In the Company of Mavericks

In this episode, Jeremy is joined by David Seaman for a conversation with Henry Rayner and Jamie Hartley, two fund managers at Ennismore, about how they've developed their craft as small-cap investors through the firm's Academy programme.

We discuss:

This week, the market told two stories and chose to believe the second. The first played out in the bond market. The second played out in technology.

In this episode we unpack why the vigilantes won the week and then stood down, how Andy Burnham was forced to recant his economic platform without a single vote being cast, what NVIDIA's parabolic demand means for the AI CapEx broadening across Asia, why three trillion dollars of imminent listings will reshape portfolio allocation, and why Kevin Warsh's swearing-in at the White House sets up June 16 as the most consequential...

For the first time in 21 years, Nationwide Building Society members will see a genuine choice on their AGM ballot paper. Jeremy McKeown sits down with James Sherwin-Smith, fintech executive, former MasterCard senior leader, and Oliver Wyman strategist, who is standing as the first member-nominated candidate for the Nationwide board since 2005.

In this episode, James reveals what it actually takes to challenge the UK's largest building society: an FCA hearing, 350 hand-collected paper nomination forms, and a year-long battle over access to the member register. We explore why the Virgin Money acquisition went through without a member vote, why...

Markets at all-time highs. A closed strait. The hottest inflation prints in years. The UK government is hanging by a thread. A US-China summit that resolved precisely nothing. We ask the only question that matters right now: how long can you keep running on empty?

This week's episode covers six themes that are all pointing in the same direction.

What We Cover

1. The Global Equity Market Paradox

The S&P 500, NASDAQ, and Philadelphia Semiconductor Index are at or near all-time highs. Oil is at $107. PPI is at a three-year...

In this episode of In The Company of Mavericks, we tackle the most requested topic since the podcast launched: the fundamentals of money and investing, and how to introduce these vital concepts to children, grandchildren, and the next generation.

Host Jeremy McKeown is joined by Andy Craig, founder of Plain English Finance and author of the bestselling book How to Own the World, alongside Josh Sandford, investment director at Dowgate Wealth, with two decades of experience guiding clients through market cycles.

Whether you're a beginner investor, a parent wanting to teach your kids about money...

In this episode, I talk to Doomberg following our last chat in early March, and he expands on his thoughts that the Iran War was a catastrophic error with significant strategic consequences for the World.

As usual, Doomberg doesn't hold back. China has entered the chat just as the UAE has exited OPEC, putting the instability among the Gulf countries and the broader Middle East into perspective.

Despite the demands of the AI hyperscalers, the world is fundamentally long on hydrocarbons, and what the events of the last 10 weeks have demonstrated is that the constraint...

Seven tankers transited the Strait of Hormuz this week, against a pre-war baseline of 140. The world's most important oil choke point is running at 5% capacity. So why did the S&P 500 just post its best April since 2020?

Jeremy McKeown walks through the four stories driving markets right now: an energy shock, a bond market in revolt, a fracturing monetary order, and the deepest institutional crisis at the Fed in modern history, and the AI CapEx cycle holding it all together.

In this episode:

– Brent at $126, LNG up 61%, and Goldman's warning on non-linear price sp...

Shepherd Neame has been brewing beer on the same site in Faversham, Kent, since 1573. That's before Shakespeare. Before the King James Bible. Before anyone called a pub a pub. It has survived two World Wars, the Temperance Movement, the craft beer revolution, a very public family falling-out, and a pandemic that shut down every pub in Britain overnight.

Jonathan Neame is the fifth-generation CEO, a qualified barrister, a former management consultant, and a man who once swore he would never work for his father. He changed his mind. In this conversation, Jeremy McKeown talks to...

Shepherd Neame has been brewing beer on the same site in Faversham, Kent, since 1573. That's before Shakespeare. Before the King James Bible. Before anyone called a pub a pub. It has survived two World Wars, the Temperance Movement, the craft beer revolution, a very public family falling-out, and a pandemic that shut down every pub in Britain overnight.

