PIWORLD Investor Podcasts

This week Progressive's Jeremy McKeown & Gareth Evans comment on the Middle East situation, its potentially huge and long-term impact on supply chains but also the ability of humanity to reinvent and rearrange very quickly.Jeremy suggests that the equity market's buoyancy is partly a short-squeeze on Mag 7 as AI spend continues to reach new frenzied highs, and asset managers want "safe" US Dollar assets. The US may have started this war, but their assets and their energy are largely safe from its immediate effects.Meanwhile Kevin Warsh is suggesting a new - and more nuanced - approach to Central Bank structures...lower interest rates for sure, but with a dose of academic justification. Playing to the crowd, perhaps...persuading the bond markets, hard to tell.

Progressive's Jeremy McKeown brings together an investing "odd couple": Laurie Hulse, UK small-cap stock picker and manager of the Onward Opportunities Investment Trust, and The Shrub, a world-renowned meme trader, parody hedge fund manager, and macro commentator.Together, they explore how to navigate market volatility and uncover wealth-building strategies by blending bottom-up micro-cap stock picking with top-down macro analysis.In this episode, they cover:The Reality of Public Markets vs Private Equity: Laurie reflects on the 3-year anniversary of Onward Opportunities, its graduation from AIM to the LSE primary listing, and the brutal, honest "mark-to-market" nature of public markets. The guests contrast this with the "deferred reckoning" of private markets, discussing the potential market impact of massive private valuations and the looming SpaceX IPO.The "Golden Age of Grift" & Market Absurdity: The Shrub explains his philosophy that "once you realise it's all nonsense, it starts to make sense". He breaks down why global markets ignore geopolitical crises—joking that as long as the S&P is above its 200-day moving average, even an asteroid strike is "priced in". He introduces the concept of "Schrödinger's Strait", where vital global shipping lanes are treated by the market as both open and closed simultaneously.The Capital Cycle & The UK Discount: Discover why a decade-long slump in UK equities might be the perfect setup for massive returns. The Shrub outlines the "capital cycle," explaining that the longer an asset is ignored, the more explosive its eventual upcycle will be. They discuss "Klaus," the imaginary European pension fund manager, and why trillions in capital reshoring to Europe could trigger a massive rally for UK and European assets.Gems Among the Rubble: Laurie shares real-world case studies of finding heavily discounted global businesses listed in the UK, including the highly successful acquisition of marine data business Windward and the podcasting platform Audioboom.Exit Liquidity & Survival Strategies: The Mavericks discuss why investors must plan their exits before they buy, whether through takeovers, US dual-listings, or graduating to larger markets, especially when dealing with illiquid small-cap stocks.Listen to the end for actionable takeaways on building portfolio resilience and surviving the "clown show" of modern markets.

Progressive's George O'Connor and Ian Robertson catch up on recent news and events in UK small and mid-cap tech and discuss the (limited) SaaSpocalypse scenarios for Cerillion, DotDigital and GB Group – a few of the UK listeds that have been seen their share prices caught in the crossfire.Cerillion might look to techies to be an easy AI technical target its business model, market position and end customer knowledge give it a major moat. DotDigital and GB Group are collections of mainly less than bleeding edge technology solutions, but there is considerable value in their established market positions. GB Group is sorting itself out whilst DotDigital faces the challenge of how to keep top line growth growing in a business area that is seeing constant innovation and change, but neither looks to be facing fundamental challenges from AI.

Ami Daniel on the Middle East energy shock, the death of cheap intelligence, and why the SaaS apocalypse is your opportunityAmi Daniel, founder of maritime AI company Windward, returns to the pod with a front-row view of the Middle East energy shock — and a confession about the one big thing he got completely wrong about AI.With US naval pressure tightening around Iranian ports and ships going dark in the Strait of Hormuz, Ami explains why this energy crisis has no quick fix: 20% of the world's oil and gas cannot simply be rerouted. He maps the geopolitical reshaping of the Middle East, why Israeli and UAE capital markets are telling a different story to the headlines, and why the Abraham Accord alliance may become the defining axis of the region for the next two decades.Then the conversation shifts to AI and investing. Ami's big admission: he thought data would be commoditised and insight would be scarce. He had it exactly backwards. Insight is now effectively free — you can get PhD-level analysis on an API. Data is the scarce resource. That one inversion is eating the entire SaaS industry alive.But Ami argues the SaaS collapse is a buying opportunity for patient investors — if you know what to look for. Proprietary data moats. High average order values. Strong net revenue retention. And it's also a good idea to look for wartime CEOs who have navigated real adversity before the good times arrived.We also get into Windward's own journey — why leaving the London Stock Exchange wasn't a vote against the UK market, why he's now backing a company to list there, and what it means to steer a business through years of people thinking you're wrong.Five takeaways:The Middle East energy shock is structural — there is no easy fixThe region is being geopolitically reshaped, and capital markets are repricing itDefensible data moats are the new scarce resource in an AI worldThe SaaS collapse is a patient investor's opportunityBack wartime CEOs — people who kept going when nobody believed in themBrought to you by Progressive Equity.Links mentioned in this episode:Windward insights: https://insights.windward.aiAmi Daniel on LinkedIn: https://www.linkedin.com/in/amidanielWindward on X: @WindwardAIAmi Daniel on X: @AmidanielOneOrlando Bravo / Thoma Bravo—software is a buying opportunity (CNBC): https://www.cnbc.com/2026/02/11/tech-investor-orlando-bravo-software-ai.htmlBen Horowitz — Peacetime CEO / Wartime CEO: https://a16z.com/peacetime-ceo-wartime-ceo/Previous episode with Ami (September 2024): https://substack.com/@jeremymckeown/p-148564789HyperNormal Times: https://jeremymckeown.substack.com

Operation Epic Fury is over, we are told. The bombs landed. The headlines can move on. And yet, the Strait of Hormuz has become a checkpoint run by the IRGC — with US allies quietly filing the paperwork to get through.In this solo ITCOM episode, Progressive's Jeremy McKeown cuts through the noise to explain what the US-Israeli campaign against Iran actually achieved, what it failed to achieve, and what the aftermath reveals about the real state of Western power in 2026.French diplomats negotiating with Iranian middlemen. Greek shipping companies submitting cargo manifests to IRGC checkpoints. Japan is in back channels with Tehran. America's closest allies are paying the toll — not because they want to, but because they cannot afford the alternative.That's not a military failure. It's something more consequential: it's normalisation.Jeremy covers:Why the Iranian Toll Booth is more consequential than a blockadeThe Western "clown show" responseWhat the death of the petrodollar looks likeWhy this is the Suez Moment that nobody's calling a Suez MomentWhere to position capital when the old maps stop workingDrawing on recent conversations with Doomberg, David Murrin, John Polomny, Charlie Garcia, and Michael Every — this is the episode for investors who want to understand the world as it is, not as the press conference says it is.

