PIWORLD Investor Podcasts

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.

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.

In this episode of In the Company of Mavericks, Progressive's Jeremy McKeown is joined by Michael Every, Global Strategist at Rabobank, for a deep dive into the chaos of our current geopolitical and macroeconomic landscape. With over two decades of experience as an economist and strategist—including senior roles at Silk Road Associates, the Royal Bank of Canada, and Dun & Bradstreet—Michael brings a highly differentiated analytical framework that challenges traditional big-bank thinking.Drawing on a diverse intellectual background ranging from early Marxist influences to firsthand observations of post-communist transitions, Michael exposes the critical flaws of neoclassical and neoliberal economics, arguing that the world is driven by raw power rather than by natural market equilibria.Key topics discussed in this episode include:The Flaws of Traditional Economics: Why the neoclassical presumption of "mean reversion" and perfect market equilibrium fails to explain our current reality.Wave Theories of History: How alternative frameworks—such as Kondratiev waves, the Austrian business cycle, Dalio’s debt cycles, the Fourth Turning, and Peter Turchin’s elite overproduction—can help investors better navigate today's geopolitical tipping points.The US vs. China Hegemony: An analysis of shifting global power dynamics, China's neomercantilism, and whether the United States is facing a modern equivalent of the "1956 Suez Crisis".The De-Financialisation of the West: Why the West must urgently pivot from financial engineering and asset speculation toward re-industrialisation, commodities, and "economic statecraft" to compete with the East.The Middle East and Global Commodities: How the ongoing conflict in the Middle East ties directly into global struggles for control over base commodities, energy, and the future of the US dollar.The Realities of Artificial Intelligence: The physical resource constraints holding AI back (such as copper and electricity shortages), its impact on the labour market, and whether it will lead to a technological utopia or a dystopian cognitive decline.

As US/Israeli strikes on Iran transform the Middle East from a proxy conflict into direct kinetic warfare, the implications for global financial stability are profound — and demand a very different kind of analyst.In this episode, Progressive's Jeremy McKeown and Charlie Garcia of Capital Mischief explore what this escalating crisis means for investors, and why the old playbook of paper-heavy portfolios may no longer be fit for purpose.Charlie Garcia is a rare breed: a former military man turned geopolitical analyst who has advised six U.S. presidents, and whose Substack — Capital Mischief — has been running in overdrive tracking the fast-moving Middle East situation in near real-time. Writing with the narrative drive of a Tom Clancy thriller and the wit of P.J. O'Rourke, Garcia cuts through the noise to deliver high-signal intelligence that is as engaging as it is essential.Together, they dig into the key questions: Is this escalation a localised event or the opening salvo of a larger systemic shift? How should investors re-price risk in an era of active, theatre-level conflict? And in these crazy markets, is a return to hard assets — gold, silver, and tangible stores of value — the only rational response?A sharp, wide-ranging conversation at the intersection of war, geopolitics, and finance — we hope you find it both illuminating and entertaining.

Progressive's Jeremy McKeown chats with the internet’s favourite financial avian—Doomberg—to unpack the escalating chaos in the Middle East and its profound impact on global energy markets.Recorded on Tuesday, March 3rd, as the fog of war deepens, they dive into why oil prices are spiking and how the world’s reliance on fossil fuels is shaping modern warfare.Doomberg delivers his signature "no-holds-barred" analysis from "fly-over country," using his unique mental models to strip away the mainstream narrative. The pair explore the massive disconnect between the information being fed to the public and the harsh realities of energy physics and geopolitics.This conversation covers:Operation Epic Fury: A day-three characterisation of the conflict.Energy as a Weapon: Why energy security is the ultimate arbiter of market stability.The Fog of War: Navigating misinformation and understanding the longevity of current market volatility in the age of algorithms. Market Impacts: How investors should view the intersection of politics and commodities during periods of high tension.Whether you're looking to understand the macroeconomic shift or seeking a "maverick" perspective on the green transition versus energy reality, this conversation provides a sobering look at where we are headed.

