Equitile Conversations

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Join Dr. George Cooper and Gerald Ashley as they discuss Markets, Risk, Macroeconomics, and Geopolitics. Brought to you by Equitile Investments (https://www.equitile.com/)

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  1. 1월 27일

    Let's Get Physical

    In the first episode of 2026, George Cooper and Gerald Ashley examine the persistent “debasement trade”: fiat money weakening while physical assets surge. They revive the “Savoy Gold Dinner ratio,” a metric from the 1970s/80s created by gold mines fund manager Julian Baring. In August 1971—days after Nixon closed the gold window—a comparable Savoy Grill dinner cost £5.67 per head. With gold at $40/oz (£16.66/oz at the fixed rate), one ounce bought roughly 3 dinners. At their recent meal on the 7th January: The bill came to £236.32 per head (with modest wine), with gold at $4,460/oz (~£3,303/oz), yielding 14 dinners per ounce—a 4.7× gain in gold’s purchasing power over 54 fiat years. Interestingly in wage terms, the meal’s burden barely budged: 1.4 days of average weekly earnings in 1971 (at £20 a week) vs. 1.6 days today (now at £736 a week). The Savoy has kept pace with labour costs, but gold has vastly outrun inflation as a store of value. This reflects a wider rotation: investors favour scarce physical assets—industrial metals, fertilizers, shipping, energy—over easily copied digital ones. AI commoditises software moats (e.g., image generation displacing Adobe tools; potential chip-design replication), eroding advantages for asset-light firms. Gold supplants bonds as the prime safe haven amid fiscal stress. Governments are increasingly close to Hyman Minsky’s “Ponzi stage,” with US debt interest topping $1 trillion yearly, driving money creation that inflates tangible-asset demand. But Bitcoin, despite debasement hype, is stalling - its digital replicability (via substitutes) contrasts with bullion’s scarcity. This episode highlights a return to capital-hungry physical realities over ephemeral software. View the article on Gerald and George's dinner at the Savoy in The Times: https://www.thetimes.com/business/companies-markets/article/dine-out-on-gold-how-an-ounce-will-now-buy-lunch-for-14-at-the-savoy-grill-qx8hpb8rh This episodes book recommendations Gerald Does God Play Dice?: The New Mathematics of Chaos by Ian Stewart George Genghis Khan and the Making of the Modern World by Jack Weatherford

    31분
  2. Taxing Growth

    2025. 12. 09.

    Taxing Growth

    In this episode George & Gerald chatted to macro economist Doug McWilliams about the perennial topic of economic growth. Growth doesn’t arrive by accident. They dig into a concrete plan to raise living standards in the UK by combining a simpler tax system, targeted deregulation, and policies that bring more people back into productive work, drawing on insights from a new book Prosperity Through Growth. It’s core argument is simple: in a world where talent and capital move easily, policy mistakes get punished quickly, and clarity becomes a competitive edge. Doug explained why a staged path to a 20% flat tax alongside the abolition of national insurance could lift output over time, and why regulation—not just its level but its instability—has become a prime drag on investment. From planning rules that stall housing to compliance costs that turn basic banking into a slog, we explore the hidden frictions that sap productivity. At the same time, we examine demographic headwinds—ageing, low birth rates, and falling participation—and the mixed lessons from Japan on how to sustain GDP per capita through smarter labour policies. However there are some bright spots, the UK’s flat white economy—tech and digital services—is booming, helped by freedom from restrictive EU digital acts. We ask what else could grow if given simpler, stable rules and why drifting back into heavier frameworks could undo our brightest gains. Finally to perhaps lighten the mood, rather than the usual book recommendations, the three of them discuss their favourite cars. About Douglas McWilliams Douglas McWilliams most recently co-authored with Michael Hintze, Matthew Elliot and the great Art Laffer ‘Prosperity Through Growth’ about how to achieve economic growth in a world of autocracy and AI. Previously he has written the Flat White Economy, identifying the unlikely growth sector in East London, The Inequality Paradox about how globalisation has reduced poverty worldwide while at the same time raising inequality in formerly rich countries and Driving the Silk Road, about how the areas between China and the West are being affected by Chinese industrialisation – the book emerged from the Peking to Paris car rally in which he participated in a 1950s Bentley. Douglas was the founder of Cebr which he sold the day before the 2024 Budget. Previously he had been Chief Economist for the CBI and for IBM UK. He was the Gresham Professor of Commerce 2011-13 and chaired the economics committee of Business Europe Doug's New book - Prosperity Through Growth

    36분
  3. Never Mind The Benchmarks

    2025. 10. 29.

