From Day 3 of the Merryn Talks Money panel at The Edinburgh Fringe Festival from Adam Smith's Panmure House, our special panel discusses the economics behind net zero and how the UK isn’t on track to reach it by 2050. Panelists include Ed Conway, author of Material World: A Substantial Story of Our Past and Future, MacroStrategy founder James Ferguson and Bloomberg senior reporter John Stepek.

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From Day 2 of the Merryn Talks Money panel at The Edinburgh Fringe Festival from Adam Smith's Panmure House, our special panel discusses the Labour government’s effort to right the budgetary ship and why it may be doing it wrong. Panelists include Interactive Investor Chief Executive Officer Richard Wilson, British comedian Simon Evans and Bloomberg editor John Stepek. 

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Activist investors are on a mission to persuade large British businesses to move from London’s stock market to those of New York. Liad Meidar, founder and managing partner of Gatemore Capital Management, joins this week’s episode of Merryn Talks Money to discuss what’s driving this westward push and the steps London can take to head it off. 

The main incentive for companies to drop London for the Big Apple is the valuation gap. FTSE 100 companies trade at little more than half of the valuation of those on the S&P 500 on a forward price-to-earnings basis. The reason? Meidar says it’s the cost of capital, the UK takeover code and how board members are incentivized. Address those issues, and you’re on your way to solving the problem. 

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Tom Slater, co-manager of the UK’s most popular investment trust, Scottish Mortgage, joins this week's episode of Merryn Talks Money. Shares in the trust are down 40% year-to-date. What went wrong? Maybe nothing, says Slater. If you want to get real growth, you need to be prepared to pay an “unreasonable price” to get it, and then you need to be prepared for a lot of volatility before any fortunes are made. Plus, senior reporter John Stepek is back -- this time to talk about the British property market. 

Sign up for John's daily newsletter Money Distilled: https://www.bloomberg.com/account/newsletters/uk-wealth 

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Holding gold? Better load up since it may jump to $3,000 soon. Work in private equity? Maybe get out now: there could be a new tax regime on the way. As for 2% inflation? Not in this "war economy."

These are among Saxo Bank’s self-described "outrageous" predictions for the year ahead, which the Danish bank says will see policymakers shift fully into defensive mode. Chief Investment Officer Steen Jakobsen joins Merryn Somerset Webb to discuss projections he says are far less outlandish than the moniker suggests. Plus, senior reporter and Money Distilled author John Stepek is back to share his own prediction for 2023 and rant about crypto.  

Sign up to John's daily newsletter Money Distilled: https://www.bloomberg.com/account/newsletters/uk-wealth 

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Merryn Somerset Webb and Bloomberg Wealth senior reporter and author of the daily Money Distilled newsletter John Stepek are reunited to give listeners a taste of what is to come on Merryn Talks Money. They talk investment tools for inflationary times, strategies for managing savings and share their outlooks for the global economy. New episodes start every Friday starting December 9th. From Bloomberg Podcasts.

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On this week’s episode of Merryn Talks Money, Peter Kinsella, global head of FX strategy at Union Bancaire Privee Ubp SA, joins host Merryn Somerset Webb to explain the bullish case he and his team are making for the UK. Earlier this year, UBP opened an initial allocation towards Britain, a first for the Swiss private bank. 

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Regular listeners of the Merryn Talks Money podcast know that Merryn Somerset Webb usually ends her interviews with one question. If you had to invest all of your money into one of these assets, and hold it for the next 10 years, which would it be: Bitcoin or gold? In this week’s episode, she makes that question the foundation for a conversation with Charlie Morris, chief investment officer and founder of ByteTree, and Alexander Chartres, a fund manager at Ruffer. 

The episode was taped in front of audience at the Bloomberg offices in London. 

Want to see Merryn live? Check out her shows in Edinburgh at Fringe Festival this August! 

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On this week’s Merryn Talks Money, host Merryn Somerset Webb speaks with Daniel Avigad, partner and fund manager at Lansdowne Partners, a global investment management boutique entirely focused on active equities investing. He explains why Europe, though debt heavy and over-regulated, may actually be a place to put your money.

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If aging doesn’t happen all at once, why should retirement? That’s the question Merryn Somerset Webb explores with economist and author Andrew J Scott in this week’s episode of Merryn Talks Money. They discuss the opportunities and challenges of living longer in the 21st century, and the complications it may inflict on your financial planning. 

Plus, senior reporter John Stepek joins to talk the quadruple lock and the pensions bidding war. 

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A general election in the UK has been called for July 4. What does that mean for your money—and is there anything you can (or should) do in advance of a possible tide of new policy?

Those are the questions host Merryn Somerset Webb and senior reporter John Stepek explore with guests Helen Thomas, chief executive of macroeconomic consultancy BlondeMoney, and Tom McPhail, director of public affairs at The Lang Cat. 

