Latest / Merryn Talks Money / Gold’s Shine, Small Cap Hopes and What to Watch in 2026

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Gold’s Shine, Small Cap Hopes and What to Watch in 2026 · Merryn Talks Money

• 0:02
  Speaker 1: Bloomberg Audio Studios, Podcasts, Radio News.
• 0:17
  Speaker 2: Welcome to the Merrin Dogs Money Market Wrap, where we
• 0:19
  Speaker 2: talk about the biggest moves in the markets this week
• 0:21
  Speaker 2: and what is driving them. I'm Marrin Zumset, web Editor
• 0:24
  Speaker 2: at Large for Bloomberg UK Wealth.
• 0:27
  Speaker 3: And I'm joined Stavie, senior reporter at Bloomberg and the
• 0:29
  Speaker 3: author of the Money's Stilled newsletter.
• 0:32
  Speaker 4: Gallow John. Now, John, this is our last chat of
• 0:35
  Speaker 4: the year.
• 0:36
  Speaker 2: Well, it's our last public chat of the It should
• 0:38
  Speaker 2: we say, well, it says hello, We're going to talk
• 0:42
  Speaker 2: about the biggest moves in the market this week. As
• 0:44
  Speaker 2: you you know, we need to look at the biggest
• 0:45
  Speaker 2: moves in the market this year.
• 0:48
  Speaker 3: Yes, yes, because it's been kind of.
• 0:50
  Speaker 2: An interesting year, so much going on, mostly negative, yet
• 0:55
  Speaker 2: global markets are up nearly twenty percent across the board
• 0:59
  Speaker 2: to appolutely fascinating. I'm obviously it's a bad ai. It's
• 1:02
  Speaker 2: about falling interest rates, it's about maybe a bit more
• 1:04
  Speaker 2: growth than expected. But nonetheless, when you look at everything
• 1:07
  Speaker 2: and you look at how we started.
• 1:08
  Speaker 4: The year, this is kind of extraordinary.
• 1:11
  Speaker 2: And then you look at the fitze in there, which
• 1:13
  Speaker 2: one hundred round twenty percent, you look at the all
• 1:17
  Speaker 2: share is still up.
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  Speaker 4: Seventeen percent or so.
• 1:19
  Speaker 2: And then you look at our favorite gold, well, then
• 1:21
  Speaker 2: gold sixty three percent under the bike and I know,
• 1:25
  Speaker 2: nice pattern the bag.
• 1:25
  Speaker 4: We'll get to silver run a minute.
• 1:27
  Speaker 2: And then you've got the gold Miners index up over
• 1:30
  Speaker 2: one hundred and fifty percent. And then of course there
• 1:32
  Speaker 2: is poor Bitcoin.
• 1:34
  Speaker 4: Yeah.
• 1:35
  Speaker 3: Actually yes, I'd bet I had forgotten bitcoin. Of all
• 1:39
  Speaker 3: the risky stuff that went.
• 1:41
  Speaker 2: Up, everything went up except for Bitcoin, which actually went
• 1:46
  Speaker 2: down about eight percent. And then there is the Bitcoin
• 1:50
  Speaker 2: Treasury's Index. You know, so if you think of gold
• 1:53
  Speaker 2: and then leveraged gold being gold miners, and then you've
• 1:56
  Speaker 2: got bitcoin, and you think of the equivalents of gold
• 1:57
  Speaker 2: miners being the Treasury index. These companies, so we've talked
• 2:00
  Speaker 2: about before, listed companies that just hold bitcoin and inexplicably,
• 2:04
  Speaker 2: until relatively recently, quite a few of them traded at
• 2:07
  Speaker 2: a premium to the bitcoin.
• 2:08
  Speaker 4: Which they hold. Completely insane.
• 2:09
  Speaker 2: We'll never understand this stuff, but there it is, the
• 2:12
  Speaker 2: Bitcoin Treasury Index again, down six seven percent so far
• 2:16
  Speaker 2: this year. So it's been really interesting. You look at
• 2:19
  Speaker 2: bitcoin now and you think, well, what is it correlated to? No?
• 2:22
  Speaker 3: Yeah, because there is nothing else that you can look at.
• 2:25
  Speaker 3: I mean, the one thing that whenever people were seeing,
• 2:28
  Speaker 3: well it's not digital gold, but it is correlated to
• 2:31
  Speaker 3: the knives deck, you know. Even I mean the nise
• 2:34
  Speaker 3: Dick's done fain this year hasn't done as well as
• 2:36
  Speaker 3: it normally have.
