Could Britain be only a decade away from losing control of its debt? An expert on macroeconomics and geopolitics, Alastair Irvine warns that the UK’s finances are “bad and getting worse” and explains why he believes World War III has effectively already begun.

Alastair Irvine is Investment Director of the Jupiter Merlin Portfolios, where he has spent the past decade analysing the global economic, political and geopolitical developments affecting financial markets.

In this conversation, he explains:

■ Why the UK’s debt trajectory could become uncontrollable between 2036 and 2046

■ How UK government debt could reach 300% of GDP by 2076 if its current trajectory continues

■ The four most dangerous things a prime minister could do to the British economy

■ Why Britain may need a £100 billion national defence loan

■ Why he believes World War III has effectively already started

■ How consumer prices have risen by approximately 30% since the beginning of 2021

■ Why Japan’s economic reforms have created a major opportunity for global investors

(00:00:00) Intro (00:02:31) How Bad Are the UK’s Finances? (00:05:47) When Could Britain Lose Control of Its Debt?(00:07:38) Can Andy Burnham’s New Cabinet Turn Britain Around? (00:08:28) Which Cabinet Appointment Offers the Most Hope? (00:10:53) Is Britain Heading for a “Red October”? (00:12:26) How Can Britain Raise Living Standards? (00:15:44) The Four Most Dangerous Threats to the British Economy (00:16:25) Should Britain Reopen the North Sea Oil and Gas Fields? (00:18:42) How Norway Built a $2 Trillion Sovereign Wealth Fund (00:21:08) Why Is Kemi Badenoch More Popular Than Her Party? (00:22:56) Should Britain Give Its New Prime Minister a Chance? (00:26:18) How Can Britain Afford to Rebuild Its Armed Forces? (00:33:54) Could a £100 Billion Defence Loan Protect Britain? (00:37:55) Has World War III Already Begun? (00:40:56) What Happens When Putin’s Popularity Falls?(00:43:47) How Extreme Is Iran’s Revolutionary Guard?(00:47:41) How Trump’s Iran Strategy Backfired? (00:50:24) Could Saudi Arabia Become a Nuclear Power?(00:54:32) Where Is Inflation Heading Over the Next 30 Years?(00:58:06) Why Official Inflation Doesn’t Match the Cost of Living (01:00:05) What Can the Price of Skittles Tell Us About Inflation?(01:01:05) Why Is the US Economy Growing Faster Than the UK? (01:03:37) Why Are Japan’s Economy and Stock Market Thriving? (01:08:34) Why Warren Buffett Is Investing in Japan (01:07:45) Disclaimer

For more of Alastair’s analysis on global markets, economics and geopolitics, follow him on Substack.

Follow Alastair:

Substack - https://substack.com/@alastairchirvine

Is value investing making a comeback? Jack Barrat shares his perspective on why today’s market environment may present compelling opportunities, how AI is transforming fund management, and why some of the most interesting investments are often overlooked.

Jack Barrat is a portfolio manager at Man Group, with over a decade of experience applying a disciplined value investing approach across a range of market conditions, including periods of significant volatility, inflationary pressure and structural change.

He explains:

▪️ Why UK stocks remain one of the world's cheapest markets

▪️ How to distinguish between a value trap and a genuine opportunity

▪️ Why AI could present a significant productivity shift in fund management

▪️ The sectors he finds most interesting from a valuation perspective today

▪️ How his team approaches high-conviction buy and sell decisions

(00:00) Intro

(00:47) From a Starbucks to Man GLG

(01:44) The Advantage of Man Group

(02:33) Building a High-Performing Investment Team

(04:37) The Toughest Year of Jack's Career

(05:06) Why He Runs Long & Short

(05:52) What Really Drives a Fund Manager

(07:18) Jack's Investment Philosophy

(09:14) Value Trap or Opportunity?

(12:09) How AI is Changing Fund Management

(17:43) "Please Don't be Afraid of AI"

(20:34) Is the UK Market Cheap?

(23:25) How the Team Makes the Call

(25:26) Jack's Definition of Risk

(27:02) The Biggest Risk to the Strategy

(31:09) Why Good |Management Takes Years to Matter

(33:32) The "Bathtub of Knowledge"

(37:31) What Keeps Him Awake at Night

(38:29) Three Books That Shaped How he Invests

(40:27) Inside a 5am Start

(43:07) The Team Behind the Fund

(45:21) Disclaimer

Recorded On: 27/04/26

Every investor is being told the same story: the money is in AI, US technology and the trade that has worked for the last fifteen years. Hugh Yarrow believes the biggest opportunity is somewhere very different. He explains why some of Britain's highest-quality businesses are trading at their cheapest valuations since the Global Financial Crisis, why compounding beats chasing trends, and why the best way to build wealth is to get rich slowly.