This week, Progressive's Jeremy McKeown and Gareth Evans discuss the only thing that matters - the "cardiac event" threatening the world's circulatory system for its oil lifeblood.Echoes of Suez reverberate - and the "petrodollar" arrangements of arms sales and protection look thoroughly undermined.Jeremy points out that this feels like "hypernormalisation"....everyone knows that the world order is changing, but is afraid to say it out loud.China may be the silent victor, but Japan's financial position and/or the bond markets could pose the real risk to markets.Investors might do well to look to real-world assets, especially if energy exploration is about to become important once again.Latin America could benefit from a more hinterland-focussed USA.Good luck to the soon-incoming Fed Chairman....what a time to be Kevin Warsh.

In this episode of In the Company of Mavericks, host Jeremy McKeown sits down with David Murrin, the renowned geopolitical forecaster, author of Breaking the Code of History, and founder of Global Forecaster. Known for his uncanny ability to predict global shifts by studying human behaviour and historical patterns, Murrin delivers a stark and urgent assessment of the world in 2026.Murrin applies his unique behavioural models—including Isaac Asimov-inspired "psychohistory" and Kondratiev waves—to dissect the current global crises. From the ongoing proxy conflicts draining Western military resources to the looming technological singularity, this episode explores the mathematical certainty of empire cycles and what Western democracies must do to adapt and survive.Key Topics Covered:World War III is Already Here: Murrin explains his controversial thesis that WW3 officially began with the invasion of Ukraine. He outlines the immediate military triggers and "pilot wars" that signal China’s imminent, kinetic move against the US and its allies in the Pacific.The Iranian Bear Trap: A deep dive into how the United States is currently entangled in an asymmetric war of attrition in the Middle East. Murrin discusses how Iran's use of cheap drones and mines is depleting US mid-course interceptors, creating a strategic opening for China's hegemonic challenge.The Five Stages of Empire & American Decline: Murrin breaks down his Five Phase Life Cycle model (Regionalisation, Ascension, Maturity, Overextension, and Decline/Legacy). He discusses why the US is firmly in the terminal decline stage, characterised by debt reliance and linear bureaucracy, while China is in the aggressive ascension stage.Linear vs. Lateral Leadership: Why are Western nations suffering from a plague of idiots in leadership? Murrin explains the symbiotic relationship between linear thinkers (who maintain the status quo) and lateral or dyslexic strategic thinkers (who drive adaptation and survive high-entropy events). He argues that elevating lateral thinkers is critical to surviving the current geopolitical crisis.The K-Wave Commodity Cycle & Resource Scarcity: An analysis of the Kondratiev commodity cycle, which Murrin predicts will peak between 2025 and 2030. Learn how the simultaneous implosion of the debt-fueled Doomsday Bubble and soaring food and energy prices will reshape global survival strategies.The AI Singularity & The Future of Warfare: Murrin assesses the risk of an AI singularity, driven by the escalating global arms race. He explores how hypersonic weapons, drone swarms, and quantum technologies are permanently altering the fundamental Theory of Warfare.

Are we over-indexed on the "Digital Masters of the Universe" while starving the physical supply chains that underpin national security?In this episode, Progressive's Jeremy McKeown dives into why global capital might be facing the wrong direction. He's joined by Django Davidson, Partner and Portfolio Manager at Hosking Partners, to explore the Capital Cycle Theory—an investment framework made famous by Marathon Asset Management and financial historian Edward Chancellor.While most of Wall Street obsesses over uncertain future demand, the Capital Cycle approach focuses on the one thing we can track: Supply.In this episode, they discuss:The Mag Seven vs. Physical Reality: Why the chronic underinvestment in critical infrastructure is creating a massive valuation gap.The Chancellor Doctrine: Understanding why return on capital—driven by industry competition—is the ultimate north star for share prices.The Return of the Cycle: How the current market mirrors the dot-com boom/bust and why we are in the early phases of a long-term capital rotation.Supply over Demand: Why analysing where capital is flowing (or fleeing) is more effective than chasing quarterly earnings.Django breaks down the "huge valuation discrepancies" waiting to unwind and why the next decade of investing won’t look anything like the last.

In this episode of In the Company of Mavericks, Progressive's Jeremy McKeown is joined by Michael Every, Global Strategist at Rabobank, for a deep dive into the chaos of our current geopolitical and macroeconomic landscape. With over two decades of experience as an economist and strategist—including senior roles at Silk Road Associates, the Royal Bank of Canada, and Dun & Bradstreet—Michael brings a highly differentiated analytical framework that challenges traditional big-bank thinking.Drawing on a diverse intellectual background ranging from early Marxist influences to firsthand observations of post-communist transitions, Michael exposes the critical flaws of neoclassical and neoliberal economics, arguing that the world is driven by raw power rather than by natural market equilibria.Key topics discussed in this episode include:The Flaws of Traditional Economics: Why the neoclassical presumption of "mean reversion" and perfect market equilibrium fails to explain our current reality.Wave Theories of History: How alternative frameworks—such as Kondratiev waves, the Austrian business cycle, Dalio’s debt cycles, the Fourth Turning, and Peter Turchin’s elite overproduction—can help investors better navigate today's geopolitical tipping points.The US vs. China Hegemony: An analysis of shifting global power dynamics, China's neomercantilism, and whether the United States is facing a modern equivalent of the "1956 Suez Crisis".The De-Financialisation of the West: Why the West must urgently pivot from financial engineering and asset speculation toward re-industrialisation, commodities, and "economic statecraft" to compete with the East.The Middle East and Global Commodities: How the ongoing conflict in the Middle East ties directly into global struggles for control over base commodities, energy, and the future of the US dollar.The Realities of Artificial Intelligence: The physical resource constraints holding AI back (such as copper and electricity shortages), its impact on the labour market, and whether it will lead to a technological utopia or a dystopian cognitive decline.

