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► Get a free fractional share! This show is sponsored by Trading 212! To get free fractional shares worth up to 100 EUR / GBP, you can open an account with Trading 212 through this link https://www.trading212.com/Jdsfj/FTSE. Terms apply. When investing, your capital is at risk and you may get back less than invested. Past performance doesn’t guarantee future results. ► Get 15% OFF Fiscal.ai: Huge thanks to our sponsor, Fiscal.ai, the best investing toolkit we've discovered! Get 15% off your subscription with code below and unlock powerful tools to analyze stocks, discover hidden gems, and build income streams. Check them out at Fiscal.ai! https://fiscal.ai/?via=steve ► Follow Us On Substack: Sign up for our Substack and get light-hearted, info-packed discussions on everything from market trends and investing psychology to deep dives into different asset classes. We’ll analyse what makes the best investors tick and share insights that challenge your thinking while keeping things engaging. You’ll also find our new 10-week investing and research course available right now. It’s completely free, with no sign-up required, no payment, and none of the usual BS. Don't miss out. Join us today and get stuck in. https://playingftse.substack.com/ ► Support the show: Appreciate the show and want to offer your support? You could always buy us a coffee at: https://ko-fi.com/playingftse (All proceeds reinvested into the show and not to coffee!) ► Timestamps: 0:00 INTRO & OUR WEEKS 2:48 NIALL INTRO 11:58 NIALLS FAVE SUBSTACKS  16:37 INVESTING STYLE  23:17 WHEN DOES VALUATION TRUMP UNDERSTANDING 28:31 PORTFOLIO & CYCLES  43:47 SAINSBURY & UK HOUSEBUILDERS  56:26 ANGLO AMERICAN  1:03:07 DEERE 1:15:24 QUICKFIRE ROUND ► Show Notes: Who’s living in denial? Find out on this week’s PlayingFTSE Show! We have an interview lined up for this week – it’s Niall from the ShowMeTheValue Substack. He also posts on Trading212 as ‘Anathema’ so check him out over there! In an hour and a half, we covered a lot. This included what the best Substacks are (besides ours), a breakdown of Niall’s portfolio, and what’s wrong with Berkshire Hathaway. The time flew by for us and hopefully it will for you, too. Be sure to check out Niall’s Substack at http://www.showmethevalue.substack.com Only on this week’s PlayingFTSE Podcast! ► Wanna get in contact? Got a question for us? Drop it in the comments below or reach out to us on Instagram: https://www.instagram.com/playing_ftse/ ► Enquiries: Please email - playingftsepodcast@gmail(dot)com ► Disclaimer: This information is for entertainment purposes only and does not constitute financial advice. Always consult with a qualified financial professional before making any investment decisions.

► Get a free fractional share! This show is sponsored by Trading 212! To get free fractional shares worth up to 100 EUR / GBP, you can open an account with Trading 212 through this link https://www.trading212.com/Jdsfj/FTSE. Terms apply. When investing, your capital is at risk and you may get back less than invested. Past performance doesn’t guarantee future results. ► What's on the show What is Knowledge Transmission? Find out on this week’s PlayingFTSE Show! It’s been quite the week in the stock market. There’s not much between the FTSE 100 and the S&P 500, but one of the Steves is there… We’re locking in our changes to the Britbox. And there’s been a change since the recording of the show to update with. Senior is no longer a stock in transition. As we were recording, the firm announced a takeover deal – so we didn’t manage to cover that! One change each for the Eurobox. But can we turn around the faltering portfolio by selling a stock that’s up 100%? Steve W’s looking to out-of-favour Wolters Kluwer. And Steve D sees Spotify at a big discount. Shares in Gamma Communicationssruged this week. But it had nothing to do with the ceasefire between the US and Iran. The company is in takeover talks. So Steve W is up on his position from last week, but he has a bigger problem now… Steve D’s recently added Rubrik to his portfolio. It’s a company in a very promising industry, but the stock has been falling. Compared to other SAAS names it looks very attractive. So why has the CFO been selling a stake in the last few days? Unilever shares fell as the firm announced plans to sell its food division. And it’s not hard to see why. The deal isn’t a clean break for the FTSE 100 company or its shareholders. But as the dividend yield hits 4%, Steve W is on the lookout for potential value. Only on this week’s PlayingFTSE Podcast! ► Get 15% OFF Fiscal.ai: Huge thanks to our sponsor, Fiscal.ai, the best investing toolkit we've discovered! Get 15% off your subscription with code below and unlock powerful tools to analyze stocks, discover hidden gems, and build income streams. Check them out at Fiscal.ai! https://fiscal.ai/?via=steve ► Follow Us On Substack: Sign up for our Substack and get light-hearted, info-packed discussions on everything from market trends and investing psychology to deep dives into different asset classes. We’ll analyse what makes the best investors tick and share insights that challenge your thinking while keeping things engaging. You’ll also find our new 10-week investing and research course available right now. It’s completely free, with no sign-up required, no payment, and none of the usual BS. Don't miss out. Join us today and get stuck in. https://playingftse.substack.com/ ► Support the show: Appreciate the show and want to offer your support? You could always buy us a coffee at: https://ko-fi.com/playingftse (All proceeds reinvested into the show and not to coffee!) ► Timestamps: 0:00 INTRO & OUR WEEKS 5:38 COMPETITION WINNERS 8:16 EUROBOX UPDATES 17:17 BRITBOX UPDATES 27:15 GAMMA 41:29 RUBRIK 59:13 UNILEVER ► Show Notes: What’s been going on in the financial world and why should anyone care? Find out as we dive into the latest news and try to figure out what any of it means. We talk about stocks, markets, politics, and loads of other things in a way that’s accessible, light-hearted and (we hope) entertaining. For the people who know nothing, by the people who know even less. Enjoy ► Wanna get in contact? Got a question for us? Drop it in the comments below or reach out to us on Instagram: https://www.instagram.com/playing_ftse/ ► Enquiries: Please email - playingftsepodcast@gmail(dot)com ► Disclaimer: This information is for entertainment purposes only and does not constitute financial advice. Always consult with a qualified financial professional before making any investment decisions.

