October 3, 2025 • 16 mins
In this week's markets round up, hosts Merryn Somerset Webb and John Stepek discuss the news that London has slipped out of the world’s top 20 initial public offering markets as the third quarter ends, overtaken by Mexico and Singapore. Meanwhile, US tech stocks surge despite bubble worries, and Japan’s market hits fresh highs with renewed investor enthusiasm.
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Speaker 1 (00:02):
Bloomberg Audio Studios, Podcasts, Radio News. Welcome to the Marrin
Drugs Money Market Wrap, when we talk about the biggest
moves in the markets this week and what is driving them.
(00:24):
I'm Maren Thumsip, Web Editor at Large for Bloomberg UK Wealth, and.
Speaker 2 (00:27):
I'm Joined Stapek, senior reporter and author of the multi
award winning money to Store with newslast.
Speaker 3 (00:33):
This is painful.
Speaker 1 (00:35):
Can I just ask all of you award giving institutions
just stop stop validating this man.
Speaker 2 (00:45):
It's true. My head's beardly fit the screen as it is, or.
Speaker 3 (00:48):
At the very least, at the very least give me
the awards. Let me have some.
Speaker 2 (00:53):
Your shelf is much bigger than me.
Speaker 3 (00:56):
And still well they're all old.
Speaker 4 (00:58):
They're old.
Speaker 3 (00:59):
As you know. We got that great one last year,
didn't we Best Broadcaster.
Speaker 2 (01:02):
Yeah, I mean that was a good one, yeah, for our.
Speaker 3 (01:04):
Award winning podcast. Right.
Speaker 1 (01:05):
Anyway, another of that, So we did another fantastic part
earlier in the week, because you know, we are an
award winning podcast, right, and that was our chat with
Roger Lee about the hideous, hideous fiscal position that the
UK is in and how it might just might non
zero risk bring down the government, caused a constitutional crisis, etcetera.
There was a lot of comments on that, one half
(01:26):
of them saying, you know, don't be ridiculous, what's wrong
with you? Five me ahead of race with this taken
our sweat, and other ones saying, wow, that was really,
really good, one of the best inflations I've ever heard.
Brilliant podcast. I'm with those guys. By the way, is
there anything you listen to it? Right?
Speaker 3 (01:39):
John?
Speaker 2 (01:41):
Yeah? I thought it was I thought it was great.
I thought it was very clear, and obviously I get
that obviously everyone's got their own political views and the
cit on the mint of partisanship will come wenty whether
or not you think it was good or not. But
I don't think it was. You know, the Yuki's finances
are in trouble, they aut comparability Financis, and France has
(02:02):
had a constitutional crisis, so you know, I certainly don't
think it's It's not a crazy idea to think that
it may cause the fall of the government.
Speaker 1 (02:11):
You know, although interesting, one of the one of the
one of the comments questions that came with it was
so okay, so the poundle devalue, Does that mean some
of your cash should be put in euros.
Speaker 3 (02:19):
Well, do you know that's not really the answer.
Speaker 1 (02:23):
I mean, it may be, And we do have a
podcast coming up, by the way, with Dominic Frisbee just
on gold, and one of the things we point out
there is totally possible for all guarancies to devalue at
the same time against gold. Right, So the European economies
aren't necessarily in a significantly better position than the UK economy.
So it's not really a matter of well, things are
cramp in the UK, so I'll go put my money
(02:44):
in in that currency that represents you, I don't know, France. Yeah,
so watch out for that at a at a thinking
that that's an obvious thing to do.
Speaker 2 (02:53):
Honestly, if I was part of it, if I was
really what really wanted with contents and I wanted the
dollar would still be the one that I went to.
Maybe just see.
Speaker 1 (03:02):
I mean, there's a reason right that that gold is
up forty seven percent this year and silver is up
sixty three percent this year, seventeen percent in September alone.
There's a reason for that, and it's not because the
Euro is a better currency.
Speaker 3 (03:13):
Than the pound.
Speaker 1 (03:14):
We might come back to that there's another question from
from David. Thank you David. In your Labor Tax Talk podcast.