• 2:38
  Speaker 2: Eighteen point seven two percent so far we're on there.
• 2:41
  Speaker 2: We're talking on the eighteenth of December. By the ways,
• 2:43
  Speaker 2: it is still underperforming the fifty one hundred, but not
• 2:47
  Speaker 2: quitely as badly as I initially suggested.
• 2:49
  Speaker 3: And these local Curtncy figures, because yeah, if you translated
• 2:53
  Speaker 3: any GBP so or what are you a British person
• 2:56
  Speaker 3: would actually have got then I'm pretty sure the footsis
• 2:58
  Speaker 3: beaten the Niceta Bay even more than that. But I mean,
• 3:02
  Speaker 3: we shouldn't throw it too much because it hasn't happened
• 3:04
  Speaker 3: for a while. But I think it's interesting that there's
• 3:07
  Speaker 3: been that move. Are we from the US or the
• 3:10
  Speaker 3: US exceptionalism story? I think it is fairly see when
• 3:13
  Speaker 3: you look at the markets did end this year. I
• 3:16
  Speaker 3: mean whether that will continue next year is another matter.
• 3:19
  Speaker 2: But no, I mean, and there is no getting away
• 3:21
  Speaker 2: from the fact that absolutely the best place to invest
• 3:24
  Speaker 2: anywhere until relatively recently, until what two years ago, was
• 3:28
  Speaker 2: definitely anything to do with the US dot market. So,
• 3:31
  Speaker 2: you know, we we can be precly jolly about what's
• 3:34
  Speaker 2: going on in the UK and Europe at the moment,
• 3:35
  Speaker 2: but this is quite recent. So the question now is
• 3:38
  Speaker 2: whether moving into the next year, this rotation continues, this
• 3:42
  Speaker 2: idea that you know, the returns from the US are
• 3:45
  Speaker 2: not going to be exceptional over the next few years,
• 3:47
  Speaker 2: and you may, on the other hand, get exceptional returns
• 3:50
  Speaker 2: from the things that have performed horribly over the last
• 3:52
  Speaker 2: couple of decades. Maybe, just maybe we really are getting
• 3:55
  Speaker 2: to the point where value might have its day in
• 3:57
  Speaker 2: the sun. We've seen gold has day in the sound,
• 3:59
  Speaker 2: of course, maybe small gaps will finally have their time
• 4:05
  Speaker 2: in the sun. Maybe we will see the one hundred
• 4:08
  Speaker 2: breakthrough ten thousand diamonds outside John's it will break through
• 4:11
  Speaker 2: ten thousand for the end of the year at this rate.
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  Speaker 2: So the question for next year does this rotation continue,
• 4:16
  Speaker 2: And my guess is that it does given the price differences,
• 4:20
  Speaker 2: given them worries around AI cap ex etc.
• 4:23
  Speaker 3: But you know, forecasting, I mean I wonder if I
• 4:27
  Speaker 3: do wonder if the small cups will come back just
• 4:30
  Speaker 3: because people will have run out of other stuff to buy,
• 4:33
  Speaker 3: because that does sometimes happen. It can just be a
• 4:36
  Speaker 3: late cycle thing.
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  Speaker 2: I mean.
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  Speaker 3: The only problem is the small caps always strike me,
• 4:40
  Speaker 3: has been more exposed to your domestic economy and that's
• 4:46
  Speaker 3: where they kind of gloom generally as just now that
• 4:49
  Speaker 3: I mean not just in the UK, I guess actually,
• 4:51
  Speaker 3: but particularly in the UK, does that feeling that businesses
• 4:55
  Speaker 3: are constantly being assaulted by the government And if that
• 4:58
  Speaker 3: doesn't change next year, then eventually somethings can they going
• 5:02
  Speaker 3: to give at the same thing?
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  Speaker 2: Well, they are cheap, they are cheap, yeah, And of
• 5:07
  Speaker 2: course you know they're cheap and ignored. You know, there
• 5:10
  Speaker 2: are fewer there's less money in small caps, and they
• 5:13
  Speaker 2: used to be across the board in the US and
• 5:15
  Speaker 2: the UK and in Europe. There are a few fund
• 5:17
  Speaker 2: managed dedicated to it, et cetera. And as soon as
• 5:19
  Speaker 2: you get to the point where an area is completely ignored,
• 5:22
  Speaker 2: it begins to look quite interesting.
