley's conduct warranted a permanent ban from leadership positions within financial services. The ruling effectively ends Staley's career in banking and cements his downfall from one of the UK's most prominent financial figures to a cautionary tale of hubris, poor judgment, and the enduring fallout from his ties to Epstein.to contact me:bobbycapucci@protonmail.comBecome a supporter of this podcast: https://www.spreaker.com/podcast/the-epstein-chronicles--5003294/support.