Jonathan Neame is the fifth-generation CEO, a qualified barrister, a former management consultant, and a man who once swore he would never work for his father. He changed his mind. In this conversation, Jeremy McKeown talks to...

Brought to you by Progressive Equity and Finance Talking.

Schrödinger's Strait & The Gems Among The Rubble

Episode Summary: Dive into the absurdities of modern macro markets and the hidden value in UK equities in this episode of Mavericks. Host 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 s...

Small Ships, Big Oceans, World on Fire

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 fi...

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.

This is your HyperNormal situation report.

In this solo ITCOM episode, 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 We...

ITCOM is a podcast that helps serious active investors navigate market volatility, protect capital, and uncover new ways to confidently grow your wealth in radically uncertain times.

John Polomny didn't go to Georgetown. He didn't intern under a former Secretary of State. He joined the US Navy at 18, ran nuclear reactors, travelled the world on warships, opened a brokerage account at 15, suffered a 90% drawdown, and eventually became one of the most-followed independent macro investors on the internet.

Today, he runs Actionable Intelligence Alert on Substack — covering geopolitics, resource investing, and the slow-motion unravelling of...

In The Company of Mavericks | David Murrin on World War III, The Five Stages of Empire, and Surviving the Global Power Shift

Host: Jeremy McKeown Guest: David Murrin (Geopolitical Forecaster and Author) Release Date: March 26th, 2026.

Join host Jeremy McKeown on In the Company of Mavericks for a riveting conversation with geopolitical expert David Murrin. Discover why Murrin believes World War III has already begun, the inevitable clash between a declining America and an ascending China, and how understanding historical cycles like the "Five Stages of Empire" and the "K-Wave" can help us survive the...

In The Company of Mavericks | David Murrin on World War III, The Five Stages of Empire, and Surviving the Global Power Shift

Host: Jeremy McKeown Guest: David Murrin (Geopolitical Forecaster and Author) Release Date: March 26th, 2026.

Join host Jeremy McKeown on In the Company of Mavericks for a riveting conversation with geopolitical expert David Murrin. Discover why Murrin believes World War III has already begun, the inevitable clash between a declining America and an ascending China, and how understanding historical cycles like the "Five Stages of Empire" and the "K-Wave" can help us survive the...

Michael Every on Geopolitics, Wave Theories, and the De-Financialisation of the West

In this episode of In the Company of Mavericks, we are 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...

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Michael Every on Geopolitics, Wave Theories, and the De-Financialisation of the West

In this episode of In the Company of Mavericks, we are 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 analyt...

The Strategic Importance of the Garcia Viewpoint

Having advised six U.S. presidents, Charlie offers insights into the current Middle East crisis that are not merely speculative; they are informed by decades spent at the levers of power. This proximity grants him a "strategic map" allowing him to see through the fog of the US/Israeli bombing of Iran to identify the underlying structural shifts in the global order. For the investor, this episode serves as a masterclass in how kinetic warfare catalyses a broader, permanent shift in financial stability

Charlie Garcia

...

Last week, I was due to host a joint episode with Doomberg and Charlie Garcia, but diaries conspired against it. However, I got to do two recordings of influential Substackers covering global events and their implications: one through an energy lens, and the other, crafting a line of journalism that reminds me of the great PJ O'Rourke. 

Capital Mischief is an ambitious investment Substack project from a man who served six US Presidents, was decorated by US military intelligence, is an entrepreneur and investor, and, now in his mid-60s, is developing a long-held ambition to write f...

In this timely episode, I chat 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, we 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. We explore the massive disconnect between the information being fed to the publ...

Finding Wonder Stocks with Jamie Ward -  Compounding, Nick Sleep, and the Parasite of Passive Investing

How do you find the next "supernormal" company in a world of radical uncertainty? In this episode, we sit 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 of
Nick Sleep (Nomad Capital) on his investment philosophy. We dive deep into why stock selection is about more than just "crunching numbers" a...

I recently chatted to Substacker, investment writer and investor, Jamie Ward.

