Nick Train has spent more than 40 years in investment management. In this wide-ranging conversation, he reflects on what four decades in markets have taught him about patience, conviction, valuation and the importance of owning great businesses for the long term.

We explore active versus passive investing, why Nick believes more people should own equities, and why concentrated portfolios require both conviction and humility.

Nick also discusses the opportunities he sees within the UK stock market, including businesses such as Experian, Rightmove and RELX, and why artificial intelligence may strengthen some established digital businesses rather than simply disrupt them.

We talk about Diageo, difficult periods of performance, Warren Buffett’s influence on Nick’s investment philosophy, and perhaps one of the hardest questions in investing: how do you know when patience is still the right response and when the evidence is telling you that you are wrong?

We also explore the advantages of investment trusts as Finsbury Growth & Income Trust celebrates its 100th anniversary.

A thoughtful and unusually open conversation about investing, experience, mistakes, patience and the value of a handful of really big ideas.

Books mentioned

One Up On Wall Street: How to Use What You Already Know to Make Money in the Market — Peter Lynch with John Rothchild

Investing Against the Tide: Lessons from a Life Running Money — Anthony Bolton

Stocks for the Long Run — Jeremy J. Siegel
Important information

This podcast is for information and educational purposes only. Nothing discussed should be considered personal financial advice or a recommendation to buy, sell or hold any investment. Investments can fall as well as rise in value, and you may get back less than you invest. The views expressed are those of the individuals taking part at the time of recording.

About Money Wise UK

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The debate between active and passive investing is often presented as a simple choice. But does that binary argument distract advisers from the questions that really matter?

In this episode of the Money Wise UK Podcast, George Ladds is joined by Ash Weston, Head of Model Portfolio Services at 8AM Global, to explore how investment portfolios can be designed to behave consistently, support a financial plan and deliver outcomes clients can understand.

George and Ash discuss the limitations of relying on past performance, the SPIVA research, active-manager selection and why even choosing a passive strategy is an active decision. They also explore how systematic investment processes can help control human bias, identify when an investment is no longer behaving as expected and reduce the temptation to chase recent winners.

The conversation covers:

• Active versus passive investing and why there may be no single right answer
• What SPIVA does—and does not—tell us about active fund management
• Why recent investment performance can be a dangerous basis for selection
• What a “well-behaved” investment portfolio should look like
• Systematic investing with human oversight
• Investment manager due diligence and evidencing value
• Risk profiling and genuine client understanding
• The role of model portfolio services within financial planning
• How AI and better data could change financial advice and investment management
• Why investment decisions should begin with the person and the financial plan—not the product

This is a wide-ranging and thought-provoking conversation for financial advisers, planners, investment professionals and anyone interested in portfolio construction, behavioural investing, MPS due diligence and the future of financial advice.

The central message is simple: the label attached to an investment approach matters less than whether the process is clear, repeatable, adaptable and capable of supporting better client outcomes.

Important information

This podcast is provided for general information and educational purposes only. It does not constitute financial, investment, legal or tax advice, or a personal recommendation to invest.

The views expressed are those of the individual speakers at the time of recording and may change. References to particular investment approaches, funds, model portfolios or providers should not be treated as an endorsement or recommendation.

The value of investments, and the income from them, can fall as well as rise, and investors may get back less than they originally invested. Past performance is not a reliable guide to future returns.

Any investment decision should take account of an individual’s objectives, financial circumstances, attitude to risk, capacity for loss and investment time horizon. Where appropriate, seek advice from a suitably qualified and regulated financial adviser.

Money Wise UK does not provide regulated financial advice.

In this episode of the Money Wise UK Podcast, George Ladds is joined by Andrew Spence, CEO and Founder of Aspen Advisers.

Andrew’s route into financial services was not a traditional one. After studying marine engineering, he moved into investment management just before the Global Financial Crisis. That experience shaped much of his thinking around portfolio construction, risk, client behaviour and the importance of building solutions from first principles.

George and Andrew discuss the evolution of Aspen, why innovation in financial services needs to be built around clients rather than assets under management, and how AI could change the way financial planning firms operate over the next few years.

The conversation then turns to risk profiling, where Andrew challenges whether the current system really helps advisers deliver better outcomes. They explore the limitations of questionnaires, the danger of relying too heavily on a single risk score, and why retirement planning may need a very different conversation around risk, objectives, time horizons, sequencing risk and income sustainability.

The second half of the episode focuses on retirement planning. George and Andrew discuss why many firms still struggle to build effective retirement propositions, the debate between natural income and selling down capital, and why simple, repeatable and client-friendly solutions matter. Andrew also explains why he believes the bucketing approach can help clients understand where their income is coming from and give them greater confidence during difficult markets.

Ultimately, this episode is about more than investment portfolios. It is about helping people retire with confidence, reduce worry, and build a retirement plan that reflects the life they want to live.

Risk Warning

This podcast is for information and discussion purposes only and does not constitute financial advice, investment advice or a personal recommendation. The value of investments can fall as well as rise and you may get back less than you invest. Retirement income is not guaranteed and will depend on individual circumstances, investment performance, tax rules and future market conditions. Tax treatment depends on personal circumstances and may change in the future. You should seek regulated financial advice before making decisions about your pension, investments or retirement planning.