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The Blue Whale Growth Fund has delivered outsized returns since its inception nine years ago. Recently those returns have come from concentrated bets on the picks and shovels behind the AI boom. We talk to Stephen Yiu, Chief Investment Officer, about how he picks stocks, when he decides to sell, and what the recent chip sell-off means for a fund built on AI hardware. --- 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 📧 [email protected] 🎧 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. Music ID: ZVMI9V6X4SOWSHY0 Copyright 2026 Many Happy Returns

After a decade in the doghouse, small-cap value has had its best run in years, but almost nobody noticed. So is this a real premium that’s finally paying out, or just a good year for cheap stocks? We ask what actually drives returns and how you can buy them. --- 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 📧 [email protected] 🎧 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. Music ID: ZVMI9V6X4SOWSHY0 Copyright 2026 Many Happy Returns

A Swiss government bond pays half a percent a year. A British one pays more than five. Easy choice, you'd think. But yields can cut both ways. A low yield can mean the world trusts you with its money, or that your economy has stagnated. And high yields can be a sign of a strong economy, or that bond investors are getting nervous. So, low yields or high ones, which would you rather live with? --- 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 📧 [email protected] 🎧 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. Music ID: ZVMI9V6X4SOWSHY0 Copyright 2026 Many Happy Returns

Many companies make their money from friction — forgotten subscriptions, tricky cancellations, loyalty penalties. Now AI agents promise to do all the tedious admin and save you money. So is this the end of the laziness tax? Are we about to see subscription-based moats collapse? --- Thank you to Lightyear for sponsoring this episode. I opened my 2025/2026 ISA with Lightyear. If you want to try them out as well, use PENSIONCRAFT to get between £10 and £100 in a fractional share or ETF in your General Investment Account. See full T&Cs at https://lightyear.com/pensioncraft. Investing involves risk. Returns vary and are not guaranteed. ISA rules and promotional terms apply. --- Get in touch 📧 [email protected] 🎧 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. Music ID: ZVMI9V6X4SOWSHY0 Copyright 2026 Many Happy Returns

Three hikes and a hold in eight days, all in answer to the same energy shock. So why did the Fed, the ECB and the Bank of Japan raise rates, while the Bank of England sat tight, despite facing the worst inflation path of the four? So would you vote to hike? --- Thank you to Lightyear for sponsoring this episode. I opened my 2025/2026 ISA with Lightyear. If you want to try them out as well, use PENSIONCRAFT to get between £10 and £100 in a fractional share or ETF in your General Investment Account. See full T&Cs at https://lightyear.com/pensioncraft. Investing involves risk. Returns vary and are not guaranteed. ISA rules and promotional terms apply. --- Get in touch 📧 [email protected] 🎧 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. Music ID: ZVMI9V6X4SOWSHY0 Copyright 2026 Many Happy Returns

Markets are meant to be efficient, yet somehow they keep producing meme-stock frenzies, CEO vanity projects, and wild booms and busts. We're joined by Alex Edmans — Professor of Finance at London Business School and author of The Madness of Markets — joins us to discuss why even smart investors lose their heads. --- Thank you to Lightyear for sponsoring this episode. I opened my 2025/2026 ISA with Lightyear. If you want to try them out as well, use PENSIONCRAFT to get between £10 and £100 in a fractional share or ETF in your General Investment Account. See full T&Cs at https://lightyear.com/pensioncraft. Investing involves risk. Returns vary and are not guaranteed. ISA rules and promotional terms apply. --- Get in touch 📧 [email protected] 🎧 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. Music ID: ZVMI9V6X4SOWSHY0 Copyright 2026 Many Happy Returns

The Financial Stability Board says frontier AI is the most immediate threat to the financial system — above sovereign debt, private credit and equity valuations. As AI learns to find and exploit vulnerabilities faster than humans can patch them, are our banks about to be hacked? --- Thank you to Lightyear for sponsoring this episode. I opened my 2025/2026 ISA with Lightyear. If you want to try them out as well, use PENSIONCRAFT to get between £10 and £100 in a fractional share or ETF in your General Investment Account. See full T&Cs at https://lightyear.com/pensioncraft. Investing involves risk. Returns vary and are not guaranteed. ISA rules and promotional terms apply. --- Get in touch 📧 [email protected] 🎧 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. Music ID: ZVMI9V6X4SOWSHY0 Copyright 2026 Many Happy Returns

Bond ladders are a great way to feel in control of your money. A neat row of gilts maturing year after year, each one handing back its capital right on schedule. But before you buy your first rung, it's worth asking what the ladder is for, what you’re giving up for that certainty, and whether something simpler would do. And in today’s Dumb Question of the Week: Has a developed market ever defaulted on its debt? --- Thank you to Lightyear for sponsoring this episode. I opened my 2025/2026 ISA with Lightyear. If you want to try them out as well, use PENSIONCRAFT to get between £10 and £100 in a fractional share or ETF in your General Investment Account. See full T&Cs at https://lightyear.com/pensioncraft. Investing involves risk. Returns vary and are not guaranteed. ISA rules and promotional terms apply. --- Get in touch 📧 [email protected] 🎧 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. Music ID: ZVMI9V6X4SOWSHY0 Copyright 2026 Many Happy Returns

Humanity has just fallen below replacement fertility for the first time in history. A new paper challenges everything we thought we knew about population decline and economic growth. So what happens to your portfolio when the pie stops growing? And in the Dumb Question of the Week: Did the Black Death make Europe rich? --- 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 📧 [email protected] 🎧 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. Music ID: ZVMI9V6X4SOWSHY0 Copyright 2026 Many Happy Returns

The Japanese and US governments just spent an estimated $80 billion propping up the yen — and within a fortnight, the market had pocketed half of it. We ask whether politicians can ever actually beat currency traders. And in the Dumb Question of the Week: Why can't the government just pick whatever exchange rate it likes? --- 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 📧 [email protected] 🎧 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. Music ID: ZVMI9V6X4SOWSHY0 Copyright 2026 Many Happy Returns

Corporate America has just delivered its best earnings season in years — record beats, record margins, and growth numbers that look almost too good to be true. Which is convenient, because some of them are. Meanwhile, Europe is also delivering the goods. We discuss what's driving the blowout quarter on both sides of the Atlantic. And in today’s Dumb Question of the Week: Why do companies report every three months? --- 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 📧 [email protected] 🎧 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. Music ID: ZVMI9V6X4SOWSHY0 Copyright 2026 Many Happy Returns

Your ability to manage money declines steadily after sixty. Yet your confidence in that ability doesn't decline at all, so mistakes get made with total conviction and go unnoticed, especially by you. What you can do now to protect your portfolio before you reach old age? And in the Dumb Question of the Week: How do you raise this with your parents without it becoming a fight? --- 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 📧 [email protected] 🎧 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. Music ID: ZVMI9V6X4SOWSHY0 Copyright 2026 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 📧 [email protected] 🎧 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. Music ID: ZVMI9V6X4SOWSHY0 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 📧 [email protected] 🎧 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. Music ID: ZVMI9V6X4SOWSHY0 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 📧 [email protected] 🎧 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. Music ID: ZVMI9V6X4SOWSHY0 Copyright 2026 Many Happy Returns