London Isn't Dying — It's On Sale. Here's Where To Look
UK stocks are being taken private at a record pace: this year, takeover bids for London-listed companies have run at roughly £60bn against under £600m raised in new IPOs, and Neil Woodford argues that this wave of M&A is the clearest sign in years that UK equities are undervalued. In this episode, Woodford and Jon Adair break down why the FTSE and London stock market trade at such a deep discount to the US, what a 75% takeover premium reveals about UK share prices, whether British stocks are cheap or a value trap, and where Woodford sees value across UK banks, oil and housebuilders.
We posted a companion explainer on the cyclically adjusted PE ratio – what CAPE is, why the US reading of 42x matters, and how to read it: https://www.noisecancelling.co/read/what-the-shiller-cape-tells-you-about-the-next-ten-years
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Why Neil Woodford Won’t Buy the Anthropic IPO
The Anthropic IPO is weeks away, and its filing shows a business like no other: $17bn of sales in three months, still a loss, and $895bn signed away on computing power. Neil Woodford goes through the numbers and asks who actually keeps the profit from AI.
Show notesBritain Can Grow Its Way Out of This Budget
Budget 2026 raised the tax on your savings and rental income, on top of a rise already due in April, and the Chancellor barely mentioned it. Neil Woodford explains why John Healey did it, and why he thinks the official forecast that says more tax rises are coming is wrong.
Show notesThe AI Boom Is Only in the Foothills
AI stocks sold off hard last week, and the Financial Times called it a dress rehearsal for an AI reckoning. Is the AI bubble about to burst? Neil Woodford thinks the AI boom is only in the foothills, but he has a clear view on who is holding the risk if it doesn’t pay for itself.
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