You say to that any attack on DC pensions wouldn't work.
It has to also affect dB pensions to be fair,
and he doesn't really agree. He thinks that that that's
that's not a reason for it not to happen. I
(03:35):
guess he thinks that everything is unfair, So why wouldn't
this be.
Speaker 2 (03:39):
I think David's point the quick look at that was
you were saying, well, hookom the the HT thing which
only affects DC pensions rather than dB ones. And I
think the point that as well, because it doesn't affect
dB pensions, it wasn't a big deal.
Speaker 1 (03:56):
So being here, well, I suppose that they keep saying
there is that you would They say that why would
inheritance tax affected dB bension because the dB bension dies
with you? So who gets about inheritance tax? But of
course it doesn't always does it, because it goes to
the spouse or a partner, et cetera. And that doesn't
necessarily have to be inside of marriage. So I guess
there's something there, but it's not quite the same.
Speaker 2 (04:18):
There's something there in that you always taking a benefit
away from DC. The Okay, there wasn't in TB in
the first place, but DB's got other benefits that DC
don't get. I get, I get the aditation, but I
also see why politically speaking, it was a very easy move.
We redize the other.
Speaker 3 (04:37):
Day, agreed, agreed.
Speaker 1 (04:40):
There was one other email that that we enjoyed from
someone in Turkey about adding some gold and some silver
to her portfolio. And of course what what we were
talking about last week was the Turkish portfolio, where you
have effectively in a half gold and half equities to
protect yourself against inflation, et cetera. And she says, salaries
in Turkey being eating way by inflation. Joined the club,
(05:01):
and as a teacher, I feel this very strongly in
my everyday life. That's why I started to change the
way I am vesto a Turkish portfolio from Turkey fun.
Speaker 3 (05:09):
I guess that's that's really interesting.
Speaker 2 (05:11):
I mean, look, one thing you can say for terrible
economic mismanagement is that it makes the average person in
the street a much more sophisticated. VESTA.
Speaker 1 (05:21):
On the subject of terrible economic mismanagement, the UK stock market,
which of course we are great fans of in terms
of the wonderful company is trading on a stock market
at kind of rubbish prices, and you know, we feel
and we still feel that there are value there, but
the de equitization of the market is really starting to
(05:42):
get very very serious. And almost no IPOs in the
UK this year, and you pointed out to me earlier
and they've been actually been quite a lot of talk
about it that we are now on the on the
list of markets that have ipo done IPOs over so
far this year. What do we what did you say,
number twenty four at number twenty three of pretty much
(06:03):
out of pretty much everybody you can think of.
Speaker 2 (06:05):
Yeah, I think in terms of the big markets, we're
still ahead of Italy, which is like number thirty. But
when the fact I'm calling Italy a big market in
this context shows you just how low we are. We're
behind o mine, which is a frontier market. It's not
it's really really kind of ugly, and you can, you know,
(06:25):
you can patch it by saying that, well, yeah, but
there's meant to be some IPOs next year. And I'm
sure if you look down the list you could see
that there were reasons why the IPOs were in the
places they were in. But it's pretty ugly stuff and
there is the result knowing it. Yeah yeah, I mean
a lot of kind of Twitter follower people were sort
of saying, oh, my goodness, does this mean the city
(06:47):
is doomed? And you're kind of like, well, okay, this
isn't actually the city's core business, but that is part
of the problem.
Speaker 3 (06:53):
Well, it's all part of a network, isn't it. I mean,
it's all.
Speaker 1 (06:57):
Part of the infrastructure around find out law et cetera.
In London, of the stock market is at the core
of that, and its shrinkage does matter. It matters for
all sorts of reasons. But and it's becoming urgent. And
you know, policymakers have been told about this over and
over and over and over again.
Speaker 3 (07:17):
I mean, you know how many different.
Speaker 1 (07:19):
Lunches and dinners and talks and bla that you and
I have been to over the last decades talking about
the miseries of the UK storm market and how it
can be fixed, and absolutely nothing ever happens. Get a
little fiddling around on the supply side with regulation, et cetera,
but nothing real like this.
Speaker 3 (07:34):
This stuff that came out.
