Noise Cancelling with Neil Woodford

Neil walks through his big calls for 2026: the AI industrial revolution, whether China is really “uninvestable”, why he thinks the EU is still a story of missed opportunities, the hidden fragilities in the US, and why he believes the consensus on the UK remains far too gloomy. We cover: How AI, energy and productivity could shape growth and markets in 2026 China’s outlook after years of pessimism and what investors might be missing Security, energy prices and regulation as structural headwinds for the EU The resilience and risks inside the US economy – and why he wouldn’t own the S&P 500 index Why UK shares may still be one of the most attractive opportunities globally In the second half, Neil explains how he’d actually construct a strategy for 2026 – by geography and by sector – including what he’d be underweight or avoid altogether.

US financial system fragility, private credit, Treasury basis trade, Japan’s BOJ and Bitcoin—Neil Woodford explains what could break next (and what probably won’t). Jon and Neil stress-test the popular “2007 again?” narrative and separate market panic from actual plumbing risks. Neil pushes back on the idea that today’s private credit story is a straight replay of subprime, arguing the parallels are overstated and that most of the market is conventional longer-term lending. We also cover: 💰 Leverage and market structure: where genuine fragility might sit if funding conditions tighten, and why leverage concentrated in financial-market plumbing matters more than headline doom narratives.   🇯🇵 Japan as the “quiet character”: why rising JGB yields and the yen carry trade may be less of a structural threat than many assume.   ₿ Crypto systemic risk vs bad investment: MicroStrategy, stablecoins, and why Neil differentiates between an ugly trade and a system-wide destabiliser.

Rachel Reeves' second UK Budget as Chancellor might have been the most leaked Budget in history, but will her economic policy and change to taxes actually work? Neil Woodford and I discuss what she actually did, what she could have done and what the impact of her changes will be on the UK economy and the UK stockmarket.  If you're an investor in UK equities, this episode is for you. And if you'd like to see how Neil has set up his investment strategies post-Budget, we have a special offer for Noise Cancelling Podcast listeners. The first 50 people to sign up via the link below will receive 40% off their first subscription. Visit https://www.w4pz.com/podcast for more details and to join.

Is AI really a bubble? Is the UK economy broken with a huge “black hole” that forces Rachel Reeves to raise taxes? Is Bitcoin finally dead after the latest crash? In this episode of Noise Cancelling, Neil Woodford takes on the doom-mongers and explains what’s actually going on – and what it means for investors. This week’s headlines say it’s all over: • AI is a bubble or even a Ponzi scheme • The UK economy is “broke” and facing a massive fiscal black hole • Bitcoin and other cryptocurrencies are collapsing again Neil doesn’t buy most of it. In this conversation, Neil and Jon Adair break down three big stories: 🤖 AI bubble or Ponzi? Why Neil thinks calling AI a Ponzi scheme is nonsense, where valuations are excessive, and which parts of the AI trade he believes are still underappreciated. 🇬🇧 Britain is “broke” and Reeves must hike taxes What a UK fiscal “black hole” actually is, why it’s more about forecasts and politics than immediate crisis, and why Neil still sees opportunity in a deeply unloved UK stock market. ₿ Bitcoin: investment or pure gamble? Why Neil sees a bet on Bitcoin as much closer to gambling than investing, what could genuinely kill the Bitcoin story, and how to think about crypto in a sensible portfolio. At the end of the episode, Neil sets out a simple framework for dealing with doom-laden headlines about markets: how to weigh stories against valuation, history and real cash flows before touching your portfolio. If you want to see how Neil is actually positioned on AI, the UK and more, his strategies and holdings are available on W4.0. More information: https://www.w4pz.com  Use the code PODCAST for 30% off your first subscription.

Are AI valuations out of control? Are investors blindly following the Mag7? In this episode of Noise Cancelling, Neil Woodford breaks down the real risks in the AI boom, why the S&P 500 is more concentrated than most people realise, and why he believes the consensus has completely misunderstood this moment in markets. Neil explains why he still questions the valuations of the largest AI companies, how the Mag7 have distorted global asset allocation, and why the strongest opportunities may now sit outside the obvious US tech giants. We discuss whether this is another “AI bubble”, how today differs from the dot-com era, why China and the UK have surprised investors in 2025, and what most people are missing about the next decade of returns.