With US markets now climbing for eight consecutive weeks and AI-driven momentum accelerating, the team explore whether this rally still has room to run, how far the semiconductor supercycle can go, and why investors may be underestimating just how broad this market move is becoming.

This Week’s Highlights:

📈 Markets Keep Climbing
US equities extended their winning streak to eight consecutive weeks, with the S&P 500, Nasdaq and Dow all hitting fresh all-time highs.

🤖 Semiconductor Supercycle Accelerates
AI demand continues to drive explosive growth across chipmakers, with momentum now spreading beyond Nvidia into broader semiconductor names.

🌍 Market Breadth Improving
Strength is no longer limited to mega-cap tech, with the Russell 2000 and equal-weight indices also pushing higher - a positive signal for broader market health.

🛢️ Oil Drops, Markets Rally
Despite geopolitical tensions, oil prices fell sharply, easing inflation concerns and supporting risk assets globally.

🏦 Bonds Stabilise
After recent volatility, bond markets recovered as yields pulled back, helping to ease pressure on equities.

⚖️ AI vs Macro: A Two-Speed Market
The team debate the growing disconnect between traditional macro-driven markets and the powerful AI-driven growth cycle reshaping global investing.

Portfolio Snapshot - Week 41:

No changes were made to the portfolio this week.

Weekly portfolio performance: +2.4%
Total return since inception: +22.7%
2026 year-to-date return: +10.2%

Top Performers

🥇 iShares Nikkei 225 ETF — +5.6% WoW
 🥈 iShares Russell 2000 ETF — +5.1% WoW
 🥉 iShares Core MSCI EM IMI UCITS ETF — +4.9% WoW

Underperformers

📉 iShares MSCI India ETF — +1.8% WoW
 📉 WisdomTree Copper ETF — +0.4% WoW
 📉 iShares UK Gilts 0–5yr ETF — +0.6% WoW

Portfolio Highlights

• Strong gains driven by Japan, US small caps and emerging markets
• Broadening market leadership beyond mega-cap tech
• Falling oil prices and stabilising bonds supported equities
• Defensive assets lagged as risk appetite returned
• Portfolio continues to benefit from diversified global exposure

Big Questions This Week:

• How long can the AI-driven rally continue?
• Is this still a narrow tech-led move, or a broader bull market?
• What happens if bond yields rise again?
• Are investors underestimating how dominant AI has become?

What You’ll Learn:

✔️ Why market leadership is starting to broaden
✔️ How AI is driving global equity performance
✔️ The relationship between oil, bonds and equities
✔️ Why diversification still matters in concentrated markets

📈 Download the full Portfolio Performance Slides
 View the portfolio breakdown: here

📧 Get in touch: theartofinvesting@ig.com

Disclaimer:

This podcast is provided for educational and informational purposes only. The content presented is not intended as personal investment advice or a recommendation to buy, sell, or hold any particular securities or investments. All discussions regarding the model portfolio are illustrative and for educational purposes.

Your capital is at risk. The value of shares, ETFs and ETCs can fall as well as rise, which could mean getting back less than you originally put in.

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With over 100 years of combined experience across wealth and hedge fund management, the team explore whether markets are entering a more uncertain phase, what higher-for-longer rates mean for investors, and why cash is starting to look increasingly attractive in the short term.

This Week’s Highlights:

📉 Markets Pause After Strong Run
 After seven consecutive weeks of gains, US equities pulled back as rising bond yields and inflation concerns weighed on sentiment.

📊 Bond Yields Surge Globally
 US 30-year yields hit their highest level since 2007, with similar moves seen across Japan and Europe, putting pressure on risk assets.

🛢️ Oil Prices Climb Again
 Brent crude surged to new highs amid geopolitical tensions, reinforcing inflation concerns and adding further uncertainty to markets.

🤖 AI & Earnings Still in Focus
 Strong earnings continue across tech and AI-driven companies, with Nvidia results expected to be a key catalyst for markets this week.

🌍 Global Growth Divergence
 Japan delivered stronger-than-expected GDP growth, while China data disappointed, highlighting diverging global economic momentum.

⚡ The Hidden AI Infrastructure Boom
 Massive investment into data centres and energy infrastructure continues, with utilities and industrial players positioning for long-term demand.

Portfolio Snapshot – Week 46:

Weekly portfolio performance: –1.6%
Total return since inception: +20.3%
2026 year-to-date return: +7.8%

Top Performers

🥇 iShares MSCI India ETF: +0.6% WoW
🥈 Invesco Stoxx Euro 600 UCITS ETF GBP: +0.2% WoW
🥉 iShares Core FTSE 100 ETF: +0.1% WoW

Underperformers

📉 BlackRock World Mining Trust: –8.2% WoW
📉 Wisdom Tree Copper ETF: –4.5% WoW
📉 iShares Nikkei 225 ETF: –2.6% WoW

Big Questions This Week:

• Are rising bond yields the biggest risk to equities right now?
• Is this just a healthy pullback or the start of something bigger?
• How sustainable is the AI-driven growth story?
• Should investors be increasing cash positions in this environment?

What You’ll Learn:

✔️ Why bond markets are driving global asset prices
✔️ How rising yields impact equities and valuations
✔️ The role of cash in uncertain markets
✔️ Key signals to watch for a potential market shift

📈 Download the full Portfolio Performance Slides
 View the portfolio breakdown: here 

📧 Get in touch: theartofinvesting@ig.com

Disclaimer:

This podcast is provided for educational and informational purposes only. The content presented is not intended as personal investment advice or a recommendation to buy, sell, or hold any particular securities or investments. All discussions regarding the model portfolio are illustrative and for educational purposes.

Your capital is at risk. The value of shares, ETFs and ETCs can fall as well as rise, which could mean getting back less than you originally put in.

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US equities pushed higher as investors piled back into AI, technology and cyclical trades, while copper and mining stocks extended their rally. The team debate whether markets are becoming too complacent, why copper remains a major long-term investment theme, and whether investors are underestimating ongoing economic risks.

This Week’s Highlights:

📈 Markets Continue Higher

US equities extended gains as optimism around AI, earnings and future rate cuts continued to support risk assets globally.

⚒️ Copper Leads The Charge

Copper and mining-related holdings delivered another strong week as the team revisit the long-term electrification and AI infrastructure story.

🤖 AI Momentum Remains Strong

Technology and AI-linked investments continue driving market performance as investors rotate back into growth assets.

⚠️ Are Investors Too Comfortable?