• 5:23
  Speaker 4: And of course value as well.
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  Speaker 2: There are very few fund managers left focusing on value.
• 5:27
  Speaker 2: There's prankly nobody in the UK who would stand up
• 5:29
  Speaker 2: and say, look, at me. I'm a value invest simply.
• 5:31
  Speaker 2: I have quite a few of them on the podcast,
• 5:32
  Speaker 2: but I think we've had all of them on the podcast.
• 5:34
  Speaker 3: I think I think of support network for the UK's
• 5:38
  Speaker 3: value managers frightnically.
• 5:41
  Speaker 2: Oh anyways, speaking of the UK, we should mention this
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  Speaker 2: week's rate cut. Bank of England has now cut rates
• 5:47
  Speaker 2: by twenty five basis points.
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  Speaker 4: There are point two five percent.
• 5:50
  Speaker 2: We are now done at three point seven five percent,
• 5:53
  Speaker 2: so under four percent. You know, it'd be nice to
• 5:55
  Speaker 2: look at that and say, well, this is this is
• 5:56
  Speaker 2: all for good reasons, but of course it's it's really
• 6:00
  Speaker 2: what to do with bad stuff, isn't it.
• 6:02
  Speaker 3: Again? The depressing thing about where we're ending the year
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  Speaker 3: for the UK is that it's basically a question of
• 6:09
  Speaker 3: is growth going to tip over to the point where
• 6:12
  Speaker 3: you know, we get a recession next year, which was
• 6:14
  Speaker 3: still that's an outside chance. Is not the thing that
• 6:17
  Speaker 3: most people expect, but you know, they kind of the
• 6:20
  Speaker 3: poor quality of the recent data does make you think, oh,
• 6:23
  Speaker 3: I wonder if that could be a surprise for next year.
• 6:25
  Speaker 3: And on the other hand, inflation is still much more
• 6:28
  Speaker 3: persistent than you know, I mean, so the rate now
• 6:32
  Speaker 3: is it three point seventy five percent, but inflation is
• 6:34
  Speaker 3: only down to about three point two percent, so we're
• 6:37
  Speaker 3: still above target. This is by no means what people
• 6:41
  Speaker 3: in the pre two thousand and eight era would have
• 6:43
  Speaker 3: considered to be tight monetary policy. And obviously things change,
• 6:46
  Speaker 3: macro environments change, and this probably is tight, giving how
• 6:50
  Speaker 3: everyone's feeling. But yeah, it's it's not. It's not an
• 6:55
  Speaker 3: attractive economy, and most of that thing think it's to be.
• 7:00
  Speaker 3: It would be fair to see the policy decisions that
• 7:03
  Speaker 3: have been made have resulted in this, and unless we
• 7:06
  Speaker 3: change some of them, which doesn't seem likely under the
• 7:09
  Speaker 3: current government, then I would expect inflation to still be
• 7:14
  Speaker 3: an issue, but also slow growth to still be an
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  Speaker 3: issue next.
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  Speaker 4: Year, like a mini battle stagflation.
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  Speaker 3: Yeah, yeah, just kind of grained and slightly depressing, this
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  Speaker 3: sort of soldiering through environment.
• 7:31
  Speaker 4: Okay, can you tell you a different No?
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  Speaker 2: I can't, No, I can't, not, as we've discussed endlessly,
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  Speaker 2: not until there is a change of government or a
• 7:42
  Speaker 2: change of stance.
• 7:43
  Speaker 3: Yeah.
• 7:43
  Speaker 2: I mean, I think one of the really interesting things
• 7:46
  Speaker 2: to watch for next year has got to be the
• 7:48
  Speaker 2: rollback of the focus on net zero in the UK.
• 7:51
  Speaker 2: You know, pretty much everybody everywhere else is rolling back,
• 7:55
  Speaker 2: rolling back, rolling back hasn't really happened in the UK yet,
• 7:58
  Speaker 2: bits and bobs of much about you know, maybe well
• 8:01
  Speaker 2: there's maybe that, some changes to the nottoy etc. But
• 8:03
  Speaker 2: generally speaking we're still on as an extreme and at
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  Speaker 2: zeropath is as we were at the beginning of the
• 8:09
  Speaker 2: year and the year before that and the year before that.
