Michael Pugh
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Michael Pugh
@michaelpugh.bsky.social
140 followers 130 following 19 posts
Co-host: Many Happy Returns (1 million+ listens) • Collab with PensionCraft • Follow for posts on investing and personal finance.
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Reposted by Michael Pugh
pensioncraft.com
Trump’s return is already reshaping the global order. Asset prices have tumbled, correlations have fractured, and investors are reassessing risk itself. This week we’re joined by @katie0martin.ft.com from the FT to help us make sense of the turmoil
many-happy-returns.captivate.fm/episode/100-...
100 Days Down: Making Sense of Trump's Market Shockwaves, with Katie Martin - Many Happy Returns
Trump 2.0 is reshaping the global order. Asset prices have tumbled, correlations have fractured, and investors are reassessing risk itself.
many-happy-returns.captivate.fm
April 30, 2025 at 5:48 PM
michaelpugh.bsky.social
April 15, 2025 at 8:46 PM
Reposted by Michael Pugh
marychilds.bsky.social
lol, lmao even

from Oct 21, 2024
April 11, 2025 at 3:13 PM
michaelpugh.bsky.social
Trump raises China tariff to infinity plus one.
April 9, 2025 at 11:24 AM
Reposted by Michael Pugh
leonardocarella.bsky.social
Oligarchs always think they can control autocrats until it’s too late. Same delusion, again and again, the world over.
April 7, 2025 at 8:56 AM
michaelpugh.bsky.social
The ‘magazine cover indicator’ strikes again.
April 3, 2025 at 2:55 PM
Reposted by Michael Pugh
pensioncraft.com
🎙️Great interview with Simon French on "Soaring Gilt Yields and Strained Public Finances"
Gilt yields are surging, straining government finances and raising fears of tax rises or spending cuts. Why & what can be done about it?
many-happy-returns.captivate.fm/episode/soar...
Soaring Gilt Yields and Strained Public Finances, with Simon French - Many Happy Returns
Gilt yields are surging, straining government finances and raising fears of tax rises or spending cuts. But is this a UK-specific problem?
many-happy-returns.captivate.fm
January 15, 2025 at 9:52 AM
Reposted by Michael Pugh
pensioncraft.com
🎙️It was great to speak to China expert
@george17.bsky.social on the podcast this week. Do sluggish demand, mounting debt, and unfavourable demographics mean that China is uninvestible?
player.captivate.fm/episode/d270...
January 8, 2025 at 9:25 AM
Reposted by Michael Pugh
pensioncraft.com
🎅🎙️ Jingle Bulls, Jingle Bears: Are Investors Overconfident Heading into 2025? many-happy-returns.captivate.fm/episode/jing...
Jingle Bulls, Jingle Bears: Are Investors Overconfident Heading into 2025? - Many Happy Returns
Investor sentiment is more bullish than ever, with a record share of Americans expecting the S&P 500 to rise in 2025. Is this the peak of euphoria?
many-happy-returns.captivate.fm
December 18, 2024 at 11:41 AM
michaelpugh.bsky.social
In 2035: The war on sandwiches has cost billions, destroyed lives, and filled prisons—yet somehow, sandwiches are more available, cheaper, and tastier than ever.
metro.co.uk Metro UK @metro.co.uk · Dec 12
Kemi Badenoch has declared war on sandwiches, saying she doesn’t consider them to be a real food and that lunchtime is ‘for wimps’.

Marking her first month as leader of the opposition, the combative MP also took aim at people who celebrate Christmas too early, joking they should be fined.
Kemi Badenoch declares war on sandwiches and early Christmas decorators
The leader of the opposition also criticised Keir Starmer's favourite Christmas film - and revealed her own.
trib.al
December 12, 2024 at 1:42 PM
Reposted by Michael Pugh
pensioncraft.com
Compared to developed countries, emerging markets have rarely looked cheaper. With valuations, economic growth, and demographic trends in their favour, is now the time to invest? Or could climate change, protectionism and debt hold them back?
many-happy-returns.captivate.fm/episode/emer...
Emerging Markets: Risky Bet or the Next Big Bargain? - Many Happy Returns
Emerging markets have rarely looked cheaper. With valuations, economic growth, and demographic trends in their favour, is now the time to invest?
many-happy-returns.captivate.fm
December 11, 2024 at 6:12 PM
Reposted by Michael Pugh
pensioncraft.com
We had a fascinating conversation with Wolfgang Münchau about his book 'Kaput' and the end of the German Miracle. Thoughtful and provocative in all the right ways!

@eurobriefing.bsky.social

many-happy-returns.captivate.fm/episode/kapu...
Kaput: The End of the German Miracle, with Wolfgang Münchau - Many Happy Returns
Germany is one of few Western countries to remain truly industrialised, and yet the economy is contracting and the governing coalition has collapsed.
many-happy-returns.captivate.fm
December 4, 2024 at 10:50 AM
Reposted by Michael Pugh
kottke.org
This is a bit too on the nose: a Dutch tulip farmer is using the heat generated from cryptocurrency mining to heat their greenhouses. [euronews.com]
The Dutch tulip farmer swapping gas for heat from Bitcoin mining
A greenhouse in the Netherlands is using the heat generated from cryptocurrency mining to partially heat its large premises, saving on its gas bill.
www.euronews.com
November 29, 2024 at 3:58 PM
michaelpugh.bsky.social
I guess it's at least slightly encouraging that Trump is positioning tariffs as a bargaining chip to try to force policy change rather than protectionism for protectionism's sake. Maybe?
josephpolitano.bsky.social Joey Politano🏳️‍🌈 @josephpolitano.bsky.social · Nov 26
forgot how absolutely moronic “tariff policy by tweet” was and am dreading having to deal with this stupidity for four years again.
A Truth Social post from Donald Trump. It reads “As everyone is aware, thousands of people are pouring through Mexico and Canada, bringing Crime and Drugs at levels never seen before. Right now a Caravan coming from Mexico, composed of thousands of people, seems to be unstoppable in its quest to come through our currently Open Border. On January 20th, as one of my many first Executive Orders, I will sign all necessary documents to charge Mexico and Canada a 25% Tariff on ALL products coming into the United States, and its ridiculous Open Borders. This Tariff will remain in effect until such time as Drugs, in particular Fentanyl, and all Illegal Aliens stop this Invasion of our Country! Both Mexico and Canada have the absolute right and power to easily solve this long simmering problem. We hereby demand that they use this power, and until such time that they do, it is time for them to pay a very big price! 384 ReTruths 1.11k Likes”
November 26, 2024 at 10:14 AM
Reposted by Michael Pugh
pensioncraft.com
🎙️New episode of Many Happy Returns! Join us & Economist Larry Hatheway as we discuss Trump 2.0: Political Risk and Complacent Markets. Are markets vastly underestimating the dangers of a second Trump presidency?
player.captivate.fm/episode/4583...
Trump 2.0: Political Risk and Complacent Markets, with Economist Larry Hatheway
Quickly and easily listen to Many Happy Returns for free!
player.captivate.fm
November 20, 2024 at 8:17 AM