Merryn Talks Money

• Permira's Kurt Björklund: Where Are We in the Private Equity Cycle?

  Merryn Somerset Webb speaks with Kurt Björklund, Executive Chairman of Permira, about where we are in the private equity cycle after several tough years and why he still believes in the asset class for the right kind of investor. They discuss what “real” private equity is, how governance and long-term value creation—not just leverage—drive returns, and the impact of higher rates, tech and AI on future opportunities. Kurt also explains who private equity is (and isn’t) suitable for, and what the shift from public to private markets means for savers, pension funds and wealthy individuals.See omnystudio.com/listener for privacy information.

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• Silver Breaks Out. Oil Breaks Down. Markets Hold Their Breath.

  On this week's markets roundup, hosts Merryn Somerset Webb and John Stepek unpack silver's climb to a record high, oil’s weakness and why it raises the prospect of an energy rebound, and the latest memo on AI from Oaktree Capital Management co-founder Howard Marks. See omnystudio.com/listener for privacy information.

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• Debt Traps, Interest Rates and Global Shifts: A Candid UK Outlook with Gerard Lyons

  Host John Stepek speaks with leading economist Gerard Lyons about the UK’s latest budget and why he believes it lacks both vision and credibility. Lyons discusses the risks facing the UK economy—ranging from rising public debt to sticky inflation—while also outlining where interest rates, markets, and global growth may be heading in 2026. He closes with reasons for cautious optimism, including resilient corporate balance sheets and opportunities arising from global diversification and AI. This interview was taped at the Edelman Smithfield Investor Summit at the London Stock Exchange on Dec. 4, 2025.See omnystudio.com/listener for privacy information.

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• Why Europe’s Banks and Energy Stocks May Lead the Next Rally with Blackrock's Helen Jewell

  Host John Stepek speaks with Helen Jewell, International CIO of Fundamental Equities at BlackRock, about an unexpectedly strong year for global equity markets — one in which most regions outside the US outperformed. Jewell explains why widespread diversification, renewed strength in European banks, and accelerating demand for energy infrastructure—driven largely by AI—are shaping her outlook for 2026. She also highlights key risks, including investor complacency, and argues that selective opportunities in European quality growth and UK small caps remain compelling despite recent volatility. This interview was taped at the Edelman Smithfield Investor Summit at the London Stock Exchange on Dec. 4, 2025.See omnystudio.com/listener for privacy information.

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• Investment Trust Turmoil, Silver’s Surge, and Bitcoin’s Wild Ride

  On this week’s markets roundup, hosts Merryn Somerset Webb and John Stepek dig into the collapse of the proposed HICL–TRIG merger and the resurgence of shareholder activism reshaping the investment trust sector. They also explore the dramatic breakout in silver, gold’s renewed monetary significance, and Bitcoin’s latest bout of volatility—potentially tied to the unwinding yen carry trade and shifting global rate expectations. See omnystudio.com/listener for privacy information.

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