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.

Retirement is changing.

People are living longer, defined benefit pensions are becoming less common, and more responsibility is shifting to individuals to create sustainable retirement incomes.

In this episode of the Money Wise UK Podcast, I am joined by Emma Mogford, Portfolio Manager at Premier Miton Investors, to explore what retirement may look like over the next 10–20 years.

We discuss:

• Why retirement should still be viewed as something positive to look forward to
• The challenges of inflation and longevity in retirement planning
• Why retirement risk is different from accumulation risk
• The growing importance of behavioural coaching and financial advice
• How retirement income strategies are evolving
• Natural income versus selling units in retirement
• Sequencing risk and why timing matters when drawing an income
• The role of technology, AI and targeted support in closing the advice gap
• How demographics, inflation and changing economic trends may shape future retirement outcomes

Throughout the conversation, Emma shares her thoughts on why confidence, flexibility and sustainability may become just as important as investment returns when planning for retirement.

Whether you are approaching retirement, already retired, or work within financial planning, this episode offers valuable insights into one of the biggest shifts facing investors today.

The information discussed in this podcast is for educational purposes only and should not be considered personal financial advice.

In this episode, George Ladds is joined by Gervais Williams, veteran fund manager, author, and long-standing advocate for UK equities. Gervais shares his journey from engineering into investment management and reflects on over three decades of navigating market cycles.

We discuss:

• Why today’s markets differ from past cycles – and the risks of assuming “buy the dip” always works

• The retreat of globalisation, the rise of nationalism, and what this means for investors

• Why equity income and cash-generative businesses could define the next 20 years

• The overlooked potential of UK small and micro-caps (including AIM)

• How active management can help avoid “zombie companies” and uncover future winners

Gervais also reflects on conviction, resilience, and why diversification across industries and company sizes is critical in a more uncertain world.

👉 A thoughtful and candid conversation on building resilient portfolios and rediscovering opportunities in the UK market.

Book: The Retreat of Globalisation

Premier Miton

Disclaimer: This conversation is for information only and isn’t investment advice. Past performance is not a guide to future returns. Investing involves risk, including loss of capital.

In this episode, George Ladds sits down with Benji Dawes, co-manager of the Premier Miton UK Growth Fund, to explore why UK equities, particularly small and mid-caps, may offer one of the most compelling opportunities for long-term investors.

Benji shares his unique journey from studying anthropology to becoming a fund manager, explains the fund’s three investment pillars —quality, valuation, and growth —and discusses how his holistic perspective helps him assess businesses in context.

We dive into:

• Why UK companies remain undervalued despite strong fundamentals

• The importance of understanding management teams and incentives

• How small & mid-caps can generate alpha over time

• Real examples from holdings such as Cranswick, Wise, and M&S

• What makes London a hub for AI and fintech innovation

Benji also reflects on the importance of process, partnership, and keeping an open mind as an investor.

👉 Tune in for an honest, insightful look at UK equities and where opportunities lie today.

Book: The Opposable Mind - Roger L Martin

Disclaimer: This conversation is for information only and isn’t investment advice. Past performance is not a guide to future returns. Investing involves risk, including loss of capital.

In this episode of the Money Wise UK Podcast, host George Ladds speaks with Matthew Spencer of Orbis Investments — one of the most distinctive voices in the world of multi-asset investing.

Matthew shares his journey from aspiring sports coach in South Africa to becoming part of Orbis’ global investment team, reflecting on early mentors, work ethic, and the lessons learned along the way.

Together, they explore:

• The people and books that shaped Matthew’s approach to investing

• Coaching the Bermuda National Hockey Team — and what it taught him about leadership

• The origins of Orbis Investments and its founder Allan Gray’s philosophy

• Why Orbis uses a performance-based fee model — and how it aligns incentives with clients

• Active vs. Passive investing: why both have a place, but concentration risk matters

• The real story behind Orbis’ exposure to gold and how they manage “competition for capital”

• How Orbis maintains culture, discipline, and accountability through its “investment academy”

• The power of compounding, and why the industry needs to talk more about the benefits of investing, not just the risks

It’s an honest and energising discussion about investment philosophy, culture, and long-term thinking — reminding us that success is deliberate, alignment matters, and patient capital still has a place in a fast-changing world.

Listen now to hear how Orbis is doing things differently — and what investors and advisers can learn from its approach to purpose-driven active management.

Disclaimer: This conversation is for information only and isn’t investment advice. Past performance is not a guide to future returns. Investing involves risk, including loss of capital.