Speaker 1 (07:35):
I think it was just this morning talk about cutting
stamp duty for new IPOs.
Speaker 3 (07:40):
This is nothing, nothing, This is nothing.
Speaker 1 (07:42):
You should cut stamp duty across the board, but cutting
stamp duty for for IPOs this is nothing. Most countries
don't even have stamp duty. This is not getting us ahead,
This is just getting us very slightly less behind. It's
a nothing, It's nothing.
Speaker 4 (07:55):
Incredibly frustrating, is a real waste. I mean, I don't know,
a lot of people have talked about the stock exchine
should be spun outy LC group, and I mean I
think that's I don't think that's the core problem, but
I do think that if it was just one person's
(08:17):
job to make the stock market better, that would actually
help focus things a bit. So I mean, I'm not
I don't think that's necessarily the solution, but I'm certainly
not against it.
Speaker 1 (08:30):
Yeah, okay, let's move on to more jolly stuff. You
know that we we could talk a bit more about gold,
but that is not jolly obviously, it's the it's the
anti investment. You don't want gold to go up. The
fact that gold is going up might be marvelous for
your portfolio if you've been listening to us for years,
but overall, it's not a good thing. You want that
to go back down again. So let's all hope for that. However,
(08:52):
if you're on American tech socks or America, you're pretty happy.
Speaker 2 (08:55):
Too, right, Yeah. Yeah, they just keep fair, They just
keep going up, They just keep going up. And even
although of those various signs are bubbly in this and
all of this, that that's just just shorting those sis.
And also the US government entirely shutting down. Obviously that's
a good thing. Nobody can I think we should try
(09:16):
it here.
Speaker 3 (09:16):
Yeah, yeah, And.
Speaker 1 (09:17):
It's interesting seeing I mean, one of our colleagues is
written about this, saying that, you know, we were worried,
constantly worried, all of us about the market narrowing and
narrowing and narrowing in the US Magnificent a magnificent seven,
Magnificent five, the Magnificent four. But now it is totally
widening out again, and you can begin to talk about
about a new group. Who is Which of our colleagues
(09:39):
wrote about this, I can't remember, but they said, maybe
we can talk about the Golden dozen.
Speaker 2 (09:43):
Now. I don't know what to make any of this.
If I'm moreness, it's on the one hand. You've got
all these stories about Nevedia kind of buying chips. No, no, no,
what they do, yeah, no, a little company, they invest
in a little company that the chips from them, and
(10:04):
then they rent the chips back from them, and then
they're all investing in each other's open AI is investing
and buying stuff from this one, and then that one's
buy stuff in the video, and that one's stuff from Microsoft.
So there is a sort of circularity to everything. And
also there's a lot of private money involved, so it's
become it's somewhat more opaque how this all works, and
(10:29):
it does feel kind of dot com me from that
point of view. At the same time, there's not the
same sheer nuttiness so there was a dot com like,
all of these companies do make money, even if we're
not entirely sure how they're spending it or what the
accounts are going to look like. Once everybody's rented everything
from everyone else. So I couldn't even it feels bubbly,
(10:52):
but I couldn't begin to say whether it's you know,
in nineteen ninety six or nineteen ninety nine or not,
that that's not the case at all. I don't know.
All right, I'm want.
Speaker 3 (11:02):
To follow that under proceed with caution.
Speaker 1 (11:05):
But there's something there's something else that I want to
point out, some new and semi exciting bit of information.
And this comes from a note from aj Bell where
they point out that it's been a really good year
for the UK, right and I'm leaving the US and
go back to the UK. It's been a great year
for the UK shares so far, but it's been even
better for a particular kind of UK funds.
Speaker 2 (11:27):
Do you want to guess have active fund manage is
actually nice to do something?
Speaker 3 (11:32):
Yes? Yes they have.
Speaker 1 (11:36):
In the battle of the manager versus the machine, humans
have been punching above their weight with UK funds as well.
But so far this year in both the UK All
Companies and UK equity income strategies, the top ten performers
were dominated by actively managed funds.
Speaker 2 (11:55):
That'd be cool. See eventually every dog has its day.