The team discuss whether markets are becoming overly optimistic despite ongoing geopolitical and macroeconomic uncertainty.

🇯🇵 Japan Still Performing

Japanese equities remained one of the strongest regions within the portfolio as international investors continue increasing exposure.

🪙 Crypto Volatility Returns

Crypto and blockchain-linked holdings remained highly reactive as sentiment swings continue across digital assets.

Portfolio Snapshot – Week 39:

Three positions were trimmed this week, with proceeds moved into cash. The team sold 5% VanEck Crypto ETF, 5% Vanguard FTSE 250, and 5% Xtrackers DAX ETF - raising the portfolio's cash position by 15%.

Weekly portfolio performance: +0.5%

Total return since inception: +21.9%

2026 year-to-date return: +9.4%

Top Performers:

🥇 WisdomTree Copper ETF: +8.5% WoW

🥈 BlackRock World Mining Trust PLC: +7.8% WoW

🥉 iShares Nikkei 225 ETF: +1.6% WoW

Underperformers:

📉 iShares MSCI India ETF: –4.6% WoW

📉 Xtrackers DAX ETF: –3.5% WoW

📉 Invesco Stoxx Euro 600 ETF GBP: –1.7% WoW

Big Questions This Week:

• Is the AI rally overcrowded?

• Why is copper such an important long-term theme?

• Are markets underpricing economic risks?

• Can mining stocks keep outperforming?

What You’ll Learn:

✔️ Why copper is linked to AI and electrification

✔️ How sentiment is driving markets

✔️ Why mining stocks remain strong

✔️ Warning signs investors should watch

📈 Download the full Portfolio Performance Slides

View the portfolio breakdown: here

📧 Get in touch: theartofinvesting@ig.com

Disclaimer:

This podcast is provided for educational and informational purposes only. The content presented is not intended as personal investment advice or a recommendation to buy, sell, or hold any particular securities or investments. All discussions regarding the model portfolio are illustrative and for educational purposes.

Your capital is at risk. The value of shares, ETFs and ETCs can fall as well as rise, which could mean getting back less than you originally put in.

May Incentives:

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Code: MAYSHARESPOD

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US equities pushed to fresh all-time highs as AI and semiconductor stocks surged higher, while falling oil prices and improving risk sentiment helped fuel a broad market rally. The team also debate whether signs of a bubble are beginning to emerge in parts of the technology market.

This Week’s Highlights:

📈 Markets Hit Fresh Highs

US indices including the Nasdaq, Russell 2000 and S&P 500 all reached new all-time highs as oil prices fell more than 10% this week.

💻 AI & Semiconductor Boom Accelerates

AMD, TSMC, Samsung and Intel all surged after another wave of blockbuster technology earnings and AI demand.

⚠️ Bubble Warning Signs Emerging?

The team discuss whether investors are now “buying names they like” regardless of valuation, with comparisons made to previous speculative bubbles.

🇬🇧 Can The UK Compete In AI?

Adam Smith shares insights from Westminster on Britain’s AI ambitions, and why the UK still has a chance to become a major global AI hub.

🛢️ Oil Falls As Ceasefire Hopes Grow

Markets welcomed signs of easing tensions in the Middle East, helping drive risk assets higher globally.

Portfolio Snapshot – Week 38:

No changes were made to the portfolio this week.

Weekly portfolio performance: +4.5%

Total return since inception: +21.4%

2026 year-to-date return: +8.9%

Top Performers

🥇 VanEck Crypto & Blockchain Innovators ETF: +21.6% WoW

🥈 BlackRock World Mining Trust PLC: +7.8% WoW

🥉 iShares Nikkei 225 ETF: +6.5% WoW

Underperformers

📉 Cash: +0.1% WoW

📉 iShares UK Gilts 0–5yr ETF: +0.4% WoW

📉 iShares MSCI India ETF: +1.5% WoW

Big Questions This Week:

• Is the AI rally becoming a bubble?
• Why are markets ignoring valuation concerns?
• Can the UK become a serious AI player?
• Is “Sell in May and Go Away” finally relevant again?
• Are investors underestimating how strong the US economy remains?

What You’ll Learn:

✔️ Why expectations matter more than earnings alone

✔️ How AI demand is reshaping global markets

✔️ Why semiconductor stocks are leading the rally

✔️ What warning signs investors should watch for in bull markets

✔️ How politics and policy could influence the next phase of AI investing

📈 Download the full Portfolio Performance Slides

View the portfolio breakdown: here

📧 Get in touch: theartofinvesting@ig.com

Subscribe for weekly investing insight and to follow the live portfolio in real time.

Disclaimer:

This podcast is provided for educational and informational purposes only. The content presented is not intended as personal investment advice or a recommendation to buy, sell, or hold any particular securities or investments. All discussions regarding the model portfolio are illustrative and for educational purposes.

Your capital is at risk. The value of shares, ETFs and ETCs can fall as well as rise, which could mean getting back less than you originally put in.

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📋 T&Cs: The “Beat the Street” competition is open to UK legal residents aged 18+ and there’s a limit of one registration per person. The promoter is IG Trading and Investments Ltd and you can enter and find full T&C’s at ig.com/uk/beat-the-street.

Disclaimer:

This podcast is provided for educational and informational purposes only. The content presented is not intended as personal investment advice or a recommendation to buy, sell, or hold any particular securities or investments. All discussions regarding the model portfolio are illustrative and for educational purposes.

Your capital is at risk. The value of shares, ETFs and ETCs can fall as well as rise, which could mean getting back less than you originally put in.

The episode also covers a deep dive into UK gilt fair value, the Bank of England rate decision, the rise of algorithmic trading and its impact on price discovery, and a listener Q&A on stop losses and what the team have genuinely learned since launching the podcast.

This Week's Highlights:

🛢️ Oil at $126 — Markets Shrug

Brent crude up nearly 20% in eight days on Straits of Hormuz fears, yet the S&P and Nasdaq hit all-time highs.

💻 Magnificent Seven Earnings Crunch

Four Mag Seven reports in two minutes - Alphabet surged, Meta fell, and the Nasdaq pushed higher.

🔧 Chip Stocks Explode

Qualcomm up 16%, Intel up 100% since April - AI chip demand is the trade of the moment.

🇬🇧 UK Gilts & the "Moron Premium"

CJ breaks down gilt fair value and why 5.75% yields may still not be cheap enough to buy.

🤖 Machines Are Winning

Algorithmic momentum trading is moving markets beyond rational levels and crowding out human investors.

Portfolio Snapshot - Week 37

No changes were made to the portfolio this week.