As US/Israeli strikes on Iran transform the Middle East from a proxy conflict into direct kinetic warfare, the implications for global financial stability are profound — and demand a very different kind of analyst.In this episode, Progressive's Jeremy McKeown and Charlie Garcia of Capital Mischief explore what this escalating crisis means for investors, and why the old playbook of paper-heavy portfolios may no longer be fit for purpose.Charlie Garcia is a rare breed: a former military man turned geopolitical analyst who has advised six U.S. presidents, and whose Substack — Capital Mischief — has been running in overdrive tracking the fast-moving Middle East situation in near real-time. Writing with the narrative drive of a Tom Clancy thriller and the wit of P.J. O'Rourke, Garcia cuts through the noise to deliver high-signal intelligence that is as engaging as it is essential.Together, they dig into the key questions: Is this escalation a localised event or the opening salvo of a larger systemic shift? How should investors re-price risk in an era of active, theatre-level conflict? And in these crazy markets, is a return to hard assets — gold, silver, and tangible stores of value — the only rational response?A sharp, wide-ranging conversation at the intersection of war, geopolitics, and finance — we hope you find it both illuminating and entertaining.

Progressive's Jeremy McKeown chats with the internet’s favourite financial avian—Doomberg—to unpack the escalating chaos in the Middle East and its profound impact on global energy markets.Recorded on Tuesday, March 3rd, as the fog of war deepens, they dive into why oil prices are spiking and how the world’s reliance on fossil fuels is shaping modern warfare.Doomberg delivers his signature "no-holds-barred" analysis from "fly-over country," using his unique mental models to strip away the mainstream narrative. The pair explore the massive disconnect between the information being fed to the public and the harsh realities of energy physics and geopolitics.This conversation covers:Operation Epic Fury: A day-three characterisation of the conflict.Energy as a Weapon: Why energy security is the ultimate arbiter of market stability.The Fog of War: Navigating misinformation and understanding the longevity of current market volatility in the age of algorithms. Market Impacts: How investors should view the intersection of politics and commodities during periods of high tension.Whether you're looking to understand the macroeconomic shift or seeking a "maverick" perspective on the green transition versus energy reality, this conversation provides a sobering look at where we are headed.

How do you find the next "supernormal" company in a world of radical uncertainty?In this episode, Progressive's Jeremy McKeown sits down with Jamie Ward, author of the Wonder Stocks newsletter and a mathematician-turned-investor who survived the Global Financial Crisis.Jamie shares his framework for identifying stocks capable of 20% compound growth and discusses the profound influence ofNick Sleep (Nomad Capital) on his investment philosophy. They dive deep into why stock selection is about more than just "crunching numbers" and evaluate two specific UK-listed companies: Frasers Group (FRAS) and Wise (WISE).They also tackle the controversial rise of passive investing. Jamie explains why he views index trackers as a "parasite" on market efficiency and how retail investors should navigate this shift to protect their capital.In this episode, you’ll learn:How to filter for companies with 50x to 100x return potential.The specific stock selection criteria Jamie uses to find "Wonder Stocks."The bull case for Frasers and Wise.How to adjust your portfolio for the impact of passive flows.

Gold, silver, and Bitcoin have experienced extraordinary volatility in recent months — but what's really driving these dramatic moves, and where might things go from here?In this episode, Progressive's Jeremy McKeown digs into the wild price action across precious metals and digital assets, exploring whether the debasement trade is still intact or whether something fundamental has shifted.Gold surged over 50% before pulling back, silver nearly tripled at its peak, and Bitcoin more than halved from its highs — all within a matter of months. To make sense of it all, Jeremy is joined by two long-term advocates of so-called "outside money": Dominic Frisby (Flying Frisby Substack), author and commentator on Bitcoin and gold, and Charlie Morris of ByteTree, founder of the BOLD (Bitcoin & Gold) Fund, which recently launched on the London Stock Exchange.Together, they explore the key questions: What sparked this volatility spike? Has the newly nominated Fed Chair changed the game? Could AI or quantum computing pose a real threat to Bitcoin? And is Bitcoin still overvalued even at current prices?A timely and wide-ranging conversation — we hope you find it both informative and entertaining.

For this episode, Progressive's Jeremy McKeown chats with Roger Lee, Head of Equity Strategy at Cavendish and a City veteran with almost 30 years in the equity market. Roger started his broking career with Cazenove, then worked at HSBC James Capel, JPMorgan, Deutsche Bank, and, most recently, as Head of UK Equity Strategy at Investec.   Roger is a Fellow of the Institute of Chartered Accountants, a Physics graduate and a frustrated Politician.For this discussion, Jeremy wanted to talk to Roger about politics and how it has come to dominate markets over recent years. He puts today’s seemingly chaotic geopolitics and rather depressing UK domestic politics into a useful historical context. It was an absorbing and illuminating chat with some suggestions on how markets might play out over the coming months.

In this episode, veteran investor Richard Oldfield debunks myths about the finance industry, arguing that successful investing is "simple but not easy." Drawing on decades of experience—from the 1970s inflation era to the AI boom of 2025—Oldfield explains why value investing is a character trait rather than a learned skill, why "doing nothing" is often the best strategy in a crisis, and why investors should treat the stock market like a casino where the odds vary wildly depending on which "table" you sit at.Key TakeawaysValue Investing is In the Blood. Oldfield argues that true value investors are born, not made. It requires a contrarian temperament that naturally gravitates toward unloved assets—a trait that is "simple" to understand but psychologically challenging ("not easy") to execute.Growth vs. Value. Oldfield believes value provides a "margin of safety" that prevents the ground from opening up beneath you, as it does with growth stocks. He discusses his view of an exciting future for value versus growth. Index Hugging. Oldfield is a fierce critic of large asset management firms, arguing they inevitably drift toward mediocrity and "index hugging" (mimicking the market to avoid being fired). He advocates small, independent firms that can maintain "distance" from the noise of Wall Street and the City, enabling independent thought.A Checklist for Selecting Managers: When choosing a fund manager, Oldfield warns against relying on past performance, calling it a "trap".