Jamie writes the Wonder Stocks newsletter with a focus on identifying compounding supernormal growth stocks, and he shares his thoughts on how to find these stocks. 

He also discusses the damaging impact of passive investing on the stock-picking process.  

Full episode to drop soon. 

Be sure to subscribe. 
     

Are we over-indexed on the "Digital Masters of the Universe" while starving the physical supply chains that underpin national security?

In this episode, we dive into why global capital might be facing the wrong direction. We’re 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...

Supply is Measurable, Demand is Storytelling - Capital Cycle Investing with Django Davidson of Hosking Partners. 

In his legendary book Capital Account, Chancellor said that:  Over the long run, it is a company’s return on capital, not changes in quarterly earnings, which primarily determines the direction of its share price. The return on capital of any company is largely subject to the state of competition within its industry.

Simple stuff, but this process happens in cycles; capital is attracted to higher returns and is withdrawn when returns fall. Critically, it is an appro...

The monetary metals, gold and silver and so-called digital gold, or Bitcoin, have had an unusual few months. 
  

As recently as September last year, the gold price was $3,500/oz, silver was $40/oz, and a Bitcoin was priced at around $110,000. 

Since then Gold rose by over 50% to $5,400 / oz before correcting to $5,000 / oz or up 40%; silver rose nearly 200% to $115 / oz before correcting to $80/oz up 90% and while all this was going on the price of Bitcoin more than halved peak to trough before stabilising down 40% at c $70,000. 

So, why the volatility spike? What just happe...

Last week, I spoke with two longstanding advocates of outside money and the debasement trade: wealth manager Charlie Morris, the founder of the BOLD (Bitcoin and gold fund) and author, Substacker and all-round renaissance man, Dominic Frisby.

My question to them was: WTF is happening to gold, silver, and Bitcoin, and following their extraordinary price actions over recent months, where to now?

Please subscribe to ITCOM, where you listen to your podcasts, so you don't miss the full episode later this week, along with other great guests and topics lined up over the coming weeks. <...

Davos Man, The Revelation & Capital Rotation

For this episode, I chat 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, I wanted to talk to Roger about politics and how it has come to...

I spoke last week with Roger Lee, Market Strategist at London broker, Cavendish.

We had a great conversation, sharing views on how politics have impacted markets over the span of our professional careers. 

Particularly we discuss how we are in revelationary era for Davos Man, the global elite and the interests of the ordinary man. And how the West can no longer afford the cost of the state. 

Roger talks about his ideas of how Trump's policy volatility and the impact of the AI card cycle has and will continue to impact financial ma...

Simple But Not Easy

– The Investment Wisdom of Richard Oldfield

Richard Oldfield, Founder of Oldfield Partners and author of Simple But Not Easy. 

We discuss the psychology of value investing, the structural flaws of modern asset management, and the challenges of navigating the bifurcated markets of the mid-2020s.

Episode Overview

In this episode, veteran investor Richard Oldfield debunks myths about the finance industry, arguing that successful investing is "simple but not easy." Drawing on decades of experience—from the 1970s inflation era to the AI boom of 20...

A preview of the upcoming episode of In the Company of Mavericks, Simple But Not Easy with Richard Oldfield. Hosted by Jeremy McKeown, this podcast series delivers conversations with people who dare to be different. Listen to this trailer and follow now to catch the full release and other exciting content on its way to your ears. 

In this episode, we move beyond the typical hype surrounding cryptocurrency and digital assets to dissect the plumbing of the global financial system. 

To do this, we have a panel of industry insiders:

You will hear from Steve Whyman, who previously ran Fidelity International’s debt capital markets business, where he built their investment thesis for digital assets from scratch. Joining him is Ian Hunt, a 40-year veteran of the buy-side who designed the very first ledger for a tokenised fund launched in the UK market. Rounding out the panel is Marvin, an economist and ret...

Coming soon, we explore how tokenisation is set to revolutionise the global economy.

Joined by "friend of the pod" Marvin Barth of Seriously, Marvin? and Thematic Markets, we chat with digital assets specialists Dr Ian Hunt and Steve Whyman.  