Speaker 1 (12:00):
Oh that wasn't quite how I was going to frame it.
Speaker 2 (12:06):
Okay, So what's the tall point? What's the tall one?
Give us well svs Zoos Dynamic Opportunities, followed by Artemis
Smart GARP UK Equity garper growth A reasonare Press ninety
one UK Personal Situations Dimensional UK Value Artemis UK Select
(12:27):
Brompton UK recovery.
Speaker 3 (12:29):
Or of recovery going on here.
Speaker 1 (12:30):
Then you get a couple of ETFs, and then you
get red Wheel UK Climate Engagement. It's kind of interesting
in most of the climate related funds on renewal and
your related funds of having a pretty nasty time. And
then you get the Investigo UK Enhanced Index, about which
I know anything, but you get the general sense from
the phrase enhanced index.
Speaker 2 (12:50):
There's a bit of a vowel you've seen near the top.
Speaker 3 (12:52):
There value recovery, except.
Speaker 2 (12:58):
I would take a point there maybe a kind of fine.
Speaker 3 (13:00):
Yeah, yeah, So that is interesting.
Speaker 1 (13:03):
So on one on one side of the Atlantic, you're
getting a lot of textuff coming through huge performance there,
and on the other side we are back to active value,
so very different markets, which is in itself kind of interesting.
Speaker 2 (13:16):
I mean, I guess this is good as way hope,
because at the end of the most of the people
listening to this are, even if they're quite active, are
still going to have a fair chunk in the US.
So if the US is still going up, even if
you're underway to US is going up, values going up.
Gold's going up. The actual environ may may feel a
(13:36):
bit scary, but it's been brilliant for basically anyone who
invests in almost anything that isn't guilt or a treasury.
It's been a very very good year so far. I
think it's the other reason no palanoid about it like ending.
But that's the point, you're such a doom and gloomer.
Speaker 1 (14:00):
We must remind everybody by the way that the other
market that has done extremely well that we have been
going on and on and on about for forever is
of course Japan. And last month the Topics hit a
new aldhim high. And I know the Nike did that
a while back, about a year ago, but the Topics
is for your professional investors put more more faith in
the Topics than in than in the Nicke because it's
(14:22):
a better index basically.
Speaker 3 (14:24):
So that hitting in.
Speaker 1 (14:25):
New high last month, that's kind of exciting and suggests
that Japan maybe it really is back.
Speaker 2 (14:29):
That is exciting. And we saw we've got a colleague,
kid GIROI two rates a lot about Japan, and he
was making the point that young people in Japan are
que and OPTI put us Evans in the US kind
of isers, which is a big change, as well as
put the sevens and equities in the issers. And that's
(14:51):
something we used to talk about, hoping that domestic savers
would come back to the Japanese stock market, and that
sort of culture change fainly seems to be happening, and
it seems to be. Inflation can be quite helpful and
taken behavioral changes.
Speaker 1 (15:06):
Getting people out of cash, yeah, not so much here, though,
not so much here.
Speaker 3 (15:10):
But we're not We're not going to continue the UK misery. First,
it's not we're not doing this.
Speaker 2 (15:14):
Yeah, And I suppose interest you here has kind of
have gone into they kind of went into giving you
a real return again for quite a while. So you
see why people may have loaded up on cash.
Speaker 1 (15:26):
Yes, yes, but now what we want them to do
is get rid of that cash and put their money
into the UK market and make it go up. And
if it goes up, and it keeps going up, then
companies will come here and I p O and everything
will be fine.
Speaker 3 (15:38):
Right, Yes, and that's where I'm going to end exit.
Everything is going to be fine. Thanks for listening. This
week's Marin Talks Money Debrief.
Speaker 1 (15:49):
If you like us share rate, review, and subscribe wherever
you listen to podcasts. Also, if you showed, follow me
and John on ex or Twitter at Marinus w and
John Underscore Stepic. This episode is produced by some SADI
production support and sound designed by Moses and Questions and
comments on this show and all our shows are always welcome.
Our show email ismerin money at Bloomberg dot net.
Speaker 3 (16:09):
Don't forget that.