The Pebble Group CEO, Chris Lee and CFO, Claire Thomson, present the group's results for the year ended 31 December 2025, followed by a Q&A session.Chris Lee, CEO00:16 Introduction01:18 Market Opportunity02:23 Investment Case03:41 FY25 HighlightsClaire Thomson, CFO05:23 FY25 KPI's06:14 Revenue06:43 Income Statement07:41 Balance Sheet08:08 Cash Flow08:34 Cash GenerationChris Lee, CEO09:14 Facilisgroup - Overview10:44 Facilisgroup - Key Financial & Operational Metrics11:14 Facilisgroup - Organic growth14:33 Facilisgroup - Partner Numbers15:45 Facilisgroup - StrategyClaire Thomson, CFO16:20 Brand Addition - Overview17:13 Brand Addition - Key Financial & Operational Metrics17:54 Brand Addition - EBITDA18:28 Brand Addition - New Business Acceleration19:01 Brand Addition - StrategyChris Lee, CEO19:40 ESG20:45 Outlook22:00 Q&AThe Pebble Group is a provider of technology, products, and related services to the global promotional products industry, comprising two differentiated businesses, Facilisgroup and Brand Addition, focused on specific areas of the promotional products market.Facilisgroup: Providing an end-to-end order processing system, combined with a proprietary operating method, market network and community support to growth orientated promotional products distributors in North AmericaBrand Addition: An end-to-end creative branded merchandise agency that helps global brands build culture, awareness and meaningful connections with their customers, employees and communities

DF Capital CEO, Carl D’Ammassa provides an overview of the company’s results for the year ended 31 December 2025.Carl D’Ammassa, CEO00:16 Introduction01:02 FY 2025 Overview05:20 Strategy Update06:44 Looking Ahead.DF Capital is a speciality lender providing flexible financing solutions that support the sales and growth of manufacturers, dealers and distributors operating in attractive underserved retail markets across the UK. As a bank, DF Capital’s lending is underpinned by its award-winning savings products, straightforward digital platform, and exceptional customer service.

Progressive's Jeremy McKeown and Gareth Evans discuss the ongoing challenges emanating from the Middle East. Unlike last year's tariff news, where the Trump Always Chickens Out (TACO) trade often won out, it takes two to TACO in a war like this - and Iran so far is not helping.Markets have been stung, although the US Dollar is once again the "safe haven" asset, making the inflationary impact worse for non-USA countries.  Those inflationary risks abound, and the independence of central banks in this critical period will once again be an issue.Equity markets appear to be less worried than bond investors, although this could change, depending crucially on how long the current impasse persists in the all-important Strait of Hormuz.When the oil price is more volatile than bitcoin, you know we're in interesting times...

Secure Trust Bank CEO Ian Corfield and CFO Rachel Lawrence present the group's 2025 Annual Results, followed by an investor update outlining the group's strategy and medium-term targets, with leaders of the business divisions providing an overview of their strategies. 00:00 Opener00:16 Introduction VideoIan Corfield, Chief Executive Officer02:59 Opening remarks & Agenda05:36 2025 Overview08:19 2025 Performance highlightsRachel Lawrence, Chief Financial Officer10:28 2025 Financial ReviewIan Corfield, Chief Executive Officer29:15 2025 Strategic review and outlook32:06 2025 Annual Results Presentation Q&AIan Corfield, Chief Executive Officer37:01 Group overview and strategyRachel Lawrence, Chief Financial Officer49:44 Capital Allocation and Cost ManagementAndy Phillips, Managing Director, V12 Retail Finance58:03 Divisional Spotlight - V12 Retail FinanceLuke Jooste, Managing Director, Business Finance1:14:11 Divisional Spotlight - Business FinanceRajat Mehta, Savings Director1:28:27 Divisional Spotlight - SavingsIan Corfield, Chief Executive Officer1:34:54 Concluding remarks01:38:21 Investor Update Q&AFounded over 70 years ago, Secure Trust Bank is a leading retail deposit-funded specialist bank operating in four core markets: retail finance, vehicle finance, real estate finance and commercial finance. Secure Trust Bank’s management has simplified the business through the sale/exit of non-core businesses, repositioning the loan portfolio towards lower risk loans and focusing on reducing operating costs to drive efficiency (Project Fusion).

Secure Trust Bank CEO, Ian Corfield, provides an overview of the group's latest investor update event, outlining the business's current position, the group's updated medium-term targets and the revised strategy. Analysts also comment on the event and provide their views on the day's presentations.Founded over 70 years ago, Secure Trust Bank is a leading retail deposit-funded specialist bank operating in four core markets: retail finance, vehicle finance, real estate finance and commercial finance. Secure Trust Bank’s management has simplified the business through the sale/exit of non-core businesses, repositioning the loan portfolio towards lower risk loans and focusing on reducing operating costs to drive efficiency (Project Fusion).

This week, Progressive's Jeremy McKeown and Gareth Evans discuss the obvious (and only) story that really matters - the US and Israeli attacks on Iran.What is obvious is that America's "complete control of the airspace" has not resulted in reopening the Strait of Hormuz - small Iranian missiles and drones remain a problem.  Less obvious is that America's "no limits on availability of munitions" presumably leaves Ukraine's supply at risk, and Taiwan less protected.  Oil prices are up by 25-30%, and inflation will follow unless this is very short-lived.  Bond yields are rising globally.  A regime-changed Iran (with free-flowing cheap oil for the world) would be a wonderful outcome, but is currently very far from assured. Jeremy explains the importance of Kharg Island...let's hope it stays out of the headlines.

Progressive's George O'Connor and Ian Robertson consider the Saint Valentine’s day tech massacre. In face of the carnage, we take a step back and remember that writing software is only part of the story.  You need to plan, develop, test, sell and maintain. AI is untested in customer support for AI and much else besides.We have flashbacks to when Open Source became a thing and look to the SaaS transition and lessons learned and not learned.There is value amongst these hard-hit tech software stocks, but survival and growth in the face of AI is more than about having embedded products.  It’s also about the company structure and culture, and scarily for UK investors, its code base too.We consider the realignment of earnings multiples. After over a decade of analysts and investors assuming SaaS revenues go on forever, it’s now increasingly obvious that many software companies can and will die, and it might be messy.

Progressive's George O'Connor and Ian Robertson take comfort from FY25 trading updates but look forward to a year in which reality may bite back.Trading updates from Raspberry Pi, and news flow from Intel and Samsung, remind us that things rarely happen as smoothly or as predictably in real-world tech as is hoped, particularly in semiconductors.Computacenter’s update has confirmed George’s view on hardware sales and serves as another illustration that cash flow matters and should not be taken for granted.Looking to the US, the traditional SaaS stocks are underperforming, dragged down by the question of what AI does to them and, importantly, software pricing. No sign of the market asking these fundamental questions of the UK stocks just yet.

The Market Call returns to analyse market volatility, geopolitical tensions, and the impact of the Trump administration on the global economy and markets.Jeremy and Gareth explore U.S. GDP hitting 4.4%, and a historic precious metals boom with gold nearing $5,000 and silver approaching $100 an ounce. Discover key insights on the U.S. real economy, bond yields, and six critical investment themes for the year ahead, including the Space Economy, Robotics, and the "Great Rotation" of capital.Key Topics & Highlights:Geopolitics & Trump 2.0: Analysis of the Trump administration's aggressive stances toward NATO and Europe, and its impact on global relations.Market Volatility: How the "Davos circus" and recent fears have driven investors into a risk-off mode, with strategies for navigating the uncertainty.The Commodities Boom: Discussion on the dramatic ascent of precious metals, driven by a weakening dollar and rising geopolitical insurance premiums.The Inflation vs. Growth Debate: An exploration of a hot U.S. economy (near 5% growth) versus moderating Western consumer price inflation, and its bond market implications.Six Themes for ’26: A breakdown of top investment themes for the year:Robotics and Autonomous Driving.The Space Economy.The Rise of the Chinese Consumer.Healthcare Catch-up.Energy will join the Commodities Party.The Ongoing "Great Rotation" (Capital moving from Dollar assets/Treasuries to gold and other geographies).