Hugh Yarrow is the co-founder of Evenlode Investment and lead Portfolio Manager of the Evenlode Income fund. He has run the same investment strategy since launching the fund in October 2009, investing in high-quality British market leaders with durable competitive advantages and holding them for the long term.

He explains:

▪️ Why he calls it a "get rich slowly" strategy

▪️ Why quality UK companies are trading at their cheapest valuations since 2009

▪️ Why most of his portfolio could double over the next five years

▪️ Why the companies labelled "AI losers" could actually be AI underdogs

▪️ Why he won't own banks, oil producers or mining companies

▪️ How he identifies businesses that can compound for decades

(00:00:00) Intro

(00:02:34) The "Get Rich Slowly" Investment Strategy

(00:05:43) How Hugh Builds a Winning Portfolio (00:09:19) Why Quality Investing Is Back in Favour (00:13:46) The DNA of a Great Business

(00:17:37) How to Build a Low-Risk, High-Return Portfolio

(00:20:25) The Power of Compounding Explained (00:21:41) How Many Stocks Do You Actually Need? (00:24:05) The Sectors He Won’t Invest In

(00:25:44) How Big Can The Strategy Get Before It Breaks?

(00:26:32) Margin Of Safety, And What Happens When He Gets One Wrong

(00:30:06) How To Avoid Groupthink And Over-Processing

(00:33:41) What The Portfolio Is Trading On Today

(00:34:08) Why Free Cash Flow Tells You More Than Profit

(00:37:57) Dividends, Payout Ratios And The UK Buyback Boom

(00:41:06) Are Companies Buying Back Shares At The Right Price?

(00:42:52) Would Warren Buffett Invest in This Fund?

(00:44:24) What Higher Interest Rates Did To Quality Companies

(00:47:52) Could Most of These Companies Double?

(00:49:55) Why Foreign Investors Are Buying UK Companies

(00:51:33) Are Value Investors Finally Coming Back? (00:52:32) The AI "Underdogs" Everyone Is Ignoring

(00:56:19) Is The AI Trade Sucking Liquidity Out Of Markets?

(00:58:45) Why The Business Model Matters More Than The CEO

(00:59:58) Halma: The Hidden Champion Of The UK Market

(01:02:36) Howden Joinery: Built For The White Van Man

(01:05:05) RELX And The Power Of Ploughing Money Back In

(01:06:27) How Much of the Portfolio Depends on the Economy?

(01:11:04) What's On The Watch List

(01:12:47) What Success Looks Like In Ten Years

(01:13:54) The Person Who Shaped Hugh's Investing Career

(01:15:24) The Three Things He Wants Investors To Remember

(01:16:28) Disclaimer

Connect with Hugh Yarrow: LinkedIn - https://www.linkedin.com/in/hugh-yarrow-13189482/

Learn more about the Evenlode Income Fund: Website - https://evenlodeinvestment.com/our-strategies/ifsl-evenlode-income-fund/

Recorded on: 08/06/2026

Are the best investors buying when everyone else is panicking? Anne-Christine Farstad breaks down how contrarian investors spot market overreactions, why volatility creates opportunity, and why valuation matters more than forecasting the future.

Anne-Christine Farstad is a Contrarian Equity Portfolio Manager at MFS Investment Management. She has spent over 20 years navigating market bubbles, crashes, the rise of passive investing, and global equity cycles.

She explains:

▪️Why market fear creates the best investment opportunities

▪️How to spot stocks already pricing in “Armageddon”

▪️Why volatility is a contrarian investor’s biggest advantage

▪️The danger of buying cheap stocks that stay cheap

▪️Why passive investing has changed markets forever

Recorded on: 18/03/2026

Evy Hambro is the Co-Lead Manager of the BlackRock World Mining Trust, one of the world’s leading natural resources funds, delivering over 27x returns since inception. He has spent decades analysing global commodity markets, central bank behaviour, and mining equities.

He explains:

▪️Why gold is no longer a “barbarous relic” but a critical financial asset

▪️The real reason governments can’t stop printing money

▪️How central banks are quietly accumulating gold at record levels

▪️Why AI could drive the next commodities supercycle

▪️The biggest mistake investors make when buying gold

Chapters:

0:00 Intro

1:55 Why Gold Has Always Been Money

2:57 What's Really Driving the Gold Price

4:18 The £15,000 Gold Bar Story

7:40 Gordon Brown's Catastrophic Gold Sale

10:58 Is Gold a True Inflation Hedge?

