George, Money Wise UK, chats with Pietro Nicholls, co-manager of the VT RM Alternative Income Fund, about what “alternatives” really are, liquidity myths, the rate/inflation cycle, and why governance matters in investment trusts. They cover diversification, where real assets fit vs the 60/40, activism vs engagement (incl. Gore Street), and how VT RM balances income with capital preservation.Follow, share, comment, rate and subscribe to Money Wise UK for thoughtful, independent conversations on the future of investing.Please note: This podcast does not provide financial advice. If you have any questions, we recommend speaking to a financial adviser. Past performance does not guide future returns; investments can fall and rise. Any mention of a company is not a recommendation.Chapter markers00:03 Intro & guest background01:13 Early influences & learning habits09:12 What are “alternatives”?12:19 Liquidity myths & real-world tests15:49 Diversification through cycles19:35 Rates, inflation & positioning23:28 Investment trusts: safety, governance & discounts27:36 Fees & the OCF confusion31:20 Performance, cycles & today’s opportunity33:17 Are alts too complex?36:08 Engagement vs “activism” (Gore Street)42:28 VTRM’s mission & portfolio mix49:06 ESG & transparency54:45 Best advice & final takeaway

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