There is a little bit of a feel of summer recess for this late-August episode of the Just Williams podcast,

Regular host Duncan Williams is being pampered in an undisclosed location, which means John Newsome takes centre stage to orchestrate events with fellow regular David Scott.

And quite a chat it turns out to be, prompted by a rule-of-thumb comment about equity investing that takes this pair all over the globe in a deluge (weather appropriate) of comment and analysis.

Fascinating stuff.