How can you get a free t-shirt and a copy of Poor Charlie’s Almanack? Find out on this week’s PlayingFTSE Show! It’s that time of the year where we reflect on how badly Q1 has gone. And it hasn’t gone well – but it’s better than some have managed. Steve W’s lost 6% this quarter. But he’s made two big moves out of cyclical stocks that have done well and into tech.  The timing hasn’t been perfect, but if it hasn’t been terrible. The question, though, is what his plans for the new ISA season are. Steve D is down 6.6% in Q1. But he’s been using some weakness in share prices to add to existing names in a pretty big way. Adyen dropping has been the big story and the dip has been well and truly bought. More surprising, though, is the name he’s been selling… The Eurobox has had a terrible three months. You can count the stocks that are up on the fingers of one hand (and the ones Steve W chose using your thumb). Things would have been even worse if we’d stuck with the names we cut at the start of the year. So is it time to cut bait with some more losers?  The Britbox is largely flat, despite the FTSE 100 being up significantly. And this time the winners and losers are spread across the board.  We’re looking at one change each this quarter, both coming from names that we’ve talked about before. But what’s getting sold to make way? Only on this week’s PlayingFTSE Podcast! ► Get a free fractional share! This show is sponsored by Trading 212! To get free fractional shares worth up to 100 EUR / GBP, you can open an account with Trading 212 through this link https://www.trading212.com/Jdsfj/FTSE. Terms apply. When investing, your capital is at risk and you may get back less than invested. Past performance doesn’t guarantee future results. ► Get 15% OFF Fiscal.ai: Huge thanks to our sponsor, Fiscal.ai, the best investing toolkit we've discovered! Get 15% off your subscription with code below and unlock powerful tools to analyze stocks, discover hidden gems, and build income streams. Check them out at Fiscal.ai! https://fiscal.ai/?via=steve ► Follow Us On Substack: Sign up for our Substack and get light-hearted, info-packed discussions on everything from market trends and investing psychology to deep dives into different asset classes. We’ll analyse what makes the best investors tick and share insights that challenge your thinking while keeping things engaging. You’ll also find our new 10-week investing and research course available right now. It’s completely free, with no sign-up required, no payment, and none of the usual BS. Don't miss out. Join us today and get stuck in. https://playingftse.substack.com/ ► Support the show: Appreciate the show and want to offer your support? You could always buy us a coffee at: https://ko-fi.com/playingftse (All proceeds reinvested into the show and not to coffee!) ► Timestamps: 0:00 INTRO & OUR WEEKS 4:13 COMPETITION 5:48 STEVE W’S PORTFOLIO 24:26 STEVE D’S PORTFOLIO 44:37 EUROBOX 53:07 BRITBOX ► Show Notes: What’s been going on in the financial world and why should anyone care? Find out as we dive into the latest news and try to figure out what any of it means. We talk about stocks, markets, politics, and loads of other things in a way that’s accessible, light-hearted and (we hope) entertaining. For the people who know nothing, by the people who know even less. Enjoy ► Wanna get in contact? Got a question for us? Drop it in the comments below or reach out to us on Instagram: https://www.instagram.com/playing_ftse/ ► Enquiries: Please email - playingftsepodcast@gmail(dot)com ► Disclaimer: This information is for entertainment purposes only and does not constitute financial advice. Always consult with a qualified financial professional before making any investment decisions.

When should you fire your fund manager? Find out on this week’s PlayingFTSE Show! Both Steves were pleasantly surprised when they looked at their portfolios this week. Neither is good, but Steve D has done less badly than most. We had a request to talk about what the UK’s Warren Buffett has been saying recently. So Steve W checked out the Fundsmith Meeting. There were no excuses, apparently. But is Terry Smith right about AI, or is this going to be the latest obstacle for the fund? 3i – one of the FTSE 100’s top-performers in recent years – crashed this week. And Steve D’s been looking at why.  Like-for-like sales growth in its key subsidiary – Action – is set to be modest. So is it really worth an EBITDA multiple of 18.5? Diploma – one of the UK’s top growth stocks – continues to go from strength to strength. The firm has upped its guidance for 2026.  There’s no question this is a strong sign, but how much of it is a cyclical boost? And why is the company’s model for organic growth so low? Only on this week’s PlayingFTSE Podcast! ► Get a free fractional share! This show is sponsored by Trading 212! To get free fractional shares worth up to 100 EUR / GBP, you can open an account with Trading 212 through this link https://www.trading212.com/Jdsfj/FTSE. Terms apply. When investing, your capital is at risk and you may get back less than invested. Past performance doesn’t guarantee future results. ► Get 15% OFF Fiscal.ai: Huge thanks to our sponsor, Fiscal.ai, the best investing toolkit we've discovered! Get 15% off your subscription with code below and unlock powerful tools to analyze stocks, discover hidden gems, and build income streams. Check them out at Fiscal.ai! https://fiscal.ai/?via=steve ► Follow Us On Substack: Sign up for our Substack and get light-hearted, info-packed discussions on everything from market trends and investing psychology to deep dives into different asset classes. We’ll analyse what makes the best investors tick and share insights that challenge your thinking while keeping things engaging. You’ll also find our new 10-week investing and research course available right now. It’s completely free, with no sign-up required, no payment, and none of the usual BS. Don't miss out. Join us today and get stuck in. https://playingftse.substack.com/ ► Support the show: Appreciate the show and want to offer your support? You could always buy us a coffee at: https://ko-fi.com/playingftse (All proceeds reinvested into the show and not to coffee!) ► Timestamps: 0:00 INTRO & OUR WEEKS 7:08 FUNDSMITH 25:09 3I 45:51 DIPLOMA ► Show Notes: What’s been going on in the financial world and why should anyone care? Find out as we dive into the latest news and try to figure out what any of it means. We talk about stocks, markets, politics, and loads of other things in a way that’s accessible, light-hearted and (we hope) entertaining. For the people who know nothing, by the people who know even less. Enjoy ► Wanna get in contact? Got a question for us? Drop it in the comments below or reach out to us on Instagram: https://www.instagram.com/playing_ftse/ ► Enquiries: Please email - playingftsepodcast@gmail(dot)com ► Disclaimer: This information is for entertainment purposes only and does not constitute financial advice. Always consult with a qualified financial professional before making any investment decisions.

