Mar 13, 2026 · 35 min
Paul Scott pairs market commentary with gardening brain fog
Paul's Podcast - Fri 13 Mar 2026
The episode is a candid reminder that the podcast offers fallible personal opinions, not investment advice or recommendations.
- 1Paul Scott opens with Friday-the-13th jokes, recent brain fog, and difficulty identifying spring bulbs.
- 2Gardening books become an unexpected thread as Scott tries to improve his knowledge of plants.
- 3The episode frames its market discussion through personal judgment rather than formal advice or recommendations.
Don't miss
Scott’s market podcast briefly turns into a comic account of his brain fog and inability to identify spring bulbs.
The brief
Paul Scott opens the final podcast of the week by joking about Friday the 13th, then apologizes for recent brain fog and gardening confusion.
His difficulty identifying spring bulbs leads to an unexpectedly personal aside about ordering gardening books from Amazon, including beginner-friendly guides.
The opening establishes Scott’s central disclaimer: the podcast presents fallible personal opinions, not investment advice or recommendations.
What was said on this episode
44 statements · 32 positive · 10 negative · 1 mixed · 1 neutral
Indiscriminate panic selling creates selective buying opportunities.
“And that's when you get your buying opportunities. Not in— not, you know, only selectively.”
Listen at 1:28
Investors should retain cash and prepare a buy-the-dips list.
“I do think having some cash on the sidelines and having a buy-the-dips list”
Listen at 1:34
Investors should keep cash available and buy selectively during sharp market declines.
“having some cash on the sidelines and having a buy-the-dips list”
Listen at 1:35
Top Styles buyers at the recent bottom are already up about 20%.
“People who bought at the bottom are about 20% up already.”
Listen at 1:46
Sharp, irrational selling creates buying opportunities for prepared investors.
“those are your buying opportunities, in my view”
Listen at 2:04
Geopolitical market disruptions tend to resolve reasonably quickly.
“I just feel that these things have a habit of sorting themselves out reasonably quickly.”
Listen at 2:17
Geopolitical market disruptions often resolve relatively quickly.
“these things have a habit of sorting themselves out reasonably quickly”
Listen at 2:18
Markets are excessively discounting companies’ future earnings.
“I think future earnings are being discounted way too much”
Listen at 4:05
Markets are excessively discounting companies’ future earnings.
“future earnings are being discounted way too much”
Listen at 4:07
UK housebuilders and building-product shares are very cheaply valued.
“the house builders and the building product shares are now at gloriously cheap valuations.”
Listen at 4:34
Vistry may be attractive following a large director purchase.
“I also think Vistri could be very intriguing now because we just had a huge director buy”
Listen at 4:57
Building-product shares are priced as though no cyclical recovery will occur.
“a lot of these things are priced as if there's never going to be a cyclical recovery.”
Listen at 5:14
Subsidized Chinese electric vehicles are flooding the British market, posing a concern.
“the fact that heavily subsidized Chinese electric vehicles are swamping the British market, it's got to be a concern”
Listen at 6:22
CLS Holdings trades at approximately one-quarter of net asset value.
“the shares are about a quarter of NAV now”
Listen at 7:05
CLS Holdings is either highly attractive or has a serious undiscovered problem.
“It's either going to be, you know, a very, very good investment or something's horribly wrong.”
Listen at 7:58
CLS Holdings continues paying dividends at a 6.8% yield.
“the fact that it's still paying divvies at 6.8% yield”
Listen at 8:49
Berkeley Holdings has an approximately £3.5 billion market capitalization.
“Berkeley Holdings, BKG, one of the larger housebuilders, £3.5 billion market cap”
Listen at 10:59
Berkeley reaffirmed £450 million profit-before-tax guidance for fiscal 2026.
“It reaffirms its profit before tax guidance of £450 million for this year”
Listen at 11:08
The housing market is currently not crashing.
“the housing market is not crashing”
Listen at 14:16
Persimmon and Berkeley appear reasonably comfortable with current housing conditions.
“the better players like Persimmon and Barclays, uh, Barclay Holdings that is, um, seem to be reasonably comfortable with the current setup.”
Listen at 14:20
Housebuilders cannot indefinitely raise prices when buyers cannot afford homes.
“they can't keep raising prices if ordinary people can't afford them”
Listen at 15:46
Glenveagh Properties remains inexpensive at a price-to-earnings ratio of 10.
“it's still not expensive on a PE of 10”
Listen at 15:54
Glenveagh Properties remains inexpensive at a P/E ratio of 10.
“it's still not expensive on a PE of 10.”
Listen at 15:54
Stellrad’s profitability increased 7% in calendar 2025.
“Profitability up 7%”
Listen at 16:36
Stellrad trades at approximately ten times earnings.
“puts it on a PE— Stellrad, this is, SRAD— puts it on a PE of only 10 times”
Listen at 16:43
A cyclical recovery in building-related markets will eventually occur.
“sooner or later there's going to be a cyclical recovery”
Listen at 18:38
Stellrad shares offer a very cheap long-term buying opportunity.
“with Stellrad you're getting an opportunity to pick up the shares dirt cheap if you've got patience.”
Listen at 18:42
Private markets sometimes value companies substantially above public markets.
“private markets selectively are valuing companies a good bit higher than public markets are.”
Listen at 19:46
Public companies will receive many more takeover bids.
“I think you'll get loads more takeover bids”
Listen at 19:56
Public companies will receive many more takeover bids.
“I think you'll get loads more takeover bids.”
Listen at 19:56
More takeover bids will come from American buyers.
“I think we'll get loads more from America as well.”
Listen at 20:11
More takeover bids will come from American investors.
“I think we'll get loads more from America as well”
Listen at 20:11
Insilica’s £9.7 million fundraising materially improves its previously weak balance sheet.
“So that I think is quite positive actually, because we've been flagging for a while that the balance sheet's too thin and it does need more cash.”
Listen at 21:12
Insilica is more investable after strengthening its balance sheet.
“it's more investable now for me than it was”
Listen at 21:20
Transense’s upside scenario is a multi-bagger investment.
“the upside scenario is it could be a multi-bagger”
Listen at 23:48
Thruvision could lose all of the invested capital.
“it might even lose all my money”
Listen at 25:34
Thruvision could quintuple if it wins many additional contracts.
“if you get a flurry of nice contract wins this could be a 5-bagger”
Listen at 25:36
Paul expects to reduce his ThruVision position over the summer.
“I'll be probably steadily reducing my position over the summer”
Listen at 26:30
MedPal AI is substantially overvalued for a startup.
“Medpal AI is still selling off. It's just stupidly overpriced really for a startup, I think.”
Listen at 30:00
Bioventix’s share price has fallen sharply and persistently.
“I think most— Bioventix is another one that used to be such a quality growth stock, but the share price is just a 45-degree line downwards.”
Listen at 32:53
Bioventix’s 10.5% yield signals doubts about dividend sustainability.
“10.5% dividend yield, which is saying to you the market doesn't think the dividends are sustainable.”
Listen at 33:09
Bioventix may be entering speculative buying territory.
“it's got to be coming into having a punt range, hasn't it really, Bioventix?”
Listen at 33:27
Paul Scott likes Cerillion and intends to buy shares eventually.
“Another one I like, Cerillion, that's drifted down 4% today. I do want to buy some of them at some point”
Listen at 33:39
Quality companies often become very good investments after crisis lows.
“the quality companies, um, go on to be often very, very good investments from the crisis lows.”
Listen at 34:47
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.
Featuring
What's That Flower?
Amazon.com, Inc.Books & mentions
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