Small caps podcast with Paul Scott – Episode 17 (part 2 of 2) for 2023 – macro news & views

Recorded during the coronation ceremony, so Paul was a bit distracted!


  • A great podcast good luck with your banking arrangements and great advice avoiding companies needing financing please keep up the good work

  • Simon Rowan

    Hi Paul
    Very good podcasts and analysis. Enjoy the banter and camaraderie with other podcasters too like Paul Hill, who I admire too. Makes a good balance of opinions. Who says you shouldnt bring emotion into this game? I think it was Ashpel Patel. Anyway I have a question for you as an accountant. I just received what I thought was a rather worrying reply from an exec of a listed company that I have just sold. He told me he had employed a forensic accountant to run over some figures before he releases any more news as ‘he wants to be sure there are no more surprises.’ It doesnt seem to say a lot about his CFO to me. Would this be normal procedure? Many thanks Simon

  • Hi Paul

    Please never let echoing silence suggest no listeners! I really do rate the podcasts and try to listen every week. I particularly like the humour….
    Re ZANE, I’ll bet your readerships annual contributions are a good bit higher than you might suppose. I contribute direct as I have been a supporter from times before joining Stocko/your podcasts: I suspect others contribute direct too.
    Thanks again and hope to run into you at Mello



  • Really enjoying both of these podcasts Paul, particularly the macro news – though don’t always remember to post the thanks. Don’t take the wall of silence as a lack of appreciative listeners

  • Thanks Paul for another illuminating podcast. Find these very useful. The observations on on Hostmore were particularly helpful for me.

  • The podcasts are ace, a great mix of share insights, humour and the odd hiccup (though not this week I note).
    I listen every week whilst exercising and use them as a reminder to loop back and re read Stocko and research. Combined with your subscriber spreadsheets, geat resources, thank you.

    On another note, I find your mystery shopping video blogs entertaining also, I think it is time you did one from Boom Battle Bars at the big London site…Axe throwing maybe with some insights on XPF thrown in for good measure.

  • Hi Paul, I really appreciate these podcasts and I’m glad you’re still doing two a week. I also appreciate the humour – “Oh, he turned up!” – that gave me a good chuckle! I’ve not been actively investing long so it’s great to have a more experienced view of the macro picture.

    I always found it odd that P/E was generally used in preference to yield. Earnings yield makes far more sense to me, as you say, for ease of comparison. It also holds up if earnings drop towards zero or even go negative.

    Keep up the good work!

  • DirCompUser

    Regarding Barclays, I found their systems so bad after my savings account was transferred (iirc from ING or another Dutch bank) to them that I closed it just to avoid the hassle of not being able to get statements easily. To do so I ended up going into a central London branch with a file of papers.
    In contrast the Co-operative Bank’s systems have been fine for standard domestic personal banking in my experience (web since 1999, branch account also held in 1980s). But recent interactions with them suggest the reliance on AI or at least software systems has resulted in more scope for irritation e.g. setting up a new bill payment generated a possible fraud alert despite the entity in question being recommended by a professional who does work for government in the British Isles. In fact the alert was imo defamatory of my proposed payee and actionable unless the bank had actual plausible grounds of justification – which were never advanced.
    If you get a “no reasons assigned” style of response I think that is likely due to the financial institutions being scared of their own shadows now in light of “enhanced” anti-money laundering laws.

    Regarding VNET/brulines I think the company featured in a list of likes in an online interview (snippet) in the financial press with Lord Lee of Manchester. When I glanced at the accounts in SharePad I just got the impression its profitability had been weak in recent times but also after looking at working capital as of end Sept 2022 -vs- historic levels, it looked low. Not negative w/c (I’ve never got my head round that but it’s presumably in the timing of receipts and payments) but lower. No idea if that increases any risk of a raise since I stopped reading there.

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