***CHECK OUT CHARLIE'S SUBSTACK*** https://charliehuggins.substack.com/ (Comment below -- we have three free 30-day trials to offer our listeners). This week on the PlayingFTSE Show, a change from your regularly scheduled podcast. It’s an interview with Charlie Huggins – a former professional fund manager! After a career managing growth-focused portfolios, Charlie now runs the Fiercely Independent Investor substack. And he’s here to talk investing with Steve W. People talk about quality shares a lot. But most of them either don’t know what they mean by it or don’t mean anything at all.  How does a professional investor think about quality shares? And what can the rest of us look for to find buying opportunities? Some of the best growth stocks around are serial acquirers. But not everyone can sort the great from the good.  Charlie has made a career figuring these things out. And he’s got some thoughts for Steve W that a lot of our listeners can benefit from. Software stocks are either great value right now, or a trap – but it’s hard to tell which. Charlie’s written about this and his thoughts are worth hearing. Steve W’s got his own views as well. But the chance to hear from an investor with professional experience right now might be invaluable. Charlie Huggins has built a reputation by focusing on only the highest quality stocks. So will any of the names on Steve W’s list make the cut? A lot of PlayingFTSE favourites are coming up. And we’re zooming in on one in particular. Only on this week’s PlayingFTSE Podcast! ► Get a free fractional share! This show is sponsored by Trading 212! To get free fractional shares worth up to 100 EUR / GBP, you can open an account with Trading 212 through this link https://www.trading212.com/Jdsfj/FTSE. Terms apply. When investing, your capital is at risk and you may get back less than invested. Past performance doesn’t guarantee future results. ► Get 15% OFF Fiscal.ai: Huge thanks to our sponsor, Fiscal.ai, the best investing toolkit we've discovered! Get 15% off your subscription with code below and unlock powerful tools to analyze stocks, discover hidden gems, and build income streams. Check them out at Fiscal.ai! https://fiscal.ai/?via=steve ► Follow Us On Substack: Sign up for our Substack and get light-hearted, info-packed discussions on everything from market trends and investing psychology to deep dives into different asset classes. We’ll analyse what makes the best investors tick and share insights that challenge your thinking while keeping things engaging. You’ll also find our new 10-week investing and research course available right now. It’s completely free, with no sign-up required, no payment, and none of the usual BS. Don't miss out. Join us today and get stuck in. https://playingftse.substack.com/ ► Support the show: Appreciate the show and want to offer your support? You could always buy us a coffee at: https://ko-fi.com/playingftse (All proceeds reinvested into the show and not to coffee!) ► Timestamps: 0:00 INTRO & OUR WEEKS 3:26 WHO IS CHARLIE HUGGINS 15:57 WHAT DOES QUALITY MEAN 31:00 SERIAL ACQUIRERS 42:53 AI EATING SOFTWARE 58:59 HUGGINS OR HUGGOUT ► Show Notes: What’s been going on in the financial world and why should anyone care? Find out as we dive into the latest news and try to figure out what any of it means. We talk about stocks, markets, politics, and loads of other things in a way that’s accessible, light-hearted and (we hope) entertaining. For the people who know nothing, by the people who know even less. Enjoy ► Wanna get in contact? Got a question for us? Drop it in the comments below or reach out to us on Instagram: https://www.instagram.com/playing_ftse/ ► Enquiries: Please email - playingftsepodcast@gmail(dot)com ► Disclaimer: This information is for entertainment purposes only and does not constitute financial advice. Always consult with a qualified financial professional before making any investment decisions.

Who buys t-shirts by the bale?! Find out on this week’s PlayingFTSE Show! Not much good from either Steve in the stock market this week (again). But what’s been going wrong this time with their portfolios? Greg Abel has taken over from Warren Buffett at Berkshire Hathaway and has released his first shareholder letter. There’s a buyback in process – and likely another big one to come. Aside from that, it’s largely business as usual. And there’s a new acquisition to report that might be a good sign for one of Steve W’s FTSE 100 investments.  Steve D’s been looking at Dave – the bank with ExtraCash for people who need extra cash. It’s been a rollercoaster for the company since its IPO, but it looks interesting right now. The firm is doing a lot of things the best low-cost businesses do – building out scale, adding on new units, and aggressively keeping down prices. Is it time to consider buying? The S&P 500’s software stocks have been under pressure recently. But Salesforce is making a big move to try and take advantage of its falling share price. Taking on $25bn in debt is a big risk. So is it going to be a brilliant move or turn the company into the next Charter Communications? Only on this week’s PlayingFTSE Podcast! ► Get a free fractional share! This show is sponsored by Trading 212! To get free fractional shares worth up to 100 EUR / GBP, you can open an account with Trading 212 through this link https://www.trading212.com/Jdsfj/FTSE. Terms apply. When investing, your capital is at risk and you may get back less than invested. Past performance doesn’t guarantee future results. ► Get 15% OFF Fiscal.ai: Huge thanks to our sponsor, Fiscal.ai, the best investing toolkit we've discovered! Get 15% off your subscription with code below and unlock powerful tools to analyze stocks, discover hidden gems, and build income streams. Check them out at Fiscal.ai! https://fiscal.ai/?via=steve ► Follow Us On Substack: Sign up for our Substack and get light-hearted, info-packed discussions on everything from market trends and investing psychology to deep dives into different asset classes. We’ll analyse what makes the best investors tick and share insights that challenge your thinking while keeping things engaging. You’ll also find our new 10-week investing and research course available right now. It’s completely free, with no sign-up required, no payment, and none of the usual BS. Don't miss out. Join us today and get stuck in. https://playingftse.substack.com/ ► Support the show: Appreciate the show and want to offer your support? You could always buy us a coffee at: https://ko-fi.com/playingftse (All proceeds reinvested into the show and not to coffee!) ► Timestamps: 0:00 INTRO & OUR WEEKS 9:36 BERKSHIRE HATHAWAY 25:36 DAVE BANK 52:58 SALESFORCE ► Show Notes: What’s been going on in the financial world and why should anyone care? Find out as we dive into the latest news and try to figure out what any of it means. We talk about stocks, markets, politics, and loads of other things in a way that’s accessible, light-hearted and (we hope) entertaining. For the people who know nothing, by the people who know even less. Enjoy ► Wanna get in contact? Got a question for us? Drop it in the comments below or reach out to us on Instagram: https://www.instagram.com/playing_ftse/ ► Enquiries: Please email - playingftsepodcast@gmail(dot)com ► Disclaimer: This information is for entertainment purposes only and does not constitute financial advice. Always consult with a qualified financial professional before making any investment decisions.