Speaker 1 (16:10):
If you have enjoyed our podcast, you can hear more
from me and John and all of our brilliant colleagues
by sending out for a Bloomberg subscription
Bloomberg Audio Studios, Podcasts, Radio News. Welcome to the Marrin
Drugs Money Market Wrap, when we talk about the biggest
moves in the markets this week and what is driving them.
(00:24):
I'm Maren Thumsip, Web Editor at Large for Bloomberg UK Wealth, and.
Speaker 2 (00:27):
I'm Joined Stapek, senior reporter and author of the multi
award winning money to Store with newslast.
Speaker 3 (00:33):
This is painful.
Speaker 1 (00:35):
Can I just ask all of you award giving institutions
just stop stop validating this man.
Speaker 2 (00:45):
It's true. My head's beardly fit the screen as it is, or.
Speaker 3 (00:48):
At the very least, at the very least give me
the awards. Let me have some.
Speaker 2 (00:53):
Your shelf is much bigger than me.
Speaker 3 (00:56):
And still well they're all old.
Speaker 4 (00:58):
They're old.
Speaker 3 (00:59):
As you know. We got that great one last year,
didn't we Best Broadcaster.
Speaker 2 (01:02):
Yeah, I mean that was a good one, yeah, for our.
Speaker 3 (01:04):
Award winning podcast. Right.
Speaker 1 (01:05):
Anyway, another of that, So we did another fantastic part
earlier in the week, because you know, we are an
award winning podcast, right, and that was our chat with
Roger Lee about the hideous, hideous fiscal position that the
UK is in and how it might just might non
zero risk bring down the government, caused a constitutional crisis, etcetera.
There was a lot of comments on that, one half
(01:26):
of them saying, you know, don't be ridiculous, what's wrong
with you? Five me ahead of race with this taken
our sweat, and other ones saying, wow, that was really,
really good, one of the best inflations I've ever heard.
Brilliant podcast. I'm with those guys. By the way, is
there anything you listen to it? Right?
Speaker 3 (01:39):
John?
Speaker 2 (01:41):
Yeah? I thought it was I thought it was great.
I thought it was very clear, and obviously I get
that obviously everyone's got their own political views and the
cit on the mint of partisanship will come wenty whether
or not you think it was good or not. But
I don't think it was. You know, the Yuki's finances
are in trouble, they aut comparability Financis, and France has
(02:02):
had a constitutional crisis, so you know, I certainly don't
think it's It's not a crazy idea to think that
it may cause the fall of the government.
Speaker 1 (02:11):
You know, although interesting, one of the one of the
one of the comments questions that came with it was
so okay, so the poundle devalue, Does that mean some
of your cash should be put in euros.
Speaker 3 (02:19):
Well, do you know that's not really the answer.
Speaker 1 (02:23):
I mean, it may be, And we do have a
podcast coming up, by the way, with Dominic Frisbee just
on gold, and one of the things we point out
there is totally possible for all guarancies to devalue at
the same time against gold. Right, So the European economies
aren't necessarily in a significantly better position than the UK economy.
So it's not really a matter of well, things are
cramp in the UK, so I'll go put my money
(02:44):
in in that currency that represents you, I don't know, France. Yeah,
so watch out for that at a at a thinking
that that's an obvious thing to do.
Speaker 2 (02:53):
Honestly, if I was part of it, if I was
really what really wanted with contents and I wanted the
dollar would still be the one that I went to.
Maybe just see.
Speaker 1 (03:02):
I mean, there's a reason right that that gold is
up forty seven percent this year and silver is up
sixty three percent this year, seventeen percent in September alone.
There's a reason for that, and it's not because the
Euro is a better currency.
Speaker 3 (03:13):
Than the pound.
Speaker 1 (03:14):
We might come back to that there's another question from
from David. Thank you David. In your Labor Tax Talk podcast.
You say to that any attack on DC pensions wouldn't work.
It has to also affect dB pensions to be fair,
and he doesn't really agree. He thinks that that that's
that's not a reason for it not to happen. I
(03:35):
guess he thinks that everything is unfair, So why wouldn't
this be.
