Hosts Merryn Somerset Webb and John Stepek are both back from their holidays and this week unpack the surge in global bond yields and how governments might respond. They also look at a study which suggested that Small Language Models (SLM) could make today’s vast AI data-centre buildout unnecessary, posing a substantial risk to hyperscalers and investors.

https://arxiv.org/abs/2511.07885

Hosts Merryn Somerset Webb and John Stepek are both back from their holidays and this week unpack the surge in global bond yields and how governments might respond. They also look at a study which suggested that Small Language Models (SLM) could make today&rsquo;s vast AI data-centre buildout unnecessary, posing a substantial risk to hyperscalers and investors. <a href="https://arxiv.org/abs/2511.07885">https://arxiv.org/abs/2511.07885</a>

Merryn Talks Money with Bloomberg senior columnist Merryn Somerset Webb is your key to understanding how markets work – and how you can make them work for you. Every episode features a relaxed but in-depth conversation with a fund manager, a strategist, a Bloomberg expert or just someone Merryn finds particularly interesting in any given week. Listen in for the kind of insights and explanations everyone can use to help them make better saving and investing choices.

Merryn Talks Money with Bloomberg senior columnist Merryn Somerset Webb is your key to understanding how markets work – and how you can make them work for you. Every episode features a relaxed but in-depth conversation with a fund manager, a strategist, a Bloomberg expert or just someone Merryn finds particularly interesting in any given week. Listen in for the kind of insights and explanations everyone can use to help them make better saving and investing choices.

Merryn Talks Money

Markets Wrap: Higher Yields, Higher Gold

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/cdfaba7a-8242-45fe-9914-b4ad009e16a4/transcript

Joining Merryn Somerset Webb for this week's episode is Duncan Lamont, Head of Strategic Research at Schroders. Lamont explains how investors can protect their portfolios against stagflation, and how to avoid being too exposed to the AI trade. He also explains why all-time highs might not actually be a sell signal for investors - and how AI-driven job losses might affect US stocks.

https://www.schroders.com/en-us/us/institutional/insights/adapting-asset-allocation-to-the-risk-of-stagflation/ 

Joining Merryn Somerset Webb for this week's episode is Duncan Lamont, Head of Strategic Research at Schroders. Lamont explains how investors can protect their portfolios against stagflation, and how to avoid being too exposed to the AI trade. He also explains why all-time highs might not actually be a sell signal for investors - and how AI-driven job losses might affect US stocks. <a href="https://www.schroders.com/en-us/us/institutional/insights/adapting-asset-allocation-to-the-risk-of-stagflation/">https://www.schroders.com/en-us/us/institutional/insights/adapting-asset-allocation-to-the-risk-of-stagflation/</a>&nbsp;

What it Takes to Build a Stagflation-proof Portfolio

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/626638a0-a9d2-4f6b-a884-b4a600e389bf/transcript

At a Bloomberg.com subscriber event earlier this year, Merryn Somerset Webb and John Stepek spoke with Paula Steele, director at John Lamb Hill Oldridge, about how to pass on an inheritance efficiently — minimise tax, manage the succession process, and avoid unintended effects on beneficiaries’ motivation.

This is a re-run of that conversation which first aired March 17th, 2026. 

At a Bloomberg.com subscriber event earlier this year, Merryn Somerset Webb and John Stepek spoke with Paula Steele, director at John Lamb Hill Oldridge, about how to pass on an inheritance efficiently &mdash; minimise tax, manage the succession process, and avoid unintended effects on beneficiaries&rsquo; motivation. This is a re-run of that conversation which first aired March 17th, 2026.&nbsp;

What's Eating Away at Inheritance Money Re-Run

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/8dc2bb4d-bec1-4fff-bdc0-b4a500cfc742/transcript

What is "capital-cycle" investing and why does it matter for your portfolio? Luke Bridgeman, Senior Partner and Portfolio Manager at Hosking Partners joins Merryn Somerset Webb for a discussion on why supply, not demand, is the key to finding the best investment opportunities. The pair also discuss investing in Japan, energy markets, and why the shipping industry
might be easier to break into than you think.

What is "capital-cycle" investing and why does it matter for your portfolio? Luke Bridgeman, Senior Partner and Portfolio Manager at Hosking Partners joins Merryn Somerset Webb for a discussion on why supply, not demand, is the key to finding the best investment opportunities. The pair also discuss investing in Japan, energy markets, and why the shipping industry might be easier to break into than you think.

The Capital Cycle Is Turning

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/76b7116f-0eb3-4dfa-b6fe-b4a10186817f/transcript

Markets Wrap: Higher Yields, Higher Gold

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