13:14 How to Buy Gold Without Getting It Wrong

19:17 Is This the Start of a New Commodity Cycle?21:30 Why Central Banks Are Buying Gold Again

27:55 Why Mining Stocks Are So Volatile

35:17 Inside the BlackRock Mining Trust

38:20 What Makes a Great Mining Company

42:46 The Stock That Went Up 8x in Months

47:12 How Profitable Are Mining Companies Right Now

50:43 Would BlackRock Invest in Politically Unstable Countries?

53:20 Evy's Biggest Investing Mistakes

56:03 How AI Is Transforming Mining

1:00:34 Are Gold Companies Over-Earning?

1:08:57 The Dinner Party Indicator

Follow Evy on LinkedIn - https://www.linkedin.com/in/evy-h-5399b4b5/

Recorded on: 02/03/2026

This content is intended for UK investors only. This podcast is for informational purposes only and does not constitute financial advice. Capital is at risk.

Pete Davies, Head of Developed Markets Strategy at Lansdowne Partners, explains why this decade could look nothing like the last. From rising public-sector risk to the return of tangible assets and a new AI investment cycle.

We cover:

• ​The macro shift investors aren’t positioned for: re-industrialisation, capex, and de-globalisation
• ​Why banks - not tech - may offer lower risk today
• ​The AI thesis most investors misunderstand (and who actually profits)
• ​Steel, energy, and “real assets” making a comeback
• ​How elite fund managers think about risk, concentration, and mistakes• Stocks with potential to double
• ​Would he buy Starlink if it IPO’d?

00:00 Intro

02:27 The Big Macro Shift Investors Aren’t Positioned For

03:59 De-globalisation, Political Risk & The New Market Regime

06:28 The Hidden Danger of Investment “Style Boxes”

08:53 Why Active Management May Beat the Index This Decade

11:44 Inside the Portfolio: Why So Much Capital Is in Banks

14:22 Banks vs Tech: Where Is Risk Really Lower?19:34 The AI Investment Thesis Most Investors Miss

21:01 Picks, Shovels & Who Actually Profits From AI

24:15 Robotics, Physical Intelligence & The Next Wave

28:42 Defence Spending, Geopolitics & Aerospace Winners

38:45 Tariffs, Trade Wars & Protecting Local Assets

45:20 Gold, Energy & Nuclear: Positioning for Resource Scarcity

1:04:22 Housing, Construction & the Case for “Real Assets”

1:11:45 How Elite Fund Managers Think About Risk

1:15:30 Investment Mistakes & What They Teach You

1:19:33 AI vs The Human Brain: What Machines Still Can’t Do

1:20:51 Stocks That Could Double (And Where Upside Lives)

1:22:02 Adapting After 30+ Years in Markets

1:24:00 Would He Buy Starlink?

1:26:32 Final Takeaways for Investors

This episode was recorded on 12th January 2026

This episode was recorded on 10th September 2025.

My guest, John Chatfeild-Roberts is a veteran UK fund manager at Jupiter Asset Management and former Chief Investment Officer of the firm. With over three decades of investment experience, he is best known for his work on the Jupiter Merlin multi-manager investment team, where he focuses on fund selection, portfolio construction, and long-term capital preservation.

In this exceptional podcast episode, I sit down with John Chatfeild-Roberts, who has spent 30 years building one of the most successful fund-of-funds businesses in the UK - managing over £6 billion for more than 200,000 investors through the Jupiter Merlin portfolios.

KEY TOPICS COVERED:

Investment Philosophy & Strategy:

- How to identify outstanding fund managers before everyone else

- The "right people, right time, right quantities" approach to investing- Why patience is the ultimate competitive advantage in investing

- Active vs passive investing: when each makes sense

Risk Management & Portfolio Construction:

- Why most people buy at the top and sell at the bottom (and how to avoid it)

- The liquidity lessons that shaped 30 years of investing

- Concentrated portfolios: Why they own just 13-14 funds with top 5 holdings at 60%

- How they navigated the 2008 financial crisis (by positioning in 2006-2007)

Inflation Protection:

- Why inflation has compounded at 4.5% annually since 1981

- The two main real assets that protect purchasing power-

Gold allocation strategies (peaked at 12-13% during GFC)

- How £2,388 season ticket became £12,896 in 34 years

Fund Manager Selection:

- What makes an outstanding fund manager (love of the game, competitiveness, patience)

