Back to 1969? We've got high valuations, unusual concentration, big IPOs coming, not much breadth and inflation. Or is it different this time because earnings are just so amazing? Spoiler: they were pretty good in 1968 too... www.bloomberg.com/news/newslet...

We need more shareholder perks. Make physical AGMS with full lunch and wine compulsory. More discounts and gifts. Maybe even annual freebie lotteries. Make equity ownership feel real (and fun.. ). open.spotify.com/episode/3QWf...

Value investing. Back or not back? Best long term strategy or not? Look at the performance of Temple Bar and you will see it is most definitely back for Ian Lance (Temple Bar). Standout performance - and really interesting chat on the portfolio. open.spotify.com/episode/0rkA...

Using AI makes you stupid. We know that. But what if it makes companies stupid too? Stop hiring at entry level and you lose your foundational knowledge base. Sugar high from cost cutting but also... long term disaster. Long term investors: take note. www.bloomberg.com/news/newslet...

The UK has the same unpleasant economic problems as everywhere else (just a bit worse). It also has a slew of its own home grown ones (shockingly awful policy choice related). And then there is the housing market... www.bloomberg.com/news/newslet...

Everything is equity risk these days. Private equity, private credit..even gilts. The financial industry will promise you escape.. via diversification. Don't fall for it... www.bloomberg.com/news/newslet...

The AI podcast you have been waiting for. I trailed it last week. 1.6m X impressions. So here it is. Why LLMs might be a false start and data centre capex the biggest misallocation of capital EVER. Free to listen. www.youtube.com/watch?v=GZUD...

Everything is equity risk these days. Private equity, private credit..even gilts. The financial industry will promise you escape.. via diversification. Don't fall for it... www.bloomberg.com/news/newslet...

What if the whole LLM thing is a false start? If the flaws are inherent systemic problems - if the compounding of hallucinations/errors can't be sorted out? If the capex build out is one of the biggest misallocations of capital ever? Then what? www.bloomberg.com/news/newslet...

Would you pay for/rely on a calculator that was accurate 97% of the time? No? So why would you pay for/rely on publicly available LLMs? Maybe the whole AI/data centre thing is a false start... www.bloomberg.com/news/newslet...

Current iterations of AI need 2 things from us, compute and data. We can mostly give it the first (at a price) but not the second (there isn;t enough). Worse it can't give us what we need from it - accuracy. www.bloomberg.com/news/newslet...

What if the whole LLM thing is a false start? If the flaws are inherent systemic problems - if the compounding of hallucinations/errors can't be sorted out? If the capex build out is one of the biggest misallocations of capital ever? Then what? www.bloomberg.com/news/newslet...

What's up with gold? How much commodity exposure does a portfolio really need? Is it too later to buy energy.. and what about silver? open.spotify.com/episode/5jMY...

Will AI make you happy? It's possible. But right now it looks like it means mass unemployment - which in turns means a hideous expansion of welfare and hence the size of the redistributing state. That will make no one happy. So what's the point? www.bloomberg.com/news/newslet...

Crises do not emerge from abundance. They come from scarcity. And that is what we have - across our new world. The UK has created a scarcity of energy, land, workers, capital and defence. Hence our not very well managed decline - and coming crisis. www.bloomberg.com/news/newslet...

The word is moving at speed. From a period of cheap capital driven perceived abundance. To one of genuine scarcity. Best get used to it... and invest accordingly www.bloomberg.com/news/newslet...

Why there isn't enough of anything anymore (particularly energy..). Why not to bother with private credit. Why your kids need to learn to shear sheep and the comical inconsistency of AI. www.bloomberg.com/news/newslet...

All a bit confusing isn't it? Come and help us make sense of it all with a live pod recording. 17/3 5pm Markets/oil prices/inflation/interest rates/gold. Special guest Sebastian Lyon of Personal Assets fame. Plus you'll get a drink... www.bloombergevents.com/event/Merryn...

All a bit confusing isn't it? Come and help us make sense of it all with a live pod recording. 17/3 5pm Markets/oil prices/inflation/interest rates/gold. Special guest Sebastian Lyon of Personal Assets fame. Plus you'll get a drink... www.bloombergevents.com/event/Merryn...

The change: you will pay a lot less for hope.. and an awful lot more to avoid despair.

Why there isn't enough of anything anymore (particularly energy..). Why not to bother with private credit. Why your kids need to learn to shear sheep and the comical inconsistency of AI. www.bloomberg.com/news/newslet...

