Jun 26, 2026 · 44 min
Paul Scott opens the week’s final small-cap briefing
Paul's Podcast - Fri 26 June 2026
The episode offers a concise look at how an independent small-cap publication funds its work and frames its market commentary.
- 1Paul Scott welcomes free and premium subscribers while explaining how subscriptions support the publication’s writing team and overheads.
- 2The podcast reiterates its independent, opinion-based approach rather than presenting itself as impartial financial research.
- 3Recent premium upgrades receive recognition, underscoring the publication’s reliance on subscriber support.
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Paul Scott directly explains how premium subscriptions support the publication’s writing team and operating costs.
The brief
Paul Scott opens the final podcast of the week by welcoming listeners and thanking both free and premium subscribers for supporting the publication.
The introduction makes the publication’s economics explicit: premium subscriptions help fund its writing team and operating costs.
Scott congratulates recent upgrades, including Steve L, while reinforcing that the podcast offers independent, opinion-based commentary.
The episode’s opening frames subscriber support as part of the relationship between an independent publisher and its small-cap investing audience.
What was said on this episode
33 statements · 21 positive · 9 negative · 1 mixed · 2 neutral
Paul Scott is very bullish on Beeks Financial Cloud.
“I hold Beeks, and I'm very bullish on it”
Listen at 2:10
Lower oil prices will reduce or reverse inflationary pressures within months.
“within a few months, we're going to start to see reduced or even reversing inflationary pressures, I think”
Listen at 2:25
Lower inflation should enable interest rates to fall.
“lower inflationary pressures should feed through. This is all very encouraging because it then allows interest rates to fall.”
Listen at 3:04
Falling interest rates stimulate REITs and housebuilder stocks.
“it then allows interest rates to fall. And that, of course, is stimulating interest rate sensitive stocks like REITs and like housebuilders.”
Listen at 3:09
The macroeconomic outlook has improved substantially over the past week.
“we've seen a pretty big I would say almost transformational improvement in the macro outlook”
Listen at 3:52
UK small-cap price dynamics are primarily stock-specific.
“I do personally think it's just stock-specific as to what the dynamics are of who owns those stocks.”
Listen at 4:42
Investors should not overanalyze daily share-price movements.
“I wouldn't personally try to overanalyze the day-to-day share price movements.”
Listen at 5:12
OpenAI may delay its public listing until 2027.
“OpenAI apparently is now considering delaying its float until 2027.”
Listen at 5:27
Technology stocks may be entering a profit-taking phase.
“tech's amazing run could be— people are getting the jitters and banking some profit.”
Listen at 5:36
Relentless technology bull runs eventually give way to profit-taking.
“these relentless bull runs, sooner or later they give way to profit taking.”
Listen at 5:51
Severfield could have substantial upside but carries elevated risk.
“I think there could be good upside on Severfield actually, but it is a bit riskier.”
Listen at 8:10
UK REITs benefit from lower interest rates and are attractive currently.
“UK REITs are and they benefit from lower interest rates. So that is a lovely sector to be looking at right now”
Listen at 8:35
Telecom Plus may have been oversold by the market.
“I think maybe the markets sold it a bit too aggressively.”
Listen at 15:52
S4 Capital is not an attractive investment.
“S4 Capital, Martin Sorrell's revenge company. I just, I don't think it's of any interest at all.”
Listen at 16:28
Intercede is significantly undervalued at a £65 million valuation.
“I think it's incredibly good value at £65 million.”
Listen at 18:50
AI does not threaten mission-critical embedded software companies.
“AI is not a threat to them, in my opinion.”
Listen at 19:32
Large per-seat software companies have sold off for valid reasons because AI can recreate software.
“I think they are. They've sold off for good reason, actually.”
Listen at 19:55
Cerillion is a mission-critical software company approaching an attractive buying range.
“I think Cerillion probably fits in that bracket. CER, I don't hold myself, but it's coming into buying range for me.”
Listen at 20:20
Paul would consider buying Cerillion around £8–£9 per share.
“I think I'd probably want maybe £8 or £9 to persuade me to buy into that one”
Listen at 20:30
Sanderson Design Group has a good strategy.
“I think they do have a good strategy”
Listen at 24:06
Wise has a good outlook.
“the outlook on Wise, I thought, was good”
Listen at 26:08
AEW UK REIT’s main attraction is its 7.7% dividend yield.
“the main attraction here is a 7.7% dividend yield”
Listen at 29:26
AEW UK REIT is an interesting investment opportunity.
“So AEW is quite an interesting little REIT that you might like to look at.”
Listen at 30:05
Distribution Finance Capital is a good niche lender with a low P/E.
“So we like DFCH. It's a nice company, I think. Niche lender on a low PE.”
Listen at 30:52
Infinity Energy Systems lacks pricing power.
“I don't think IES has any pricing power and that's no good for my purposes.”
Listen at 35:39
Speculative “jam tomorrow” companies rarely succeed.
“the blue Sky Jam tomorrow stuff hardly ever works”
Listen at 36:27
Speculative early-stage “jam tomorrow” investments rarely succeed.
“the blue Sky Jam tomorrow stuff hardly ever works.”
Listen at 36:27
Investors should take profits and avoid emotional attachment to speculative investments.
“But for God's sake, bank the money and walk away. Don't fall in love with the story”
Listen at 36:38
Paul would consider a small speculative position in Hercules.
“I would consider a little pump there, maybe a quarter position size, a third position size.”
Listen at 39:33
Through Vision is likely to require another fundraising round.
“I think it's going to need another fundraise. I don't want to be around.”
Listen at 40:57
UK cyclical, rate-sensitive, retail, REIT, and housebuilder shares are attractive buys now.
“this is definitely a good time to be buying UK cyclical shares, interest rate sensitive shares, retailers, REITs, maybe even housebuilders.”
Listen at 42:03
The UK market currently offers many takeover opportunities.
“I think the market is looking really good and just takeovers galore.”
Listen at 42:18
Paul is currently very bullish on UK smaller and mid-cap equities.
“I'm very bullish now, I have to say.”
Listen at 43:01
Statements are attributed to the speaker as said on the episode and reflect their view at the time, not PodLume's. They are not advice.
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