Algy's Investment Podcast

What happens when a business loses its way and nobody wants to tell the truth? M&S Chairman Archie Norman reveals the hard decisions behind the company’s transformation, why changing a business means changing its people, and why he believes its biggest opportunities still lie ahead.

Archie Norman has been Chairman of Marks & Spencer since 2017. He previously served as Chief Executive and Chairman of Asda and Chairman of ITV, helping lead the transformation of some of Britain’s best-known businesses.

In this episode, he explains:
◼ Why M&S risked having no future unless it confronted the truth about its problems
◼ How rehearsed presentations and fear of failure stop leaders hearing what’s really happening
◼ Why he hires people on the rise rather than simply looking for experience
◼ Why turning around a company means changing its people, not just its strategy
◼ How M&S plans to grow its food business and why fewer fashion stores could mean a stronger business
◼ Why he expects M&S to employ more people despite AI, and what investors need to see to believe in its recovery

(00:00) Intro (01:41) What Did M&S Look Like in 2017? (05:34) Why Did Archie Refuse a Chairman’s Office? (07:53) Which Decision Had the Biggest Impact on the Turnaround? (08:22) How He Hired 35 Future CEOs (10:51) Who Comes First: Customers, Employees or Shareholders? (12:34) Why was Stuart Machin the Right Leader for M&S? (14:11) What's the Difference Between a Non-Exec and a Shopping Trolley? (18:52) Why Does Nobody Tell the Truth in a Failing Business? (21:57) How Long Does It Take to Change a Company’s Culture? (23:35) Why You Need to be "Positively Dissatisfied" (24:56) What Does “Reshaping for Growth” Really Mean? (27:36) What Will M&S Look Like in Five Years? (31:38) Why is M&S Food Winning Market Share? (33:40) Can Online Food Delivery Make a Real Profit? (35:11) How Did M&S Start Fixing its Fashion Business? (37:41) Why is Supply Chain Technology so Important? (38:57) Could M&S Become a Global Fashion Business? (41:17) Why Is M&S Closing Some Stores and Opening Others? (43:45) What Does Archie Look for When He Visits a Store? (46:33) Will AI Mean Fewer Jobs at M&S? (49:44) How Do You Get Employees to Think Like Owners? (51:20) What Investors Still Get Wrong About M&S (54:11) What Could M&S Become Over the Next Decade? (56:06) Disclaimer

Is Britain’s military weaker than we’re being told, and doesRussia know it? Former Cabinet Minister Michael Gove explains why Britain’s defences, public finances and ability to attract wealth face difficult questions, and what needs to change.
 
Michael Gove is a former Cabinet Minister who served asEducation Secretary, Justice Secretary, Environment Secretary and Levelling Up Secretary. Now editor of The Spectator, he brings an insider’s perspective on government decision-making, the Brexit campaign and the leadership of DavidCameron and Boris Johnson.
 
In this episode, he explains:
■ The Defence Illusion: Why the strength of Britain’s armed forces on paperoverstates what they can actually deploy, and why Russia understands the gap.
■ The Wealth Exodus: Why he believes taxation is driving away billionaires,entrepreneurs and talented young people, with consequences beyond lost taxrevenue.
■ The Pension Dilemma: Why he calls the triple lock mathematically unsustainable, yetbelieves changing it remains politically dangerous.
■ The Crisis Before Change: Why he fears Britain may need a Greece-style economiccrisis before taking the decisions required to restore competitiveness.
■ The Route to Recovery: How a broader energy strategy, defence procurement reformand closer cooperation with investors could help rebuild Britain’s strength.
■ The Leadership Question: Whether Nigel Farage’s Reform UK is ready to govern, why he still questions withdrawing his support from Boris Johnson, and whether Britain has made the most of Brexit.
(00:00) Intro (01:52) Can Andy Burnham Rise To The Occasion? (03:22) Can Labour Make the Difficult Spending Decision? (05:02) Could a War Loan Solve Britain's Defence FundingProblem? (06:08) Can the Pension Triple Lock Last Forever? (07:23) Where Does Your State Pension Actually Come From? (08:17) Why Britain's Wealthiest People Are Leaving (10:11) Will It Take a Crisis to Change Britain? (12:07) Restore vs Reform: Could Either Actually Govern? (14:35) Is Kemi Badenoch Being Underestimated? (16:00) Can Ministers Really Change the Country? (17:44) How He Would Fix Britain's Energy Crisis? (19:58) Why Expensive Energy Is Holding Britain Back (21:14) Who Was Britain's Last Outstanding Prime Minister? (22:58) Why Gove Turned Against Boris Johnson (25:43) Did Brexit Fail, or Did Britain Fail Brexit? (29:07) Can Britain Defend Itself Properly? (31:39) Why Our Armed Forces Are Weaker Than They Look (33:53) The Troubles Bill: Are Our Veterans Being Let Down? (37:19) When Should Military Conduct Be Investigated? (38:58) What a Simulated Russian Attack Revealed (42:42) Who's Really Behind The Cyber Attacks On Britain? (45:05) What If Trump Hadn't Survived The Assassination Attempt? (47:58) Why Did The CIA Director Really Fly To Moscow? (48:53) Is Mark Carney Making The Brexit Argument? (49:55) How Can The Spectator Reach a Younger Audience? (52:52) Gove's New Book: A "How Not To" Guide To Government (54:02) The Most Rewarding Period Of His Career (55:02) What Can Investors Do To Help Fix Britain? (58:16) His Favourite 'Quite Right' Conversation With Madeline Grant

