Noise Cancelling with Neil Woodford

Neil walks through his big calls for 2026: the AI industrial revolution, whether China is really “uninvestable”, why he thinks the EU is still a story of missed opportunities, the hidden fragilities in the US, and why he believes the consensus on the UK remains far too gloomy. We cover: How AI, energy and productivity could shape growth and markets in 2026 China’s outlook after years of pessimism and what investors might be missing Security, energy prices and regulation as structural headwinds for the EU The resilience and risks inside the US economy – and why he wouldn’t own the S&P 500 index Why UK shares may still be one of the most attractive opportunities globally In the second half, Neil explains how he’d actually construct a strategy for 2026 – by geography and by sector – including what he’d be underweight or avoid altogether.

US financial system fragility, private credit, Treasury basis trade, Japan’s BOJ and Bitcoin—Neil Woodford explains what could break next (and what probably won’t). Jon and Neil stress-test the popular “2007 again?” narrative and separate market panic from actual plumbing risks. Neil pushes back on the idea that today’s private credit story is a straight replay of subprime, arguing the parallels are overstated and that most of the market is conventional longer-term lending. We also cover: 💰 Leverage and market structure: where genuine fragility might sit if funding conditions tighten, and why leverage concentrated in financial-market plumbing matters more than headline doom narratives.   🇯🇵 Japan as the “quiet character”: why rising JGB yields and the yen carry trade may be less of a structural threat than many assume.   ₿ Crypto systemic risk vs bad investment: MicroStrategy, stablecoins, and why Neil differentiates between an ugly trade and a system-wide destabiliser.

Rachel Reeves' second UK Budget as Chancellor might have been the most leaked Budget in history, but will her economic policy and change to taxes actually work? Neil Woodford and I discuss what she actually did, what she could have done and what the impact of her changes will be on the UK economy and the UK stockmarket.  If you're an investor in UK equities, this episode is for you. And if you'd like to see how Neil has set up his investment strategies post-Budget, we have a special offer for Noise Cancelling Podcast listeners. The first 50 people to sign up via the link below will receive 40% off their first subscription. Visit https://www.w4pz.com/podcast for more details and to join.

Is AI really a bubble? Is the UK economy broken with a huge “black hole” that forces Rachel Reeves to raise taxes? Is Bitcoin finally dead after the latest crash? In this episode of Noise Cancelling, Neil Woodford takes on the doom-mongers and explains what’s actually going on – and what it means for investors. This week’s headlines say it’s all over: • AI is a bubble or even a Ponzi scheme • The UK economy is “broke” and facing a massive fiscal black hole • Bitcoin and other cryptocurrencies are collapsing again Neil doesn’t buy most of it. In this conversation, Neil and Jon Adair break down three big stories: 🤖 AI bubble or Ponzi? Why Neil thinks calling AI a Ponzi scheme is nonsense, where valuations are excessive, and which parts of the AI trade he believes are still underappreciated. 🇬🇧 Britain is “broke” and Reeves must hike taxes What a UK fiscal “black hole” actually is, why it’s more about forecasts and politics than immediate crisis, and why Neil still sees opportunity in a deeply unloved UK stock market. ₿ Bitcoin: investment or pure gamble? Why Neil sees a bet on Bitcoin as much closer to gambling than investing, what could genuinely kill the Bitcoin story, and how to think about crypto in a sensible portfolio. At the end of the episode, Neil sets out a simple framework for dealing with doom-laden headlines about markets: how to weigh stories against valuation, history and real cash flows before touching your portfolio. If you want to see how Neil is actually positioned on AI, the UK and more, his strategies and holdings are available on W4.0. More information: https://www.w4pz.com  Use the code PODCAST for 30% off your first subscription.

Are AI valuations out of control? Are investors blindly following the Mag7? In this episode of Noise Cancelling, Neil Woodford breaks down the real risks in the AI boom, why the S&P 500 is more concentrated than most people realise, and why he believes the consensus has completely misunderstood this moment in markets. Neil explains why he still questions the valuations of the largest AI companies, how the Mag7 have distorted global asset allocation, and why the strongest opportunities may now sit outside the obvious US tech giants. We discuss whether this is another “AI bubble”, how today differs from the dot-com era, why China and the UK have surprised investors in 2025, and what most people are missing about the next decade of returns.

Neil Woodford calls out Chancellor of the Exchequer Rachel Reeves' ‘expectation management’ speech ahead of the UK Budget — arguing that Britain’s economic problems aren’t caused by low taxes, Brexit or Liz Truss’s mini-Budget, but by record government spending. In this week’s episode, Neil dissects every claim from Rachel Reeves and exposes what he calls “the big lie” about Britain’s economy. He explains why raising taxes won’t fix the UK’s problems, how inflation and spending have pushed interest costs to £100 billion, and why productivity isn’t what economists think it is. We break down the data behind debt, growth, and the OBR’s forecasts — and reveal which sectors could benefit as inflation and interest rates fall. If you care about the UK Budget, Rachel Reeves, taxes vs spending, and Britain’s growth outlook, watch this before Budget Day. Nothing in this podcast or W4.0 is financial advice.

