PIWORLD audio investor podcasts

Progressive's George O'Connor and Ian Robertson consider Sage’s results and the return of the normal share price path following results. George points to Xero as Sage’s rain cloud whilst Ian points to the success of Sage’s Intacct offering. Gamma’s AGM statement contained comments in the UK market that led to a share price fall, although the progress in Germany is something that the market should not ignore. Tech and defence is discussed – George and Ian reflect on the spoof potential, surely not!

This week Progressive's Jeremy McKeown and Gareth Evans discuss a smorgasbord of newsflow...from trade deals to interest rate cuts (or lack of them) and the selection of Maro Itoje as captain of the Lions team. UK stocks discussed include ZOO Digital [https://progressive-research.com/research/estimate-reset-provides-base-for-growth/] and Van Elle [https://progressive-research.com/research/parking-hgv-fleet-positions-group-for-fast-lane/], and Jeremy describes the divergent outcomes for Alpha Group and Argentex...two payments/FX trading platforms who have had their resilience tested in recent years, with wildly different results. Next week will see UK unemployment and GDP data, with US retail sales, inflation and consumer sentiment...watch for an angry Trump.

Progressive's Jeremy McKeown and Gareth Evans discuss a slightly more normal week - Larry Fink and Jamie Dimon are talking up the UK market just as capital is being freed-up from the Mag Seven. The UK small-cap space is delivering strong performance from stocks able to deliver not-worsening performance...we discuss Watkin Jones [https://progressive-research.com/research/hy-margins-in-line-as-cash-recovers-further/], Sanderson Design Group [https://progressive-research.com/research/sticking-to-its-strategic-initiatives/] and IG Design [https://progressive-research.com/research/trade-tariffs-tip-the-balance-for-the-us-division/] as well as global shipping heavyweight Clarkson. Jeremy highlights that lower energy prices could help pressure Putin towards peace, as well as potentially saving Labour's bacon - if they can wean themselves off Net Zero.... Next week is all about interest rate decisions...Trump vs Powell back in the headlines.

Progressive's Jeremy McKeown recently spoke with David Dredge of Convex Strategies in Singapore. David is widely regarded for his deep understanding of risk and for delivering his insights in a highly engaging and entertaining manner. He dedicates his time to analysing sources of risk and developing strategies designed to mitigate their impact. His approach involves embracing convexity—purchasing pockets of inexpensive volatility as a form of insurance against adverse outcomes in uncertain environments. When should investors adopt this strategy? According to David, the answer is simple: always—just like insuring a house. David holds strong and often contrarian views that challenge the foundational assumptions of Modern Portfolio Theory, which he refers to as "Sharpe World." In his view, this framework wrongly equates risk with volatility. He brings these ideas to life through vivid anecdotes and illustrative examples that highlight the risks investors unknowingly take in markets shaped by Sharpe World principles and operated by what he calls "Rational Accounting Man."

Progressive's George O'Connor and Ian Robertson catch up on news and events affecting UK small and mid-cap tech. IBM’s figures get George pondering the differing paths with AI for software vs IT professional services. He highlights the Asian IT services area, where growth is notably better than in the EU or North America, before looking at results from ActiveOps, GB Group and iOmart. Ian comments on Oxford Metrics’ in-line update [https://progressive-research.com/research/h1-trading-confirmed-on-track/], Northcoders, and then Tracsis, where investors who bought into an earnings growth and digitalisation story have to work out where the UK rail system is now heading. Ian eulogises about the Stanford AI report. [https://hai.stanford.edu/ai-index/2025-ai-index-report] It provides some encouraging data for UK tech proponents and provides insight into how AI is actually being used and what limited gains AI provides. George focuses on the AI benchmarks issue – are they meaningful? Which leads Ian to question, given the huge scale and nature of many AI projects, whether any of the returns and benefits data that everyone craves is going to be valid.