Speaker 2 (03:39):
I think David's point the quick look at that was
you were saying, well, hookom the the HT thing which
only affects DC pensions rather than dB ones. And I
think the point that as well, because it doesn't affect
dB pensions, it wasn't a big deal.
Speaker 1 (03:56):
So being here, well, I suppose that they keep saying
there is that you would They say that why would
inheritance tax affected dB bension because the dB bension dies
with you? So who gets about inheritance tax? But of
course it doesn't always does it, because it goes to
the spouse or a partner, et cetera. And that doesn't
necessarily have to be inside of marriage. So I guess
there's something there, but it's not quite the same.
Speaker 2 (04:18):
There's something there in that you always taking a benefit
away from DC. The Okay, there wasn't in TB in
the first place, but DB's got other benefits that DC
don't get. I get, I get the aditation, but I
also see why politically speaking, it was a very easy move.
We redize the other.
Speaker 3 (04:37):
Day, agreed, agreed.
Speaker 1 (04:40):
There was one other email that that we enjoyed from
someone in Turkey about adding some gold and some silver
to her portfolio. And of course what what we were
talking about last week was the Turkish portfolio, where you
have effectively in a half gold and half equities to
protect yourself against inflation, et cetera. And she says, salaries
in Turkey being eating way by inflation. Joined the club,
(05:01):
and as a teacher, I feel this very strongly in
my everyday life. That's why I started to change the
way I am vesto a Turkish portfolio from Turkey fun.
Speaker 3 (05:09):
I guess that's that's really interesting.
Speaker 2 (05:11):
I mean, look, one thing you can say for terrible
economic mismanagement is that it makes the average person in
the street a much more sophisticated. VESTA.
Speaker 1 (05:21):
On the subject of terrible economic mismanagement, the UK stock market,
which of course we are great fans of in terms
of the wonderful company is trading on a stock market
at kind of rubbish prices, and you know, we feel
and we still feel that there are value there, but
the de equitization of the market is really starting to
(05:42):
get very very serious. And almost no IPOs in the
UK this year, and you pointed out to me earlier
and they've been actually been quite a lot of talk
about it that we are now on the on the
list of markets that have ipo done IPOs over so
far this year. What do we what did you say,
number twenty four at number twenty three of pretty much
(06:03):
out of pretty much everybody you can think of.
Speaker 2 (06:05):
Yeah, I think in terms of the big markets, we're
still ahead of Italy, which is like number thirty. But
when the fact I'm calling Italy a big market in
this context shows you just how low we are. We're
behind o mine, which is a frontier market. It's not
it's really really kind of ugly, and you can, you know,
(06:25):
you can patch it by saying that, well, yeah, but
there's meant to be some IPOs next year. And I'm
sure if you look down the list you could see
that there were reasons why the IPOs were in the
places they were in. But it's pretty ugly stuff and
there is the result knowing it. Yeah yeah, I mean
a lot of kind of Twitter follower people were sort
of saying, oh, my goodness, does this mean the city
(06:47):
is doomed? And you're kind of like, well, okay, this
isn't actually the city's core business, but that is part
of the problem.
Speaker 3 (06:53):
Well, it's all part of a network, isn't it. I mean,
it's all.
Speaker 1 (06:57):
Part of the infrastructure around find out law et cetera.
In London, of the stock market is at the core
of that, and its shrinkage does matter. It matters for
all sorts of reasons. But and it's becoming urgent. And
you know, policymakers have been told about this over and
over and over and over again.
Speaker 3 (07:17):
I mean, you know how many different.
Speaker 1 (07:19):
Lunches and dinners and talks and bla that you and
I have been to over the last decades talking about
the miseries of the UK storm market and how it
can be fixed, and absolutely nothing ever happens. Get a
little fiddling around on the supply side with regulation, et cetera,
but nothing real like this.
Speaker 3 (07:34):
This stuff that came out.
Speaker 1 (07:35):
I think it was just this morning talk about cutting
stamp duty for new IPOs.
Speaker 3 (07:40):
This is nothing, nothing, This is nothing.
