Gold’s recent super rally has left investors wondering what’s coming next. Alex Hamer breaks down what is driving the surge, and the recent sell-off, whether volatility is now the norm, and what analysts’ outlook is for the yellow metal.

It’s then on to the credit scoring business Experian (EXPN). The US credit scoring market has come under scrutiny recently, and Valeria Martinez unpacks how exposed the company is and what it's doing in response.

Continuing in the US, concerns persist over the world's largest economy and its reliance on tech stocks. Mark Robinson looks at what point AI needs to start delivering actual productivity gains before a correction occurs, and compares the AI boom to the dotcom era.

Timestamps

1:16 Gold

12:34 Experian

21:13 US bubble

How to spot the gold price top

Why a US credit score overhaul actually helps Experian

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The FCA’s long-awaited motor finance redress scheme landed with a lower overall compensation figure than expected. Mark Robinson explores how Lloyds (LLOY) and Close Brothers (CBG) have responded, why both plan to challenge the proposals, and whether the scheme risks turning into another PPI-style saga.

Our Big Read is next. The future of cities is shifting as travel and office attendance continue to climb back slowly. Michael Fahy, author of the feature, looks at the steady uptick in London office occupancy, trends between the UK and US markets, and how Reits are reshaping portfolios.

Last up, Whitbread (WTB) reported results slightly ahead of estimates, yet shares fell amid rising costs and lease charges. Erin Withey analyses how the Premier Inn owner continues to gain UK market share in a slower economy, and how its accelerated growth plan could unlock long-term value.

Timestamps

1:15 Motor finance

12:15 The future of cities

23:08 Whitbred

Read the stories mentioned in the show:

Banking shares rise on lower-than-expected motor finance costs

Mega-cities need to grow – here’s how investors can take advantage

Whitbread hit by planned UK restaurant closures and softer demand

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RIT Capital Partners is one of the UK’s largest investment trusts with over £4bn in assets under management. Maggie Fanari joined its investment manager, J. Rothschild Capital Management, as CEO in 2024. Her goal is to compound growth for investors without the risk that equity markets carry.

In the episode, Dan Jones and Fanari discuss the structure of the trust, which is split between private assets, listed equities and ‘uncorrelated’ assets, and the trust’s thus-far unsuccessful attempts to narrow the discount on which it trades. Fanari also shares the qualities she looks for when seeking out private assets (one recent addition being Elon Musk’s SpaceX) as well as the recent changes to the trust’s portfolio and her take on the AI market.

Timestamps

00:45 The structure of the trust

02:53 The discount

10:23 RIT’s dividend

11:26 Private assets

18:19 Recent asset allocation changes

22:22 Discerene

25:42 US tech

32:42 European markets

34:11 Asia

34:52 UK equities

35:41 AI

37:38 Overall investment picture

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British business Volution (FAN) provides ventilation and air systems, and its shares have increased by a fifth thanks to the acquisition of an Australian business Fantech. Michael Fahy unpacks how investors reacted to the latest results, what is driving demand, and its broad geographical spread.

The CMA investigation into the veterinary market is still ongoing, and CVS (CVS) has paused its UK acquisition programme while it ticks on. Julian Hofmann examines the company’s results, its strategies for maintaining business growth, and its current valuation.

Last up, Alex Newman delves into the world of bitcoin, the topic of this week’s Big Read. From the FCA’s reversal on DIY investors buying and selling crypto exchange traded notes (ETNs), to the eligibility in Isas and Sipps, listen to find out everything you need to know about bitcoin buying.

Timestamps

01:14 Volution

07:17 CVS

15:49 Bitcoin

CVS pivots to Australia as UK expansion stalls amid CMA probe

There’s a new way to buy bitcoin – but is it safe?

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This week, the American FDA announced it’s set to review a new breast cancer drug, Enhertu, developed by AstraZeneca (AZN) and its Japanese partner, Daiichi Sankyo. Julian Hofmann and Dan Jones unpack what this did to Astra’s shares, the wider issues facing pharmaceutical companies, plus an update on GSK’s (GSK) newest CEO.

Next, our Big Read on the ways to effectively pass on your wealth. In the UK, estimates suggest up to £7tn could be transferred from older to younger generations over the next 30 years. Val Cipriani, author of the piece, explains what the “Great Wealth Transfer” means for investors, the trade-off gifters need to consider, and more.

Last up, results from Ceres Power (CWR) came in lower than expected. Mark Robinson unpacks the reasons behind it, German shareholder Bosch’s departure, and where the valuation stands.

Timestamps

1:23 AstraZeneca

14:53 Passing on wealth

27:40 Ceres Power

Read more on these topics:

A pharma giant with star quality

How to pass on wealth to your children

Ceres Power cuts revenue guidance for 2025

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We begin with Trustpilot’s (TRST) results. Mark Robinson and Dan delve into what has gone right and wrong for the company, its durability in an age of AI, and our take on its use of buybacks.

Alex Hamer then covers the North Sea Energy Profits Levy. From the effect current policies are having on production to the companies that see opportunity in the region, Alex covers all that investors need to know.

Last up, Goodwin (GDWN), the 140-year-old Stoke-based engineering and manufacturing company. Alex Newman touches on the history of the business, its most recent trading update and if its years of investment are finally paying off.

Timestamps

1:31 Trustpilot

13:34 North Sea

27:21 Goodwin

Read the stories mentioned in the show:

Trustpilot grows revenue as AI boosts its subscription model

North Sea oil stocks bet on government U-turn

Goodwin: A 143-year-old firm flying under the radar

Meeting M&G’s CEO: Lee and the IC

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Reuniting after the summer, Lord Lee and Alex Newman sit down in the M&G offices with Andrea Rossi, CEO since 2022.

In the episode, the trio unpack what drew Rossi to take on the role, the challenges of balancing £350bn of assets, and how the affiliate deal with the Japanese life insurer Dai Ichi could transform the company, and more.

Alex and Lord Lee wrap up in usual fashion with an update on Lord Lee’s portfolio, including a relatively unknown family-run Plc that’s crucial to the UK’s submarine programme.

If you have any questions or any suggestions for future guests, email alex.newman@ft.com

Timestamps

1:09 Rossi’s impression of the business prior to joining

2:18 Why Rossi did not want to break up the group

4:13 What Rossi sees in private markets

7:58 The challenge of valuing a business such as M&G

14:36 Would private ownership be a better fit?

16:02 The Dai Ichi deal

17:43 Managing £350bn of assets

20:38 Replicating deals elsewhere in the world

21:22 Working in the Gulf

23:17 How Rossi allocates capital

26:12 Will M&G move into the ETF world

27:32 How optimistic is Rossi on M&G

29:31 Lord Lee’s portfolio

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We start with last week’s Big Read, our annual Top 50 Funds. Dave Baxter shares his thoughts on compiling the list, its structure and the changes made to this year's edition.

GSK (GSK), a company featured in our latest Special Report this week, Income Majors, is next. Its dividend level is not as high as it has been, but it is expected to tick up. Julian Hofmann unpacks its valuation, the possible buybacks on the table, what it's doing to boost sales and more.

Last up, it’s Mondi (MNDI), the packaging and paper company, which has had a tough year. Valeria Martinez covers the reasons, what it's doing during the slump it's experiencing and when investors can expect a recovery.

Timestamps

1:30 Top 50 Funds

14:13 GSK

26:17 Mondi

Read stories mentioned in the show:

IC Top 50 Funds: the best ones to buy

Income Majors 2025: How the UK’s biggest dividend payers are faring

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