What’s Steve D spent £100 on? Find out on this week’s PlayingFTSE Show! The FTSE 100 took a hit as investors rotated away from materials and back towards quality. But which Steve managed to cash in this week? Vistry shares took an absolute hammering when the company released its full-year results. The CEO is leaving, but Steve W saw two other reasons the market might not be happy. A shift to prioritising the balance sheet over share buybacks is one reason and cutting prices to clear the inventory is another. But were those part of the investment thesis? Steve D has a new UK growth stock to take a look at. It’s Avingtrans, which looks to buy, improve, and then sell small industrial businesses in some very promising markets. Defence, data centres, and nuclear power are all areas that the firm has exposure to. And with a strategy for avoiding the challenges that come with size, is it one to buy? Conflict in Iran has sent FTSE 100 share prices all over the place. But Informa has been one of the biggest casualties, despite not being a big oil consumer.  On top of that, there’s talk of an AI threat to contend with in the company’s publishing division. Steve W owns this one – what’s he doing?  Only on this week’s PlayingFTSE Podcast! ► Get a free fractional share! This show is sponsored by Trading 212! To get free fractional shares worth up to 100 EUR / GBP, you can open an account with Trading 212 through this link https://www.trading212.com/Jdsfj/FTSE. Terms apply. When investing, your capital is at risk and you may get back less than invested. Past performance doesn’t guarantee future results. ► Get 15% OFF Fiscal.ai: Huge thanks to our sponsor, Fiscal.ai, the best investing toolkit we've discovered! Get 15% off your subscription with code below and unlock powerful tools to analyze stocks, discover hidden gems, and build income streams. Check them out at Fiscal.ai! https://fiscal.ai/?via=steve ► Follow Us On Substack: Sign up for our Substack and get light-hearted, info-packed discussions on everything from market trends and investing psychology to deep dives into different asset classes. We’ll analyse what makes the best investors tick and share insights that challenge your thinking while keeping things engaging. You’ll also find our new 10-week investing and research course available right now. It’s completely free, with no sign-up required, no payment, and none of the usual BS. Don't miss out. Join us today and get stuck in. https://playingftse.substack.com/ ► Support the show: Appreciate the show and want to offer your support? You could always buy us a coffee at: https://ko-fi.com/playingftse (All proceeds reinvested into the show and not to coffee!) ► Timestamps: 0:00 INTRO & OUR WEEKS 7:27 VISTRY 23:46 AVINGTRANS 49:24 INFORMA ► Show Notes: What’s been going on in the financial world and why should anyone care? Find out as we dive into the latest news and try to figure out what any of it means. We talk about stocks, markets, politics, and loads of other things in a way that’s accessible, light-hearted and (we hope) entertaining. For the people who know nothing, by the people who know even less. Enjoy ► Wanna get in contact? Got a question for us? Drop it in the comments below or reach out to us on Instagram: https://www.instagram.com/playing_ftse/ ► Enquiries: Please email - playingftsepodcast@gmail(dot)com ► Disclaimer: This information is for entertainment purposes only and does not constitute financial advice. Always consult with a qualified financial professional before making any investment decisions.