Weekly performance: –2.1%

Total return since inception: +16.9%

Top Performers:

🥇 iShares S&P 500 GBP Hedged ETF: +0.1%

🥈 Cash: +0.1%

Underperformers:

📉 VanEck Crypto & Blockchain Innovators ETF: –9.5%

📉 BlackRock World Mining Trust PLC: –8.7%

📉 WisdomTree Copper ETF: –3.6%

Portfolio Positioning:

A tough week, with the oil price rise hitting commodities and oil-importing markets the hardest. The team agreed not to act while market direction remains unclear - CJ's view: when you're not seeing it well, making decisions is a recipe for mistakes. Watch and wait.

 • US equities and AI beneficiaries remain core - justified by 13%+ earnings growth for six consecutive quarters

 • UK and European exposure under review - the DAX would be first to go if forced to cut

 • A move into long gilts is being considered if 30-year yields push above 6%

 • Commodities suffering from oil rotation - mining and copper the biggest portfolio drags this week

📈 Download the full Portfolio Performance Slides

View the portfolio breakdown: here

📧 Get in touch: theartofinvesting@ig.com

Subscribe for weekly investing insight and to follow the live portfolio in real time.

Disclaimer

This podcast is provided for educational and informational purposes only. The content presented is not intended as personal investment advice or a recommendation to buy, sell, or hold any particular securities or investments. All discussions regarding the model portfolio are illustrative and for educational purposes.

Your capital is at risk. The value of shares, ETFs and ETCs can fall as well as rise, which could mean getting back less than you originally put in.

Beat The Street Competition 

More Info here: https://bts.ig.com/uk/beat-the-street/home

📋T&Cs: The “Beat the Street” competition is open to UK legal residents aged 18+ and there’s a limit of one registration per person. The promoter is IG Trading and Investments Ltd and you can enter and find full T&C’s at ig.com/uk/beat-the-street. 

The team use their extensive experience across wealth and hedge fund management to unpack another strong week for global markets, even as oil rises, geopolitical tensions linger and macro signals remain mixed.

US equities continue to push higher, with the S&P 500, NASDAQ and small caps all hitting fresh highs. Meanwhile, emerging markets and Japan are also gaining momentum, raising the question: is this still the AI-driven rally, or something more structural?

This Week’s Highlights:

🧠 Investor Behaviour Matters, From The Book ‘Stock Market Maestro’s’

Why managing losses and position sizing often matters more than picking winners.

📈 Markets Defy Expectations

US equities hit new highs despite rising oil prices and ongoing uncertainty.

💻 Tech & AI Still Leading

Magnificent Seven strength continues, with AI-driven productivity shaping markets.

🌏 Global Markets Broadening Out

Emerging markets and Japan rally, suggesting gains are spreading beyond mega caps.

🇬🇧 UK & Europe Lag

Weakness persists amid rate pressure, political uncertainty and slower AI adoption.

Portfolio Snapshot - Week 36:

No changes were made to the portfolio this week.

Weekly performance: +1.3%

Total return since inception: +19.07%

Top Performers

🥇 VanEck Crypto & Blockchain Innovators ETF: +8.55%

🥈 iShares Russell 2000 ETF: +2.77%

🥉 iShares Core MSCI EM IMI ETF: +2.26%

Underperformers

📉 BlackRock World Mining Trust: –1.55%

📉 iShares Core FTSE 100 ETF: –0.89%

📉 Invesco Stoxx Euro 600 ETF: –0.52%

Portfolio Positioning:

The portfolio remains tilted toward growth and global diversification, with:

• Strong exposure to US equities and AI beneficiaries

• Positions in emerging markets and Japan

• Commodities exposure alongside defensive assets

The team maintain conviction but acknowledge increasing uncertainty around what’s driving markets.

Big Questions This Week:

• Is this still the AI trade, or something else?

• Why are markets rising despite macro headwinds?

• Are investors underestimating US strength?

• When should you act, and when should you stay patient?

What You’ll Learn

✔️ Why you don’t need to be right more than 50% of the time

✔️ How top investors manage winners vs losers

✔️ Why cutting losses is critical to long-term returns

✔️ How AI is already impacting markets and productivity

✔️ Why behaviour often matters more than stock picking

📈 Download the full Portfolio Performance Slides

View the portfolio breakdown: here

📧 Get in touch: theartofinvesting@ig.com

Subscribe for weekly investing insight and to follow the live portfolio in real time.

Disclaimer:

This podcast is provided for educational and informational purposes only. The content presented is not intended as personal investment advice or a recommendation to buy, sell, or hold any particular securities or investments. All discussions regarding the model portfolio are illustrative and for educational purposes.

Your capital is at risk. The value of shares, ETFs and ETCs can fall as well as rise, which could mean getting back less than you originally put in.

Beat The Street Competition:

More Info here: https://bts.ig.com/uk/beat-the-street/home

📋T&Cs: The “Beat the Street” competition is open to UK legal residents aged 18+ and there’s a limit of one registration per person. The promoter is IG Trading and Investments Ltd and you can enter and find full T&C’s at ...

US equities are pushing to new all-time highs, despite ongoing geopolitical tension, energy uncertainty and lingering concerns around credit markets.

With the S&P 500 and NASDAQ rallying strongly, the team explore what’s really driving this move, why sentiment has shifted so quickly, and whether this is the start of a broader bull market or simply another leg in a volatile cycle.

They also break down the growing dominance of big tech, the role of institutional money flows, and why markets can often move in the opposite direction to headlines.

This Week’s Highlights:

📈 Markets Hit New Highs

US equities surge to record levels, climbing the “wall of worry” despite negative news flow.

💻 Tech Leads the Charge

The Magnificent Seven drive performance, with Nvidia and mega-cap tech powering gains.

🔄 Rotation in Action

Capital flows back into under-owned areas, with short squeezes amplifying moves.

🏦 Banks Reassure on Credit

Major US banks signal resilience in the economy and downplay private credit concerns.

🌍 Global Divergence

US markets outperform while Europe and the UK lag amid currency and energy pressures.

🧠 Psychology Over Fundamentals

Why fear, greed and positioning often matter more than macro narratives.

Portfolio Snapshot - Week 35:

No changes to the portfolio this week.