The word is moving at speed. From a period of cheap capital driven perceived abundance. To one of genuine scarcity. Best get used to it... and invest accordingly www.bloomberg.com/news/newslet...

Crises do not emerge from abundance. They come from scarcity. And that is what we have - across our new world. The UK has created a scarcity of energy, land, workers, capital and defence. Hence our not very well managed decline - and coming crisis. www.bloomberg.com/news/newslet...

The bad news at Unite, the fast building student loan row, the shift from AI phoria to AI phobia. These seemingly unconnected bits and bobs.. they are all about the same thing: a change in the price we are prepared to pay for hope. www.bloomberg.com/news/newslet...

The great rotation out of the US into pretty much anywhere else continues. You'll have some EM, Japan, EU etc. Maybe you are brave enough to have some UK small caps. But have you any of the ETFs that give you exposure to Africa? Thought not. www.bloomberg.com/news/newslet...

Super majority for Takaichi. Nikkei up 4%. As I said, Japan ight not be most economists idea of normal.. but it is very investable.

We are losing our chemicals factories very fast (in large part due to the high price of energy). This matters HUGEly to food, medical and industrial security - but also to our ability to defend ourselves. No chemical industry. No explosives. New pod with @edconway www.youtube.com/watch?v=HX12...

Know how depopulation will destroy economies? Japan's young don't see it. They are earning and spending more than ever - and more than the 50+ lot. They are optimistic - and sure that AI/robots will sort worker shortages. Maybe falling populations are OK. www.bloomberg.com/news/newslet...

There's much talk of the normalising of Japan - inflation maybe heading for stability in the 2% range and rates heading to global levels. But how can any of this be normal? Japan's population has been falling for over a decade and that changes everything. www.bloomberg.com/news/newslet...

Hair and make up alert. Videoed interview with Jeremy Grantham. The AI bubble, why the small cap premium is nonsense, how he made his many millions, the important thing he did not put in the book (but told me..) and why your kids should be farmers www.youtube.com/watch?v=L-hL...

Buying private is all the rage. But how easy is it.. what if you wanted to hold an actual share in, say, OpenAI, all of your own. Could you get one? I gave it a go.. www.bloomberg.com/news/article...

Mini documentary from Bloomberg Originals. Where have all the IPOs gone, will they come back... and what if they don't? www.bloomberg.com/news/article...

You want to see IPOs in the UK.. and the return of the retail investor to the UK market? Stop making it complicated.. and just make the market go up (via pension and ISA nationalism). Money attracts money.. www.bloomberg.com/news/newslet...

Listen to Senior Scholar James K. Galbraith on the @bloomberg.com podcast Merryn Talks Money to discuss his new book Entropy Economics. @merrynsw.bsky.social www.levyinstitute.org/news_items/s...

Hay Castle's Weekend of Mistakes📈21-23 March A thought-provoking deep dive into financial booms, busts, bubbles, scandals and lessons for today with Felix Martin, @davidmcwecon.bsky.social, @merrynsw.bsky.social, Daniela Barone Soares, @izakaminska.bsky.social & many more. Tickets bit.ly/41MTTp6

Hay Castle's Weekend of Mistakes📈21-23 March A thought-provoking deep dive into financial booms, busts, bubbles, scandals and lessons for today with Felix Martin, @davidmcwecon.bsky.social, @merrynsw.bsky.social, Daniela Barone Soares, @izakaminska.bsky.social & many more. Tickets bit.ly/41MTTp6

file:///var/mobile/tmp/com.apple.email.maild/EMContentRepresentation/com.apple.mobilemail/005B314B-4131-4B04-BAF4-8A80E6DBAE49/WoM2%20Single%20Ticket%20Asset%207.jpg

We went to Dubai. We did our Adam Smith show (usually only on at the Ed Fest) to a brilliant live audience with super good guests. And here, for you, is the result! Trump, tariffs, too much tax and time to sell tech. Plus useful tips on how to be an influencer. open.spotify.com/episode/4fkB...

A total of 88 companies have delisted or transferred their primary listing from London’s main market this year with only 18 taking their place, according to the London Stock Exchange Group. on.ft.com/4giUWBY

Germany and Finland ‘deeply concerned’ about severed undersea cable https://www.ft.com/content/a160dccd-a946-4238-aba5-e6649a587296