Small caps podcast with Paul Scott – Episode 14 (part 2 of 2) for 2023 – markets & macro

Apologies for technical problem, and profanities, near the end.

Paul Scott’s usual stream of consciousness for the week’s news & views on macro and markets topics.

In particular, I’m worried about highly geared companies, with lenders not likely to be as accommodating as they were during the 14-year 0% interest rate period. With higher interest costs mounting up, zombie companies may face administration – as we saw this week from INCE being pushed into administration by a major creditor. We’ve been warning people against INCE for years in the SCVRs, so I hope no listeners were caught out on this one.


  • great podcast paul cant you record on too mobile phone at same time in case pc does not play ball

  • Simon Botting

    Hi Paul, really appreciate your thoughts and comments, whether general or specific (macro / micro), please keep up the good work

  • Stuart Wilson

    Brilliant, love these podcasts. Insightful whilst making you smile, can’t beat that

  • I loved the cross-dressing story, and the swearing. More please!

    • LOL thanks zho! When my second attempt at recording the part 2 podcast crashed again near the end, I lost it briefly, sorry about that. With no editing software here on my chromebook in Gozo, I just had to publish and be damned, as they say! If there’s an uproar (rather unlikely) then I can edit it out on my return to the UK in a fortnight or so. Best wishes, Paul.

      • You reacted exactly as I would have done, and in the same disgusted tone of voice. I could have been listening to a recording of myself.

        My own contribution to cross-dressing: When I was 5 or 6 I wanted to wear a bow in my hair, like my sister. I think my Mum probably said that bows were for girls but I was insistent, so she gathered my (short) hair into a little topknot and tied a bow round it. I queened up and down the street for a while but nobody was around – it was probably a week day – so I got bored and went home. Er … that’s it. The end.

  • Hi Paul, you mentioned ChatGPT. One thing to beware of with ChatGPT is that it sometimes makes things up. Eg it might in a given conversation say that Buffett has bought shares in a given company when he has not. The computer people call this making-things-up “hallucination”. Disclaimer: I’ve used ChatGPT but not to do investment research.

  • Hi Paul,
    Just want to say how much I appreciate these podcasts.
    I have a long commute (perfect for listening to them) and work long hours so don’t get chance to read all of the SCVRs, but the podcast is so useful to hear a summary for me to go off an read the ones I like in detail.
    Also appreciate the macro views one too and areas to think about.

    Thanks J

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