PIWORLD Investor Podcasts

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Content for investors by investors . These are audio podcast versions of our videos. Sometimes slides are referred to, to view as videos go to www.piworld.co.uk

  1. Apr 24

    The Market Call - Week Ending 24th April 2026

    This week Progressive's Jeremy McKeown & Gareth Evans comment on the Middle East situation, its potentially huge and long-term impact on supply chains but also the ability of humanity to reinvent and rearrange very quickly. Jeremy suggests that the equity market's buoyancy is partly a short-squeeze on Mag 7 as AI spend continues to reach new frenzied highs, and asset managers want "safe" US Dollar assets. The US may have started this war, but their assets and their energy are largely safe from its immediate effects. Meanwhile Kevin Warsh is suggesting a new - and more nuanced - approach to Central Bank structures...lower interest rates for sure, but with a dose of academic justification. Playing to the crowd, perhaps...persuading the bond markets, hard to tell.

    15 min
  2. ITCOM - Schrödinger's Strait & The Gems Among The Rubble with Le Shrub and Laurence Hulse

    Apr 24

    ITCOM - Schrödinger's Strait & The Gems Among The Rubble with Le Shrub and Laurence Hulse

    Progressive's Jeremy McKeown brings together an investing "odd couple": Laurie Hulse, UK small-cap stock picker and manager of the Onward Opportunities Investment Trust, and The Shrub, a world-renowned meme trader, parody hedge fund manager, and macro commentator. Together, they explore how to navigate market volatility and uncover wealth-building strategies by blending bottom-up micro-cap stock picking with top-down macro analysis. In this episode, they cover: The Reality of Public Markets vs Private Equity: Laurie reflects on the 3-year anniversary of Onward Opportunities, its graduation from AIM to the LSE primary listing, and the brutal, honest "mark-to-market" nature of public markets. The guests contrast this with the "deferred reckoning" of private markets, discussing the potential market impact of massive private valuations and the looming SpaceX IPO.The "Golden Age of Grift" & Market Absurdity: The Shrub explains his philosophy that "once you realise it's all nonsense, it starts to make sense". He breaks down why global markets ignore geopolitical crises—joking that as long as the S&P is above its 200-day moving average, even an asteroid strike is "priced in". He introduces the concept of "Schrödinger's Strait", where vital global shipping lanes are treated by the market as both open and closed simultaneously.The Capital Cycle & The UK Discount: Discover why a decade-long slump in UK equities might be the perfect setup for massive returns. The Shrub outlines the "capital cycle," explaining that the longer an asset is ignored, the more explosive its eventual upcycle will be. They discuss "Klaus," the imaginary European pension fund manager, and why trillions in capital reshoring to Europe could trigger a massive rally for UK and European assets.Gems Among the Rubble: Laurie shares real-world case studies of finding heavily discounted global businesses listed in the UK, including the highly successful acquisition of marine data business Windward and the podcasting platform Audioboom.Exit Liquidity & Survival Strategies: The Mavericks discuss why investors must plan their exits before they buy, whether through takeovers, US dual-listings, or graduating to larger markets, especially when dealing with illiquid small-cap stocks.Listen to the end for actionable takeaways on building portfolio resilience and surviving the "clown show" of modern markets.

    45 min

  3. Apr 17

    Talking Tech - Episode 38

    Progressive's George O'Connor and Ian Robertson catch up on recent news and events in UK small and mid-cap tech and discuss the (limited) SaaSpocalypse scenarios for Cerillion, DotDigital and GB Group – a few of the UK listeds that have been seen their share prices caught in the crossfire. Cerillion might look to techies to be an easy AI technical target its business model, market position and end customer knowledge give it a major moat. DotDigital and GB Group are collections of mainly less than bleeding edge technology solutions, but there is considerable value in their established market positions. GB Group is sorting itself out whilst DotDigital faces the challenge of how to keep top line growth growing in a business area that is seeing constant innovation and change, but neither looks to be facing fundamental challenges from AI.