Who’s bought a Zapdos this week? Find out on this week’s PlayingFTSE Show! Big divergences in the stock market this week. The FTSE 100 is up, the S&P 500 is down and both of the Steves round to zero – make of that what you like. Cava – the Greek version of Chipotle Mexican Grill – has reported earnings. And the stock market really liked them.  Sales are growing, the company’s opening more stores, and it’s branching out into salmon. But does the valuation make any sense? Diageo’s share price fell 13% after it’s annual results. One reason for that is a dividend cut, but Steve W’s not surprised. There’s also a change in direction from premiumisation to products with broader appeal. But is that a winning strategy or a risk? Transmedics continues to go from strength to strength. The firm has the best product in a recession-resistant industry and it’s expanding into Europe. It’s more expensive than a sandwich cooler, but if it can keep going there could be good things for investors. Steve D has the latest on this one. Axon Enterprise is a rare example of a tech stock that looks AI-proof. It’s very well-protected by its hardware division. Stock-based comp has always been an issue, but management is making moves to address it. Is it enough, or still egregious? Axsome Therapeutics is a stock we don’t cover often. In fact, we don’t really talk about life sciences that much – but this is a good one. Repurposing existing molecules has led to some explosive revenue growth. And there’s the potential for a lot more on the way in April… Only on this week’s PlayingFTSE Podcast! ► Get a free fractional share! This show is sponsored by Trading 212! To get free fractional shares worth up to 100 EUR / GBP, you can open an account with Trading 212 through this link https://www.trading212.com/Jdsfj/FTSE. Terms apply. When investing, your capital is at risk and you may get back less than invested. Past performance doesn’t guarantee future results. ► Get 15% OFF Fiscal.ai: Huge thanks to our sponsor, Fiscal.ai, the best investing toolkit we've discovered! Get 15% off your subscription with code below and unlock powerful tools to analyze stocks, discover hidden gems, and build income streams. Check them out at Fiscal.ai! https://fiscal.ai/?via=steve ► Follow Us On Substack: Sign up for our Substack and get light-hearted, info-packed discussions on everything from market trends and investing psychology to deep dives into different asset classes. We’ll analyse what makes the best investors tick and share insights that challenge your thinking while keeping things engaging. You’ll also find our new 10-week investing and research course available right now. It’s completely free, with no sign-up required, no payment, and none of the usual BS. Don't miss out. Join us today and get stuck in. https://playingftse.substack.com/ ► Support the show: Appreciate the show and want to offer your support? You could always buy us a coffee at: https://ko-fi.com/playingftse (All proceeds reinvested into the show and not to coffee!) ► Timestamps: 0:00 INTRO & OUR WEEKS 7:38 CAVA 22:09 DIAGEO 33:08 TRANSMEDICS 47:15 AXON ENTERPIRSE 57:26 AXSOME THERAPEUTICS ► Show Notes: What’s been going on in the financial world and why should anyone care? Find out as we dive into the latest news and try to figure out what any of it means. We talk about stocks, markets, politics, and loads of other things in a way that’s accessible, light-hearted and (we hope) entertaining. For the people who know nothing, by the people who know even less. Enjoy ► Wanna get in contact? Got a question for us? Drop it in the comments below or reach out to us on Instagram: https://www.instagram.com/playing_ftse/ ► Enquiries: Please email - playingftsepodcast@gmail(dot)com ► Disclaimer: This information is for entertainment purposes only and does not constitute financial advice. Always consult with a qualified financial professional before making any investment decisions.

Where is Steve W seeing cockroaches? Find out on this week’s PlayingFTSE Show! Steve D’s portfolio has been running away with it, once again. At the other end, there’s a tie for last place in this week’s leaderboard – but between who or what? There are a lot of people who claim to being the next Warren Buffett, but Mohnish Pabrai has a closer connection than most. And he’s got a new ETF that launched last week.  It’s not a closet index, but is it worth paying for? Steve D doesn’t think so and Steve W thinks there’s a big difference between the Wagons ETF and Berkshire Hathaway… The stock market didn’t like Klarna’s results and the share price is down in a big way. But are investors making a mistake and presenting an unusually good opportunity here? A key theme of the show in recent months has been paying attention to how companies recognise revenues. And Steve D is wondering whether this might be one more for the list. Molina Healthcare is a stock that’s been attracting the attention of some high-profile value investors recently. As well as those guys, Steve W has been taking an interest. The company has been hammered through a difficult Medicaid situation, but it has a structural advantage over competitors. So at unusual lows, is it time to consider buying? Only on this week’s PlayingFTSE Podcast! ► Get a free fractional share! This show is sponsored by Trading 212! To get free fractional shares worth up to 100 EUR / GBP, you can open an account with Trading 212 through this link https://www.trading212.com/Jdsfj/FTSE. Terms apply. When investing, your capital is at risk and you may get back less than invested. Past performance doesn’t guarantee future results. ► Get 15% OFF Fiscal.ai: Huge thanks to our sponsor, Fiscal.ai, the best investing toolkit we've discovered! Get 15% off your subscription with code below and unlock powerful tools to analyze stocks, discover hidden gems, and build income streams. Check them out at Fiscal.ai! https://fiscal.ai/?via=steve ► Follow Us On Substack: Sign up for our Substack and get light-hearted, info-packed discussions on everything from market trends and investing psychology to deep dives into different asset classes. We’ll analyse what makes the best investors tick and share insights that challenge your thinking while keeping things engaging. You’ll also find our new 10-week investing and research course available right now. It’s completely free, with no sign-up required, no payment, and none of the usual BS. Don't miss out. Join us today and get stuck in. https://playingftse.substack.com/ ► Support the show: Appreciate the show and want to offer your support? You could always buy us a coffee at: https://ko-fi.com/playingftse (All proceeds reinvested into the show and not to coffee!) ► Timestamps: 0:00 INTRO & OUR WEEKS 7:19 WAGONS FUND 23:28 KLARNA 47:14 MOLINA HEALTHCARE ► Show Notes: What’s been going on in the financial world and why should anyone care? Find out as we dive into the latest news and try to figure out what any of it means. We talk about stocks, markets, politics, and loads of other things in a way that’s accessible, light-hearted and (we hope) entertaining. For the people who know nothing, by the people who know even less. Enjoy ► Wanna get in contact? Got a question for us? Drop it in the comments below or reach out to us on Instagram: https://www.instagram.com/playing_ftse/ ► Enquiries: Please email - playingftsepodcast@gmail(dot)com ► Disclaimer: This information is for entertainment purposes only and does not constitute financial advice. Always consult with a qualified financial professional before making any investment decisions.

