Bassline Episode 13

Markets ended the year in a buoyant mood, with further gains in the fourth quarter meaning that most equity markets finished 2025 at or near all-time highs having made double digit returns. Bond markets also made modest gains, and the standout performer was precious metals, led by silver. One of the surprises was that the US equity market was among the year’s laggards, with returns for UK investors further reduced by US dollar weakness.

In this special Budget edition of Bassline, Dave is joined by Adrian and Lance for a frank, occasionally exasperated, unpacking of what was billed as one of the most hyped UK budgets in years. That hype, they agree, was largely fuelled by weeks of political kite-flying, leaks, reversals, and noise. When the moment finally arrived, the reality felt underwhelming.

There have been a lot of press articles about bubbles relating to Artificial Intelligence (AI) and the recent strong markets, so we thought it best to share our views on the matter.

In this episode, Dave Wallace sits down with Cavendish Ware advisers Mat Bonney and Jenny Earl to unravel one of the most misunderstood areas of financial planning: trusts.