Top Performers

🥇 VanEck Crypto & Blockchain Innovators ETF: +10.2%

🥈 WisdomTree Copper ETF: +4.4%

🥉 iShares S&P 500 GBP Hedged ETF: +3.4%

Underperformers

📉 iShares UK Gilts 0–5yr ETF: –0.1%

📉 iShares Core FTSE 100 ETF: –0.1%

📉 Cash: +0.1%

Portfolio Positioning:

The portfolio remains tilted toward growth and cyclicality, with:

• ~70–85% in equities and equity-like assets

• Exposure to commodities and emerging markets

• Defensive allocation via bonds and cash

The team maintain conviction in a pro-growth setup, while acknowledging short-term volatility.

Big Questions This Week:

• Why are markets rising despite negative headlines?

• Is this a sustainable bull market or short-term squeeze?

• Are investors underestimating the power of positioning?

• How should long-term investors respond to volatility?

What You’ll Learn:

✔️ Why markets often move against consensus expectations

✔️ How institutional flows drive major market moves

✔️ The role of fear vs greed in investing decisions

✔️ Why patience often beats reaction during crises

📈 Download the full Portfolio Performance Slides

View the portfolio breakdown: here

📧 Get in touch: theartofinvesting@ig.com

Subscribe for weekly investing insight and to follow the live portfolio in real time.

Disclaimer:

This podcast is provided for educational and informational purposes only. The content presented is not intended as personal investment advice or a recommendation to buy, sell, or hold any particular securities or investments. All discussions regarding the model portfolio are illustrative and for educational purposes.

Your capital is at risk. The value of shares, ETFs and ETCs can fall as well as rise, which could mean getting back less than you originally put in.

Beat The Street Competition:

More Info here: https://bts.ig.com/uk/beat-the-street/home

📋T&Cs: The “Beat the Street” competition is open to UK legal residents aged 18+ and there’s a limit of one registration per person. The promoter is IG Trading and Investments Ltd and you can enter and find full T&C’s at ig.com/uk/beat-the-street. 

With bonds recovering, equities surging and some of the hardest-hit areas snapping back sharply, the team ask whether this is the start of a more durable recovery, or simply relief after weeks of pressure.

They also revisit the case for the US, Japan and bonds, debate whether the portfolio should add more risk here, and answer listener questions on how to think about positioning in fast-moving markets.

As always, the key theme remains: when markets move fast, discipline matters more than drama.

This Week’s Highlights:

🕊️ Ceasefire Relief Rally

A two-week ceasefire helps trigger a broad rebound in risk assets and a sharp fall in oil.

⛽ Oil Price Drops Back

A 15% fall in oil eases inflation fears and takes pressure off rate expectations.

🏦 Bond Markets Recover

Gilts and treasuries bounce as markets scale back the chance of further rate hikes.

🇺🇸 US Back in Focus

The team revisit whether the S&P 500 now offers better value after recent derating.

🇯🇵 Japan Rebounds Strongly

Japanese equities rally as lower energy prices improve the outlook.

🧠 Discipline Over Noise

Why the best response to volatile headlines is often patience, not panic.

Portfolio Snapshot - Week 34:

Weekly performance: +5.1%

Total return since inception: +16.2%

Top Performers

🥇 VanEck Crypto and Blockchain Innovators ETF: +11.9%

🥈 BlackRock World Mining Trust PLC: +10.8%

🥉 iShares Nikkei 225 ETF: +8.0%

Underperformers

📉 Cash: +0.1%

📉 iShares $ Treasury Bond 7–10 yr UCITS ETF: +0.5%

📉 iShares UK Gilts 0–5yr ETF: +0.6%

Portfolio Positioning:

The portfolio remains diversified across:

• Commodities and real assets

• Global equities (US, UK, Europe, EM)

• Small and mid-cap exposure

• Bonds and cash as stabilisers

This week’s move shows how quickly leadership can reverse when macro pressure starts to ease.

Big Questions This Week:

• Will the ceasefire hold long enough for markets to keep recovering?

• Is the US starting to look attractive again?

• Are bonds still worth holding versus equities?

• When should investors add risk back in?

What You’ll Learn:

✔️ Why oil matters so much for inflation and rate expectations

✔️ How quickly markets can reprice when fear fades

✔️ Why bonds don’t always outperform during stress

✔️ How to think about adding risk after a sharp rebound

📈 Download the full Portfolio Performance Slides

View the portfolio breakdown: here

📧 Get in touch: theartofinvesting@ig.com

Subscribe for weekly investing insight and to follow the live portfolio in real time.

Disclaimer:

This podcast is provided for educational and informational purposes only. The content presented is not intended as personal investment advice or a recommendation to buy, sell, or hold any particular securities or investments. All discussions regarding the model portfolio are illustrative and for educational purposes.

Your capital is at risk. The value of shares, ETFs and ETCs can fall as well as rise, which could mean getting back less than you originally put in.

Beat The Street Competition:

More Info here: https://bts.ig.com/uk/beat-the-street/home

📋T&Cs: The “Beat the Street” competition is open to UK legal residents aged 18+ and there’s a limit of one registration per person. The promoter is IG Trading and Investments Ltd and you can enter and find full T&C’s at ig.com/uk/beat-the-street. 

From oil shocks and bond volatility to crypto drawdowns and equity resilience, this episode dives deep into what’s really driving markets right now and where the opportunities may lie.

This Week’s Highlights:

🏦 Rate Expectations Whipsaw

Markets rapidly shift from pricing cuts to multiple hikes and back again, raising questions about whether expectations are disconnected from reality.

📉 Bonds Under Pressure

Short-duration gilts fall sharply as rate expectations surge, challenging their role as a “safe” stabiliser in portfolios.

⛽ Oil Driving the Narrative

Higher oil prices fuel inflation fears but the team argue markets may be overreacting to second-order effects on growth.

📊 Equities More Resilient Than Expected

Despite volatility, valuations (especially in the US) are becoming more attractive as multiples compress.

⚠️ Crypto Volatility Bites

The VanEck Crypto ETF drops sharply, highlighting the importance of position sizing and risk management in high-volatility assets.

🌍 Global Rotation & Positioning

Debate around US vs emerging markets, and whether shifting allocations actually adds value, or just reshuffles risk.

Portfolio Snapshot – Week 33:

• Weekly performance: -1.36%

• Total return since inception: +11.1%

Top Performers:

🥇 WisdomTree Copper ETF: +1.7%

🥈 iShares Core FTSE 100 ETF: +0.9%

🥉 Xtrackers DAX ETF: +0.5%

Underperformers:

📉 VanEck Crypto & Blockchain ETF: –11.6%

📉 iShares S&P 500 GBP Hedged ETF: –2.7%

📉 iShares Core MSCI EM IMI ETF: –2.4%

Key Takeaways:

✔️ Markets don’t always price reality, they price expectations

✔️ Bonds can fail during inflation-driven shocks

✔️ Volatility isn’t risk, mis-sized positions are

✔️ Sometimes doing nothing is the smartest move in uncertain markets

✔️ Quarterly reviews are critical, even for “passive” investors

Big Questions This Week:

• Are markets overreacting to rate expectations?

