Bassline by Cavendish Ware

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Bassline brought to you by Cavendish Ware, award winning financial planners who help you live the life you want.  Building and protecting wealth since 2003 through good times and hard times.

  1. Aug 3

    Episode 27 - The Great Rotation? Summer update with Lance Peltz.

    Is the AI trade beginning to unwind—and could the UK market finally be having its moment? In this episode of Bassline, Dave Wallace is joined by Lance Peltz, Chief Investment Officer at Cavendish Ware, to examine the forces moving global markets. They begin with the UK stock market’s push towards record territory. Lance explains why Britain’s concentration of energy, mining, financial and pharmaceutical companies may now be working in its favour as investors rotate away from the dominant AI stocks. The conversation then turns to the enormous sums being invested in AI infrastructure. Chipmakers, memory manufacturers, generator producers and power-management companies have enjoyed remarkable growth, but Lance warns that momentum investing works brilliantly—until it suddenly does not. With new manufacturing capacity being built and retail investors arriving late, could the familiar semiconductor cycle be about to reassert itself? Dave and Lance also explore the changing balance of supply and demand in US equities. The technology giants are spending heavily on data centres, borrowing more and buying back fewer shares, while a wave of major companies prepares to enter the public markets. Lance explains why this shift in liquidity may matter more than small changes in interest rates—and why parts of the market remind him of the dotcom era. Attention then moves to the continuing conflict involving Iran and the United States. Despite disruption around the Strait of Hormuz, oil prices have remained more restrained than many expected. Lance considers the role of American production, Chinese reserves and changing regional trade flows, while warning that depleted inventories, rising food costs and persistent geopolitical tension could still produce another inflationary shock. Finally, the discussion returns to Britain and the arrival of Andy Burnham in Downing Street. What might a more left-leaning government mean for spending, taxation and consumer confidence? With limited room to raise conventional taxes, Lance considers whether pensions and housing wealth could become the focus of the next Budget. In this episode Why the UK market is benefiting from a global rotationWhether enthusiasm for AI infrastructure has gone too farThe risks facing momentum investorsWhy semiconductor booms tend to create their own downturnsHow hyperscaler spending is changing US equity marketsThe importance of liquidity, valuations and bond yieldsWhy the oil market has remained surprisingly resilientThe inflationary risks posed by energy, fertiliser and foodHow Cavendish Ware is positioning portfoliosWhat the “Burnham effect” could mean for BritainWhy pensions and property may face greater taxationThis podcast is provided for general information and discussion only. Nothing in the episode constitutes personal financial or investment advice. Investments can fall as well as rise, and past performance is not a reliable guide to future returns.

  2. Jul 15

    Episode 26 - Pensions, Inheritance Tax & the Big April 2027 Change: What You Need to Know

    Pensions have long been seen as one of the most tax-efficient ways to pass wealth to the next generation. But from April 2027, that could change dramatically. In this episode, Dave sits down with financial planners Mat Bonney and Adrian to unpack one of the biggest proposed shifts to UK inheritance planning in years: the move to bring pension pots into inheritance tax calculations. What does the change actually mean? Could your pension suddenly become liable for inheritance tax? And if you have a spouse, children, or multiple pension pots, what practical steps should you be thinking about now? The conversation demystifies what is changing, why it matters, and how to avoid knee-jerk reactions. From pension nominations and nil-rate bands to retirement income planning and estate strategy, this episode explores why pensions can no longer be treated in isolation. Dave also asks the questions many people approaching retirement are quietly wondering: Should I rethink my pension strategy? Is this the beginning of wider inheritance tax reform? And how do I avoid leaving a financial mess for my family? Matt and Adrian stress the importance of keeping calm, getting informed, and planning carefully, while also highlighting some of the unintended consequences these rules could create for families facing difficult circumstances. In this episode, we cover:  What the proposed pension inheritance tax changes actually mean  Why April 2027 could be a major financial “guillotine date”  How pension nominations may need revisiting  Why pensions may now need to be considered alongside the rest of your estate  The risks of knee-jerk reactions and rushed decision-making  Whether consolidating old pension pots could make life easier for loved ones  Why pensions still remain an important retirement vehicle despite the changes  The broader question: is this the start of bigger inheritance tax reform? If pensions, retirement, inheritance, or financial planning feel confusing, this episode aims to cut through the noise and explain what really matters — without the jargon.

