3d:T496,Some people claim that active managers can capitalise on market crashes to beat the benchmark. But do they really save us from being savaged by bears? The analysts at S&P Dow Jones have been hard at work on their updated Index vs Active scorecard, and the numbers for 2022 are hot off the press. The latest data reveals that UK active funds experienced their worst underperformance on record. We dig into the report to find out why. And in today’s Dumb Question of the Week: Does passive investing work for Emerging Markets? Selected links SPIVA Europe Year-End 2022 | S&P Dow Jones Indices SPIVA U.S. Year-End 2022 | S%P Dow Jones Indices ---Get in touch 📧 mhr@pensioncraft.com 🎧 many-happy-returns.captivate.fm --- Join PensionCraft 🌐 Become a member at pensioncraft.com ▶️ Subscribe on YouTube ---Disclaimer This podcast is for informational and entertainment purposes and is not financial advice. We do not provide recommendations or endorse any decision to buy, sell or hold any security. We cannot be held responsible for any actions listeners may take and investors are encouraged to seek independent financial advice. Copyright 2026 Many Happy Returns3e:T4fe,

Is it time to get out of passive funds and switch to their active brethren? Or should you dump equities entirely and find a nice savings account that pays 4%? While the latter means you won’t be maintaining the real value of your capital, at least you won’t lose too much of it. And what of silver or gold, or perhaps even Bitcoin? If you had to choose one, which would it be?

And, just to ask, how angry should UK investors be with the Bank of England for forcing them to think about all of this? Or that the central bank left quantitative tightening too late and lost a fortune on their bond portfolio?

In this special ask-us-anything episode of Merryn Talks Money, host Merryn Somerset Webb and senior reporter John Stepek try, with the help of reporters Joe Easton and Eddie Spence and Bloomberg Opinion columnist Marcus Ashworth, to give some answers. No one chose Bitcoin over real money and no one stepped up to defend the Bank of England. But there wasn’t 100% agreement on the rest. Listen in for the conflicts, some summer reading suggestions—and a few reasons why you should watch the Barbie movie.

See omnystudio.com/listener for privacy information.

Should you invest in ETFs after UBS?