• Will central banks actually follow market pricing?

• Is private credit the next pressure point?

• Are US equities now becoming attractive again?

• Should investors be reducing risk—or leaning in?

📈 Download the full Portfolio Performance Slides

View the breakdown: https://drive.google.com/file/d/1eMN0haj9HGUpRogpuD7NGhwxsC1tc6WM/view?usp=sharing

📧 Get in touch: theartofinvesting@ig.com

Subscribe for weekly investing insights and to follow the live portfolio in real time.

Disclaimer:

This podcast is for educational purposes only and does not constitute investment advice. The value of investments can go down as well as up, and you may get back less than you invest.

JISA Incentive:

Dates: 2nd March to 5th April

Details: Invest £50 and get £50. First trade has to be £50 or more to receive the £50 bonus. New clients only. The bonus of £50 will be credited to the Junior ISA by 30 April 2026. 

PROMO CODE: JISAPODCAST

📋T&Cs: https://www.ig.com/uk/jisa-cash-bonus-50-feb-26

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With central banks holding steady but markets rapidly repricing from rate cuts to potential hikes, the team explore whether interest rate expectations have become disconnected from reality.

They also dive into continued stress in private credit, the impact of oil and geopolitics on inflation, and why bond markets are no longer providing the diversification investors expect.

The big question: are markets overreacting, and where are the opportunities if they are?

This Week’s Highlights:

🏦 Rate Expectations Flip

Markets move from pricing cuts to multiple hikes, a huge shift in sentiment.

📉 Bonds Fail to Diversify

Gilts and treasuries fall alongside equities, challenging traditional portfolio theory.

⚠️ Private Credit Stress Builds

Redemption limits and liquidity concerns continue to emerge.

⛽ Oil & Inflation Risk

Energy prices remain the key driver of inflation expectations.

📊 Markets Still Resilient

Despite volatility, equities hold up better than many expected.

🧠 Don’t Fight the Noise

Why long-term investors should avoid reacting to short-term headlines.

Portfolio Snapshot - Week 32:

Weekly performance: –1.7%

Total return since inception: +12.5%

Top Performers

🥇 iShares Russell 2000 ETF: +1.1%

🥈 Cash: +0.1%

🥉 iShares UK Gilts 0–5yr ETF: –0.4%

Underperformers

📉 WisdomTree Copper ETF: –5.4%

📉 VanEck Crypto & Blockchain Innovators ETF: –3.7%

📉 iShares MSCI India ETF: –2.9%

Portfolio Positioning:

The portfolio remains diversified across:

• Commodities and real assets

• Global equities (US, UK, Europe, EM)

• Small and mid-cap exposure

• Bonds and cash as stabilisers

However, this week highlights a key theme: diversification doesn’t always protect during inflation-driven shocks.

Big Questions This Week:

• Have interest rate expectations become unrealistic?

• Are central banks likely to follow market pricing?

• Is private credit the next major risk area?

• Can equities continue to hold up if rates stay higher?

What You’ll Learn:

✔️ How markets price interest rates (and why it matters)

✔️ Why bonds don’t always offset equity risk

✔️ What’s really driving current market moves

✔️ How to stay disciplined during volatile periods

📈 Download the full Portfolio Performance Slides

View the portfolio breakdown: here

📧 Get in touch: theartofinvesting@ig.com

Subscribe for weekly investing insight and to follow the live portfolio in real time.

Disclaimer:

This podcast is provided for educational and informational purposes only. The content presented is not intended as personal investment advice or a recommendation to buy, sell, or hold any particular securities or investments. All discussions regarding the model portfolio are illustrative and for educational purposes.

Your capital is at risk. The value of shares, ETFs and ETCs can fall as well as rise, which could mean getting back less than you originally put in.

JISA Incentive: 

Dates: 2nd March to 5th April

Details: Invest £50 and get £50. First 200 clients will get £250. First trade has to be £50 or more to receive the £50 bonus. New clients only. The bonus of £50 will be credited to the Junior ISA by 30 April 2026. 

With commodities cooling, equities diverging and bond markets wobbling, the team ask whether this is a healthy pause… or the start of something more meaningful.

They’re also joined by Geopolitical Strategist Roger Lee to unpack how investors should think during periods of crisis, and what history tells us about how markets behave when conflicts unfold.

The focus this week: what’s really driving returns now, and how investors should respond when leadership becomes less clear.

This Week’s Highlights:

📉 Momentum Slows

After weeks of strong gains, markets begin to lose steam as leadership narrows.

⛏️ Commodities Pause

Mining stocks pull back sharply after a huge run, testing conviction in the trade.

🪙 Crypto Bounces

Crypto-linked equities recover, highlighting ongoing volatility in risk assets.

🌍 Global Divergence

Different regions move in opposite directions, making allocation more important than ever.

🏦 Bonds Back in Focus

Weakness in fixed income raises questions about diversification again.

🧠 Staying Disciplined

Why periods like this matter more than strong up weeks for long-term investors.

Portfolio Snapshot - Week 31:

Weekly performance: –0.3%

Total return since inception: +14.2%

Top Performers

🥇 VanEck Crypto & Blockchain Innovators ETF: +3.5%

🥈 iShares Nikkei 225 ETF: +0.2%

🥉 iShares Core FTSE 100 ETF: +0.2%

Underperformers

📉 BlackRock World Mining Trust: –5.9%

📉 Vanguard FTSE 250 ETF: –1.4%

📉 iShares Russell 2000 ETF: –1.2%

Portfolio Positioning:

The portfolio remains broadly diversified across:

• Commodities and real assets

• Global equities (US, UK, Europe, EM)

• Select small-cap exposure

• Bonds and cash as stabilisers

Despite a weaker week, diversification continues to dampen volatility as leadership rotates.

Big Questions This Week:

• Is this just a pause after a strong run?

• Are commodities topping out short term?

• What happens if bonds and equities both struggle?

• Where is the next leadership coming from?

