Small Caps Podcast with Paul Scott – Episode 6

Paul Scott’s weekly highlights from the Small Cap Value Reports on Companies first, macro/markets second this time.

As usual, these are just my personal thoughts & opinions, not any kind of advice or recommendations. Please always do your own research (DYOR) because some of my ideas will work, and others won’t.

Another incredibly busy week, with awful macro forecasts from the Bank of England dominating the end of the week. Is it in the price though, as small caps have fallen so much? Also, towards the end I share some ideas about how to cope with bear markets, in terms of mood and mental state.

Many thanks to listener James, who has compiled a running list of the timings – see comment below.


  • 3.2% mortgage rate is historically a great deal but in June 2021 I took out a 5yr fix at 1.2% so it is increasing faster than the base rate.

  • Hi Paul,

    Re mortgages, and according to UK Finance dot org in a piece last year, 74 per cent of homeowner mortgages were on a fixed rate contract, and 96 per cent of borrowers had chosen this option since 2019.

  • Excellent work Paul and looks like you were bang on with Revb unfortunately for any holders of that stock.

  • Great podcast Paul. So many great insights. Really appreciate you sharing your experience.

  • Really enjoy your podcasts and especially this one. Great to hear your comments on shares and musings on the market.
    Pacing very good.
    Keep them going!

  • Steve Holdsworth

    Hi Paul,

    This is a really good one, especially the macro/market thoughts in the second half. Much to think about there.


  • Cliff Hughes

    Thanks so much again Paul for an insightful podcast. I very much agree with the sentiments you expressed at the end. It’s refreshing to hear this spoken about. Keep up the good work.

  • Simon Hedger

    Keep up the good work Paul!

  • Christopher Ridgers

    Thanks for the podcast and, in particular, the last section.

    Yes, it feels lonely when facing losses however it is so helpful of you to express what I and, I suspect, many others are feeling. Private investing is, for me, a solitary research-based activity so hearing about the downs, and not just the ups, helps to put my performance into perspective.

  • Great stuff Paul on energy this situation is made worse by the French having half their nuclear power stations of line (so called due to maintence). The UK has been a net exporter of electricity to the French (2gw/3gw) since april meaning the gas price will not go down at all, I fear this winter as no solar power during day will make prices higher.

  • Thank you for your excellent podcast series. This weeks is especially useful with the macro outlook and your thoughts on where the economy is going. Your outlook on past mistakes and how to deal with them should be included often in your daily Small Caps blog!

  • Thanks for another interesting and useful podcast, Paul. I agree that it would be a serious policy error for Truss to use any money for tax cuts, which benefit the richer more than the poorer, rather than for targeted handouts to the more needy. It’s a pity she told the FT last week that she would do the opposite.

    The increase in base rate immediately hurts the Treasury through the short term debt the BoE took on as part of QE and the cost of refinancing Government debt. The UK has significantly shorter maturities than most countries.

    The BoE seems intent on creating unemployment to create a disincentive for workers to fight hard for higher wages. Before Brexit, imported labour would have held wages back but Government policy on immigration means that there’s a serious risk that higher wages get embedded and prolong inflation or create an upward spiral.

  • very honest and soul searching podcast. Thank you for your efforts Paul

  • Tony Russell

    Hi Paul,
    That was a really interesting podcast. Your attitude to the money you made and enjoyed and the money you have, on paper, lost is good to hear. My portfolio was down around 45% (not close to your amount of actual money, but still a significant amount for me). it has recovered around 10%. During the crash I managed to invest in some higher dividend company’s, but, as you say, it is the time to keep your nerves under control. And, it is good hearing from people in the same situation.
    Many thanks…

  • Paul Gaffney

    Very honest podcast Paul

  • Great podcast Paul. You are brilliant.

  • Thanks for keeping this podcast going Paul. I particularly enjoy your honesty and openness. The pod brings a more relatable and personal element that complements the SCVR report that I look over each day. As a novice investor in my early 30’s, with a relatively small portfolio that I am looking to build on significantly following a property sale, your experience and thoughts both at a macro and company level are really beneficial. Thanks again and keep doing what you do so well.

  • Thanks Paul, excellent podcast again. Here are the timings and topics/ stocks covered if other listeners find it helpful to see.

    BUMP – 1:15
    BLV – 7:23
    NWOR – 7:33
    RBG – 8:30
    De-listing Risks – 11:45
    REVB – 13:00
    GDWN – 16:17
    VCP – 17:04
    NXT – 18:50 (QUIZ – 19:14)
    SCS – 21:20
    RNO – 24:16 (Interview on this site from Friday 5th Aug)
    SDG – 25:25
    Macro – Part 1 – 26:42
    BEG – 31:19 (BEG red flag report)
    Macro – Part II – 33:33 – De-stocking, supply chain challenges easing, shipping costs, inflation, timing of recovery
    BOO – 37:35
    Macro – Part III – 38:30 – Mortgage rates,
    Managing bear markets – 41:20

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