UK Wealth, Editor at large, Bloomberg. Ex Ed in C @Moneyweek. Ex Columnist/Contrib Editor @FT Opinions personal. NED: THRG and Schroder Japan.Author #SharePower

Rising yields might not be about fiscal crisis. Maybe it's AI crowding out. Maybe it's oil prices. BUT rising yields will themselves cause fiscal crisis. Look at interest/GDP ratios and worry. Plus why spaceports need tunnels and why space needs defence. bloomberg.com/authors/AOfCy5…
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For a while now I've been puzzled why Britain doesn't appear higher on international tax league tables. We know that Britain's income tax is predominantly paid by top earners, with the top 10% paying almost 60% of the bill. But is there more to it than that? 1/5
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Went to reopened Palm House in Edinburgh Botanics. Old days: arrive, wander round all glasshouses, leave. Now: book ticket online, get QR code, arrive, queue (only allowed in a set time), show QR code, walk past enormous ugly black fence, wander round one glasshouse, leave.
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In good news. This should return us to prioritising face to face interactions pretty quickly.
The whole point of building Tavus has been simple: talking to a machine should feel as natural as talking to a friend or coworker. It’s hard to describe all the tiny nuances that make a conversation feel human. The little expressions. Moving around in your chair. Knowing when to speak and when to listen. The dance of it all. Griffin is by far the closest anyone has come to a model that can capture those nuances. The first time I saw it being used, I had no idea I was watching our model rather than just a normal video call. I’m so incredibly proud of this team and what they’ve built.
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Merryn Somerset Webb retweeted
The government bond market looks like fertile ground for yield hunters, and for those that fancy themselves contrarians, too. bloomberg.com/news/newslette…
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Better off out. Or at v least better off not going back in.
A selection of EU headlines from today's FT... 🤔 🇪🇺 "Eurozone inflation hits three-year high" 🇫🇷 "French schools burn as student unrest spreads" 🇮🇹 🇬🇷 "Italy and Greece ask Brussels for leeway on EU fiscal rules" 🇪🇸 "Sanchez loses vote on bid to end housing crisis" #betteroffout
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We are getting there! Coming to our senses one by one...
Excl: Labour’s energy policy is “batshit crazy” and the department overseeing net zero is “basically the ministry for P45s”, one of Britain’s most powerful union leaders has said. In an interview with The Times, Gary Smith accused the government of relying on “sticking-plaster politics” while companies struggled with high energy costs and warned that rising energy bills would create a raft of fresh strikes across the public and private sector. On Jackdaw and Rosebank he said: “If they do not do this, it will damage hugely the government’s credibility, and it will massively damage investment because that infrastructure, as I understand it, is ready to go — billions of investment. And if it does not now happen, who in their right mind is going to put money into this country?” thetimes.com/uk/politics/art…
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When they chose these things for leith walk.. what were they thinking? That they would weather well? Or just that there's no point in nice things?
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Merryn Somerset Webb retweeted
NEW: The UK’s long-term borrowing costs have reached 6% for the first time in almost three decades The yield on 30-year gilts rose five basis points to 6% this morning, a level last seen in March 1998 The global bond selloff has reignited this morning bloomberg.com/news/live-blog…
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ESG and AI. I mean.. if you have an ESG overlay you surely can't invest in a company that has "existential risks to humanity" on its risk list? It's just not very S? So the likes of Anthropic will be excluded from a lot of portfolios..
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Should you own gold via an ETF, or physical bullion? Does buying shares in a company actually help them in any way? How should you think about your portfolio as retirement comes into view? @MerrynSW and I answer your questions in the latest pod podcasts.apple.com/gb/podcas…
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Merryn Somerset Webb retweeted
Beautiful FLORI escaped from her garden in Dornie on 26 September in the afternoon. She is a big girl wearing a dark pink collar. Flori made her way to Eilean Donan Castle. Sadly, on her way back, someone tried to grab her, which caused her to bolt. DO NOT TRY TO CATCH HER
🐕‍🦺 MISSING DOG PLEASE SHARE FLORI is missing & desperately needs to be reunited with her family. Last seen in Eilean Donan Castle, #IV40 Kyle #Scotland She is an adult dog, grey & brown & microchipped Missing since Saturday 26 September 2026 Please keep an eye out for Flori
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Merryn Somerset Webb retweeted
Had enough of AI? There are alternatives.. and not the ones you might expect from a top investor known for his very successful AI portfolio..
How can investors escape the AI trade? Blue Whale Growth Fund CIO Stephen Yiu discusses the alternatives with @MerrynSW Listen at bit.ly/4hgiBpx or watch Merryn Talks Money at bloomberg.com/videos
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Merryn Somerset Webb retweeted
Full podcast with the brilliant @stephenyiu. How to buy AI now.. and how to diversify away from AI now. swap.fm/l/Ndf5Ew66E7piyyCvhI…
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Merryn Somerset Webb retweeted
A reminder of the pod that answers the question you all keep asking. What should your children do? One part of the answer: don't think about what you want to study, think about what problem you want to solve. piped.video/watch?v=U-5Jh-t9…
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Merryn Somerset Webb retweeted
Rising yields might not be about fiscal crisis. Maybe it's AI crowding out. Maybe it's oil prices. BUT rising yields will themselves cause fiscal crisis. Look at interest/GDP ratios and worry. Plus why spaceports need tunnels and why space needs defence. bloomberg.com/authors/AOfCy5…
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More on the if you don't buy them someone else will theme... Vesuvius shares rise on £1.4bn takeover bid from rival Magnesita thetimes.com/article/b84adfa…
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John is right. He (mostly) is.
Who really wins from the UK government's plan to subsidize demand for new-build houses — buyers or builders? @John_Stepek says the answer is in the stock market bloom.bg/4dafyg2
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Merryn Somerset Webb retweeted
UK 10Y yield not taking kindly to Burnham's conference speech. Another multi-year high today.
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Merryn Somerset Webb retweeted
I'm old enough to remember when the 10yr yield was 5%
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