Despite agreeing that AI is likely as transformative as its proponents argue, Ed Cole, head of multi-strategy equities at Man Group, believes it’s too early to understand whether there’s a bubble. Meanwhile, the growing backlash against globalization and an effort to reshore means traditional 60/40 portfolios are at risk of becoming outdated. He says a reallocation of assets across gold, small caps and liquid alternatives could be essential to keep up with a changing macro environment.

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Merryn Somerset Webb is joined by Sam Unsted, editor of Bloomberg’s Markets Today blog. Together they discuss rallying UK gilts in the wake of Prime Minister Keir Starmer’s resignation, inflation fears resulting from the artificial intelligence infrastructure boom and how narrative and sentiment look to be shaping the gold price.

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Can Andy Burnham keep his promises without hitting Britons in the pocket? Merryn Somerset Webb speaks with Bloomberg's Phil Aldrick about the tax hikes, spending pressures and economic realities facing Britain's likely next Prime Minister—and why there may be no painless solutions.

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Carson Block believes investors may be underestimating the economic consequences of artificial intelligence.

The Muddy Waters founder and CEO joins Merryn Somerset Webb to explain why recent advances in AI have made him rethink its impact on the labour market—and why he believes widespread displacement of knowledge workers could eventually create a major challenge for financial markets.

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Merryn Somerset Webb and Bloomberg Opinion columnist and senior markets editor John Authers discuss how SpaceX’s market debut has highlighted the hidden risks of passive investing, from index concentration to the growing influence of benchmark providers. They also assess new Fed Chair Kevin Warsh’s first policy signals and debate whether today’s AI boom is a bubble—and what could bring it to an end.

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The SpaceX blockbuster IPO has captivated retail investors, but what happens after the initial excitement fades? Merryn Somerset Webb speaks to Hargreaves Lansdown's Anna Macdonald about the extraordinary demand for shares, the dangers of concentration risk, and what the IPO means for market democracy.

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Laurence Hulse, founder and lead fund manager of Onward Opportunities, explains how he launched and grew a specialist UK small-cap investment trust despite one of the toughest environments in decades for both investment trusts and British equities. He shares his "gems among the rubble" approach to uncovering overlooked companies, discusses why UK small caps remain deeply undervalued and reveals how active engagement, artificial intelligence-powered research tools and intensive company analysis have helped his fund significantly outperform its peers.

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On this week's Merryn Talks Money markets wrap, Merryn Somerset Webb and John Stepek discuss gold's recent correction and debate what healthy allocation could actually look like. They also consider what upcoming bumper IPOs mean for the return of public markets and whether inheritance tax free "patriotic bonds" could help Britain fund its defence budget.

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