George and Ian wish AIM a Happy 30th Birthday, consider its success and follow Charlie Munger’s edict of ‘invert, always invert’ to gain some context.

1,700 companies on AIM in 2007 was too many (polite way to say it), but 700 now is too few.

The politically impossible bail out is not the answer, but what can be done for little cost and risk to the public purse? Perhaps if we make it more profitable for fund managers, and in particular for those with credible voices, for whom improving the quality of the businesses they invest in is a goal.

George wants to know how you make a Staveley scale? (Other fund managers are available.)

George raises the issue of small-cap and AIM plc governance. How much does it cost, and what, realistically, can a NED actually do? He relates a story of frustration from a NED contact.

Inevitably this leads to the RC Fornax shambles and whether fund managers know how much DD gets done by the NOMADs.

On the companies front it’s a tough market for Hays, progress for Capita and for Oxford Metrics it’s back to normal but with concerns over US university and research spending under the new regime.

George and Ian catch up on events in and around the UK small and mid-cap listed tech.

London Tech Week - George has been out and about and is enthused about by the talk by Gary Turner and Steve Vamas of Xero fame.

More LSE departures - To read the eulogies you would think that Ricardo was the greater success story. Ricardo was just easy to explain and love. Spectris was a bit of an effort to understand but made the effort to grow. Few make the observation that WSP Global, the acquirer of Ricardo, was, not too long ago, a not-too-exciting Canadian small cap that simply had ambition, execution and its home market on its side.

Molten Ventures - the ~50% NAV discount persists. It’s complicated. It delivers NAV growth but it has a primary valuation driver, Revolut – and how do you value that?

GB Group - Whilst the revised management are getting to grips, will investors simply end up with a business model that the brokers could sell rather than one that works?

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George and Ian catch up on events in and around the UK small and mid-cap listed tech.

Looking to the US, Salesforce and C3.ai results show positive momentum for AI, as of course do Nvidia’s. But investors are asking more questions and AI vs. Economic Downturn is a match that’s difficult to call.

Ian is more immediately concerned about the impact of US government actions to curtail sales into China by Cadence, Synopsis and Siemens EDA – companies which, like ASML and TSMC, you really need to understand to truly get tech.

George and Ian ponder the Pensions Investment Review. Only serious AIM/small-cap Kool-Aid imbibers would have hoped for much, so AIM/Aquis ranking on a par with a theme park near Bedford is perhaps a result.

Directing money to infrastructure/tech direct impact is an easier sell to the party/public than bailing out UK public equities.

Consider those who look upon it from the outside. This is a government that is trying to do something to stimulate growth. Something that could, or even should, be seen as a positive development.

To outsiders the failings of UK public equities and small-cap / AIM in particular are all too evident and have been for quite some time. It’s widely recognised as a market and regulatory structure that does not work as it should for investors or companies. Perhaps that needs changing to get Rachel Reeves onside.

Grabbing the segue across to a market that has seen success on AIM, George highlights recent gaming sector newsflow and the potential for patient investors to gain from its returning health.