Merryn Talks Money

Merryn Somerset Webb sits down with Troy Asset Management founder and chief investment officer Sebastian Lyon to unpack why markets look eerily calm despite mounting geopolitical shocks—and why investors should be far more focused on protecting wealth than chasing returns. Lyon argues we’ve entered a new era of sticky inflation, fragile portfolios, and looming risks in government bonds. He talks about how he’s positioning for volatility, and offers some ideas for navigating markets when the old rules—like 60/40—no longer apply. This conversation was recorded at a live Bloomberg.com subscriber event in London on March 17.
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On this week's Merryn Talks Your Money personal finance episode, Merryn Somerset Webb and John Stepek tackle another listener question: should you invest in absolute return funds? They start by explaining what an absolute return fund actually is, the pros (aiming for absolute returns makes sense) and cons (it's not easy to achieve consistently) of such an investment, and look at what to consider when trying to pick such a fund.
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Contrarian investor Alec Cutler, manager of the Orbis Global Balanced and Cautious funds, joins Merryn Somerset Webb to discuss why global markets are shifting away from speculative growth toward the fundamentals that underpin economies—energy, infrastructure, and national security.

Using his “pyramid of needs” framework, Cutler explains why investors are increasingly focusing on the resources and industries that sustain modern economies rather than the technologies built on top of them. The conversation explores opportunities in energy, AI infrastructure, global value stocks, and the changing geopolitical landscape shaping markets.
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Hosts Merryn Somerset Webb and John Stepek assess the market reaction to oil price volatity and question whether gold, bonds or even hard assets can offer capital protection in this fragmented and dangerous world. They also discuss the latest in private credit and what this uncertaintly means for investors.
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On this week's Merryn Talks Your Money personal finance episode, Merryn Somerset Webb and John Stepek tackle a listener’s question about an issue many young UK professionals face: where should retirement savings go after auto-enrollment—a SIPP, an ISA or a Lifetime ISA? With markets volatile, rules changing and political risk on the horizon, the pair break down the pros and cons of each option.
Sign up to the subscriber event here:
https://www.bloombergevents.com/ZZ3kna?utm_source=Podcast&utm_campaign=Podcast&utm_medium=Podcast&RefId=sub
See omnystudio.com/listener for privacy information.