What You’ll Learn:

✔️ Why pullbacks are a key part of long-term returns

✔️ How to interpret changing market leadership

✔️ Why diversification matters most in mixed markets

✔️ How to stay disciplined when momentum fades

📈 Download the full Portfolio Performance Slides

View the portfolio breakdown: here

📧 Get in touch: theartofinvesting@ig.com

Subscribe for weekly investing insight and to follow the live portfolio in real time.

Disclaimer:

This podcast is provided for educational and informational purposes only. The content presented is not intended as personal investment advice or a recommendation to buy, sell, or hold any particular securities or investments. All discussions regarding the model portfolio are illustrative and for educational purposes.

Your capital is at risk. The value of shares, ETFs and ETCs can fall as well as rise, which could mean getting back less than you originally put in.

JISA Incentive:

Dates: 2nd March to 5th April

Details: Invest £50 and get £50. First 200 clients will get £250. First trade has to be £50 or more to receive the £50 bonus. New clients only. The bonus of £50 will be credited to the Junior ISA by 30 April 2026. 

PROMO CODE: JISAPODCAST

📋T&Cs: https://www.ig.com/uk/jisa-cash-bonus-50-feb-26

https://www.ig.com/uk/jisa-cash-bonus-250-feb-26

Despite the second consecutive weekly drawdown in the portfolio, markets have remained relatively resilient. The team discuss why energy shocks quickly affect inflation expectations, how investors are reacting to shifting rate outlooks, and why private credit and private equity liquidity are attracting renewed scrutiny.

They also explore how different sectors react to geopolitical shocks and why diversification still matters when volatility rises.

This Week’s Highlights:

⛽ Oil Shock Hits Markets

Energy prices surge as Middle East tensions intensify.

🏦 Private Credit Questions

Liquidity concerns emerge in parts of the private market.

📉 Rate Expectations Shift

Investors reassess the outlook for central bank cuts.

📊 Sector Rotation Continues

Software rebounds while travel and energy-sensitive sectors struggle.

⚠️ Liquidity Risk Debate

Restrictions in some funds highlight structural challenges.

Portfolio Snapshot:

Portfolio Snapshot – Week 30

Weekly performance: –2.1%

Total return since inception: +14.5%

Top Performers

🥇 Cash: +0.1%

🥈 WisdomTree Copper ETF: –0.3%

🥉 iShares $ Treasury Bond 7–10yr UCITS ETF: –0.4%

Underperformers

📉 iShares Nikkei 225 ETF: –4.3%

📉 BlackRock World Mining Trust PLC: –4.2%

📉 iShares Russell 2000 ETF: –3.8%

Portfolio Positioning:

The portfolio remains positioned toward:

• Commodities and real assets

• Global equities beyond US mega-cap concentration

• Select small and mid-cap exposure

• Defensive allocations including gilts, treasuries and cash

The focus remains diversification and long-term resilience rather than reacting to short-term headlines.

Big Questions the Team Debate:

• Could rising oil prices delay rate cuts?

• Are stresses emerging in private credit markets?

• How resilient are global equities to geopolitical shocks?

• What sectors benefit during energy spikes?

What You’ll Learn:

✔️ Why oil prices can shift inflation expectations quickly

✔️ How liquidity risks appear in private markets

✔️ Which sectors react most during geopolitical shocks

✔️ Why diversification matters during volatility

📈 Download the full Portfolio Performance Slides

View the portfolio breakdown: here

📧 Get in touch: theartofinvesting@ig.com

Subscribe for weekly investing insight and to follow the live portfolio in real time.

Disclaimer:

This podcast is provided for educational and informational purposes only. The content presented is not intended as personal investment advice or a recommendation to buy, sell, or hold any particular securities or investments. All discussions regarding the model portfolio are illustrative and for educational purposes.

Your capital is at risk. The value of shares, ETFs and ETCs can fall as well as rise, which could mean getting back less than you originally put in.

JISA Incentive:

Dates: 2nd March to 5th April

Details: Invest £50 and get £50. First 200 clients will get £250. First trade has to be £50 or more to receive the £50 bonus. New clients only. The bonus of £50 will be credited to the Junior ISA by 30 April 2026. 

PROMO CODE: JISAPODCAST

📋T&Cs:

Despite rising uncertainty, from renewed conflict fears to credit market concerns, the portfolio remains resilient. The team discuss whether markets are overreacting, why bank stocks sold off, and what investors should focus on during volatility.

They revisit lessons from past geopolitical shocks and explain why disciplined portfolio construction matters more than reacting to headlines.

Expect sharp macro insight and a clear breakdown of how the team are thinking about risk right now.

This Week’s Highlights:

⚠️ Credit Crisis Fears?

Bank stocks fall as markets briefly price in tighter credit conditions.

🌍 Geopolitics Back in Focus

Rising tensions bring geopolitical risk back to markets.

🇷🇺 Lessons from Russia

Revisiting the 2022 collapse in Russian assets and its lessons.

⛽ Energy Policy Confusion

Governments tax oil producers while calling for more supply.

📉 Market Volatility Returns

Sector swings highlight diversification.

🧠 Staying Rational in Turbulence

Why reacting emotionally to headlines often backfires.

Portfolio Snapshot:

Weekly performance: –2.1%

Total return since inception: +16.6%

Top Performers

🥇 VanEck Crypto & Blockchain Innovators ETF: +4.0%

🥈 Cash: +0.1%

🥉 iShares UK Gilts 0–5yr ETF: –0.1%

Underperformers

📉 iShares Core MSCI EM IMI ETC: –5.7%

📉 iShares Nikkei 225 ETF: –5.1%

📉 BlackRock World Mining Trust PLC: –5.0%

Portfolio Positioning:

The portfolio remains positioned toward:

• Commodities and real assets

• Global equities beyond US mega-cap concentration

• Select small and mid-cap exposure

• Defensive allocations including gilts and cash

The aim remains building a diversified portfolio able to navigate uncertain markets.

Big Questions the Team Debate:

• Are markets overreacting to fears of a credit slowdown?

• How should investors think about geopolitical shocks?

• What lessons came from the Russian market collapse?

• Why energy policy contradictions could shape inflation

• How diversification helps absorb market shocks

What You’ll Learn:

✔️ Why banking sector moves can trigger market anxiety

✔️ How geopolitical risk affects portfolios

✔️ Why diversification matters during volatility

✔️ The dangers of reacting emotionally to headlines

✔️ How long-term investors should approach risk

📈 Download the full Portfolio Performance Slides

View the portfolio breakdown: here📧 Get in touch: theartofinvesting@ig.com

Subscribe for weekly investing insight and to follow the live portfolio in real time.