  3. Mar 13

    Episode 25 - Situation Update with Lance

    In this special “Situation Update” episode, Lance Peltz unpacks the rapidly evolving global landscape and its economic implications. Lance offers a grounded, no-predictions perspective on geopolitical tensions, highlighting how disruption to energy, materials, and supply chains is driving inflation, market volatility, and consumer pressure worldwide. From oil and LNG dynamics to emerging-market vulnerability, the conversation explores how conflict directly translates into economic stress. They also examine investor behaviour, shifting market structures, and growing concerns about private credit, AI-driven change, and speculative trends in assets such as silver and Bitcoin. With no clear end in sight, this episode provides a sharp, sober view of markets in flux—and the deeper structural shifts shaping the global order.

  4. Mar 3

    Episode 24 - Neurodiversity and money

    In this special episode, the roles are reversed as Adrian takes the interviewer’s seat to speak with Dave about a subject that is both deeply personal and increasingly relevant: neurodiversity, late ADHD diagnosis, and the profound impact this can have on our relationship with money. Dave reflects on being diagnosed with ADHD later in life, prompted initially by his children’s experiences and a growing realisation that many lifelong patterns finally had an explanation. What follows is a candid discussion of how neurodiversity shapes how people process information, manage attention, experience boredom, and engage with complex topics such as finance, risk, and long-term planning. Together, Adrian and Dave explore: What neurodiversity really means, and why it is neurological rather than psychologicalHow ADHD can manifest in adulthood, from hyperfocus and creativity to difficulty with documents, money, and future planningThe hidden risks neurodiverse individuals can face in financial decision-making, particularly around trust and complexityWhy traditional financial advice frameworks often fail to capture people’s true relationship with moneyHow advisers can communicate more effectively by adapting how information is presented, rather than assuming one size fits allThe growing role of AI in financial understanding, and why human oversight remains essentialThe conversation also looks forward, asking how AI could help bridge gaps in financial literacy and accessibility, especially for those who struggle with conventional formats, while warning against blind reliance on automated advice. Above all, this episode is about understanding brains, not labelling them, and recognising that neurodiversity is not a weakness but often a source of insight, creativity, and commercial instinct. For Dave, diagnosis became “a key unlocking the brain” — and a catalyst for healthier relationships with money, family, and self-understanding. This is a thoughtful, honest episode for anyone interested in neurodiversity, financial well-being, and the future of advice in an AI-enabled world.

  5. 11/28/2025

    Episode 23 - Budget 2025 Analysis With Adrian and Lance

    In this special Budget edition of Bassline, Dave is joined by Adrian and Lance for a frank, occasionally exasperated, unpacking of what was billed as one of the most hyped UK budgets in years. That hype, they agree, was largely fuelled by weeks of political kite-flying, leaks, reversals, and noise. When the moment finally arrived, the reality felt underwhelming. All three describe a budget shaped more by political caution than genuine economic strategy — with major measures postponed years into the future, uncertainty built in, and little that resembles a credible plan for growth. The ongoing freeze on allowances (‘fiscal drag’) is likely to be the largest source of revenue, yet it affects nearly everyone. Meanwhile, adjustments to dividend, savings, and rental income tax are seen as regressive and unlikely to generate much revenue. They also question the logic of changes such as reducing the cash ISA allowance and the long-term introduction of a “mansion tax”-style measure, which appears more like the start of a wealth-tax conversation than a serious revenue raiser. From a market perspective, Lance explains that gilts and FX barely reacted, suggesting relief more than confidence. He notes the UK remains inexpensive by global standards but faces structural headwinds, so he has been rotating some exposure towards Asia and emerging markets. Bright spots do exist — mostly things not done. Pension tax-free cash remains intact, inheritance tax reforms didn't materialise, and some pension rules have now been clarified, providing advisers with a clearer path for future planning. However, nothing in the budget prompts immediate action from clients. The conversation closes with a shared sense of anticlimax. The UK’s entrepreneurial backbone — small businesses — receives little meaningful support, and uncertainty hangs over almost every long-dated measure. “Meh” becomes the most honest verdict.