    20 min
  4. In the Company of Mavericks: Small ships, big oceans and the world on fire with Ami Daniel

    Apr 17

    In the Company of Mavericks: Small ships, big oceans and the world on fire with Ami Daniel

    Ami Daniel on the Middle East energy shock, the death of cheap intelligence, and why the SaaS apocalypse is your opportunity Ami Daniel, founder of maritime AI company Windward, returns to the pod with a front-row view of the Middle East energy shock — and a confession about the one big thing he got completely wrong about AI. With US naval pressure tightening around Iranian ports and ships going dark in the Strait of Hormuz, Ami explains why this energy crisis has no quick fix: 20% of the world's oil and gas cannot simply be rerouted. He maps the geopolitical reshaping of the Middle East, why Israeli and UAE capital markets are telling a different story to the headlines, and why the Abraham Accord alliance may become the defining axis of the region for the next two decades. Then the conversation shifts to AI and investing. Ami's big admission: he thought data would be commoditised and insight would be scarce. He had it exactly backwards. Insight is now effectively free — you can get PhD-level analysis on an API. Data is the scarce resource. That one inversion is eating the entire SaaS industry alive. But Ami argues the SaaS collapse is a buying opportunity for patient investors — if you know what to look for. Proprietary data moats. High average order values. Strong net revenue retention. And it's also a good idea to look for wartime CEOs who have navigated real adversity before the good times arrived. We also get into Windward's own journey — why leaving the London Stock Exchange wasn't a vote against the UK market, why he's now backing a company to list there, and what it means to steer a business through years of people thinking you're wrong. Five takeaways: The Middle East energy shock is structural — there is no easy fixThe region is being geopolitically reshaped, and capital markets are repricing itDefensible data moats are the new scarce resource in an AI worldThe SaaS collapse is a patient investor's opportunityBack wartime CEOs — people who kept going when nobody believed in themBrought to you by Progressive Equity. Links mentioned in this episode: Windward insights: https://insights.windward.aiAmi Daniel on LinkedIn: https://www.linkedin.com/in/amidanielWindward on X: @WindwardAIAmi Daniel on X: @AmidanielOneOrlando Bravo / Thoma Bravo—software is a buying opportunity (CNBC): https://www.cnbc.com/2026/02/11/tech-investor-orlando-bravo-software-ai.htmlBen Horowitz — Peacetime CEO / Wartime CEO: https://a16z.com/peacetime-ceo-wartime-ceo/Previous episode with Ami (September 2024): https://substack.com/@jeremymckeown/p-148564789HyperNormal Times: https://jeremymckeown.substack.com

    33 min
  5. In the Company of Mavericks - The Iranian Toll Booth: A HyperNormal Situation Report

    Apr 13

    In the Company of Mavericks - The Iranian Toll Booth: A HyperNormal Situation Report

    Operation Epic Fury is over, we are told. The bombs landed. The headlines can move on. And yet, the Strait of Hormuz has become a checkpoint run by the IRGC — with US allies quietly filing the paperwork to get through. In this solo ITCOM episode, Progressive's Jeremy McKeown cuts through the noise to explain what the US-Israeli campaign against Iran actually achieved, what it failed to achieve, and what the aftermath reveals about the real state of Western power in 2026. French diplomats negotiating with Iranian middlemen. Greek shipping companies submitting cargo manifests to IRGC checkpoints. Japan is in back channels with Tehran. America's closest allies are paying the toll — not because they want to, but because they cannot afford the alternative. That's not a military failure. It's something more consequential: it's normalisation. Jeremy covers: Why the Iranian Toll Booth is more consequential than a blockadeThe Western "clown show" responseWhat the death of the petrodollar looks likeWhy this is the Suez Moment that nobody's calling a Suez MomentWhere to position capital when the old maps stop workingDrawing on recent conversations with Doomberg, David Murrin, John Polomny, Charlie Garcia, and Michael Every — this is the episode for investors who want to understand the world as it is, not as the press conference says it is.

    11 min

  6. Apr 10

    The Market Call - Week Ending 10th April 2026

    This week, Progressive's Jeremy McKeown and Gareth Evans discuss the only thing that matters - the "cardiac event" threatening the world's circulatory system for its oil lifeblood. Echoes of Suez reverberate - and the "petrodollar" arrangements of arms sales and protection look thoroughly undermined. Jeremy points out that this feels like "hypernormalisation"....everyone knows that the world order is changing, but is afraid to say it out loud. China may be the silent victor, but Japan's financial position and/or the bond markets could pose the real risk to markets. Investors might do well to look to real-world assets, especially if energy exploration is about to become important once again. Latin America could benefit from a more hinterland-focussed USA. Good luck to the soon-incoming Fed Chairman....what a time to be Kevin Warsh.