Follow Michael Gove:
X - https://x.com/michaelgove?s=11
YouTube - https://youtube.com/@spectatortv?si=-mCcYIAKhjUTY-kn
The Spectator Website - https://spectator.com/
Quite Right podcast - https://youtube.com/@quiterightspec?si=-E_Kx387cNKE9n-_
Watch ‘The Wargame’ on Sky - https://www.sky.com/watch/the-wargame

Algy’s Investment Podcast:
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Get my Reading List: https://stan.store/algysinvestmentpodcast
 
Get in touch in the comments below or...
Email: archie@algysinvestmentpodcast.com

Could Britain be only a decade away from losing control of its debt? An expert on macroeconomics and geopolitics, Alastair Irvine warns that the UK’s finances are “bad and getting worse” and explains why he believes World War III has effectively already begun.

Alastair Irvine is Investment Director of the Jupiter Merlin Portfolios, where he has spent the past decade analysing the global economic, political and geopolitical developments affecting financial markets.

In this conversation, he explains:
■ Why the UK’s debt trajectory could become uncontrollable between 2036 and 2046
■ How UK government debt could reach 300% of GDP by 2076 if its current trajectory continues
■ The four most dangerous things a prime minister could do to the British economy
■ Why Britain may need a £100 billion national defence loan
■ Why he believes World War III has effectively already started
■ How consumer prices have risen by approximately 30% since the beginning of 2021
■ Why Japan’s economic reforms have created a major opportunity for global investors

(00:00:00) Intro (00:02:31) How Bad Are the UK’s Finances? (00:05:47) When Could Britain Lose Control of Its Debt?(00:07:38) Can Andy Burnham’s New Cabinet Turn Britain Around? (00:08:28) Which Cabinet Appointment Offers the Most Hope? (00:10:53) Is Britain Heading for a “Red October”? (00:12:26) How Can Britain Raise Living Standards? (00:15:44) The Four Most Dangerous Threats to the British Economy (00:16:25) Should Britain Reopen the North Sea Oil and Gas Fields? (00:18:42) How Norway Built a $2 Trillion Sovereign Wealth Fund (00:21:08) Why Is Kemi Badenoch More Popular Than Her Party? (00:22:56) Should Britain Give Its New Prime Minister a Chance? (00:26:18) How Can Britain Afford to Rebuild Its Armed Forces? (00:33:54) Could a £100 Billion Defence Loan Protect Britain? (00:37:55) Has World War III Already Begun? (00:40:56) What Happens When Putin’s Popularity Falls?(00:43:47) How Extreme Is Iran’s Revolutionary Guard?(00:47:41) How Trump’s Iran Strategy Backfired? (00:50:24) Could Saudi Arabia Become a Nuclear Power?(00:54:32) Where Is Inflation Heading Over the Next 30 Years?(00:58:06) Why Official Inflation Doesn’t Match the Cost of Living (01:00:05) What Can the Price of Skittles Tell Us About Inflation?(01:01:05) Why Is the US Economy Growing Faster Than the UK? (01:03:37) Why Are Japan’s Economy and Stock Market Thriving? (01:08:34) Why Warren Buffett Is Investing in Japan (01:07:45) Disclaimer

For more of Alastair’s analysis on global markets, economics and geopolitics, follow him on Substack.

Follow Alastair:
Substack - https://substack.com/@alastairchirvine

Is value investing making a comeback? Jack Barrat shares his perspective on why today’s market environment may present compelling opportunities, how AI is transforming fund management, and why some of the most interesting investments are often overlooked.

Jack Barrat is a portfolio manager at Man Group, with over a decade of experience applying a disciplined value investing approach across a range of market conditions, including periods of significant volatility, inflationary pressure and structural change.