    Never Mind The Benchmarks

    Never mind beating the benchmark when the benchmark is quietly making the real decisions. Gerald Ashley and George Cooper pull back the curtain on how index choice shifts risk onto investors, fuels herding, and even distorts the wider economy. From the S&P 500’s ninefold climb to the FTSE’s more modest tripling, they unpack why “go passive” still demands a critical, high stakes decision about which index to follow and which currencies to carry. The conversation digs into the perverse logic of bond benchmarks that allocate more money to the largest borrowers, weakening market discipline and rewarding profligacy. They explore how capweighted equity indices concentrate capital in today’s winners, raising volatility and inflating bubbles, while managers hide behind relative performance. The solution starts with a better mandate: target returns above inflation, not a promise to hug an index. That shift aligns portfolios with real world goals like retirement income and purchasing power, and it demands genuine active thinking rather than closet indexing. Governance gets a frank assessment too. With proxy voting often outsourced, economic priorities can be diluted by political agendas, leaving savers to fund unclear trade-offs. Gerald and George argue that if society wants cleaner air or fairer work, those costs should be priced by policy, not buried in passive voting guidelines. Yet there’s optimism: index flows have created a market split between crowded themes—think AI infrastructure—and overlooked “antibubble” assets. For investors willing to do the work, that dispersion offers real value and better odds of compounding above inflation. If you care about real returns, not just neat tracking error, this is a reframe worth your time. Follow the show, share with a friend who loves a good debate, and leave a review with your take on benchmarks—do they help you stay disciplined, or are they holding your portfolio back? This episodes book recommendations Gerald The Origin Of Wealth: Evolution, Complexity, and the Radical Remaking of Economics George (A film) In Time - starring Justin Timberlake

    33분

  4. 2025. 09. 16.

    Mission Impossible

    In this edition George Cooper and Gerald Ashley are joined by Helen Thomas of Blonde Money. Are many governments in the developed world facing a fiscal Mission Impossible? They looked at current financial risks, global fiscal challenges, and central bank independence, focusing on the political implications. The conversation highlighted how political systems and electoral dynamics are shaping economic policies in the post-COVID era, with concerns about rising government debt, market volatility, and the IMF's limited bailout capacity. They discussed central bank independence, suggesting it may align with government needs rather than being truly autonomous, and also explored potential political and economic shifts over the next decade, including inflation's role in addressing debt. About Helen Thomas (aka Blonde Money) Helen Thomas is the founder and CEO of Blonde Money, an independent consultancy firm established in 2014, focusing on mispriced risks in financial markets across the USA, UK, and EU.  She has over 20 years of experience in banking, fund management, and politics, including roles as a partner at ABD Investment Management and Head of Currency Alpha at State Street Global Advisors. Thomas served as an adviser to former UK Chancellor George Osborne in 2008 and created the Financial Markets Reform Programme for Policy Exchange. She holds a degree in PPE from Oxford, is a CFA Charterholder, a freeman of the City of London and a former board member of CFA UK. She is a regular columnist for City AM, a London-based business newspaper. Her columns focus on financial markets, economic trends, and political developments. Additionally, she co-authored the book Masters of Nothing with MP Matthew Hancock and is a frequent speaker and media commentator on financial and political topics. This episodes book recommendations Gerald The Way We Live Now by Anthony Trollope George The Alchemy of Finance by George Soros Helen The Seventh Floor by David McCloskey

    38분

  5. 2025. 07. 30.

    Time to Retire the Term Emerging Markets?

