Welcome to the A Long Time In Finance Podcast; the long view of finance, markets and money as seen by two veteran City editors, Neil Collins and Jonathan Ford. Sponsored by Briefcase.News and hosted on Reaction.

The market panic that followed Kwasi Kwarteng’s mini budget last month has been blamed on pension funds doing something called LDI. But what is this strange practice, what is its purpose, and how has it led to a £65bn meltdown in the pensions market? In this week’s episode, Neil and Jonathan talk to pensions expert (and grand wizard of LDI) John Ralfe about the fallout and whether Neil, as a pensioner, should be worried.