Many Happy Returns

On paper, now looks like a fine time to retire. Annuity rates are generous, gilts finally pay a real return, and even cash earns its keep. But retire into a richly-valued market and a bad first few years can ravage a pot you can't easily rebuild.
And in today’s Dumb Question of the Week: Can you un-retire?
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Thank you to Trading 212 for sponsoring this episode.
Claim free fractional shares worth up to ‎£⁠100. Just create and verify a Trading 212 Invest or Stocks ISA account, make a minimum deposit of £1, and use the promo code "RAMIN" within 10 days of signing up, or use the following link:
Sponsored Link. Terms apply - trading212.com/join/RAMIN
When investing, your capital is at risk and you may get back less than invested. Past performance doesn’t guarantee future results. Pies & Autoinvest is an execution-only service. Not investment advice or portfolio management. Automatic investing refers to executing scheduled deposits. You are responsible for all investment and rebalancing decisions. Free shares can be fractional. 212 Cards are issued by Paynetics which provide all payment services. T212 provides customer support and user interface. Terms and fees apply.
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Get in touch
📧 mhr@pensioncraft.com
🎧 many-happy-returns.captivate.fm
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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

The AI boom has all the signs of a bubble. An exciting new technology, stretched valuations, extreme concentration, circular financing, and uncertain cash flows. But how does it all end? Tom Stevenson joins us to game it out: a dot-com-style pop? A slow puncture? Or is this time really different?
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Thank you to Trading 212 for sponsoring this episode.
Claim free fractional shares worth up to ‎£⁠100. Just create and verify a Trading 212 Invest or Stocks ISA account, make a minimum deposit of £1, and use the promo code "RAMIN" within 10 days of signing up, or use the following link:
Sponsored Link. Terms apply - trading212.com/join/RAMIN
When investing, your capital is at risk and you may get back less than invested. Past performance doesn’t guarantee future results. Pies & Autoinvest is an execution-only service. Not investment advice or portfolio management. Automatic investing refers to executing scheduled deposits. You are responsible for all investment and rebalancing decisions. Free shares can be fractional. 212 Cards are issued by Paynetics which provide all payment services. T212 provides customer support and user interface. Terms and fees 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

The best investors aren't necessarily the cleverest, the best-paid, or the most daring. In fact the evidence suggests they're closer to the opposite. We look at the backgrounds and temperaments that may outperform.
And in the Dumb Question of the Week: Are cats better stockpickers than fund managers?
---
Thank you to Trading 212 for sponsoring this episode.
Claim free fractional shares worth up to ‎£⁠100. Just create and verify a Trading 212 Invest or Stocks ISA account, make a minimum deposit of £1, and use the promo code "RAMIN" within 10 days of signing up, or use the following link:
Sponsored Link. Terms apply - trading212.com/join/RAMIN
When investing, your capital is at risk and you may get back less than invested. Past performance doesn’t guarantee future results. Pies & Autoinvest is an execution-only service. Not investment advice or portfolio management. Automatic investing refers to executing scheduled deposits. You are responsible for all investment and rebalancing decisions. Free shares can be fractional. 212 Cards are issued by Paynetics which provide all payment services. T212 provides customer support and user interface. Terms and fees 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

The Powell era is over — a pandemic, two wars, and the worst inflation in four decades. We ask whether JPow did a good job, or just survived it. Now Kevin Warsh inherits the chair. But what actually changes?
Beneath the handover lie bigger questions: what a central bank is really for, who it answers to, and whether any of it works the way they claim.
---
Thank you to Trading 212 for sponsoring this episode.
Claim free fractional shares worth up to ‎£⁠100. Just create and verify a Trading 212 Invest or Stocks ISA account, make a minimum deposit of £1, and use the promo code "RAMIN" within 10 days of signing up, or use the following link:
Sponsored Link. Terms apply - trading212.com/join/RAMIN
When investing, your capital is at risk and you may get back less than invested. Past performance doesn’t guarantee future results. Pies & Autoinvest is an execution-only service. Not investment advice or portfolio management. Automatic investing refers to executing scheduled deposits. You are responsible for all investment and rebalancing decisions. Free shares can be fractional. 212 Cards are issued by Paynetics which provide all payment services. T212 provides customer support and user interface. Terms and fees 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

The largest IPO in history is three weeks away. SpaceX is aiming for a valuation of almost $2 trillion despite reporting massive losses. We ask what happens when our beloved index funds are forced to buy the AI giants, whatever the price?
And in the Dumb Question of the Week: Why does an IPO need 23 banks?
---
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