He explains:
▪️ Why UK stocks remain one of the world's cheapest markets
▪️ How to distinguish between a value trap and a genuine opportunity
▪️ Why AI could present a significant productivity shift in fund management
▪️ The sectors he finds most interesting from a valuation perspective today
▪️ How his team approaches high-conviction buy and sell decisions

(00:00) Intro
(00:47) From a Starbucks to Man GLG
(01:44) The Advantage of Man Group
(02:33) Building a High-Performing Investment Team
(04:37) The Toughest Year of Jack's Career
(05:06) Why He Runs Long & Short
(05:52) What Really Drives a Fund Manager
(07:18) Jack's Investment Philosophy
(09:14) Value Trap or Opportunity?
(12:09) How AI is Changing Fund Management
(17:43) "Please Don't be Afraid of AI"
(20:34) Is the UK Market Cheap?
(23:25) How the Team Makes the Call
(25:26) Jack's Definition of Risk
(27:02) The Biggest Risk to the Strategy
(31:09) Why Good |Management Takes Years to Matter
(33:32) The "Bathtub of Knowledge"
(37:31) What Keeps Him Awake at Night
(38:29) Three Books That Shaped How he Invests
(40:27) Inside a 5am Start
(43:07) The Team Behind the Fund
(45:21) Disclaimer

Recorded On: 27/04/26

Every investor is being told the same story: the money is in AI, US technology and the trade that has worked for the last fifteen years. Hugh Yarrow believes the biggest opportunity is somewhere very different. He explains why some of Britain's highest-quality businesses are trading at their cheapest valuations since the Global Financial Crisis, why compounding beats chasing trends, and why the best way to build wealth is to get rich slowly.

Hugh Yarrow is the co-founder of Evenlode Investment and lead Portfolio Manager of the Evenlode Income fund. He has run the same investment strategy since launching the fund in October 2009, investing in high-quality British market leaders with durable competitive advantages and holding them for the long term.

He explains:
▪️ Why he calls it a "get rich slowly" strategy
▪️ Why quality UK companies are trading at their cheapest valuations since 2009
▪️ Why most of his portfolio could double over the next five years
▪️ Why the companies labelled "AI losers" could actually be AI underdogs
▪️ Why he won't own banks, oil producers or mining companies
▪️ How he identifies businesses that can compound for decades

(00:00:00) Intro
(00:02:34) The "Get Rich Slowly" Investment Strategy
(00:05:43) How Hugh Builds a Winning Portfolio (00:09:19) Why Quality Investing Is Back in Favour (00:13:46) The DNA of a Great Business
(00:17:37) How to Build a Low-Risk, High-Return Portfolio
(00:20:25) The Power of Compounding Explained (00:21:41) How Many Stocks Do You Actually Need? (00:24:05) The Sectors He Won’t Invest In
(00:25:44) How Big Can The Strategy Get Before It Breaks?
(00:26:32) Margin Of Safety, And What Happens When He Gets One Wrong
(00:30:06) How To Avoid Groupthink And Over-Processing
(00:33:41) What The Portfolio Is Trading On Today
(00:34:08) Why Free Cash Flow Tells You More Than Profit
(00:37:57) Dividends, Payout Ratios And The UK Buyback Boom
(00:41:06) Are Companies Buying Back Shares At The Right Price?
(00:42:52) Would Warren Buffett Invest in This Fund?
(00:44:24) What Higher Interest Rates Did To Quality Companies
(00:47:52) Could Most of These Companies Double?
(00:49:55) Why Foreign Investors Are Buying UK Companies
(00:51:33) Are Value Investors Finally Coming Back? (00:52:32) The AI "Underdogs" Everyone Is Ignoring
(00:56:19) Is The AI Trade Sucking Liquidity Out Of Markets?
(00:58:45) Why The Business Model Matters More Than The CEO
(00:59:58) Halma: The Hidden Champion Of The UK Market
(01:02:36) Howden Joinery: Built For The White Van Man
(01:05:05) RELX And The Power Of Ploughing Money Back In
(01:06:27) How Much of the Portfolio Depends on the Economy?
(01:11:04) What's On The Watch List
(01:12:47) What Success Looks Like In Ten Years
(01:13:54) The Person Who Shaped Hugh's Investing Career
(01:15:24) The Three Things He Wants Investors To Remember
(01:16:28) Disclaimer

Connect with Hugh Yarrow: LinkedIn - https://www.linkedin.com/in/hugh-yarrow-13189482/

Learn more about the Evenlode Income Fund: Website - https://evenlodeinvestment.com/our-strategies/ifsl-evenlode-income-fund/

Recorded on: 08/06/2026