Ed Cole

speaker

303 appearances 1 recordings 1 series first heard Jun 2026 last heard 29 Jun

Ed Cole’s voice in public audio — every appearance, attributed to the second.

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Recordings per month over the last 12 months — 1 in all, peaking in Jun 2026 with 1.

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Merryn Talks Money · Man Group's Ed Cole: How to Adapt Your Portfolio to a Changing World · 29 Jun 2026 podcast

The other thing in all of that, which I think when it all happened a year ago, a bit 10 months ago, everyone was perplexed and we've all moved on because we have short attention spans.

We also have to go back to the realization that a lot of these earnings revisions are part of that incredible circularity of vendor financing, where the customer invests stock in the

company to place orders for the chips.

And there was all those extraordinary diagrams that went round that showed this ecosystem where everyone was both customer and offtake for the same ecosystem.

And there's this sort of multiplication of earnings revisions that's going through the system.

So it isn't just the case that one company's order book suddenly looks different.

It's that that has a ripple through effect from the company that's building the model through to the hyperscaler, through to the company that's making the memory chip, through to the company that's making the logic chip.

So all of them are enormously interrelated.

We all scratched our heads in September, October last year when all of those deals were announced and sort of laughed a bit and moved on.

And now here we are with that being at least one factor that's contributed enormously to the growth in earnings expectations.

Yeah, it could be, or we could find that actually the productivity gains are so extraordinary and that businesses learn quite quickly that they can't do without it, that their competitors are starting to make advances because they are being prepared to take on the cost of tokens and they make that part of their ongoing budget.

So I look at this after 25 years in markets and think it looks in many ways like a bubble and it talks like a bubble and it walks like a bubble.

But I also have to be open-minded in a way that I probably wasn't when I was 25, that there are paths, there are path dependencies, there are ways through this where actually perhaps it doesn't go pop.

Yeah, definitely.

I think there's one really fascinating way to think about all bubbles is that actually the majority of them are productive in a sense that what they do is they suck capital into something that is ultimately enormously,

changing for society or changing for a political economy.

You can look at the sort of nation building in the US, the railway bubble in the US, even parts of the roaring twenties actually, which was sort of beginning of like domestic consumption taking off.

The .com, the norm is that these bubbles bring capital into something.

There's some malinvestment along the way, but the technology remains.

What's not normal is something closer to the GFC or the very tail end of the roaring 20s when it's

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