    15 min
  7. ITCOM: Five stages of empire, WWIII surviving & hegemonic power shifts with David Murrin

    Apr 2

    ITCOM: Five stages of empire, WWIII surviving & hegemonic power shifts with David Murrin

    In this episode of In the Company of Mavericks, host Jeremy McKeown sits down with David Murrin, the renowned geopolitical forecaster, author of Breaking the Code of History, and founder of Global Forecaster. Known for his uncanny ability to predict global shifts by studying human behaviour and historical patterns, Murrin delivers a stark and urgent assessment of the world in 2026. Murrin applies his unique behavioural models—including Isaac Asimov-inspired "psychohistory" and Kondratiev waves—to dissect the current global crises. From the ongoing proxy conflicts draining Western military resources to the looming technological singularity, this episode explores the mathematical certainty of empire cycles and what Western democracies must do to adapt and survive. Key Topics Covered: World War III is Already Here: Murrin explains his controversial thesis that WW3 officially began with the invasion of Ukraine. He outlines the immediate military triggers and "pilot wars" that signal China’s imminent, kinetic move against the US and its allies in the Pacific.The Iranian Bear Trap: A deep dive into how the United States is currently entangled in an asymmetric war of attrition in the Middle East. Murrin discusses how Iran's use of cheap drones and mines is depleting US mid-course interceptors, creating a strategic opening for China's hegemonic challenge.The Five Stages of Empire & American Decline: Murrin breaks down his Five Phase Life Cycle model (Regionalisation, Ascension, Maturity, Overextension, and Decline/Legacy). He discusses why the US is firmly in the terminal decline stage, characterised by debt reliance and linear bureaucracy, while China is in the aggressive ascension stage.Linear vs. Lateral Leadership: Why are Western nations suffering from a plague of idiots in leadership? Murrin explains the symbiotic relationship between linear thinkers (who maintain the status quo) and lateral or dyslexic strategic thinkers (who drive adaptation and survive high-entropy events). He argues that elevating lateral thinkers is critical to surviving the current geopolitical crisis.The K-Wave Commodity Cycle & Resource Scarcity: An analysis of the Kondratiev commodity cycle, which Murrin predicts will peak between 2025 and 2030. Learn how the simultaneous implosion of the debt-fueled Doomsday Bubble and soaring food and energy prices will reshape global survival strategies.The AI Singularity & The Future of Warfare: Murrin assesses the risk of an AI singularity, driven by the escalating global arms race. He explores how hypersonic weapons, drone swarms, and quantum technologies are permanently altering the fundamental Theory of Warfare.

    52 min
  8. In the Company of Mavericks: Capital Cycle Investing with Django Davidson

    Apr 2

    In the Company of Mavericks: Capital Cycle Investing with Django Davidson

    Are we over-indexed on the "Digital Masters of the Universe" while starving the physical supply chains that underpin national security? In this episode, Progressive's Jeremy McKeown dives into why global capital might be facing the wrong direction. He's joined by Django Davidson, Partner and Portfolio Manager at Hosking Partners, to explore the Capital Cycle Theory—an investment framework made famous by Marathon Asset Management and financial historian Edward Chancellor. While most of Wall Street obsesses over uncertain future demand, the Capital Cycle approach focuses on the one thing we can track: Supply. In this episode, they discuss: The Mag Seven vs. Physical Reality: Why the chronic underinvestment in critical infrastructure is creating a massive valuation gap.The Chancellor Doctrine: Understanding why return on capital—driven by industry competition—is the ultimate north star for share prices.The Return of the Cycle: How the current market mirrors the dot-com boom/bust and why we are in the early phases of a long-term capital rotation.Supply over Demand: Why analysing where capital is flowing (or fleeing) is more effective than chasing quarterly earnings.Django breaks down the "huge valuation discrepancies" waiting to unwind and why the next decade of investing won’t look anything like the last.

    52 min
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About

Content for investors by investors . These are audio podcast versions of our videos. Sometimes slides are referred to, to view as videos go to www.piworld.co.uk

Information

  • Creator
    piworld
  • Years Active
    2018 - 2026
  • Episodes
    900
  • Rating
    Clean
  • Copyright
    © Copyright piworld 2018 All rights reserved.
  • Show Website
    PIWORLD Investor Podcasts

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