  6. 10/28/2025

    Episode 22 - 🎙️ Demystifying Trusts

    In this episode, Dave Wallace sits down with Cavendish Ware advisers Mat Bonney and Jenny Earl to unravel one of the most misunderstood areas of financial planning: trusts. What begins as Dave’s personal curiosity quickly turns into a clear and engaging masterclass on how trusts work, why they exist, and how they can protect and preserve wealth across generations. Mat and Jenny explain the origins of trusts — dating back to the Crusades, when knights transferred their land to trusted friends while away at war — and show how these same principles of protection, control, and legacy still apply today. Listeners learn how trusts can help families: Control when and how money is used, such as for education or property purchases.Protect assets from divorce, bankruptcy, or mismanagement.Reduce inheritance tax exposure through strategic lifetime gifting.Preserve wealth across generations by keeping assets outside of estates.Mat uses a vivid “river and island” analogy to illustrate how a trust acts as a legally separate entity, bridging the gap between giver and beneficiary — ensuring that wealth flows at the right time and to the right people. Jenny adds practical insights on different types of trusts, how to set them up, and the responsibilities of trustees, stressing the importance of professional advice and long-term planning. By the end of the conversation, what once seemed complex feels logical, even empowering — a reminder that trusts aren’t just for the wealthy, but for anyone who wants to plan wisely and provide for future generations. “It’s about the right money, in the right hands, at the right time.” — Jenny Earl

  7. 08/25/2025

    Episode 21 - Late summer Investment Outlook 2025

    In this episode, Dave is joined by Rory Maguire from Fundhouse and our very own Lance Peltz for a candid discussion on the state of the economy in the wake of “Liberation Day.”  They unpack the real impacts of US tariffs, shifting market sentiment, and the delicate balance between economic forecasts and investment decisions.  From the dominance of mega-cap tech stocks to the volatility of crypto, the conversation explores how uncertainty, valuations, and investor behaviour are shaping portfolios — and what AI, jobs data, and global politics might mean for the future.

  8. 03/27/2025

    Episode 20 - Spring update with Lance

    In this insightful episode of Bassline, David Wallace sits down with Lance Peltz for an in-depth exploration of the current global economic landscape, focusing particularly on the implications of recent developments in the United States and their broader impact on international markets. Lance shares his expert analysis of the uncertainties surrounding President Trump's economic policies, particularly the introduction and fluctuations of tariffs, and their potential impacts on markets, businesses, and global trade dynamics. They delve into how uncertainty and unpredictability are shaping investment strategies, emphasising the importance of navigating through short-term volatility by maintaining a disciplined, long-term outlook. Additionally, the discussion covers significant macroeconomic shifts, including globalisation's retreat into regional trade blocs, the evolving dynamics between the US, China, and Europe, and their influence on global financial stability and investment decisions. David and Lance also briefly discuss the UK’s economic positioning amidst global tensions, including Brexit's long-term effects, trade relations, and the evolving political and economic strategies under Keir Starmer’s leadership. Join David and Lance for this compelling conversation, providing essential insights for investors, market watchers, and anyone seeking to understand the economic forces shaping today's rapidly changing world.

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About

Bassline brought to you by Cavendish Ware, award winning financial planners who help you live the life you want.  Building and protecting wealth since 2003 through good times and hard times.

Information

  • Creator
    Cavendishware
  • Years Active
    2021 - 2026
  • Episodes
    27
  • Rating
    Clean
  • Copyright
    © 2026 Bassline by Cavendish Ware
  • Show Website
    Bassline by Cavendish Ware