Who doesn’t like Mondays? Find out on this week’s PlayingFTSE Show! A difficult week in the stock market for both Steves. But which one’s done badly and which one’s been awful? Adyen’s results are in. It’s the usual growth of roughly 20% and the stock has – as usual – moved in a vertical direction, so not much to report, right? Actually no, there’s a lot to talk about and not just how much better than PayPal the company is. So get strapped in for a long one – Steve D’s on form this week. Roper Technologies is a stock that’s found its way onto Steve W’s buy list. The SaaS selloff has pushed the share price down dramatically and it now looks like an opportunity. It’s a collection of vertical software businesses under one roof. And with management is making the right moves in response to the stock going down, could this be the moment? Monday.com is down mightily recently, as part of the broader software selloff. Steve D, though, is eyeing this one as a potential opportunity as the earnings are coming in strong.  There’s not so much good news on the guidance front. But with the stock down 50% since the start of the year, is it just too cheap to ignore?  Only on this week’s PlayingFTSE Podcast! ► Get a free fractional share! This show is sponsored by Trading 212! To get free fractional shares worth up to 100 EUR / GBP, you can open an account with Trading 212 through this link https://www.trading212.com/Jdsfj/FTSE. Terms apply. When investing, your capital is at risk and you may get back less than invested. Past performance doesn’t guarantee future results. ► Get 15% OFF Fiscal.ai: Huge thanks to our sponsor, Fiscal.ai, the best investing toolkit we've discovered! Get 15% off your subscription with code below and unlock powerful tools to analyze stocks, discover hidden gems, and build income streams. Check them out at Fiscal.ai! https://fiscal.ai/?via=steve ► Follow Us On Substack: Sign up for our Substack and get light-hearted, info-packed discussions on everything from market trends and investing psychology to deep dives into different asset classes. We’ll analyse what makes the best investors tick and share insights that challenge your thinking while keeping things engaging. You’ll also find our new 10-week investing and research course available right now. It’s completely free, with no sign-up required, no payment, and none of the usual BS. Don't miss out. Join us today and get stuck in. https://playingftse.substack.com/ ► Support the show: Appreciate the show and want to offer your support? You could always buy us a coffee at: https://ko-fi.com/playingftse (All proceeds reinvested into the show and not to coffee!) ► Timestamps: 0:00 INTRO & OUR WEEKS 10:14 ADYEN 38:48 AD BREAK 38:54 ROPER TECH 55:19 MONDAY.COM  ► Show Notes: What’s been going on in the financial world and why should anyone care? Find out as we dive into the latest news and try to figure out what any of it means. We talk about stocks, markets, politics, and loads of other things in a way that’s accessible, light-hearted and (we hope) entertaining. For the people who know nothing, by the people who know even less. Enjoy ► Wanna get in contact? Got a question for us? Drop it in the comments below or reach out to us on Instagram: https://www.instagram.com/playing_ftse/ ► Enquiries: Please email - playingftsepodcast@gmail(dot)com ► Disclaimer: This information is for entertainment purposes only and does not constitute financial advice. Always consult with a qualified financial professional before making any investment decisions.

What does SteveD think about when he wakes up in the morning? Find out on this week’s PlayingFTSE Show! It’s been quite the week in the stock market. But which Steve has been busy, and which has been biding his time waiting for an opportunity? Alphabet posted some outstanding results for the fourth quarter of 2025. Cloud growth is rapid and search is going from strength to strength boosted by Gemini. The stock fell, though, on news of a big capex spend somewhere between $175 and $185bn for this year. Is that too much (and why is the firm still paying a dividend)? Amazon shares dropped 10% after news of a $200bn capex spend. But Steve W doesn’t think that’s a huge amount in the context of AWS’s Q4 revenues.  Analysts at D.A. Davidson don’t agree, though. They think the company is faltering and being left behind by competitors – does Steve D agree? It's been a long time since we talked about Atlassian. But the stock has been caught up in the SAAS selloff this week and Steve D thinks it's time to look again.  What would it take for an AI newcomer to do serious damage to an incumbent software company? Or is this a huge buying opportunity in the sector?  Only on this week's PlayingFTSE Podcast! ► Get a free fractional share! This show is sponsored by Trading 212! To get free fractional shares worth up to 100 EUR / GBP, you can open an account with Trading 212 through this link https://www.trading212.com/Jdsfj/FTSE. Terms apply. When investing, your capital is at risk and you may get back less than invested. Past performance doesn’t guarantee future results. ► Get 15% OFF Fiscal.ai: Huge thanks to our sponsor, Fiscal.ai, the best investing toolkit we've discovered! Get 15% off your subscription with code below and unlock powerful tools to analyze stocks, discover hidden gems, and build income streams. Check them out at Fiscal.ai! https://fiscal.ai/?via=steve ► Follow Us On Substack: Sign up for our Substack and get light-hearted, info-packed discussions on everything from market trends and investing psychology to deep dives into different asset classes. We’ll analyse what makes the best investors tick and share insights that challenge your thinking while keeping things engaging. You’ll also find our new 10-week investing and research course available right now. It’s completely free, with no sign-up required, no payment, and none of the usual BS. Don't miss out. Join us today and get stuck in. https://playingftse.substack.com/ ► Support the show: Appreciate the show and want to offer your support? You could always buy us a coffee at: https://ko-fi.com/playingftse (All proceeds reinvested into the show and not to coffee!) ► Timestamps: 0:00 INTRO & OUR WEEKS 9:11 ALPHABET EARNINGS 31:28 AMAZON 50:07 ATLASSIAN ► Show Notes: What’s been going on in the financial world and why should anyone care? Find out as we dive into the latest news and try to figure out what any of it means. We talk about stocks, markets, politics, and loads of other things in a way that’s accessible, light-hearted and (we hope) entertaining. For the people who know nothing, by the people who know even less. Enjoy ► Wanna get in contact? Got a question for us? Drop it in the comments below or reach out to us on Instagram: https://www.instagram.com/playing_ftse/ ► Enquiries: Please email - playingftsepodcast@gmail(dot)com ► Disclaimer: This information is for entertainment purposes only and does not constitute financial advice. Always consult with a qualified financial professional before making any investment decisions.