• 8:11
  Speaker 2: And that's clearly well, people would argue, but looking at
• 8:15
  Speaker 2: electricity prices, clearly unsustainable. You can't be an outlier in
• 8:19
  Speaker 2: this area. So I think that will be one of
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  Speaker 2: the things to watch in the UK next year. And
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  Speaker 2: I think an awful lot of people are watching that.
• 8:25
  Speaker 2: They are waiting to see a shift in energy prices
• 8:31
  Speaker 2: and of course electricity supply.
• 8:33
  Speaker 4: In the UK before they move in here to invest.
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  Speaker 3: I know, I mean that does slightly, why does one
• 8:40
  Speaker 3: as well? And the energy the year particalarly forcel Fuels
• 8:44
  Speaker 3: has been the kind of laggered. So if you were
• 8:47
  Speaker 3: looking for a contrarian bit for next year, as we've mentioned,
• 8:50
  Speaker 3: let a couple of teams in the podcast, the Energy
• 8:53
  Speaker 3: said that it is probably the police to look at
• 8:55
  Speaker 3: this point and if you've got that sense that the
• 8:57
  Speaker 3: attitude is changing towards it, then I is kind of
• 9:01
  Speaker 3: pointing that we equate aggressively. There's being classic sort of
• 9:06
  Speaker 3: contribu employee.
• 9:17
  Speaker 2: And I wanted to come back to small caps on
• 9:19
  Speaker 2: the contrarian front because it really is, it is the
• 9:21
  Speaker 2: big contrarian play. And Pamwa Liberia had a little report
• 9:27
  Speaker 2: out earlier in the week that I looked at a
• 9:29
  Speaker 2: really depressing reading looking at US small caps. I am
• 9:33
  Speaker 2: We're going to end on a positive note. Way everybody,
• 9:36
  Speaker 2: we will be finishing this podcast this week on a
• 9:39
  Speaker 2: positive note. So looking back at the last one hundred years,
• 9:43
  Speaker 2: it's nineteen twenty six, US small cap stocks outperformed large
• 9:47
  Speaker 2: cap stocks by two point eight five percent years.
• 9:50
  Speaker 4: That's marvelets.
• 9:51
  Speaker 2: So you can look at that and you can say,
• 9:52
  Speaker 2: in the long run, this stuff massively outperformed. You know,
• 9:55
  Speaker 2: if you look at nearly three percent compounded over even
• 9:58
  Speaker 2: a decade, we're talking real money. But inside the long
• 10:02
  Speaker 2: term averages, you've got some really, really nasty and very
• 10:07
  Speaker 2: lengthy periods of underperformance.
• 10:08
  Speaker 4: When I say lots, I.
• 10:09
  Speaker 2: Mean actually two nineteen eighty two to nineteen ninety nine,
• 10:14
  Speaker 2: a long time, nearly two decades, nearly two decades of
• 10:18
  Speaker 2: underperforming by one point six percent a year. And then
• 10:21
  Speaker 2: the second bat of underperformance is the one that we
• 10:23
  Speaker 2: are deep in right now, underperformance of one point seven
• 10:27
  Speaker 2: percent year since twenty eighteen, so added not touching the
• 10:31
  Speaker 2: sides of the length of the underperforming period in the
• 10:35
  Speaker 2: eightieth and nineties.
• 10:37
  Speaker 3: Oh man, So what's the good news, because that sounds
• 10:42
  Speaker 3: like we've gone ten years.
• 10:45
  Speaker 4: No, no, no, it doesn't have to be so long.
• 10:46
  Speaker 2: For good news is the when it performs, Boy, it
• 10:48
  Speaker 2: really outperforms. So nineteen sixty four to nineteen eighty one
• 10:52
  Speaker 2: a performance by small caps of eight percent a year.
• 10:55
  Speaker 3: Actually, that's very good.
• 10:56
  Speaker 2: Yeah, yeah, nineteen twenty six to nineteen forty one four
• 11:01
  Speaker 2: point four percent. Sure, I mean, obviously you can pick
• 11:05
  Speaker 2: your time periods.
• 11:05
  Speaker 4: Can't you.
• 11:06
  Speaker 3: But oh yeah, but it's in decades of whenever it's
• 11:10
  Speaker 3: that length to tam and we all, you know, we're
• 11:12
  Speaker 3: all told constantly the small caps, and it's logical the
• 11:16
  Speaker 3: small caps, although they're very long run, shoot perform big cab.
