Markets continue pushing higher, AI stocks are still surging, and now SpaceX is preparing for what could become one of the biggest IPOs in history. But beneath the surface, Richard and James unpack why some of today’s biggest market stories may be creating risks passive investors aren’t paying enough attention to.  In this episode of From the Trenches, Richard Taylor and James Boyle break down the growing concerns around index inclusion rules, passive investing, and why companies like SpaceX could fundamentally reshape how retail investors interact with the market. They also discuss rising oil prices, inflation pressure, interest rates, and whether America’s global dominance is beginning to shift.  The conversation then turns to one of the biggest issues currently facing British expats in America: UK pensions. Richard and James explain what a SIPP actually is, why so many expats leave old pensions untouched for decades, and the hidden costs, tax complications, and missed opportunities that can follow. They also unpack the upcoming UK inheritance tax changes on pensions and why these rules could dramatically change retirement planning for UK nationals living in the US.  Finally, the episode explores the fascinating “Pig in the Python” demographic theory and why baby boomers may be unintentionally reshaping housing markets, politics, retirement systems, and economic growth for younger generations.    --    Expat Wealth is supported by Plan First Wealth. Plan First Wealth is a Registered Investment Advisor serving fellow expatriates and immigrants living across the US on matters such as retirement planning, investment management, tax planning and non-US asset management.    https://planfirstwealth.com/    --    Expat Wealth is affiliated with Plan First Wealth LLC, an SEC registered investment advisor. The views and opinions expressed in this program are those of the speakers and do not necessarily reflect the views or positions of Plan First Wealth.      Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Plan First Wealth does not provide any tax and/or legal advice and strongly recommends that listeners seek their own advice in these areas.