Is silver's price spike a bubble, or an early warning of government confiscation for AI data centres and military needs? Craig Tindale, Australian investor and essayist, argues the West has lost touch with the physical economy — and national capitalism is our only path back.In this episode:• Why Craig sees silver regulation or confiscation coming, or where we rip out solar panels for their silver content.• How Western policy has detached from real-world physics• Lessons from 40 years of upgrading Asian manufacturing, banks & central banks• Why “national capitalism” is the West’s last hope• The real economic operating system we’ve forgotten

Progressive's Jeremy McKeown recently caught up with Erik@YWR, a widely experienced investment professional and popular Substacker.Erik discusses his experience investing in Africa in the 20'teens and his involvement in what he calls Project Zimbabwe; don't think that we, in the West, are immune from our own versions of Project Zimbabwe. In Erik's view, we are, and counterintuitively, it partially explains Erik's current bullish stance on equities, with his framing of S&P 10,000 and how we can get there.He also shares how his investing process identifies sectors and markets at inflexion points, and he currently sees energy (specifically oil and gas) as poised to join the commodity rally underway in metals and rare earths.He also discusses how AI and robo-advisors might challenge the impact of passive investing on equity markets.

In the last episode of 2025, Progressive's Gareth Evans and Jeremy McKeown discuss the significant events of the week, including volatile equities, what precious metals prices are telling us, and the ups and downs of oil prices, with the US Navy on patrol offshore of Venezuela. There has been a data dump of macro numbers and rate decisions, and an important decision by Europe's leaders not to seize frozen Russian assets.Overall, the critical question for investors in 2026 is whether central banks have done enough to tame inflation and pave the way for lower rates. Jeremy again highlights Japan as a source of risk to the bullish scenario.Next week will be quiet, but always worth noting who might be sneaking out RNS's last thing on Christmas Eve.

Progressive's Jeremy McKeown and Gareth Evans discuss the main events of the last week in financial markets.The primary focus is on the mixed messaging from the Federal Reserve with its interest rate decision described as a hawkish cut. Jeremy describes how we might interpret this move, which is now signalling only one further rate cut in 2026.Kevin "The Real Asset" Hassett is widely expected to be announced as Jay Powell's successor in January. Further, this has also been widely interpreted as allowing inflation expectations to run wild, thereby impacting the prices of gold and silver.However, the Fed decision makers are also looking at their responsibilities for employment and the functioning of financial markets. To this end, you might be mistaken that they have restarted QE. The move to inject liquidity into the short-term money markets might not be strictly QE, but it does expand the Fed's balance sheet, at least in the short term.Jeremy points to Japan as the source of the market dysfunction that policymakers might be preempting via this (temporary) injection.In US megacap land, news comes of a $1.5 trillion IPO for SpaceX, and a busy week for the Ellison family. Larry Ellison's Oracle highlighted the risks around the AI data centre build-out, but also his son and other high-profile backers were behind the $108bn hostile bid for Warner Bros.Jeremy highlights the precedent for such giant hostile bids, and it is an interesting list! Surely nothing to see here.Looking ahead, there will be further evidence next week of the weakening US jobs market.The events in Venezuela and the Ukraine peace process will also be centre stage.

Cerillion CEO, Louis Hall and CFO, Andrew Dickson, present the company's results for the 12 months ended 30 September 2025, followed by Q&A.Louis Hall, CEO00:16 Introduction00:32 About Cerillion01:38 Product Delivery Model03:04 BSS/OSS Market Size04:07 FY2025 Highlights11:20 Competitive LandscapeAndrew Dickson, CFO12:45 2025 KPIs17:13 2025 Financial Highlights18:41 Cash Generation20:10 Income Statement20:56 Balance SheetLouis Hall, CEO21:26 New Logo Sales Pipeline, New Orders and Back-Order22:06 Summary & Outlook22:30 Q&ACerillion has a 26-year track record in providing mission-critical software for billing, charging and customer relationship management ("CRM"), mainly to the telecommunications sector but also to other markets, including utilities and financial services. The Company has c.70 customer installations across c. 45 countries.Headquartered in London, Cerillion also has operations in India and Bulgaria as well as a sales presence in the USA, Singapore and Australia.The business was originally part of Logica plc before its management buyout, led by CEO, Louis Hall, in 1999. The Company joined AIM in March 2016. www.cerillion.com

This week Progressive's Jeremy McKeown and Gareth Evans discuss mainly the apparent confusion of bitcoin falling while other “inflation hedge” or “real asset” measures like gold and silver are at or close to all-time highs.  Jeremy has four or five reasons why this might be the case - all of which highlight the usefulness of bitcoin’s “always on” trading 24/7 as a barometer or investor opinion.Macro markets have helped Rachel Reeves avoid short-term repercussions of the Budget. Next week’s Fed rate decision may be overshadowed by gyrations around the potential seizure of Russian monies - and what that means for the value of the dollar in the eyes of anyone who might one day upset the West.

IG Design Group Interim Executive Chair, Stewart Gilliland and CFO, Rohan Cummings, present the group's results for the six months ended 30 September 2025, followed by Q&A.Stewart Gilliland, Interim Executive Chair00:16 Introduction01:18 HY2026 SummaryRohan Cummings, CFO02:22 Group Revenue03:18 Adjusted Operating Profit04:27 Segmental Performance07:27 Financial Summary09:25 Cash FlowStewart Gilliland, Interim Executive Chair10:51 The Group Today12:42 Design Group Europe14:05 Design Group UK15:49 Design Group AustraliaRohan Cummings, CFO16:59 GuidanceStewart Gilliland, Interim Executive Chair17:50 Long-term Growth Drivers19:32 Case Study20:13 ESG21:16 Outlook22:00 Q&AIG Design Group plc is a leading designer, innovator and manufacturer across various celebration and creative categories.For further information please visit www.thedesigngroup.com.