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Tellworth’s John Warren tells Merryn Talks Money investors aren’t interested in a manager’s record versus an index—they just want to make money.

And it has happened again. Another new high for the FTSE 100. Merryn would love to talk about something else, but John Stepek can't. 

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On this week’s episode of Merryn Talks Money, London Business School professor and author Alex Edmans joins to discuss his new book, May Contain Lies. Edmans explains why he believes that stories, statistics and studies exploit pre-existing biases.

Plus, John Stepek joins to discuss yet another boring Bank of England rate decision. 

Emails to merrynmoney@bloomberg.net

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Downing Fund Managers’ Simon Evan-Cook joins this week to talk about the case for active versus passive investing.

Cook says Jack Bogle, founder of The Vanguard Group and arguably the father of passive investing, did “more for individual wealth than anyone in history.” He deserved a knighthood for creating a low risk, reliable and comprehensive way of investing, Cook says. Nevertheless, the fund manager explains why he’s an investor in active funds, and discusses how to find the rare manager who might make you real money over the long term. 

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Get ready for a UK election this summer, says Helen Thomas, an ex-adviser to former Conservative finance minister George Osborne and CEO of BlondeMoney. On this week’s Merryn Talks Money, she joins Merryn Somerset Webb to explain her core scenario for the British government: Rishi Sunak will resign and hand over to Penny Mordaunt, the House of Commons leader. She will call a July 4th election — and Labour leader Keir Starmer will be prime minister by the middle of July.

Plus, John Stepek joins to discuss a new high in the FTSE 100 and Opinion Columnist Adrian Wooldridge joins the post-interview discussion to share his views on Helen's predictions. 

Love/Hate mail to the usual address: merrynmoney@bloomberg.net

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Ruffer Fund Manager Duncan MacInnes, Dominic Frisby, British author and comedian, and Adam Dixon, Adam Smith Chair in Sustainable Capitalism join Merryn for the first day of her run at Adam Smith's Panmure House for the Edinburgh Fringe Festival. 

They tackle questions like are political leaders dulling innovation with regulation? Is too much protectionism bad for capitalism? And how should investors position themselves at a time when politicians are too focused on dividing the pie, rather than growing it? 

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Peel Hunt head of research Charles Hall tells Merryn that pension funds, wealth managers and individuals are pulling money out at an alarming rate. Plus, John Stepek talks inflation targets. 

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Many people contend that getting to net-zero emissions means smashing capitalism. While its destruction seems unlikely, another path would be to work within the capitalist system. Bloomberg senior reporter Akshat Rathi discusses the second path with Merryn Somerset Webb on this week’s episode of Merryn Talks Money. Together, they break down how business and government can work together in the fight against global warming.

Email us at merrymoney@bloomberg.net

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Merryn Talks Money will return with an all-new episode next Friday. In the meantime, here's an election-related episode from our friends at In the City. Host Francine Lacqua and Opinion columnist Adrian Wooldridge speak with Anthony Scaramucci, a Wall Street veteran and former communications director in Donald Trump’s White House. He joins to explain why he thinks a second Trump presidency would be “dangerous.” He also talks about why he isn’t voting for his former boss and why he doesn’t think the majority of Americans will either.

Find more at https://www.bloomberg.com/podcasts/series/in-the-city

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The Big Take from Bloomberg News brings you inside what’s shaping the world's economies with the smartest and most informed business reporters around the world. The context you need on the stories that can move markets. Every afternoon.

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Is capitalism dead? It’s getting there, says economist and author Bernard Connolly, but it isn’t dying a natural death. Instead, he contends it’s being killed off by the very people charged with keeping it safe and stable: central bankers. The author of The Rotten Heart of Europe joins this week’s Merryn Talks Money to explain.

Got questions or suggestions? Email us at merrynmoney@bloomberg.net

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Julian Brigden of Macro Intelligence 2 Partners explains why you should get used to higher-for-longer when it comes to the Federal Reserve and interest rates. He tells us why the better the story, the bigger the bubble, why you should be nervous about Japan's big rally, and why Bitcoin is a brilliant trade, but a lousy store of wealth. 

Plus, John Stepek joins to talk gold and the price of a pint in central London. 

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Investment trusts occupy an interesting niche in the UK market. They are listed companies whose business is to own shares in other companies, or to own other assets. On this week’s episode of Merryn Talks Money, one of Britain’s top experts on the matter—Nick Greenwood, who co-manages the MIGO opportunities trust at Asset Value Investors—joins us to explain why they are a good buy right now. 