• 11:20
  Speaker 2: And particularly when they're as cheap as they are now
• 11:22
  Speaker 2: relatively speaking. So you know, you look at it now,
• 11:24
  Speaker 2: and you say this stuff is cheap, this stuff out
• 11:27
  Speaker 2: of favor. It's been absolutely slammed by the shift to
• 11:30
  Speaker 2: passive and absolutely slammed by various regulatory things, particularly in
• 11:34
  Speaker 2: the UK, so it's got.
• 11:36
  Speaker 4: To come back.
• 11:37
  Speaker 2: On the other hand, if you've invested in US small
• 11:39
  Speaker 2: caps over the last forty years, just the last forty
• 11:42
  Speaker 2: so not going back to nineteen twenty six, and averaged
• 11:44
  Speaker 2: out the app performance and the underformance, you can't barely
• 11:47
  Speaker 2: have managed to keep pace with large capstocks a little
• 11:49
  Speaker 2: and beat them.
• 11:50
  Speaker 3: So yeah, that's interesting.
• 11:54
  Speaker 2: Yeah, the optimistic take is that's where the growth is,
• 11:58
  Speaker 2: that's where the value is, as where the long term performances.
• 12:01
  Speaker 4: So maybe next year.
• 12:02
  Speaker 3: I would think the Magnificent seven or sort of varieties
• 12:06
  Speaker 3: of the Magnificent seven must make a big difference in
• 12:09
  Speaker 3: the US law, because the whole point about them is
• 12:11
  Speaker 3: the large caps that could all like small.
• 12:13
  Speaker 4: Caps, yes, until they don't.
• 12:16
  Speaker 3: Until they're doing We'll see about that.
• 12:20
  Speaker 2: So I mean, you know, we're saying, well, well, we'll
• 12:22
  Speaker 2: talk about this a lot in the new year, I think,
• 12:24
  Speaker 2: but you're seeing quite a lot of cracks appearing across
• 12:28
  Speaker 2: the AI story.
• 12:29
  Speaker 4: I mean, just have a look at oracle, look at oracle.
• 12:33
  Speaker 3: And also just before Warboo called and silver, why why
• 12:38
  Speaker 3: have they had such a whaled year?
• 12:43
  Speaker 4: Do you think, Well, I don't know, im. You know,
• 12:46
  Speaker 4: they say gold is insurance and silver is a warning. Right, yeah,
• 12:51
  Speaker 4: so gold.
• 12:53
  Speaker 2: Looking at what's been going on across the last year,
• 12:55
  Speaker 2: everyone has been absolutely fine, was staying in inequities and
• 12:58
  Speaker 2: seeing bill markets across the board.
• 13:00
  Speaker 4: But also everyone's a bit said.
• 13:01
  Speaker 2: Well, maybe i'll just ensure that you know, and that's gold,
• 13:04
  Speaker 2: and it is the basement trade, and in particular it's
• 13:07
  Speaker 2: this new regular price and sensitive buyer in the.
• 13:10
  Speaker 4: Form of the world Central banks.
• 13:12
  Speaker 2: So all that's in there for gold, silver to w
• 13:15
  Speaker 2: and a silver's more your area. I mean, obviously it
• 13:18
  Speaker 2: tends to it tends to catch up with gold, and
• 13:21
  Speaker 2: then it tends to have little manias.
• 13:22
  Speaker 4: So maybe this is a little silver mania.
• 13:24
  Speaker 3: Yeah, yeah, I think that makes sense if it was
• 13:27
  Speaker 3: a bit like the way the gold miners suddenly walk
• 13:29
  Speaker 3: up and realize that gold was at twice the place
• 13:32
  Speaker 3: the last time they had a decent ryn.
• 13:35
  Speaker 2: And so so it makes sense. You know, if you've
• 13:37
  Speaker 2: made some money out of gold, it makes sense to
• 13:39
  Speaker 2: turn to silver and there we go. I mean, I'm
• 13:43
  Speaker 2: definitely keeping my gold. I don't think looking at the
• 13:47
  Speaker 2: geopolitical environment that now is the right time to not
• 13:50
  Speaker 2: have your gold. But I'm not sure i'd be rushing
• 13:52
  Speaker 2: out by a pair of silver right now. That's more
• 13:54
  Speaker 2: of a speculation than an insurance for me.