This week Progressive's Jeremy McKeown and Gareth Evans discuss mainly the apparent confusion of bitcoin falling while other “inflation hedge” or “real asset” measures like gold and silver are at or close to all-time highs.  Jeremy has four or five reasons why this might be the case - all of which highlight the usefulness of bitcoin’s “always on” trading 24/7 as a barometer or investor opinion.Macro markets have helped Rachel Reeves avoid short-term repercussions of the Budget. Next week’s Fed rate decision may be overshadowed by gyrations around the potential seizure of Russian monies - and what that means for the value of the dollar in the eyes of anyone who might one day upset the West.

Progressive’s Jeremy McKeown visited Buenos Aires last November to understand the early impact of President Javier Milei’s election, guided in part by insights from Jeffrey Stout, a US-born businessman whose pro-Milei perspective stood out during Jeremy’s research. A year on, with midterms complete, Jeremy reconnects with Jeffrey to reflect on what has changed and how Argentina’s trajectory now looks.Jeremy visited Buenos Aires in November last year, wanting to see firsthand what was going on under the newly elected President, Javier Milei. He met some fascinating people who shared their stories and perspectives on the Milei Revolution.As he was researching an article about his visit, he read some early accounts of the rise of Milei and the stories told about him in 2022 and early 2023.In the readers’ comments section under a rather scathing article about him in the Buenos Aires Times, there was a short but forthright comment that explained why the reader thought Milei was likely to win the Presidency. It was from a reader named Jeffrey Stout, who seemed to be a lone voice in the comments section, taking this counter view.Jeffrey, a successful businessman and US citizen, knew what he was talking about, and he kindly spent a couple of hours helping understand a few fundamentals of how things worked, or most often didn’t work, in his adopted country.12 months on, with the midterms out of the way, Jeremy reconnected with Jeffrey for an update on what had happened over the year since they met, and how he sees things shaping up.

On the 27th of November, Progressive's Jeremy McKeown had the good fortune to speak with Simon French, Head of Research at Panmure Liberum, and Thomas Moore, Senior Investment Director at Aberdeen, to discuss the UK Budget and its implications.Simon, who writes a regular column in the Times, is a go-to person on the UK economy, and Thomas is steeped in experience and understanding of the value and income attractions of UK equities, with a long and successful track record of managing the Aberdeen Equity Income Trust.They had a great chat and distinguished the essential differences between the UK economy and the UK market. But also at the risk of mansplaining, they also identified what more needs to be done for the UK economy to deliver growth and, importantly, to make UK assets more attractive to global capital.Please enjoy Jeremy's conversation with Simon French and Thomas Moore.

Progressive's Ian Robertson and George O'Connor wish ChatGPT a Happy Birthday before cantering through recent UK small tech updates. ActiveOps – going well, but could short-term brokers and metric-obsessed fund managers stop this little gem from reaching its full potential Cerillion – a pause for breath, year, still well positioned, cash generative with excellent margins GBG – it is going to be hard work, but the management looks to be up to the challenge Then, looking to Autodesk, George considers changing charging / accounting models when faced with AI and difficult wider economics – doesn’t the market see right through this?

As Americans took a break to overindulge on Thanksgiving, we Brits were forced to listen to our government explain how they had overindulged recently and how we must now pay for it. This week, Progressive's three wise men mansplain the Budget and its implications.Jeremy and Gareth are joined by Progressive building and construction analyst and Property Week columnist, Alastair Stewart, to offer his views on the likely impact on the UK housing and housebuilding markets following Rachel Reeves' second Budget. Spoiler alert, he's bullish.Looking ahead, Jeremy expects an easing of financial conditions from the US as, among other things, the White House considers ways to improve the Republicans' chances in next year's Congressional midterms.

Progressive's George O'Connor and Ian Robertson catch up on the news and events affecting UK-listed tech companies.George and Ian consider Sage’s recent full-year results and where it can go from here. Its cloud-based US acquisition Intacct, has shown what can be done, but is Sage condemned to a life in the slow lane by its parochial home market’s love of yield and misunderstanding of growth.They also ponder the challenges that the new CEO faces at Tracsis. Not least of which, in a similar theme to Sage, is its technical debt. Although it’s worth remembering its customer base, which might be more suited to a legacy approach after all.

This week Progressive's Jeremy McKeown and Gareth Evans start by talking about the market changing its mind twice, and quite materially.  The positive reaction to the US government's reopening was short-lived, as was the delight at NVIDIA's blowout earnings on Wednesday.  In both cases, prices were boosted by good news, only to drift - in NVIDIA's case by 8% top-to-bottom in the course of just a day.  Markets always move, but these are huge deltas on some very large amounts of capital.  Lots of things are overlapping so discerning worries about AI from worries about the economic outlook is almost impossible. Our traditional reminder to keep one eye on Japan, where 10-year bond yields are soaring and the currency dropping...beware the carry trade unwinding with a bump. In the UK, we're all waiting to see which of the many-mooted taxes will be inflicted on us - the chances of a real surprise look pretty small.  Progressive client Gear4Music delivered a strong H1 result, perhaps demonstrating the resilience and operational gearing that we've been discussing may be a feature of a large number of UK micro-caps.  They have weathered Brexit, Covid, supply chain pressure and now consumer pain - with costs kept lean and strong operational efficiency, any recovery will flow straight to the bottom line - which is exactly what G4M has demonstrated. Next week we have US retail sales and durable goods data, and FOMC members with a number of speeches in the diary.  Confusion and contradiction remain, as the US economy sees Wall Street (mainly the Magnificent 7) whose AI and capex-fuelled world is growing rapidly, contrast sharply with Main Street where the average American is feeling real pain.  Should interest rates be set to rein in tech-bro exuberance and gently deflate a potential bubble, or to give some cost-of-living relief to the down-trodden masses?

Progressive's George O'Connor and Ian Robertson catch up on the news and events affecting UK-listed tech companies.Rightmove’s share price reaction to management’s decision to accelerate its investment in AI suggests that the market is not comfortable with AI and is in bear case hunt mode. Looking at Rightmove, Trainline, Autotrader et al. it is clear that AI is going to make a difference, but it is not changing that many business models.We consider Kainos’ results and George talks us through how the business has evolved before contemplating whether there will be or, perhaps can be, a budget flush coming as those with IT budgets use it or lose it in the final months of the year.We look forward to Sage’s forthcoming results by looking at Xero’s just gone and consider how business models and routes to market have evolved, then look to the potential float of Visma next year.Brought to you by Progressive.