Nvidia just became the world’s first $5 trillion company, but can that kind of dominance really last? In this week’s conversation, Neil Woodford explains why he believes valuation is the financial law of gravity—and why even the strongest markets eventually have to obey it. Neil also answers quick-fire questions on the Magnificent Seven, the hype around AI infrastructure, and whether markets have lost the ability to separate signal from noise.

Is Brexit really dragging down Britain’s economy and the stock market, or is there more to the story? Valuations in the UK stock market are low so is now the right time to invest? For a limited time only, join W4.0 with the discount code "PODCAST" to receive 30% off your first subscription. More details at: https://www.w4pz.com/landing/welcome-var1/  In this episode, Jon Adair and Neil Woodford discuss the impact of Brexit on the UK economy, particularly focusing on investor sentiment, market performance, and productivity. They explore the significant outflows from UK equity funds, the resilience of the UK economy post-Brexit, and the ongoing debate about whether Brexit is to blame for productivity issues. Neil argues that the pandemic has had a more detrimental effect on the economy than Brexit, and he emphasises the importance of long-term investment strategies in the current market environment. The discussion also touches on market valuations, risks, and opportunities for investors looking to navigate the current economic landscape. Not financial advice.

Is it better to buy the bubble or miss the boom? Join Neil Woodford and Jon Adair as they discuss the week’s major market developments. In this episode, they discuss the implications of high valuations on future returns, the performance of Neil's Top 40 investment strategy, and the significance of accurate productivity data in the UK. The conversation also touches on the ongoing trade tensions with China and the role of central banks in shaping economic growth and important announcements from TSMC and ASML.

Join Neil Woodford and Jon Adair as they discuss the week’s major market developments. In this episode, they investigate the speculation surrounding a potential market crash, analyse the reasons behind gold reaching $4,000/oz, and examine the political turmoil in France.

Join Neil Woodford and Jon Adair as they discuss the week’s major market developments. In this episode, is an AI bubble forming? Neil unpacks the hype and reality of AI’s economic impact as well as how he's positioned the W4.0 strategies to benefit from the AI industrial revolution without having to accept ludicrous valuations. We also discuss the likelihood that the UK will need an IMF bailout.

Join Neil Woodford and Jon Adair as they discuss the week’s major market developments. In this episode, Neil shares his perspective on Donald Trump’s surprise shift on Ukraine and what it signals for geopolitics and markets. We cover the growing clash over drug pricing in the UK and why major pharma companies are pulling back investment. Neil also explains why he agrees with PIMCO that UK inflation and interest rates could fall faster than consensus expects, and what the $4 trillion wave of AI investment means for future returns — and for investors tempted to trust ChatGPT with their stock picks.

In this episode, Neil gives his view on the latest central bank rate decisions from the Fed and the Bank of England. We also cover US-China trade relations, with insights into the implications of TikTok’s deal, NVIDIA’s AI chip restrictions and how US investment in the UK could impact the economy and why caution is still advised despite a promising announcement.

Join Neil Woodford and Jon Adair as they discuss the week’s most significant market stories. In this episode, Neil shares his insights on Merck’s decision to halt its billion-pound research centre in London, central bank rate decisions, China’s latest stimulus measures, and Larry Ellison’s unprecedented wealth gain. Discover why bond yields are returning to previous levels and what this means for investors.  Subscribe to W4.0 for more in-depth financial discussions and insights. If you’re a W4.0 member, send in your questions for next week’s episode! 🔗 Read more on W4.0: https://www.w4pz.com

This week, the finance world has been anything but calm. Neil Woodford takes us through a story of unexpected market moves and the ripple effects across sectors and continents. Find out what’s really going on and why it matters to you. This podcast is for information and education purposes only. Nothing here should be considered investment advice.

Join Jon Adair and Neil Woodford for this week’s W4.0 Weekly Roundup, where they unpack the surge in UK 30-year gilt yields, debunk the so-called “UK hysteria,” explore France’s political and debt crisis, and analyse Nvidia’s latest earnings and what it means for the AI boom.

Neil and Jon catch up to discuss the week’s biggest stories — from Trump’s peace push in Ukraine and the knock-on effects for defence stocks and oil, to the ONS’s data delays, the latest UK inflation figures, and what it all means for markets. Neil explains what these developments reveal about the economy, the risks policymakers face, and what we should be watching in the weeks ahead.

Neil and Jon catch up to dissect the week’s biggest market stories — from stronger-than-expected UK GDP figures and growing pressure for US rate cuts, to DeepSeek’s AI training challenges, Harbour Energy’s North Sea retreat, and why UK wind farms are being paid not to produce nearly 40% of the time. Neil explains what these developments mean for the economy, and policy — and look ahead to what could move markets next week.

This week on W4.0, Neil Woodford breaks down the biggest market stories shaping his investment strategies. From Trump’s latest tariff move against India and the Bank of England’s rate cut, to a major UK court ruling for banks and huge AI spending plans from the tech giants, Neil shares his take on the political, economic, and company news that matters.