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
📧 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.
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
📧 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.
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
📧 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.
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
📧 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.
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
📧 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.
Music ID: ZVMI9V6X4SOWSHY0
Copyright 2026 Many Happy Returns