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Myself and Nik will be around next week but I'll be away for a few days before Xmas to recharge the batteries before the madness starts Just wanted to say we at Cobens wish you all a very happy holidays. Here's to a productive 2026.

It's a pretty consistent pattern of late. Strong intra quarter and sell the news. The bottom line is the MSFT result was solid, circa 20% growth. I'm happy enough. The tech portfolio so far today is weathering the bumps well imo. And we sit at an all time high so a bit of volatility is manageable . Unlike some tech portfolios I know which are getting thumped One other thing-quality always comes back!

Posted because it pretty much spot on. From 'an analyst' said The Market's AI Freakout Creates A Massive Mispricing Technology is the worst-performing S&P 500 sector YTD, down nearly 6%, while energy leads with a 17% gain amid a growth-to-value rotation. BUT Despite the tech selloff, AI-related CapEx is surging toward $650 billion in 2026, fueling opportunities across the entire AI infrastructure value chain. Earnings growth remains robust, with S&P 500 Q4 2025 estimates at 12% and tech companies delivering nearly 30% growth, supporting the sector's long-term leadership. Tech valuations have reset to multi-year lows, presenting a compelling entry point for fundamentally strong software and AI beneficiaries as pessimism peaks. NB: Our tech is not -ve. It's up 4.35% YTD. What's the take away. I'll say it again, irrational behaviour. Tech delivered the outsized earnings growth but fear drove many to do foolish things...sell the very thing delivering. The headline Amazon miss by 1 penny-they didn't. They settled some massive law suits and restructured parts of their business and took a one time 2.4B charge. They smashed it operationally. The very reason so much extra Capex is being invested in rack scale AI factories is because the Mag 7 CEOs know something you don't-we are on the cusp of a step change in AI ability. They know it and it's very exciting. Not only that, every GPU they have is sold out. I expect some very big software companies to be in big trouble in the next year or so as AI agents structurally unpick their business model, big retail will be turned on it's head, customer service will encounter a revolution, recommender systems(search) will be transformed. Jensen Huang has been teasing the media with sound bites for the past 2 weeks. Significant acceleration in growth. Visits to Taiwan, clearly asking TSM to turn up the dial.

Hi Siri It would be the 25/26 year now, if the birth is really close to tax year end just drop me a mail and I'll get the contribution set up. Cheers Nik

A shame you can’t ’back-date’ your ISA contributions, but at least a reminder to fill them now & moving forwards

@n5tew Good morning, to answer your questions, yes there are a handful of lenders that still offer offset mortgages, though they’re relatively niche now. With these, you only pay interest on your mortgage minus what’s in a linked savings account, which can significantly reduce your interest costs if you hold a large savings balance. There are indeed fixed rate products although they will tend to be notably higher than your conventional fixed rate products. If you would like to discuss this in further detail, please let me know, my email is michael.searle@cobens.co.uk, or we can arrange a meeting to dive into specifics.

As detailed by Adam above, Cobens have no part in the transfer process so please direct any queries to Quai The response posted above by Malcom is from Tony, the Chief Exec at Quai, we are not able to add anything to this.