Many Happy Returns

Economists have spent half a century building elegant models of how markets work, and the markets have spent half a century ignoring them. We investigate the great unsolved mysteries of investing.
And in the Dumb Question of the Week: If nobody can explain why stocks beat bonds, why are we confident they’ll keep doing it?
---
Thank you to Raisin UK for sponsoring this episode.
Receive a £100 welcome bonus when you register for a Raisin UK account using the code JULY100, open a fixed-rate bond with a term of 1 year or longer and deposit a minimum of £25,000 by 31 July 2026.
https://raisin-uk.pxf.io/c/4012142/3930337/12683?sharedid=uk-cmp-bonus-pensioncraft-podcasts-0726
New customers only, terms apply.
---
Get in touch
📧 mhr@pensioncraft.com
🎧 many-happy-returns.captivate.fm
---
Join PensionCraft
🌐 Become a member at pensioncraft.com
▶️ Subscribe on YouTube
---
Disclaimer
This podcast is for informational and entertainment purposes and is not financial advice. We do not provide recommendations or endorse any decision to buy, sell or hold any security. We cannot be held responsible for any actions listeners may take and investors are encouraged to seek independent financial advice.
Copyright 2026 Many Happy Returns

Andy Burnham once said Britain had to “get beyond being in hock to the bond market”. That’s easier said than done when gilt yields are 5%, debt interest is running above £100bn a year, and the autumn Budget has no headroom left. Can the UK escape fiscal fatalism?
And in the Dumb Question of the Week: What's the oldest bond in the world? And is anyone still getting paid?
---
Thank you to Raisin UK for sponsoring this episode.
Receive a £100 welcome bonus when you register for a Raisin UK account using the code JULY100, open a fixed-rate bond with a term of 1 year or longer and deposit a minimum of £25,000 by 31 July 2026.
https://raisin-uk.pxf.io/c/4012142/3930337/12683?sharedid=uk-cmp-bonus-pensioncraft-podcasts-0726
New customers only, terms apply.
---
Get in touch
📧 mhr@pensioncraft.com
🎧 many-happy-returns.captivate.fm
---
Join PensionCraft
🌐 Become a member at pensioncraft.com
▶️ Subscribe on YouTube
---
Disclaimer
This podcast is for informational and entertainment purposes and is not financial advice. We do not provide recommendations or endorse any decision to buy, sell or hold any security. We cannot be held responsible for any actions listeners may take and investors are encouraged to seek independent financial advice.
Copyright 2026 Many Happy Returns

Warren Buffett says “never bet against America”. But plenty of people spent the last eighteen months doing exactly that — betting the dollar would be dethroned and the "Sell America" trade would finally pay off. They're still waiting. We ask whether the United States is still exceptional, or just expensive.
And in the Dumb Question of the Week: Is the US the best performing stock market ever?
---
Thank you to Raisin UK for sponsoring this episode.
Receive a £100 welcome bonus when you register for a Raisin UK account using the code JULY100, open a fixed-rate bond with a term of 1 year or longer and deposit a minimum of £25,000 by 31 July 2026.
https://raisin-uk.pxf.io/c/4012142/3930337/12683?sharedid=uk-cmp-bonus-pensioncraft-podcasts-0726
New customers only, terms apply.
---
Get in touch
📧 mhr@pensioncraft.com
🎧 many-happy-returns.captivate.fm
---
Join PensionCraft
🌐 Become a member at pensioncraft.com
▶️ Subscribe on YouTube
---
Disclaimer
This podcast is for informational and entertainment purposes and is not financial advice. We do not provide recommendations or endorse any decision to buy, sell or hold any security. We cannot be held responsible for any actions listeners may take and investors are encouraged to seek independent financial advice.
Copyright 2026 Many Happy Returns

As the World Cup reaches the quarter finals, we name our starting XI of asset classes. From the goalkeeper who does nothing for eighty-nine minutes to the super-sub you should never mistake for a starter.
And in today’s Dumb Question of the Week: Does the World Cup affect stock prices?
---
Thank you to Raisin UK for sponsoring this episode.
Receive a £100 welcome bonus when you register for a Raisin UK account using the code JULY100, open a fixed-rate bond with a term of 1 year or longer and deposit a minimum of £25,000 by 31 July 2026.
https://raisin-uk.pxf.io/c/4012142/3930337/12683?sharedid=uk-cmp-bonus-pensioncraft-podcasts-0726
New customers only, terms apply.
---
Get in touch
📧 mhr@pensioncraft.com
🎧 many-happy-returns.captivate.fm
---
Join PensionCraft
🌐 Become a member at pensioncraft.com
▶️ Subscribe on YouTube
---
Disclaimer
This podcast is for informational and entertainment purposes and is not financial advice. We do not provide recommendations or endorse any decision to buy, sell or hold any security. We cannot be held responsible for any actions listeners may take and investors are encouraged to seek independent financial advice.
Copyright 2026 Many Happy Returns

Your "Human Capital" might be the largest asset you own, and it behaves like a bond. Seeing your career as a volatile asset might change how you think about saving, investing, and employment.
And in today’s Dumb Question of the Week: Do I need Income Protection Insurance?
---
Thank you to Raisin UK for sponsoring this episode.
Receive a £100 welcome bonus when you register for a Raisin UK account using the code JULY100, open a fixed-rate bond with a term of 1 year or longer and deposit a minimum of £25,000 by 31 July 2026.
https://raisin-uk.pxf.io/c/4012142/3930337/12683?sharedid=uk-cmp-bonus-pensioncraft-podcasts-0726
New customers only, terms apply.
---
Get in touch
📧 mhr@pensioncraft.com
🎧 many-happy-returns.captivate.fm
---
Join PensionCraft
🌐 Become a member at pensioncraft.com
▶️ Subscribe on YouTube
---
Disclaimer
This podcast is for informational and entertainment purposes and is not financial advice. We do not provide recommendations or endorse any decision to buy, sell or hold any security. We cannot be held responsible for any actions listeners may take and investors are encouraged to seek independent financial advice.
Copyright 2026 Many Happy Returns