    In this Equitile Conversations episode, Gerald Ashley and George Cooper, joined by guest Michael Power, discuss the outdated term "emerging markets."  They argue it inaccurately describes dynamic economies like China, which lead in technology and growth, while traditional "developed" markets like the US exhibit characteristics once associated with emerging markets, such as fiscal issues and currency volatility. They criticise the reliance on indices and ETFs that oversimplify investment decisions and highlight a lack of holistic asset allocation. Power notes the variety of opportunities in so-called emerging markets, driven by long-term growth potential, and discusses de-dollarisation trends, with countries like India and the UAE trading in local currencies. Cooper emphasises unconstrained investing, focusing on companies with strong growth in these regions. About Michael Power Michael Power is a prominent South African financial markets commentator and strategist, known for his extensive career in global investment, with a focus on Africa and emerging markets. His career spans several decades and includes roles at major financial institutions such as Anglo American, NM Rothschild & Sons, HSBC, and Baring Asset Management, with work in South Africa, London, and Kenya. Power’s expertise centres on geo-economics, the role of Asia in the 21st century, and Africa’s economic relationships with global markets. This episodes book recommendations Reflecting themes of financial history, economic dystopia, and dollar dominance challenges. Gerald The Railway King by Robert Beaumont George The Mandibles by Lionel Shriver Michael  Our Dollar, Your Problem by Kenneth Rogoff equitileconversations.com

    33분
  6. Global Energy – Drivers and Disruptors

    2025. 07. 01.

    Global Energy – Drivers and Disruptors

    In this episode Gerald Ashley is joined by Nicholas Rogers, an equity analyst at Equitile. They take a look at the three major energy markets of oil, natural gas and coal, which together supply up to 90% of global energy. They discuss the current stability of oil prices despite Middle East tensions, with softening Western demand but strong Asian growth, and the importance particularly of China’s strategic oil reserves via the “Beijing put.”  And is Offshore oil’s cost-effectiveness challenging peak oil theories? Natural gas, at 23% of global energy usage, is a key bridge fuel, with US exports reshaping European energy security post-Russia-Ukraine conflict. Asia is driving a projected 60% demand increase by 2040. A bright future for Natural Gas? Coal, at 26% of global energy, remains critical, especially in China’s new power stations and for industrial uses, despite Western phase-outs. The episode highlights the global economy’s reliance on fossil fuels and the priority of energy security. About Nicholas Rogers Nicholas Rogers is an Equity Analyst and Investment Committee member at Equitile Investments, joining in 2024. With close to a decade of experience in wealth and asset management, he previously worked at several bulge bracket banks, including HSBC and Citi in Sydney, Australia. His interests lie in the commodity markets and identifying broader macroeconomic trends.  This episodes book recommendations Gerald Kings of Shanghai by Jonathan Kaufman Nicholas The World for Sale: Money, Power and the Traders Who Barter the Earth’s Resources by Javier Blas and Jack Farchy

    27분

  7. 2025. 05. 27.

    The Pension Problem

    In this episode of Equitile Conversations, Gerald Ashley and George Cooper discuss the mechanics and challenges of pension systems, focusing on their reliance on current workers and demographic trends. They explain that state pensions, like the UK's, are "pay-as-you-go," funded by taxing current workers rather than a saved pot of money, dispelling the myth of a personal pension fund. Pre-funded pension schemes, where individuals save into assets like equities and bonds, also depend on future generations to buy those assets when retirees sell, creating a demographic dependency. The conversation highlights a looming crisis due to aging populations and declining fertility rates. In the UK, pensioners have risen from 13% of the population in 1975 to nearly 19% in 2024, with projections suggesting a quarter of the population will be over 65 within a decade. Low fertility rates exacerbate the issue, as fewer workers support more retirees. The UK's "triple lock" policy, which ensures pensions rise with the highest of inflation, wage growth, or a fixed rate, further strains younger generations, who face higher taxes, student debt, and asset price challenges, reducing their ability to have children or buy assets. Also the heavy reliance on long-dated government bonds in pension funds, driven by asset-liability matching, can be flawed due to central banks' manipulation of bond yields through quantitative easing, which distorts inflation forecasts. Finally a look at equities being better suited for pensions as they align with inflation-driven corporate revenues. Rising bond yields and government borrowing signal future inflation, potentially eroding pension values, acting as a hidden tax. This Episodes Book Recommendations Gerald suggests: Odds n Sods -  My Life in The Betting Business by Ron Pollard George suggests: Riches Among the Ruins: Adventures in the Dark Corners of the Global Economy by Robert P Smith

    38분

  8. 2025. 04. 14.