Disclaimer:

This podcast is provided for educational and informational purposes only. The content presented is not intended as personal investment advice or a recommendation to buy, sell, or hold any particular securities or investments. All discussions regarding the model portfolio are illustrative and for educational purposes.

Your capital is at risk. The value of shares, ETFs and ETCs can fall as well as rise, which could mean getting back less than you originally put in.

Incentives:

JISA Incentive 

Dates: 2nd March to 5th April

Details: Invest £50 and get £50. First 200 clients will get £250. First trade has to be £50 or more to receive the £50 bonus. New clients only. The bonus of £50 will be credited to the Junior ISA by 30 April 2026. 

PROMO CODE: JISAPODCAST

📋T&Cs:

While the US debates tariffs and policy direction, global equity markets are pushing higher. Mining stocks surge, crypto stabilises, emerging markets extend gains, and the team ask whether the long-anticipated rotation away from US mega caps is finally accelerating?

This Week’s Highlights:

📊 Portfolio Gains Momentum

A strong week driven by commodities and emerging markets exposure.

⛏️ Mining Leads the Charge

BlackRock World Mining Trust hits fresh highs as metals rally.

🌍 Emerging Markets Break Higher

Korea climbs the global rankings and EM exposure continues to pay off.

🇺🇸 US vs The Rest of the World

Is money finally rotating away from US mega caps into global markets?

🏦 Private Equity Pressure

Are private market valuations finally being tested?

🧠 Investor Psychology

When a position is down 50%, what should you actually do?

Portfolio Snapshot – Week 28:

Weekly performance: +1.4%

Total return since inception: +18.7%

Top Performers

🥇 BlackRock World Mining Trust PLC: +6.7%

🥈 VanEck Crypto & Blockchain Innovators ETF: +4.0%

🥉 WisdomTree Copper ETF: +3.4%

Underperformers

📉 iShares MSCI India ETF: –1.4%

📉 iShares Russell 2000 ETF: –0.6%

📉 Xtrackers DAX ETF: –0.5%

Portfolio Positioning:

The portfolio remains positioned toward:

• Commodities (mining, copper)

• Emerging markets

• European equities

• US small & mid-caps (rather than mega-cap tech)

Cash and short-dated gilts remain in place as stability anchors (~20% combined). The team continue to emphasise geographic diversification away from heavy US concentration, particularly given global indices remain ~60–70% US weighted.

Big Themes This Week:

• Commodity strength returning

• Early signs of global equity rotation

• Private equity valuations under scrutiny

• Dividend yield traps explained

• The importance of taking action on losing positions

The central question: If institutions are underweight Europe and emerging markets, does the rotation still have further to run?

What You’ll Learn:

✔️ Why high dividend yields can be a red flag

✔️ The difference between the “rabbit”, “assassin” and “hunter” investor

✔️ Why US economic strength doesn’t automatically mean US stock market outperformance

✔️ How money flows drive market leadership

✔️ Why compounding early (JISAs) matters more than market timing

📈 Download the full Portfolio Performance Slides

View the portfolio breakdown: here

📧 Get in touch: theartofinvesting@ig.com

Subscribe for weekly investing insight and to follow the live portfolio in real time.

Disclaimer:

This podcast is provided for educational and informational purposes only. The content presented is not intended as personal investment advice or a recommendation to buy, sell, or hold any particular securities or investments. All discussions regarding the model portfolio are illustrative and for educational purposes.

Your capital is at risk. The value of shares, ETFs and ETCs can fall as well as rise, which could mean getting back less than you originally put in.

Incentives:

Get up to £3000 when you transfer your ISA to IG.

Earn 1% cashback up to £300k when you transfer your ISA before 5th April.

Use Promo Code ISAPODCAST

New share dealing customers only. Offer available 31st Jan to 5th April 26. T&Cs apply.

📋T&Cs: www.ig.com/uk/transfer-1-percent-cashback-feb-26

Get up to £200 cashback when you invest with IG.

Earn 5% cashback on investments up to £4000 (max payout £200) when you open an account and place your first trade.

...

While headlines remain focused on AI, tariffs and geopolitics, European markets are breaking higher, bonds are behaving, and liquidity is quietly driving asset prices.

The team explores why risk assets continue to rally despite macro uncertainty, and why the bond market remains the ultimate signal to watch.

Plus: a deep dive into portfolio volatility using AI, the silver short squeeze debate, and what could finally derail this bull run.

This Week’s Highlights:

📈 Europe Leads Again

FTSE 100 hits fresh highs, the DAX continues to climb, and the Euro Stoxx 600 builds momentum.

🏦 Bonds Behaving

US 10-year yields hit 12-month lows. No panic. No inflation scare. Why does it matter?

🤖 AI = Disinflation?

Is productivity from AI quietly suppressing inflation expectations?

🪙 Silver Squeeze Talk

Is there really a conspiracy in silver, or just classic retail momentum?

🌍 Emerging Markets Build

Portfolio exposure increases as global growth expectations strengthen.

📊 AI Analyses the Portfolio

CJ uses AI to calculate portfolio volatility in minutes, and the results may surprise you.

Portfolio Snapshot - Week 27:

Weekly performance: +0.5%

Total return since inception: +17.3%

Top Performers

🥇 iShares Core FTSE 100 ETF: +2.4%

🥈 Invesco Stoxx Europe 600 ETF: +2.0%

🥉 Xtrackers DAX ETF: +1.9%

Underperformers

📉 VanEck Crypto & Blockchain Innovators ETF: –0.5%

📉 Nikkei 225 ETF: 0.0%

📉 Cash: +0.1%

Portfolio Positioning:

The portfolio remains tilted toward:

• European equities

• Emerging markets

• US small and mid-caps

• Commodities exposure

Cash and bonds remain limited (~20% combined), keeping overall volatility aligned with the S&P 500, but with broader geographic diversification.

Big Themes This Week:

• Liquidity is still abundant

• AI may be structurally disinflationary

• Bond markets are calm, for now

• Cyclical exposure remains the key risk

• Dollar weakness would benefit positioning

The central question:

As long as bonds behave, does this rally have further to run?

What You’ll Learn:

✔️ Why bond yields are the most important signal in markets

✔️ How AI could structurally lower inflation

✔️ Why European markets are outperforming the US

✔️ How to measure portfolio volatility properly

✔️ Why silver squeezes rarely end well

📈 Download the full Portfolio Performance Slides

View the portfolio breakdown: here

📧 Get in touch: theartofinvesting@ig.com

Subscribe for weekly investing insight and to follow the live portfolio in real time.