Speaker 1 (07:42):
You should cut stamp duty across the board, but cutting
stamp duty for for IPOs this is nothing. Most countries
don't even have stamp duty. This is not getting us ahead,
This is just getting us very slightly less behind. It's
a nothing, It's nothing.
Speaker 4 (07:55):
Incredibly frustrating, is a real waste. I mean, I don't know,
a lot of people have talked about the stock exchine
should be spun outy LC group, and I mean I
think that's I don't think that's the core problem, but
I do think that if it was just one person's
(08:17):
job to make the stock market better, that would actually
help focus things a bit. So I mean, I'm not
I don't think that's necessarily the solution, but I'm certainly
not against it.
Speaker 1 (08:30):
Yeah, okay, let's move on to more jolly stuff. You
know that we we could talk a bit more about gold,
but that is not jolly obviously, it's the it's the
anti investment. You don't want gold to go up. The
fact that gold is going up might be marvelous for
your portfolio if you've been listening to us for years,
but overall, it's not a good thing. You want that
to go back down again. So let's all hope for that. However,
(08:52):
if you're on American tech socks or America, you're pretty happy.
Speaker 2 (08:55):
Too, right, Yeah. Yeah, they just keep fair, They just
keep going up, They just keep going up. And even
although of those various signs are bubbly in this and
all of this, that that's just just shorting those sis.
And also the US government entirely shutting down. Obviously that's
a good thing. Nobody can I think we should try
(09:16):
it here.
Speaker 3 (09:16):
Yeah, yeah, And.
Speaker 1 (09:17):
It's interesting seeing I mean, one of our colleagues is
written about this, saying that, you know, we were worried,
constantly worried, all of us about the market narrowing and
narrowing and narrowing in the US Magnificent a magnificent seven,
Magnificent five, the Magnificent four. But now it is totally
widening out again, and you can begin to talk about
about a new group. Who is Which of our colleagues
(09:39):
wrote about this, I can't remember, but they said, maybe
we can talk about the Golden dozen.
Speaker 2 (09:43):
Now. I don't know what to make any of this.
If I'm moreness, it's on the one hand. You've got
all these stories about Nevedia kind of buying chips. No, no, no,
what they do, yeah, no, a little company, they invest
in a little company that the chips from them, and
(10:04):
then they rent the chips back from them, and then
they're all investing in each other's open AI is investing
and buying stuff from this one, and then that one's
buy stuff in the video, and that one's stuff from Microsoft.
So there is a sort of circularity to everything. And
also there's a lot of private money involved, so it's
become it's somewhat more opaque how this all works, and
(10:29):
it does feel kind of dot com me from that
point of view. At the same time, there's not the
same sheer nuttiness so there was a dot com like,
all of these companies do make money, even if we're
not entirely sure how they're spending it or what the
accounts are going to look like. Once everybody's rented everything
from everyone else. So I couldn't even it feels bubbly,
(10:52):
but I couldn't begin to say whether it's you know,
in nineteen ninety six or nineteen ninety nine or not,
that that's not the case at all. I don't know.
All right, I'm want.
Speaker 3 (11:02):
To follow that under proceed with caution.
Speaker 1 (11:05):
But there's something there's something else that I want to
point out, some new and semi exciting bit of information.
And this comes from a note from aj Bell where
they point out that it's been a really good year
for the UK, right and I'm leaving the US and
go back to the UK. It's been a great year
for the UK shares so far, but it's been even
better for a particular kind of UK funds.
Speaker 2 (11:27):
Do you want to guess have active fund manage is
actually nice to do something?
Speaker 3 (11:32):
Yes? Yes they have.
Speaker 1 (11:36):
In the battle of the manager versus the machine, humans
have been punching above their weight with UK funds as well.
But so far this year in both the UK All
Companies and UK equity income strategies, the top ten performers
were dominated by actively managed funds.
Speaker 2 (11:55):
That'd be cool. See eventually every dog has its day.
Speaker 1 (12:00):
Oh that wasn't quite how I was going to frame it.
Speaker 2 (12:06):
Okay, So what's the tall point? What's the tall one?