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The Deal, hosted by Alex Rodriguez and Jason Kelly, features intimate conversations with business titans, sports champions and game-changing entrepreneurs who reveal their investment philosophies, pivotal career moves and the ones that got away. From Bloomberg Podcasts and Bloomberg Originals, The Deal is available on Apple Podcasts, Spotify, iHeart, Bloomberg Carplay, or wherever you get your podcasts. You can also watch The Deal on Bloomberg Television, and Bloomberg Originals on YouTube.

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Investment and macroeconomic analyst Lyn Alden joins to explore the history and future of money. Discussing her book Broken Money: Why Our Financial System is Failing Us and How We Can Make it Better, Alden argues that our present monetary system has fallen behind technological developments. 

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If you’re lucky enough to get a bonus this season (sorry, Barclays bankers), it’s time to give some thought on how to successfully save or spend that money. Reporter Claire Ballentine joins to share the advice she sought out from several financial advisors. 

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Reality TV stars are freezing their eggs on camera. Lawmakers in DC are debating federal protection for IVF. Hundreds of millions of dollars are being invested in slick startups that market fertility treatments for all. But this rapid growth has revealed cracks in the system. Misconception, a new series from Bloomberg’s Prognosis, follows reporter Kristen V. Brown on her own intimate journey as she uncovers the business of fertility. Along the way, she finds a fractured industry — a profit-driven field of medicine that thrives on dueling messages of hope and fear as people gamble everything for a chance at a baby.

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Jim Reid, Deutsche Bank’s global head of economics and thematic research, joins to explain why he thinks a US downturn may still be on the way. He also thinks the US stock market is nearly the most concentrated it’s ever been, and that's not good. The top five stocks in the market make up almost a quarter of the market cap of the S&P 500, and combined with the next two, the “Magnificent 7” stocks are bigger than the Chinese market and four times the size of the UK market. 

Plus, Bloomberg Opinion columnist John Authers joins to debrief on Jim's comments and tell us why he thinks Japan has reached a point of no return. 

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Kathryn Porter, an energy consultant at Watt-Logic, contends the increase in mining needed to obtain critical minerals necessary for the energy transition “starts to actually look morally questionable” once the harms are factored in. 

She joins this week’s episode to discuss the matter and what she sees as a better approach to the green transition.  

Plus, Bloomberg energy reporter Rachel Morison joins to explain what the UK's current energy picture looks like, and what it could like in the future. 

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Automobiles are often the second-most expensive item people buy, and yet many go into the process unprepared. Ashley Winston, creator of Palmdale Car Finders joins this week’s bonus episode of Merryn Talks Money to offer advice on how to buy a used car successfully.

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There could be a “gold rush” in space, says Tim Marshall, author of The Future of Geography and a former diplomatic and foreign affairs editor at Sky News. Just as miners in the 19th century ventured into the lawless frontiers of North America, the presence of rare materials on the moon and elsewhere might fuel a race to harness the opportunities of outer space. “This might be one of the most profitable things in the 21st century.”

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The former Chancellor of the Exchequer explains that the Tory prime minister has been “liberated” to tackle the UK’s tax burden. But will he in the next budget? Kwarteng joins this week's episode to talk taxes, the "mini-budget" and what he thinks the Tory party should do before the next election. 

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Making parallels between the Spanish flu pandemic and Covid-19, the Wall Street veteran says a growth boom could be coming. He also discusses what he considers the arbitrary nature of central banks’ 2% inflation target, and why he sees Bitcoin as digital gold. 

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Just like gold, Bitcoin is `only worth what people will pay for it,’ says Oaktree Capital Management co-founder Howard Marks. He discusses crypto, explains why he believes the investment environment has undergone a “sea change,” and that we won’t be returning to the world of 0% interest rates in the foreseeable future. So instead of Bitcoin or gold, investors should be in a high-yield bond fund.

Find all of Howard's memos here: 
https://www.oaktreecapital.com/insights/memos

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As you await this week's Merryn Talks Money conversation with OakTree's Howard Mark , check out another podcast from our team here at Bloomberg: Daybreak Europe Edition. Every episode delivers the day's top stories, with context, in just 15 minutes. Available every morning by 7am GMT in your feed.  

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All too many commentators on the UK economy are “default decliners,” according to Simon French, chief economist and head of research at UK investment bank Panmure Gordon: there’s nothing they can’t put a lousy spin on.

French and Janus Henderson portfolio manager Laura Foll join this week’s Merryn Talks Money to share their UK economic outlook for 2024. The data on the British economy isn’t looking bad at all, French says—certainly not as bad as the numbers coming out of Germany.

They also discuss their expectations for house prices and what sectors look promising right now. 

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Saxo Bank has published the latest in its annual series of “outrageous predictions,” and among the bigger calls is that American capitalism is ending. As US debt spirals ever upwards, the federal government will have to make government bonds tax-free, according to Chief Investment Officer Steen Jakobsen, who joins this week’s Merryn Talks Money to discuss the list. “The hand of government is just getting heavier and heavier,” he says.