Where can you find PDF files? Find out on this week’s PlayingFTSE Show! Both Steves are between the indices this week. But we’re doing something a bit different with the return (for one week only) of our games. SAAS companies have been falling lately and we’ve been (mostly) paying attention. So Steve D has a quiz about how far they are from their highs. See how you get on at home. A point if you can get closer than Steve W, he scores one if you’re further away – can you win at this game? It’s time for a closer look at Mastercard and Visa. They’re a value investor’s worst nightmare – outstanding businesses that are never cheap but keep on outperforming. Steve D’s been checking out both. And he’s having a closer look at whether buying today might be something that he looks back on positively in 2028. Meta Platforms saw its share price rise after Q4 earnings. But the big question for investors is why – the firm is set to ramp up its capital expenditures in a big way in 2026. Steve W thinks a more positive tone from the CEO might be part of the story. And at a price-to-earnings (P/E) ratio of around 21 going forward, it’s relatively cheap… We’ve not been looking at Stride for very long, but Steve D is off to a cracking start with the stock. A huge lift after earnings means it’s time to reassess the thesis.  AI has been a major disruptor for the SAAS space in the last few months. But could Stride’s ability to get people jobs be invaluable in an unemployment-driven recession? 3i has been one of the FTSE 100’s leading lights over the last 10 years. And the stock is recovering from a crash a few months ago, but the company is doing… ok. Action’s like-for-like sales remain a bit of a challenge, especially in France. But with two new countries to expand into, is there still enough growth to justify a big multiple? Only on this week’s PlayingFTSE Podcast! ► Get a free fractional share! This show is sponsored by Trading 212! To get free fractional shares worth up to 100 EUR / GBP, you can open an account with Trading 212 through this link https://www.trading212.com/Jdsfj/FTSE. Terms apply. When investing, your capital is at risk and you may get back less than invested. Past performance doesn’t guarantee future results. ► Get 15% OFF Fiscal.ai: Huge thanks to our sponsor, Fiscal.ai, the best investing toolkit we've discovered! Get 15% off your subscription with code below and unlock powerful tools to analyze stocks, discover hidden gems, and build income streams. Check them out at Fiscal.ai! https://fiscal.ai/?via=steve ► Follow Us On Substack: Sign up for our Substack and get light-hearted, info-packed discussions on everything from market trends and investing psychology to deep dives into different asset classes. We’ll analyse what makes the best investors tick and share insights that challenge your thinking while keeping things engaging. You’ll also find our new 10-week investing and research course available right now. It’s completely free, with no sign-up required, no payment, and none of the usual BS. Don't miss out. Join us today and get stuck in. https://playingftse.substack.com/ ► Support the show: Appreciate the show and want to offer your support? You could always buy us a coffee at: https://ko-fi.com/playingftse (All proceeds reinvested into the show and not to coffee!) ► Timestamps: 0:00 INTRO & OUR WEEKS 7:27 GETTING SAASY QUIZ 18:40 MASTERCARD & VISA 35:43 META 49:23 STRIDE 1:01:17 3I (ACTION) ► Wanna get in contact? Got a question for us? Drop it in the comments below or reach out to us on Instagram: https://www.instagram.com/playing_ftse/ ► Enquiries: Please email - playingftsepodcast@gmail(dot)com ► Disclaimer: This information is for entertainment purposes only and does not constitute financial advice. Always consult with a qualified financial professional before making any investment decisions.

► Get a free fractional share!This show is sponsored by Trading 212! To get free fractional shares worth up to 100 EUR / GBP, you can open an account with Trading 212 through this link https://www.trading212.com/Jdsfj/FTSE. Terms apply.When investing, your capital is at risk and you may get back less than invested.Past performance doesn’t guarantee future results.► Get 15% OFF Fiscal.ai:Huge thanks to our sponsor, Fiscal.ai, the best investing toolkit we've discovered! Get 15% off your subscription with code below and unlock powerful tools to analyze stocks, discover hidden gems, and build income streams. Check them out at Fiscal.ai!https://fiscal.ai/?via=steve► Follow Us On Substack:Sign up for our Substack and get light-hearted, info-packed discussions on everything from market trends and investing psychology to deep dives into different asset classes. We’ll analyse what makes the best investors tick and share insights that challenge your thinking while keeping things engaging.You’ll also find our new 10-week investing and research course available right now. It’s completely free, with no sign-up required, no payment, and none of the usual BS. Don't miss out. Join us today and get stuck in.https://playingftse.substack.com/► Support the show:Appreciate the show and want to offer your support? You could always buy us a coffee at: https://ko-fi.com/playingftse(All proceeds reinvested into the show and not to coffee!)► Timestamps:► Show Notes:What’s been going on in the financial world and why should anyone care? Find out as we dive into the latest news and try to figure out what any of it means. We talk about stocks, markets, politics, and loads of other things in a way that’s accessible, light-hearted and (we hope) entertaining. For the people who know nothing, by the people who know even less. Enjoy► Wanna get in contact?Got a question for us? Drop it in the comments below or reach out to us on Instagram: https://www.instagram.com/playing_ftse/► Enquiries: Please email - playingftsepodcast@gmail(dot)com► Disclaimer: This information is for entertainment purposes only and does not constitute financial advice. Always consult with a qualified financial professional before making any investment decisions.

