The Great Rotation? Summer update with Lance Peltz. Is the AI trade beginning to unwind—and could the UK market finally be having its moment? In this episode of Bassline, Dave Wallace is joined by Lance Peltz, Chief Investment Officer at Cavendish Ware, to examine the forces moving global markets.

Two themes continue to dominate: Geopolitics and Technology. The US - Iran war has reached an uneasy and uncertain ceasefire as neither side seems keen on continuing major hostilities. Despite some occasional exchanges of missiles, the oil price has declined from a peak of US$120 per barrel in May to US$74 at the quarter-end, effectively the same price as just before the outbreak of hostilities. This is despite the fact that supplies from the Gulf will remain materially below pre war volumes for sometime.

Pensions have long been seen as one of the most tax-efficient ways to pass wealth to the next generation. But from April 2027, that could change dramatically. In this episode, Dave sits down with financial planners Mat Bonney and Adrian to unpack one of the biggest proposed shifts to UK inheritance planning in years: the move to bring pension pots into inheritance tax calculations.

Recently, seven members of the Cavendish Ware team, joined by family and friends, took on the Welsh 3000s – one of the UK's most iconic mountain challenges. Over three days, the team covered 35 miles, climbed almost 15,000 feet and spent more than 24 hours exposed to the elements on the mountains.

In this special “Situation Update” episode, Lance Peltz unpacks the rapidly evolving global landscape and its economic implications. With no clear end in sight, this episode provides a sharp, sober view of markets in flux - and the deeper structural shifts shaping the global order.

The year started on a positive note with investors expecting both strong earnings growth in most sectors and regions, and further, modest interest rate cuts despite sticky inflation. The rotation out of the US equities and into other regions, notably Asia and Emerging markets which offered better valuation characteristics continued.

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.

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.

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.

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.

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.

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

If Q2 was defined by tariff shocks and political theatrics, Q3 has been shaped by a truce between markets and policymakers. Investors entered the quarter braced for escalation but were instead rewarded with an “everything and everywhere” bull market.

In this episode of Bassline, David Wallace speaks with Lance Peltz about the global economic landscape.

Volatility remained a defining feature in Q2, as markets digested the economic and political fallout from President Trump’s aggressive tariff announcements on “Liberation Day” in early April.