Other predictions include a global Champions League owned by Saudi Arabia, a health crisis triggered by obesity drugs and a two percent European Union wealth tax.

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Merryn and John are still OOO, enjoying their summer break, so on today's episode, we bring you a conversation between Stephanie Flanders and author and journalist Anne Applebaum about her latest book Autocracy, Inc: The Dictators Who Want to Run The World. 

She says a network of dictators from China to Venezuela could be the beneficiaries of a welcoming White House should Donald Trump win the US election come November and warns that the self-proclaimed dealmaker and convicted felon’s foreign policy may be more personal and even less predictable in a second term. 

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Professor and filmmaker Peter Byck says lessons from ancient bison herds can make cattle farming less of a climate disaster and more profitable. Merryn speaks to him about his latest 4-part documentary series "Roots So Deep (you can see the devil down there)" and the future of farming. 

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As the US and China vie for supremacy, Pippa Malmgren, economist, author and former adviser to US President George W. Bush, says the threat of conflict is growing. But there may be a silver lining.

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Bloomberg News Now is a comprehensive audio report on today's top stories. Listen for the latest news, whenever you want it, covering global business stories around the world.     

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Senior Reporter John Stepek joins Merryn to discuss her conversation with Kokou Agbo-Bloua, the Societe Generale global head of economics, cross-asset and quant research.

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Recessions aren’t like they used to be, says Kokou Agbo-Bloua,

The Societe Generale global head of economics, cross-asset and quant research contends fixed rate-debt and hefty cash piles have help companies develop short-term immunity to rising interest rates. So has the “kinetic velocity” of the vast fiscal stimulus of the last few years, he says. 

Agbo-Bloua argues on this week’s Merryn Talks Money that while all of that’s nice for now, it can’t last.

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Merryn and senior reporter John Stepek discuss the conversation with financial historian Edward Chancellor. 

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Financial historian Edward Chancellor tells Merryn how low rates resulted in capital being misallocated, and why that’s bad news for any soft landings. Plus, John Stepek tells investors how to get exposure to cheap UK equities. 

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Merryn and senior reporter John Stepek discuss the conversation with Argonaut’s Barry Norris. 

Links of research/stories referenced in the show and aftershow: 
https://www.argonautcapital.co.uk/stockumentaries/2023/10/26/britains-a-goner-with-the-wind/

https://www.these-islands.co.uk/publications/i390/an_inconvenient_fact.aspx

https://www.gov.uk/government/news/boost-for-offshore-wind-as-government-raises-maximum-prices-in-renewable-energy-auction

 https://www.bloomberg.com/news/articles/2023-11-14/siemens-energy-secures-15-billion-deal-to-shore-up-finances

https://www.bloomberg.com/news/articles/2023-10-27/faulty-wind-turbines-become-germany-s-16-billion-problem 

Link to Money Distilled newsletter: 
https://www.bloomberg.com/account/newsletters/uk-wealth

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Argonaut’s Barry Norris, whose fund has been making money by shorting renewable energy firms, joins Merryn Talks Money to explain.

Links of research/stories referenced in the show and aftershow: 
https://www.argonautcapital.co.uk/stockumentaries/2023/10/26/britains-a-goner-with-the-wind/

https://www.these-islands.co.uk/publications/i390/an_inconvenient_fact.aspx

https://www.gov.uk/government/news/boost-for-offshore-wind-as-government-raises-maximum-prices-in-renewable-energy-auction

 https://www.bloomberg.com/news/articles/2023-11-14/siemens-energy-secures-15-billion-deal-to-shore-up-finances

https://www.bloomberg.com/news/articles/2023-10-27/faulty-wind-turbines-become-germany-s-16-billion-problem 

Link to Money Distilled newsletter: 
https://www.bloomberg.com/account/newsletters/uk-wealth

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Merryn Somerset Webb and senior reporter John Stepek reflect on Asante’s assessment of the current EM landscape, debate his argument for choosing India over China as a place to invest and how he chooses what companies to put his money behind. 

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As a special treat whilst Merryn and John are away, we're bringing you the latest episode of Money Stuff: The Podcast.

Matt and Katie discuss Pershing Square USA's IPO, Citron Research's short-and-distort charges, bond market liquidity, and Katie's trip to Paris to watch running.

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Emerging markets have had a bad stretch, but fund manager Jonathan Asante explains how picky investors can make them work. After taking a break from the industry in 2019, Asante is getting back in with the launch of the Chikara Global Emerging Markets Opportunities Fund.

Plus, John Stepek joins to talk about the leasehold reform mentioned in this week's King's Speech. 

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