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.
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The AI Lie: Why Investors Are Getting This Completely Wrong
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.
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The Chancellor's Big Lie About Britain's Economy
Neil Woodford calls out Chancellor of the Exchequer Rachel Reeves' ‘expectation management’ speech ahead of the UK Budget — arguing that Britain’s economic problems aren’t caused by low taxes, Brexit or Liz Truss’s mini-Budget, but by record government spending. In this week’s episode, Neil dissects every claim from Rachel Reeves and exposes what he calls “the big lie” about Britain’s economy.
He explains why raising taxes won’t fix the UK’s problems, how inflation and spending have pushed interest costs to £100 billion, and why productivity isn’t what economists think it is. We break down the data behind debt, growth, and the OBR’s forecasts — and reveal which sectors could benefit as inflation and interest rates fall.
If you care about the UK Budget, Rachel Reeves, taxes vs spending, and Britain’s growth outlook, watch this before Budget Day.
Nothing in this podcast or W4.0 is financial advice.
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Can it last? Nvidia’s dominance, Trump’s truce and cheap UK stocks
Nvidia just became the world’s first $5 trillion company, but can that kind of dominance really last?
In this week’s conversation, Neil Woodford explains why he believes valuation is the financial law of gravity—and why even the strongest markets eventually have to obey it.
Neil also answers quick-fire questions on the Magnificent Seven, the hype around AI infrastructure, and whether markets have lost the ability to separate signal from noise.
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Is now the BEST time to buy cheap UK stocks?
Is Brexit really dragging down Britain’s economy and the stock market, or is there more to the story? Valuations in the UK stock market are low so is now the right time to invest?
For a limited time only, join W4.0 with the discount code "PODCAST" to receive 30% off your first subscription. More details at: https://www.w4pz.com/landing/welcome-var1/
In this episode, Jon Adair and Neil Woodford discuss the impact of Brexit on the UK economy, particularly focusing on investor sentiment, market performance, and productivity. They explore the significant outflows from UK equity funds, the resilience of the UK economy post-Brexit, and the ongoing debate about whether Brexit is to blame for productivity issues. Neil argues that the pandemic has had a more detrimental effect on the economy than Brexit, and he emphasises the importance of long-term investment strategies in the current market environment. The discussion also touches on market valuations, risks, and opportunities for investors looking to navigate the current economic landscape.
Not financial advice.
Noise Cancelling is the weekly podcast from W4.0, featuring Neil Woodford’s take on the real forces driving markets, long-term returns and investor behaviour.
Each episode cuts through the noise — the headlines, predictions and hype — to focus on the signal that actually matters for investors.
We explore:
Neil Woodford’s investment thinking
Global market trends and macro shifts
Where investors are being distracted by noise
How to interpret valuations, policy moves and sector cycles
Big themes such as AI, technology, geopolitics and interest rates
Whether you follow W4.0’s strategies or simply want clear, grounded market insight, Noise Cancelling helps you stay focused on the signal, not the noise.
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