- Why manager selection beats geographical asset allocation

- The importance of neurodiversity in investment teams

- How to avoid groupthink in decision-making

TIMESTAMPS:00:00 - Introduction02:23 - Growing up and early life challenges04:07 - Transition from army to fund management05:21 - What is a fund of funds?10:41 - Investment philosophy explained18:41 - Best fund manager selection (Findlay Park - 23x returns)24:01 - Portfolio construction strategy27:04 - Crisis management and the importance of quality holdings29:45 - Most stressful periods (COVID, GFC)33:33 - Best investment calls (China/commodities insight)35:14 - Can investors time the market?40:08 - Inflation concerns and protection strategies48:39 - Why fund of funds has a bright future50:09 - Book recommendations for young investors

Important Disclaimer & Recording Date Notice:

This episode was recorded on 10th September 2025. The views, opinions, market commentary, and portfolio positioning expressed by the guest reflect information and circumstances at the time of recording only and may have changed since that date.Any references to specific assets, asset allocations, or portfolio weightings (including, but not limited to, gold) are provided for general discussion purposes only and do not represent current holdings or ongoing investment strategy. Portfolio positions may change at any time and without notice.All content on Algy’s Investment Podcast is provided for general information and educational purposes only and does not constitute financial, investment, legal, or other professional advice, nor should it be relied upon as such. Nothing in this episode is intended as a recommendation, endorsement, or solicitation to buy, sell, or hold any investment or financial product.Listeners should not make investment decisions based solely on the content of this episode and should seek independent professional advice tailored to their individual circumstances.Guests and presenters may have held, may currently hold, or may in the future hold positions in investments discussed. Neither the podcast nor its guests accept any liability for actions taken based on this content.

William de Gale, is Co-Founder and Lead Portfolio Manager at BlueBox Asset Management, where he manages the BlueBox Global Technology Fund. He brings over 20 years of experience in global technology investing, including more than a decade at BlackRock running its offshore global technology strategy with top-decile performance. William specialises in identifying high-conviction, high-growth technology companies with the potential to deliver strong long-term returns.Our guest challenges conventional wisdom about technology investing, explaining why they avoid the typical pitfalls of chasing disruptors, obsessing over revenue growth, and concentrating portfolios in mega-cap stocks. Instead, they focus on profitable "enablers" in the $10-250 billion market cap sweet spot, maintaining a remarkably low 30% annual turnover while generating strong returns.Key topics covered:1. Why semiconductors represent 40% of the portfolio and the rationale behind this weighting2. The case for cloud software platforms as mispriced opportunities in the AI era3. How all S&P 500 earnings growth since 2007 has come from technology companies4. Outstanding CEOs including Satya Nadella (Microsoft), Lisa Su (AMD), and Marcos Galperin (Mercado Libre)5. The fund's 24% return over the past year and what drove performance6. Why Adobe could be the next big opportunity despite market skepticism7. The importance of embracing volatility versus trying to avoid risk8. Why investors need at least a two-year time horizon in technologyThis episode offers valuable insights for anyone interested in technology investing, active fund management, and understanding where value is truly being created in today's tech landscape.Chapters:

00:00:00 - What Makes This Investment Strategy Unique

00:04:31 - The Investment Team Structure

00:07:53 - Portfolio Construction Deep Dive

00:09:09 - Software Exposure and AI Misunderstanding

00:10:06 - Growth Expectations Across Holdings

00:10:47 - Three Outstanding CEOs

00:17:27 - Portfolio Concentration vs Passive ETFs

00:19:28 - Portfolio Turnover in Practice

00:20:11 - Technology's Earnings Dominance 00:22:04 - Performance Attribution Review

00:24:40 - Avoiding Company Bankruptcies

00:25:23 - Best and Worst Decisions This Year

00:26:16 - Mispriced Valuations: The Cloud Software Opportunity

00:28:32 - Required Time Horizon for Investors

00:30:15 - Outperforming Without Tech

00:31:33 - Stock Tip: Adobe for 2026

00:33:31 - Closing RemarksLinks & Resources:BlueBox Asset ManagementWebsite: https://www.blueboxfunds.com/ LinkedIn: https://www.linkedin.com/company/bluebox-asset-management/?originalSubdomain=uk William de GaleLinkedIn: https://www.linkedin.com/in/william-de-gale-fca-cfa-a2692258/?originalSubdomain=uk Investment Disclaimer: This podcast is for educational and informational purposes only. It is not investment advice. Always do your own research and consult with a qualified financial advisor before making investment decisions.Subscribe for more investor insights and interviews with top Fund Managers.