In this weeks episode Nick talks to Benedict Evans

Benedict Evans is an independent analyst with over 25 years’ experience in mobile, media, and technology. Evans recounts his career journey, from equity analysis of mobile operators, to strategic roles in media and telecoms, and later his work at venture capital firm Andreessen Horowitz.

Nick and Benedict conversations explores the evolution of artificial intelligence, clarifying definitions of AI, machine learning, and generative AI, and drawing historical parallels with past technology shifts such as smartphones, spreadsheets, and the internet. Evans discusses AI’s strengths, limitations, and public misconceptions, emphasising that its current utility lies in domains like software development and marketing. He notes that while AI can produce impressive results, it operates on probabilistic reasoning rather than human-like understanding, making it well-suited for some tasks but unreliable for others requiring precise factual accuracy.

The discussion also addresses societal responses to new technologies, including moral panics, misuse by bad actors, and challenges in regulation. Evans stresses the importance of distinguishing hype from genuine capability and identifying where AI adds the most value. Looking ahead, he outlines adoption patterns, the integration of AI into everyday workflows, and the ongoing debate over whether large language models represent a fundamental shift in computing or simply another software evolution.

Follow Benedict and subscribe to his newsletter here.

This content is issued by Zeus Capital Limited (“Zeus”) (Incorporated in England & Wales No. 4417845), which is authorised and regulated in the United Kingdom by the Financial Conduct Authority (“FCA”) for designated investment business, (Reg No. 224621) and is a member firm of the London Stock Exchange. This content is for information purposes only and neither the information contained, nor the opinions expressed within, constitute or are to be construed as an offer or a solicitation of an offer to buy or sell the securities or other instruments mentioned in it. Zeus shall not be liable for any direct or indirect damages, including lost profits arising in any way from the information contained in this material. This material is for the use of intended recipients only.

This week Nick talks to Lionel Barber.

Lionel Barber is a distinguished British journalist best known for his tenure as Editor of the Financial Times from 2005 to 2020, during which he spearheaded its transformation into a globally respected, digital-first news organisation. A graduate of St Edmund Hall, Oxford, he began his career at The Scotsman before moving to The Sunday Times and then joining the FT in 1985, where he held senior roles including Washington correspondent, Brussels bureau chief, news editor, and U.S. managing editor. As editor, he conducted landmark interviews with world leaders such as Barack Obama, Vladimir Putin, and Angela Merkel. Barber is the author of The Powerful and the Damned: Private Diaries in Turbulent Times and his latest book Gambling Man: The Wild Ride of Japan’s Masayoshi Son, and has been recognised with honours including the Légion d’Honneur, the Stella d’Italia, and the Gerald Loeb Lifetime Achievement Award. He currently serves on several boards, lectures globally on media and geopolitics, and co-hosts the Media Confidential podcast with Alan Rusbridger.

Nick and Lionel discuss, Lionel's journey from a newspaper-loving household in Leeds to leading one of the world's most influential publications. Inspired by his journalist father, Barber started his career at The Scotsman and quickly rose through the ranks, eventually serving as foreign correspondent in Washington and Brussels before becoming FT editor in 2005. He shares highlights from his tenure, including interviews with Vladimir Putin and Donald Trump, and his leadership during the paper's digital transformation.

Barber also discusses his latest book, Gambling Man, a biography of Masayoshi Son, the Korean-Japanese entrepreneur behind SoftBank. The book charts Son's remarkable rise from growing up in a marginalised slum to building one of the world's largest investment funds. Barber portrays Son as both a visionary and a calculated risk-taker, whose bold investments in Yahoo, Alibaba, and ARM shaped modern tech finance. He also delves into Son's failures, such as the WeWork debacle, and his ability to bounce back with ambitious plans in AI and global innovation, while still regarded with suspicion by Japan’s establishment.

Lionel's book choice was:
Present at the creation Dean Acheson

Lionel Music choice was:
Piano Sonata No. 32 in C minor, Op. 111 by Ludwig van Beethoven

Follow Lionel on his Substack and his podcast - Media Confidential.

This content is issued by Zeus Capital Limited (“Zeus”) (Incorporated in England & Wales No. 4417845), which is authorised and regulated in the United Kingdom by the Financial Conduct Authority (“FCA”) for designated investment business, (Reg No. 224621) and is a member firm of the London Stock Exchange. This content is for information purposes only and neither the information contained, nor the opinions expressed within, constitute or are to be construed as an offer or a solicitation of an offer to buy or sell the securities or other instruments mentioned in it. Zeus shall not be liable for any direct or indirect damages, including lost profits arising in any way from the information contained in this material. This material is for the use of intended recipients only.

This week Nick talks to long-time friend of the show, Hugh Hendry, the Acid Capitalist.

Hugh Hendry is a Scottish hedge fund manager and outspoken investor known for his contrarian views and sharp macroeconomic commentary. Born in Glasgow, he studied Economics and Finance at the University of Strathclyde before starting his career at Baillie Gifford, later moving to Credit Suisse and Odey Asset Management. In 2005, he co-founded Eclectica Asset Management, where he served as Chief Investment Officer and gained prominence for delivering strong returns during volatile periods—most notably a 32% gain in 2008 amid the global financial crisis. After closing the fund in 2017, Hendry relocated to St Barts, where he now invests in luxury real estate and hosts a podcast focused on global markets and economic disruption.

Hugh and Nick explore the fragility of the global economic system, focusing on what he sees as America’s loss of monetary sovereignty due to decades of manipulated international trade—particularly by China. He argues that the US has been structurally weakened by its role as the global consumer of last resort, propped up by foreign capital inflows and suppressed foreign currencies. Hendry praises the economic direction of the “Trump 2.0” presidency for challenging the status quo with tariffs, capital flow restrictions, and trade rebalancing—measures he believes are necessary to avoid long-term decline.

Nick and Hugh also discusses Hugh's bullish stance on Bitcoin, highlighting its potential for explosive growth given its small market cap relative to traditional asset classes. He views Bitcoin as a compelling macro trade, especially in a world of shifting monetary regimes. The conversation then turns to the rise of AI, which Hendry describes as transformative both personally and economically—disrupting jobs, changing creative processes, and complicating traditional tax models.

Follow and subscribe to Hugh's Substack

This content is issued by Zeus Capital Limited (“Zeus”) (Incorporated in England & Wales No. 4417845), which is authorised and regulated in the United Kingdom by the Financial Conduct Authority (“FCA”) for designated investment business, (Reg No. 224621) and is a member firm of the London Stock Exchange. This content is for information purposes only and neither the information contained, nor the opinions expressed within, constitute or are to be construed as an offer or a solicitation of an offer to buy or sell the securities or other instruments mentioned in it. Zeus shall not be liable for any direct or indirect damages, including lost profits arising in any way from the information contained in this material. This material is for the use of intended recipients only.