Progressive's Jeremy McKeown speaks with renowned global thematic investor Mark Farrington, exploring decades of Asian market shifts—from Japan’s boom and bust to China’s emerging challenges.Two of Jeremy's guests this year from the world of global thematic investing, David Dredge and Marvin Barth, both cited Mark Farrington as someone they refer to for insight, particularly on developments in Asia.Mark Farrington writes about global thematic investing in his Watchtower series on Substack: The Global Watchtower, The Dollar Watchtower, and the BoJ Watchtower. Mark is as prolific as he is insightful.Jeremy caught up with Mark for a fascinating conversation about his experience and learnings from a long career following developments in Asia —from the rise of Japan in the 70s and 80s to its lost decade and the rise of China.In particular, he was keen to ask Mark whether Japan can normalise its monetary policy without collapsing the global financial system. Will China follow Japan into a lost decade of debt deflation? And how poorly understood Asian markets might impact our economies and financial markets in a new world order marked by the reassertion of economic nationalism.Mark delivered a masterclass on the hows and whys of global thematic investing. It is an episode that should have a long shelf life.With that, please enjoy Jeremy's conversation with global thematic investor Mark Farrington.

Progressive's Jeremy McKeown and Gareth Evans discuss the week's events, with a greater focus on the UK, following the Reeves bombshell overnight that she has pivoted away from her previous indication that she would raise income tax for the first time in 50 years at the upcoming Budget on November 26th.This suggestion across most front pages today has thrown the gilts and the value of the pound into some turmoil.Meanwhile, in the US, the government is reopening, but to the realisation that continuing to borrow without spending has exacerbated tight dollar liquidity, as evidenced by the sharp fall in Bitcoin.   We are entering a more volatile market phase amid the absence of official US government data on October's employment and inflation. Essentially, investors must fly blind through a period of stormy weather. What could go wrong?In the UK equity market, despite the politics, things are looking incrementally better, with the IPO market showing signs of fully opening up.Gareth highlights FDM and Jeremy 4imprint as examples of how to cope with difficult times and manage expectations. Both companies had inline or marginal upgrades, and their share prices responded strongly.Looking ahead, with the US remaining quiet, it's about inflation data from the UK and Japan, both high and sticky, and increasingly problematic.Investors in the UK will be on the latest developments from the rumour mill at No. 11. In the US, investors will be looking for unofficial signs that the authorities might be prepared to loosen conditions to ease the impact of the shutdown.Brought to you by Progressive Equity.

As the world shifts away from net-zero absolutism, the UK faces a defining moment in its energy policy. In this episode, Progressive's Jeremy McKeown explores whether the government will save the North Sea industry—or sacrifice it on the altar of net-zero—with insights from Kathryn Porter and Martin Copeland.As Keir Starmer and Ed Miliband return from COP30 in Brazil, Jeremy wanted to take a look at the UK’s energy policy amid a global backdrop suggesting the world is turning away from net-zero absolutism towards more human-centric policy options.The Overton window on energy policy is being pushed aside by the likes of Tony Blair, Bill Gates, and, significantly, by the lobbying interests of big technology, and resource nationalism is being reasserted.In the run-up to the next General Election, the UK’s energy policy will form a key battleground, and in particular, our sky-high energy prices and the future of our North Sea hydrocarbons industry will be critical factors in the debate.Jeremy was joined by Kathryn Porter, Watt Logic energy consultant and Telegraph columnist, and Martin Copeland Chief Financial Officer of North Sea oil and gas operator, Serica Energy for a discussion about the UK’s energy policy and the future of the North Sea, for a hugely insightful conversation.While they covered a lot of ground, the key question is whether the UK is prepared to sacrifice its North Sea oil and gas industry to the god of net-zero.While it has already been severely damaged, it is not too late for government policy to save the jobs and energy reserves at stake, but action is needed in the upcoming Budget. This significant event could mark a turning point for an industry on the brink of destruction from the irrational pursuit of territorial net-zero at all costs.

This week, Progressive's Jeremy McKeown and Gareth Evans discuss a relatively calm week in the markets - China and the USA have reached a deal of sorts, the USD is slightly stronger but not so strong as to cause trouble elsewhere.The Fed is confused (and will be careful, likely meaning rates staying higher) because America remains in a Federal shutdown, and data is scarce. Still, US equity markets remain robust, and Elon Musk is rejoicing at his trillion-dollar deal.The UK, however, is still quaking at the impending budget, with so many possible taxes discussed that they can't all be needed...there may even be relief once the bad news is out. Trainline's results looked solid, but Tim Martin at Wetherspoon used a trading update as a platform to berate the government on everything from corporate regulation to nuclear power.Next week - and perhaps many weeks to come - will see the US Supreme Court deliberate the legality of Trump's tariffs...so this week's lack of fireworks may be a postponement rather than a cancellation. What will happen when Liberation Day meets its own Judgement Day...?

Progressive's Jeremy McKeown and Gareth Evans discus the week's main market news, starting with the historic meeting between Trump and Xi, and praised Treasury Secretary Bessent for his role in positioning the market.The Fed FOMC delivered a hawkish rate cut, which sent markets higher; however, things might get more uncertain as the US government shutdown starts to affect the collection of macroeconomic data for future releases.They also discuss the improved prospects for Javier Milei to deliver his small-state solution in Argentina, following a surprisingly positive congressional midterm election result.Meanwhile, the Mag Seven US mega tech companies continue their remarkable rise, with Nvidia still the clear winner. And the primary constraint on these tech titans' ambitions is reliable baseload energy, so it was unsurprising that Bill Gates and the UK government are signalling a retreat from specific net-zero policies and targets.Finally, the backdrop and outlook for the UK's stock market is looking and feeling more positive than perhaps was feared only a few weeks ago, ahead of next month's Budget. A string of IPOs and anecdotal evidence, including the update from broker Cavendish, suggests we could have a better run into year-end after the Budget is out of the way.

This week, Progressive's Gareth Evans and Jeremy McKeown discuss the fragile peace in hot wars and trade wars.There is a sense of finality about Trump's latest attempts to get Putin and Zelensky to agree on ceasefire terms. Trump is losing patience with both parties. The choice of Budapest as the location for Trump and Putin's meeting was no coincidence.Meanwhile, Trump's on-and-off talks with Xi seem to be on again. The prospect of an emergent Grand Bargain remains on the table, giving equity markets hope.Asset markets saw a significant rotation on Tuesday, with a dramatic collapse in precious metals prices and a spike in bond prices, leading to a decline in key sovereign yields. Helpful for both Rachel Reeves and Scott Bessent.However, it remains unclear if this is just a short-term price correction in gold or a longer-term structural shift. Should investors, still fearful of the pending fiat collapse, buy the dip in precious metals?Similarly, one needs to ask why bond yields are falling. Jeremy doesn't think there is any reassessment of governments' fiscal responsibility, but rather that it reflects worries about slowing economies or worsening credit quality in private markets.Regarding the ongoing debate on the AI bubble, they discuss whether former UK deputy PM Nick Clegg can add any value to the issue. What do you think?Looking ahead, Jeremy covers imminent US and Japanese inflation data and also notes the prospect for updates from the Mag Seven NASDAQ giants over the coming few weeks.