Who’s struggling in Sri Lanka? Find out on this week’s PlayingFTSE Show! Down weeks all round this time in the stock market. But Steve D at least has something worth reporting from the last seven days  It might be a tough time for private equity, but KKR still have a view on the stock market for 2026. And it’s one that should give both Steves a lot of reason for optimism. According to their forecasts, high quality beats low quality, asset-light beats asset-heavy in 2026. Is that set to play right into this show’s hands? Netflix stock is near a 52-week low and it fell again after its latest earnings report. The reported numbers were decent, but sales growth going forward is set to be a bit lighter. The bigger issue, though, is the firm’s bid to take over Warner Brothers Discovery. There’s a lot of risk involved, but Steve W thinks it might be that the company can’t lose… Wise is a UK stock we both like and it’s soaring after the latest update. It’s very strong – but not really in a way beyond what we’ve come to expect from the firm. Is the stock market finally coming to see what’s going on? Or is there another reason why the share price has pushed higher as it prepares for a dual listing? Judges Scientific is one of our top growth stocks, but it fell sharply earlier this week. The company’s guidance was very weak, but Steve W thinks things could turn around sharply. Demand in the US has been the issue, but Congress has thrown out the administration’s plans to cut research funding. So is a huge recovery on the cards in the next few months? Only on this week’s PlayingFTSE Podcast! ► Get a free fractional share! This show is sponsored by Trading 212! To get free fractional shares worth up to 100 EUR / GBP, you can open an account with Trading 212 through this link https://www.trading212.com/Jdsfj/FTSE. Terms apply. When investing, your capital is at risk and you may get back less than invested. Past performance doesn’t guarantee future results. ► Spreadsheet Link: Link for the spreadsheet! https://docs.google.com/spreadsheets/d/1TznNUa7Asty2IvxfqPQV6PWWC4UUU-T7q3-AedlJQX4/edit?usp=drivesdk ► Get 15% OFF Fiscal.ai: Huge thanks to our sponsor, Fiscal.ai, the best investing toolkit we've discovered! Get 15% off your subscription with code below and unlock powerful tools to analyze stocks, discover hidden gems, and build income streams. Check them out at Fiscal.ai! https://fiscal.ai/?via=steve ► Follow Us On Substack: Sign up for our Substack and get light-hearted, info-packed discussions on everything from market trends and investing psychology to deep dives into different asset classes. We’ll analyse what makes the best investors tick and share insights that challenge your thinking while keeping things engaging. You’ll also find our new 10-week investing and research course available right now. It’s completely free, with no sign-up required, no payment, and none of the usual BS. Don't miss out. Join us today and get stuck in. https://playingftse.substack.com/ ► Timestamps: 0:00 INTRO & OUR WEEKS 7:10 KKR’S GUIDE TO THE MARKETS 28:27 NETFLIX 44:00 WISE 56:31 JUDGES SCIENTIFIC ► Show Notes: What’s been going on in the financial world and why should anyone care? Find out as we dive into the latest news and try to figure out what any of it means. We talk about stocks, markets, politics, and loads of other things in a way that’s accessible, light-hearted and (we hope) entertaining. For the people who know nothing, by the people who know even less. Enjoy ► Wanna get in contact? Got a question for us? Drop it in the comments below or reach out to us on Instagram: https://www.instagram.com/playing_ftse/ ► Enquiries: Please email - playingftsepodcast@gmail(dot)com ► Disclaimer: This information is for entertainment purposes only and does not constitute financial advice. Always consult with a qualified financial professional before making any investment decisions.

Who’s spent £130 on Vistry shares? Find out on this week’s PlayingFTSE Show! Steve D’s managed the show’s standard performance – between the FTSE 100 and the S&P 500 this week. Steve W, on the other hand… Earnings season for the S&P 500 is underway with the big banks reporting. And their share prices didn’t react particularly well, but the stocks still look unusually expensive.  By contrast, Visa and Mastercard have fallen back into more familiar P/E territory. So is there a better opportunity there with a short-term distraction on the table? The Diageo share price has been a disaster for the last couple of years. But as the details of the new CEO’s plan to turn the firm around become clear, Steve W is getting interested. Selling off some of the company’s non-core holdings could release more cash than you might think. There are, however, still some big challenges still to deal with.  Vistry is a stock both Steves have had a close eye on for 2026. But the stock market’s reaction to its most recent update was not positive at all. With a big government project on the way, is the dip an opportunity? Or are there still major concerns ahead for investors in the housebuilding sector? Steve D’s VAT Group has had a great week. A 16% jump puts the stock level with Applied Materials and Lam Research – two of its major customers – since the start of the year. The AI drive has been fuelling strong demand across the semiconductor equipment industry. And there’s a lot to like about a company that sells components… Only on this week’s PlayingFTSE Podcast! ► Get a free fractional share! This show is sponsored by Trading 212! To get free fractional shares worth up to 100 EUR / GBP, you can open an account with Trading 212 through this link https://www.trading212.com/Jdsfj/FTSE. Terms apply. When investing, your capital is at risk and you may get back less than invested. Past performance doesn’t guarantee future results. ► Get 15% OFF Fiscal.ai: Huge thanks to our sponsor, Fiscal.ai, the best investing toolkit we've discovered! Get 15% off your subscription with code below and unlock powerful tools to analyze stocks, discover hidden gems, and build income streams. Check them out at Fiscal.ai! https://fiscal.ai/?via=steve ► Follow Us On Substack: Sign up for our Substack and get light-hearted, info-packed discussions on everything from market trends and investing psychology to deep dives into different asset classes. We’ll analyze what makes the best investors tick and share insights that challenge your thinking while keeping things engaging. Don't miss out! Sign up today and start your journey with us. https://playingftse.substack.com/ ► Support the show: Appreciate the show and want to offer your support? You could always buy us a coffee at: https://ko-fi.com/playingftse (All proceeds reinvested into the show and not to coffee!) ► Timestamps: 0:00 INTRO & OUR WEEKS 5:29 US BANKS 21:48 VAT GROUP 38:32 DIAGEO 54:20 VISTRY ► Show Notes: What’s been going on in the financial world and why should anyone care? Find out as we dive into the latest news and try to figure out what any of it means. We talk about stocks, markets, politics, and loads of other things in a way that’s accessible, light-hearted and (we hope) entertaining. For the people who know nothing, by the people who know even less. Enjoy ► Wanna get in contact? Got a question for us? Drop it in the comments below or reach out to us on Instagram: https://www.instagram.com/playing_ftse/ ► Enquiries: Please email - playingftsepodcast@gmail(dot)com ► Disclaimer: This information is for entertainment purposes only and does not constitute financial advice. Always consult with a qualified financial professional before making any investment decisions.