We expose the "absurd" complexity and cost added by traditional intermediaries in the financial sector. Discover how blockchain technology acts as the ultimate disintermediator, democratising access to markets by allowing individuals to invest mere pence into equities, bonds, and private asset funds.

We dive into:

• The geopolitical impact of self-executing con...

Is silver's price spike a bubble, or an early warning of government confiscation for AI data centres and military needs? Craig Tindale, Australian investor and essayist, argues the West has lost touch with the physical economy — and national capitalism is our only path back.

In this episode:
• Why Craig sees silver regulation or confiscation coming, or where we rip out solar panels for their silver content. 

• How Western policy has detached from real-world physics
• Lessons from 40 years of upgrading Asian manufacturing, banks & central banks
• Why “national capitalism” is the West’s last hope
• The rea...

According to Australian investor and essayist Craig Tindale, we are in an era of Hard Bifurcation, a terminal rupture between the monetary economy and the physical world. For forty years, Western orthodoxy has blythely assumed that financial liquidity and material goods were a unified system. But that linkage is dead, and we have entered a state of Impedance Mismatch.

According to Tindale, Western policymakers must evolve their mandates to reflect the hard physics of strategic rivalry and material constraint. If we continue to manage the economy as a stateless financial abstraction, we will enter the next decade...

I recently caught up with Erik @ YWR, a widely experienced investment professional and popular Substacker. 

Erik discusses his experience investing in Africa in the 20'teens and his involvement in what he calls Project Zimbabwe; don't think that we, in the West, are immune from our own versions of Project Zimbabwe. In Erik's view, we are, and counterintuitively, it partially explains Erik's current bullish stance on equities, with his framing of S&P 10,000 and how we can get there.

He also shares how his investing process identifies sectors and markets at inflexion points, and he currently s...

I recently caught up with experienced investor and Substacker, Erik@YWR, to chat about the state of the markets and how he sees things for 2026.

Erik has a unique perspective on what he calls Project Zimbabwe, which he experienced firsthand while running an African fund in the 2010s, and it enables him to be more bullish than most investors about his call for the S&P to reach 10,000 in this cycle.

Erik's framework seeks out unloved areas of the markets and inflexion points to time his investments. He sees energy as offering such an opportunity...

What have the Austrians ever done for us?

The answer is quite a lot, particularly regarding the importance of liberty and free markets, and how government overreach in economic matters results in long-term damage and decline.

However, Carl Menger, Ludwig von Mises, Friedrich Hayek, and other members of the so-called Austrian School have long occupied a fringe position in conventional economic thought, and their ideas have been excluded from policymakers' toolkits, which are dominated by the Keynesian framework.

But is this changing?

The evidence suggests it might be. The growing interest...

What have the Austrians ever done for us?

The answer is quite a lot, particularly regarding the importance of liberty and free markets, and how government overreach in economic matters results in long-term damage and decline.

However, Carl Menger, Ludwig von Mises, Friedrich Hayek, and other members of the so-called Austrian School have long occupied a fringe position in conventional economic thought, and their ideas have been excluded from policymakers' toolkits, which are dominated by the Keynesian framework.

But is this changing?

The evidence suggests it might be. The growing interest...

I visited Buenos Aires in November last year. 

I wanted to see firsthand what was going on under the newly elected President, Javier Milei. I met some fascinating people who shared their stories and perspectives on the Milei Revolution. 

As I was researching an article about my visit, I read some early accounts of the rise of Milei and the stories told about him in 2022 and early 2023. 

In the readers’ comments section under a rather scathing article about him in the Buenos Aires Times, there was a short bu...

I visited Buenos Aires in November last year. 

I wanted to see firsthand what was going on under the newly elected President, Javier Milei. I met some fascinating people who shared their stories and perspectives on the Milei Revolution. 

As I was researching an article about my visit, I read some early accounts of the rise of Milei and the stories told about him in 2022 and early 2023. 

In the readers’ comments section under a rather scathing article about him in the Buenos Aires Times, there was a short bu...