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Bassline Episode 21

Dave is joined by Lance Peltz, Head of Investments at Cavendish Ware and by special guest Rory Maguire from our investment partner, Fundhouse.

Listen to a candid discussion on the state of the economy in the wake of “Liberation Day”, the real impacts of US tariffs, shifting market sentiment, and the delicate balance between economic forecasts and investment decisions. From the dominance of mega-cap tech stocks to the volatility of crypto, the conversation explores how uncertainty, valuations, and investor behaviour are shaping portfolios — and what AI, jobs data, and global politics might mean for the future.

If you have any questions or would like to discuss any of the topics raised further, please contact us through your usual contacts.

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Investment updates

Initial impact of the US-Iran conflict

Over the weekend (and continuing as we type), the United States and Israel launched coordinated military strikes against Iran, targeting missile infrastructure, air defence systems and senior political and military leadership.

Bassline Episode 24

In this special episode, the roles are reversed as Adrian takes the interviewer’s seat to speak with Dave about a subject that is both deeply personal and increasingly relevant: neurodiversity, late ADHD diagnosis, and the profound impact this can have on our relationship with money. Dave reflects on being diagnosed with ADHD later in life, prompted initially by his children’s experiences and a growing realisation that many lifelong patterns finally had an explanation.

Investment updates

Q4 2025 Market Commentary

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.

Bassline Episode 23

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.