• 13:57
  Speaker 3: Yeah, And actually, this is a long time reader actually
• 14:01
  Speaker 3: emailed me after I wrote about silver recently and said
• 14:04
  Speaker 3: that just taking a pile of the family kind of
• 14:07
  Speaker 3: silver tea sets and their looms that they didn't want
• 14:10
  Speaker 3: any more down a silver smeltery and got them got
• 14:15
  Speaker 3: them to downy hard cash. So I thought that kind
• 14:18
  Speaker 3: of is that is a problem with silver, because there's
• 14:20
  Speaker 3: a lot of scrap silver out there, And if someone
• 14:25
  Speaker 3: who's as relatively well informed as this particular reader was
• 14:28
  Speaker 3: doing that, it does make me think, Okay, maybe we're
• 14:31
  Speaker 3: in certainly in the later stages of this this silver mania.
• 14:37
  Speaker 2: A lot.
• 14:38
  Speaker 3: That reminds me one other really interesting statistic that I
• 14:40
  Speaker 3: still haven't properly shared anywhere, the fact that announced the
• 14:46
  Speaker 3: silver is now worth more than a barrel of oil.
• 14:49
  Speaker 3: That's not since nineteen eighty.
• 14:54
  Speaker 2: Yeah, and how long after it passed through that milestone.
• 14:58
  Speaker 4: Did the silver price collapse.
• 15:00
  Speaker 3: A day I've been nineteen eighty was very you know,
• 15:04
  Speaker 3: a spike for silver, which to be feel this this
• 15:07
  Speaker 3: kind of hasn't been but yeah, no, it's a silver
• 15:10
  Speaker 3: being at party with oil is quite something. I mean,
• 15:12
  Speaker 3: obviously it was a party with oil when oil went
• 15:15
  Speaker 3: negative in twenty twenty, but that doesn't really count. So
• 15:20
  Speaker 3: that I thought that was a very thought provoking start.
• 15:22
  Speaker 3: I don't know what thought very much. Quite a number.
• 15:27
  Speaker 2: Okay, So for next year, watch the gold price, watched
• 15:30
  Speaker 2: the silver price. Maybe I bother with the bitcoin price.
• 15:33
  Speaker 2: Watch sorry, watch energy already coming in.
• 15:40
  Speaker 4: Nobody writes hate mail at Christmas?
• 15:43
  Speaker 3: Do they some of the doing droppings. I get a
• 15:46
  Speaker 3: pretty fruity You still get round robins the door, thankfully
• 15:50
  Speaker 3: I always hated them.
• 15:53
  Speaker 2: I don't think people do this anymore. No round robbers,
• 15:55
  Speaker 2: no haymail. Everyone just you know, focused on your own Christmas.
• 15:59
  Speaker 2: Watch gold, watch the watch energy, really interesting, Watch what
• 16:03
  Speaker 2: happens with net zero in the UK? Watch small caps,
• 16:08
  Speaker 2: and keep an eye on the growth value intersection.
• 16:13
  Speaker 4: Anything else, John.
• 16:14
  Speaker 3: No, I think that is a wonderful have owned up.
• 16:19
  Speaker 2: And yeah, all that remains, go and you say it,
• 16:23
  Speaker 2: You say it.
• 16:24
  Speaker 3: All that remains very mady Christmas listeners.
• 16:28
  Speaker 4: Hey, Happy Christmas. Happy Christmas for all our listeners. Thank you, John,
• 16:33
  Speaker 4: you good to you. Thank you.
• 16:36
  Speaker 2: Thanks for listening to this week's maryn Talks Money Debrief.
• 16:39
  Speaker 2: If you like us show, rate, review, and subscribe wherever
• 16:42
  Speaker 2: you listen to podcasts. Also be sure to follow me
• 16:44
  Speaker 2: and John on x or Twitter at maryns W and
• 16:46
  Speaker 2: John Underscore Stepic. This episode was produced by some Siety,
• 16:50
  Speaker 2: production support and sound design by Moses and Happy Christmas
• 16:54
  Speaker 2: to you two as well.
• 16:55
  Speaker 4: Thank you for all your work this year. Questions are
• 16:57
  Speaker 4: going on this show and all our shows.
• 16:58
  Speaker 2: Always welcome our show emails Marimoni at Bloomberg dot net.
• 17:03
  Speaker 2: There you go, Christmas Christmas Wishes on the podcast
• 17:12
  Speaker 1: H