How do you find the next "supernormal" company in a world of radical uncertainty?In this episode, Progressive's Jeremy McKeown sits down with Jamie Ward, author of the Wonder Stocks newsletter and a mathematician-turned-investor who survived the Global Financial Crisis.Jamie shares his framework for identifying stocks capable of 20% compound growth and discusses the profound influence ofNick Sleep (Nomad Capital) on his investment philosophy. They dive deep into why stock selection is about more than just "crunching numbers" and evaluate two specific UK-listed companies: Frasers Group (FRAS) and Wise (WISE).They also tackle the controversial rise of passive investing. Jamie explains why he views index trackers as a "parasite" on market efficiency and how retail investors should navigate this shift to protect their capital.In this episode, you’ll learn:How to filter for companies with 50x to 100x return potential.The specific stock selection criteria Jamie uses to find "Wonder Stocks."The bull case for Frasers and Wise.How to adjust your portfolio for the impact of passive flows.

Gold, silver, and Bitcoin have experienced extraordinary volatility in recent months — but what's really driving these dramatic moves, and where might things go from here?In this episode, Progressive's Jeremy McKeown digs into the wild price action across precious metals and digital assets, exploring whether the debasement trade is still intact or whether something fundamental has shifted.Gold surged over 50% before pulling back, silver nearly tripled at its peak, and Bitcoin more than halved from its highs — all within a matter of months. To make sense of it all, Jeremy is joined by two long-term advocates of so-called "outside money": Dominic Frisby (Flying Frisby Substack), author and commentator on Bitcoin and gold, and Charlie Morris of ByteTree, founder of the BOLD (Bitcoin & Gold) Fund, which recently launched on the London Stock Exchange.Together, they explore the key questions: What sparked this volatility spike? Has the newly nominated Fed Chair changed the game? Could AI or quantum computing pose a real threat to Bitcoin? And is Bitcoin still overvalued even at current prices?A timely and wide-ranging conversation — we hope you find it both informative and entertaining.

For this episode, Progressive's Jeremy McKeown chats with Roger Lee, Head of Equity Strategy at Cavendish and a City veteran with almost 30 years in the equity market. Roger started his broking career with Cazenove, then worked at HSBC James Capel, JPMorgan, Deutsche Bank, and, most recently, as Head of UK Equity Strategy at Investec.   Roger is a Fellow of the Institute of Chartered Accountants, a Physics graduate and a frustrated Politician.For this discussion, Jeremy wanted to talk to Roger about politics and how it has come to dominate markets over recent years. He puts today’s seemingly chaotic geopolitics and rather depressing UK domestic politics into a useful historical context. It was an absorbing and illuminating chat with some suggestions on how markets might play out over the coming months.

Richard Oldfield, veteran value investor and founder of Altfield Partners, reflects on a career from the 1970s to today. He discusses why value investing is a temperament, the merits of patience and concentrated portfolios. He questions ‘new era’ narratives like AI, spots opportunities outside the US, and warns about index hugging and geopolitical risk.

The Pebble Group CEO, Chris Lee and CFO, Claire Thomson, present the group's results for the year ended 31 December 2025, followed by a Q&A session.Chris Lee, CEO00:16 Introduction01:18 Market Opportunity02:23 Investment Case03:41 FY25 HighlightsClaire Thomson, CFO05:23 FY25 KPI's06:14 Revenue06:43 Income Statement07:41 Balance Sheet08:08 Cash Flow08:34 Cash GenerationChris Lee, CEO09:14 Facilisgroup - Overview10:44 Facilisgroup - Key Financial & Operational Metrics11:14 Facilisgroup - Organic growth14:33 Facilisgroup - Partner Numbers15:45 Facilisgroup - StrategyClaire Thomson, CFO16:20 Brand Addition - Overview17:13 Brand Addition - Key Financial & Operational Metrics17:54 Brand Addition - EBITDA18:28 Brand Addition - New Business Acceleration19:01 Brand Addition - StrategyChris Lee, CEO19:40 ESG20:45 Outlook22:00 Q&AThe Pebble Group is a provider of technology, products, and related services to the global promotional products industry, comprising two differentiated businesses, Facilisgroup and Brand Addition, focused on specific areas of the promotional products market.Facilisgroup: Providing an end-to-end order processing system, combined with a proprietary operating method, market network and community support to growth orientated promotional products distributors in North AmericaBrand Addition: An end-to-end creative branded merchandise agency that helps global brands build culture, awareness and meaningful connections with their customers, employees and communities