This week, Progressive's Jeremy McKeown and Gareth Evans consider Trump's quick switch from declaring peace in the Middle East to opening a (new) trade war with China, which has almost as quickly subsided, with the Trump/Xi meeting now "back on".  Jeremy highlights the ongoing strength of gold - FOMO bubble or long-term trend driven by debasement of currencies ?  And the great rewards of being a gold miner - with unparalleled revenue per ounce, and costs of drilling and transport (often oil-based) in decline.   Bitcoin hasn't participated in the recent gold rally - although over a longer timeframe than the last few months, it has hugely outperformed.  Perhaps both can be safe havens in a world of unaffordable government debt and spiralling-down currencies ?  Meanwhile equity markets have been relatively stable, although slightly spooked by the current pressure on US lenders, driven by greater-than-apparent losses flowing from a number of insolvencies that shouldn't have rippled the way they have.  Gareth talks about Gear4Music, Sanderson Design Group and Oxford Metrics, all of which this week have highlighted decent trading (or better) along with the benefit of much cost-control, in each case well received by investors.   Next week we have Chinese growth data and UK inflation which could exceed 4% for the first time in over a year.  The end of the week will bring US inflation (they're still publishing despite the government shutdown) - anything much above 3.0% will both rattle markets and possibly cost someone at the Bureau of Labor and Statistics their job.  Finally, don't forget Japan...Friday also brings their latest inflation print; as always we better hope there's nothing too surprising.

Progressive's Gareth Evans and Jeremy McKeown discuss the highlights of the last week in financial markets.Gold (and other precious metals) move to all-time highs, representing a foot on the brake. What are they worried about? Well, there are emerging risks around credit conditions in private markets and increasing concerns that the AI capex cycle is turning into a fully fledged bubble, one that Jeff Bezos, no less, called a good bubble. Jeremy mentioned the under-reported British Bicycle Bubble of the 1890s. See link for details: https://www.historyhit.com/the-great-british-bicycle-bubble-of-1896/Trump, the peacemaker, is making progress in the Middle East, but not in time to win this year's Nobel Peace Prize. However, the consequences for any deal could involve much lower oil prices and maybe a disruption to the ascent of precious metals prices.   Gareth discusses the UK car loan mis-selling update from the FCA, its impact on Vertu Motors and Secure Trust, and this week's results from Beeks Financial Cloud.Looking forward, the macro news includes trade and inflation data from China, as well as employment and GDP data from the UK.With the US government shut down, there are question marks over what to expect from the US market or whether the inflation data on October 15th will even be released.Brought to you by Progressive Equity.

Rory MacDonald, CEO of Made Tech Group, and Neil Elton, CFO, present the group's results for the year ended May 31, 2025, followed by a Q&A session.Rory MacDonald, CEO00:16 Introduction01:02 FY25 HighlightsNeil Elton, CFO03:54 FY25 Financial Highlights08:24 Bookings and Revenue10:04 Adjusted EBITDA11:55 Balance SheetRory MacDonald, CEO13:55 Industries17:22 Clients19:03 Case Study: NHS England20:16 Case Study: Home Office21:23 Services24:26 Software Products26:01 Social Value27:45 People29:41 Outlook31:51 Q&AMade Tech is a provider of digital, data and technology services, which enable central government, healthcare, local government organisations and other regulated industries to digitally transform.The Group operates from three locations across the UK - London, Manchester, and Bristol.More information is available at https://investors.madetech.com/.

SDI Group CEO, Stephen Brown, CFO, Ami Sharma and Head of Corporate Development, James Dimitriou present the group's results for the year ended 30 April 2025, followed by a Q&A session.Stephen Brown, CEO01:20 Introduction03:47 Strategic Progress04:40 FY25 Key Growth Initiatives05:34 Industrial and Scientific Products Highlights06:53 Industrial and Scientific Sensors Highlights07:25 Laboratory Equipment Highlights08:34 Acquisitions - Inspecvision09:38 Acquisitions - Collins Walker10:08 Acquisitions - Severn Thermal SolutionsAmi Sharma, CFO10:54 FY25 Financial Highlights11:53 Income Statement13:26 Divisional Performance - Industrial And Scientific Products14:12 Divisional Performance - Industrial And Scientific Sensors14:56 Divisional Performance - Laboratory Equipment15:29 Cash Flow16:38 Net Debt Bridge17:04 Net DebtStephen Brown, CEO17:41 Outlook19:02 Q&ASDI Group plc is a group of small to medium size companies with specialist industrial and scientific products in growth sector niches which help solve customers' key challenges.It specialises in the acquisition and development of companies that design and manufacture specialist products for use in lab equipment, industrial & scientific sensors and industrial & scientific products.Its portfolio of businesses supplies the life sciences, healthcare, plastics and packaging, manufacturing, precision optics and measurement instrumentation markets.SDI aims to continue its growth through driving the organic growth of its portfolio companies and by the acquisition of complementary technology businesses with established reputations in global markets.For more information, please see: www.SDIGroup.com

Progressive Analysts George O'Connor and Ian Robertson catch up on events in and around the UK small and mid-cap listed tech.Big Beautiful Trade Prosperity deal – George tries to put in it some kind of context vs the scale of what is happening elsewhere. Has the UK sold its soul or did that really happen years ago?  Look to the positive and question Germany’s and France’s position.Then Oracle – the big jump. The whole world now knows what it’s like to be a UK small-cap fund manager. The big ego tech boss with a track record of missing results declares that he has HUGE committed revenues ahead of him with limited visibility on both the final customer and the funding, sounds all too familiar  What does Larry Ellison understand by commitment anyway – probably depends on which of his six wives you ask. Feels a bit like Jan 10th 2000 AOL – Time Warner.  But it’s different this time – why?  Because the internet needed funding and so the bankers and brokers had been seeing the big dollar signs for several years by that point. This time Wall Street has been restrained, and analysts have frequently asked tricky questions, but all that could change now.Looking at UK company news, George highlights SThree’s concerning results, Tinybuild’s recovery, whilst Ian ponders Judges Scientific in the light of Spectris and asks why UK fund managers and analysts seem to be stuck in an analog world.