    The Dollar & Trump’s Tariff Tantrum

    Are we experiencing peak dollar as a reserve currency? In this latest episode we examine this complex but crucial question for investors, policymakers, and businesses. With the federal deficit running at a staggering 8.8% of GDP—a level typically associated with major economic crises rather than normal times—we're witnessing what could be a pivotal moment in global finance. The dollar's reserve status has provided America with significant advantages: lower borrowing costs and the privilege of seigniorage (essentially getting goods in exchange for printed money). Yet this same strength has gradually eroded American manufacturing competitiveness. Looking forward, the challenges are mounting. The US needs to refinance approximately $3 trillion in debt while managing a $1 trillion defence budget and interest costs approaching the same figure. Meanwhile, the Department of Government Efficiency programme has so far fallen short of its savings targets. This perfect fiscal storm suggests we may see a return to quantitative easing—or to be candid "monetisation"—with governments printing money to pay bills. While we may be witnessing the early stages of a multi-decade transition rather than an imminent collapse of the dollar system, the current situation deserves close attention from anyone concerned with global economic stability. This Episodes Book Recommendations Gerald suggests: Money & Promises by Paolo Zannoni And George recommended: Deceit and Self-Deception: Fooling Yourself the Better to Fool Others by Robert Trivers

    34분

  9. 2025. 03. 12.

    The Investor's Mind: Behavioural Bias Revealed

    Ever wonder why smart people make irrational investment decisions? The answer lies in our psychological wiring. Loss aversion makes parting with losing investments almost physically painful, while confirmation bias ensures we only see evidence supporting our existing views. These forces work together to create a perfect storm of poor financial choices that most investors never recognise. Gerald Ashley and George Cooper take us on a fascinating journey through the minefield of cognitive biases that sabotage our investment returns. They explore how loss aversion causes us to cling desperately to losing positions while selling winners prematurely – 'harvesting flowers while letting weeds grow'. Meanwhile, confirmation bias has us automatically seeking information that reinforces our existing perspectives while avoiding anything contradictory. They also examine how modern technology amplifies these natural tendencies. Social media algorithms, designed to maximize engagement, feed us an endless stream of content that either confirms our existing beliefs or triggers our fears. This creates dangerous feedback loops that not only affect our investment decisions but potentially contribute to market volatility and societal polarisation. Finally they consider happiness research from behavioural science. How the pursuit of extrinsic rewards (wealth, possessions, status) consistently fails to deliver lasting satisfaction due to hedonic adaptation – we quickly adjust to improvements in our circumstances and require ever more to maintain the same happiness level. By contrast, intrinsic pursuits like experiences, personal development, and relationships provide more sustainable wellbeing. This Episodes Book Recommendations Gerald suggests: Why Most Things Fail by Paul Ormerod  And George recommended: Behavioural Investing: A Practitioner's Guide to Applying Behavioural Finance by James Montier

    32분

  10. 2025. 02. 18.

    The Demographic Transition

    Are we heading toward a future underpopulation crisis instead of overpopulation? In this episode, George Cooper and Gerald Ashley explore the far-reaching effects of a global demographic shift already in motion. Fertility rates worldwide are plummeting below the replacement level—South Korea, for instance, is at just 0.7 children per woman, far below the 2.1 needed to sustain a population. This largely overlooked transition, overshadowed by politicians focus on short-term growth, is pushing us toward a 'demographic cliff' with profound implications. Aging populations, like the retiring baby boomers, are increasingly dependent on shrinking workforces, putting immense pressure on retirement systems. Fewer workers are left to support a growing number of retirees who need more healthcare and resist changes to pensions. For investors, this shift calls for a complete overhaul of asset allocation strategies. But there’s a silver lining: a naturally shrinking global population could ease resource scarcity and environmental strain. Labour shortages might also drive up wages over time, making it easier for families to form and potentially stabilizing birth rates at a sustainable point. Whether you’re planning for retirement, investing, or just curious about society’s future, this episode offers critical insights into one of the most transformative economic shifts we’ll face. This Episodes Book Recommendations Gerald went for: Material World: A Substantial Story of Our Past and Future by Ed Conway And George suggested: Gambling Man: The Wild Ride of Japan’s Masayoshi Son by Lionel Barber

    39분
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Join Dr. George Cooper and Gerald Ashley as they discuss Markets, Risk, Macroeconomics, and Geopolitics. Brought to you by Equitile Investments (https://www.equitile.com/)

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    2025년 - 2026년
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