Give us well svs Zoos Dynamic Opportunities, followed by Artemis
Smart GARP UK Equity garper growth A reasonare Press ninety
one UK Personal Situations Dimensional UK Value Artemis UK Select
(12:27):
Brompton UK recovery.
Speaker 3 (12:29):
Or of recovery going on here.
Speaker 1 (12:30):
Then you get a couple of ETFs, and then you
get red Wheel UK Climate Engagement. It's kind of interesting
in most of the climate related funds on renewal and
your related funds of having a pretty nasty time. And
then you get the Investigo UK Enhanced Index, about which
I know anything, but you get the general sense from
the phrase enhanced index.
Speaker 2 (12:50):
There's a bit of a vowel you've seen near the top.
Speaker 3 (12:52):
There value recovery, except.
Speaker 2 (12:58):
I would take a point there maybe a kind of fine.
Speaker 3 (13:00):
Yeah, yeah, So that is interesting.
Speaker 1 (13:03):
So on one on one side of the Atlantic, you're
getting a lot of textuff coming through huge performance there,
and on the other side we are back to active value,
so very different markets, which is in itself kind of interesting.
Speaker 2 (13:16):
I mean, I guess this is good as way hope,
because at the end of the most of the people
listening to this are, even if they're quite active, are
still going to have a fair chunk in the US.
So if the US is still going up, even if
you're underway to US is going up, values going up.
Gold's going up. The actual environ may may feel a
(13:36):
bit scary, but it's been brilliant for basically anyone who
invests in almost anything that isn't guilt or a treasury.
It's been a very very good year so far. I
think it's the other reason no palanoid about it like ending.
But that's the point, you're such a doom and gloomer.
Speaker 1 (14:00):
We must remind everybody by the way that the other
market that has done extremely well that we have been
going on and on and on about for forever is
of course Japan. And last month the Topics hit a
new aldhim high. And I know the Nike did that
a while back, about a year ago, but the Topics
is for your professional investors put more more faith in
the Topics than in than in the Nicke because it's
(14:22):
a better index basically.
Speaker 3 (14:24):
So that hitting in.
Speaker 1 (14:25):
New high last month, that's kind of exciting and suggests
that Japan maybe it really is back.
Speaker 2 (14:29):
That is exciting. And we saw we've got a colleague,
kid GIROI two rates a lot about Japan, and he
was making the point that young people in Japan are
que and OPTI put us Evans in the US kind
of isers, which is a big change, as well as
put the sevens and equities in the issers. And that's
(14:51):
something we used to talk about, hoping that domestic savers
would come back to the Japanese stock market, and that
sort of culture change fainly seems to be happening, and
it seems to be. Inflation can be quite helpful and
taken behavioral changes.
Speaker 1 (15:06):
Getting people out of cash, yeah, not so much here, though,
not so much here.
Speaker 3 (15:10):
But we're not We're not going to continue the UK misery. First,
it's not we're not doing this.
Speaker 2 (15:14):
Yeah, And I suppose interest you here has kind of
have gone into they kind of went into giving you
a real return again for quite a while. So you
see why people may have loaded up on cash.
Speaker 1 (15:26):
Yes, yes, but now what we want them to do
is get rid of that cash and put their money
into the UK market and make it go up. And
if it goes up, and it keeps going up, then
companies will come here and I p O and everything
will be fine.
Speaker 3 (15:38):
Right, Yes, and that's where I'm going to end exit.
Everything is going to be fine. Thanks for listening. This
week's Marin Talks Money Debrief.
Speaker 1 (15:49):
If you like us share rate, review, and subscribe wherever
you listen to podcasts. Also, if you showed, follow me
and John on ex or Twitter at Marinus w and
John Underscore Stepic. This episode is produced by some SADI
production support and sound designed by Moses and Questions and
comments on this show and all our shows are always welcome.
Our show email ismerin money at Bloomberg dot net.
Speaker 3 (16:09):
Don't forget that.
Speaker 1 (16:10):
If you have enjoyed our podcast, you can hear more
from me and John and all of our brilliant colleagues
by sending out for a Bloomberg subscription
Host
Merryn Somerset Webb
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