Disclaimer

This podcast is provided for educational and informational purposes only. The content presented is not intended as personal investment advice or a recommendation to buy, sell, or hold any particular securities or investments. All discussions regarding the model portfolio are illustrative and for educational purposes.

Your capital is at risk. The value of shares, ETFs and ETCs can fall as well as rise, which could mean getting back less than you originally put in.



February Incentive

Get up to £3000 when you transfer your ISA to IG.

Earn 1% cashback up to £300k when you transfer your ISA before 5th April.

Use Promo Code ISAPODCAST

New share dealing customers only. Offer available 31st Jan to 5th April 26. T&Cs apply.

📋T&Cs :www.ig.com/uk/transfer-1-percent-cashback-feb-26

With Japan surging, emerging markets breaking higher, software stocks wobbling and AI disruption accelerating, the team asks a big question: Are we rotating from tech into old-world value, and is private equity the next risk?

Expect macro insight, portfolio reshuffling, and a full breakdown of where capital is moving next.

This Week’s Highlights

🇯🇵 Japan Breakout

A landslide election victory fuels fiscal stimulus hopes. The Nikkei jumps nearly 9% on the week, lifting the portfolio sharply.

💻 Software Shock

A small AI tax tool sparks a broader sell-off across software, wealth management and private equity-linked names. Is this the start of margin compression?

🏦 The 100-Year Bond Warning

Alphabet issues a 100-year bond, massively oversubscribed. CJ calls it a red flag for complacency in credit markets.

🪙 Crypto Contrarian Signal?

Bitcoin weakens again, but ultra-bearish headlines may suggest positioning is stretched.

🌍 Europe & Emerging Markets Strength

Euro Stoxx indices hit highs as investors rotate away from expensive US tech into industrial and value-heavy regions.

🇬🇧 UK Politics & Gilts

Political uncertainty continues, reinforcing caution on long-dated UK bonds.

Portfolio Snapshot: Week 26

Weekly performance: +1.62%

Total return since inception: +16.86%

Top Performers

🥇 iShares Nikkei 225 ETF: +8.5%

🥈 BlackRock World Mining Trust: +5.2%

🥉 iShares Core MSCI EM IMI ETF: +3.2%

Underperformers

📉 WisdomTree Copper ETF: +0.3%

📉 iShares UK Gilts 0–5yr ETF: +0.3%

📉 Cash: +0.1%

Despite broad gains across equities, Japan and mining stocks drove the bulk of weekly performance, while defensive assets lagged as risk appetite improved.

Big Questions the Team Debate

• Is AI about to compress software margins?

• Are private equity valuations vulnerable?

• Is Japan Thatcher… or Liz Truss?

• Are we early in a rotation toward Europe and EM?

• Is extreme negativity on crypto a contrarian buy signal?

What You’ll Learn

✔ Why markets “travel” before they arrive

✔ How fiscal stimulus drives equity multiples

✔ Why 100-year bonds can signal complacency

✔ The difference between AI hype and AI implementation

✔ How to rotate portfolios without increasing overall risk

📈 Download the full Portfolio Performance Slides

View the portfolio breakdown: here

📧 Get in touch: theartofinvesting@ig.com

Subscribe for weekly investing insight and to follow the live portfolio in real time.

Disclaimer

This podcast is provided for educational and informational purposes only. The content presented is not intended as personal investment advice or a recommendation to buy, sell, or hold any particular securities or investments. All discussions regarding the model portfolio are illustrative and for educational purposes.

Your capital is at risk. The value of shares, ETFs and ETCs can fall as well as rise, which could mean getting back less than you originally put in.



February Incentive

Get up to £3000 when you transfer your ISA to IG.

Earn 1% cashback up to £300k when you transfer your ISA before 5th April.

Use Promo Code ISAPODCAST

New share dealing customers only. Offer available 31st Jan to 5th April 26. T&Cs apply.

📋T&Cs :www.ig.com/uk/transfer-1-percent-cashback-feb-26

With gold and silver suffering brutal flash crashes, crypto tumbling, US tech rotating hard, and a surprise nomination for the next Fed Chair rattling liquidity expectations, the team unpack what’s really going on beneath the surface, and how investors can spot early warning signs before markets move fast.

From AI capex concerns and stretched US valuations to volatility indicators, liquidity conditions and portfolio protection, this episode is a masterclass in navigating late-cycle markets.

This Week’s Market Highlights

📉 Gold & Silver Flash Crash

Precious metals suffer violent reversals as margin hikes, positioning pressure and liquidity fears collide.

💻 Tech Rotation Accelerates

US software and AI leaders sell off sharply as markets reassess capex spending and future returns.

🔄 Money Rotates, Not Flees

Capital flows out of mega-cap tech into small- and mid-cap US equities, Europe and Japan.

🪙 Crypto Volatility Returns

Bitcoin slides sharply, dragging crypto-linked equities with it, highlighting broken correlations with gold.

🏦 Fed Chair Shock

Trump nominates Kevin Warsh as next Fed Chair, spooking markets with fears of tighter liquidity and less QE.

📊 Volatility Back on the Radar

The VIX becomes a key signal once again, with the team explaining how professionals actually use it.

Portfolio Snapshot

Weekly performance: –1.1%

Total return since inception: +15.24%

Top Performers

🥇 iShares MSCI India ETF: +5.0%

🥈 iShares Core FTSE 100 ETF: +2.5%

🥉 WisdomTree Copper ETF: +1.0%

Underperformers

📉 VanEck Crypto & Blockchain Innovators ETF: –21.3%

📉 BlackRock World Mining Trust: –9.4%

📉 Invesco EQQQ NASDAQ-100 ETF: –3.1%

Key Portfolio Decision

🔄 Reducing US Mega-Cap Exposure

• Sold half of the Nasdaq position (–2.5%)
• Reallocated into US small caps via the Russell 2000

Why?

Small- and mid-cap companies are better positioned to benefit if economic activity broadens and rate cuts resume later this year.

Updated US exposure now favours diversification over concentration.

What Investors Learn in This Episode

✔️ Why gold and silver can fall fast, even in bull markets

✔️ How margin changes and liquidity shocks trigger violent moves

✔️ Why AI capex is now being treated as a risk, not a reward

✔️ How professionals use the VIX to manage risk

✔️ The difference between a healthy rotation and a market breakdown

✔️ When cash and short-dated bonds become powerful tools

✔️ Why small caps may be the next phase of the US cycle

📈 Download the full Portfolio Performance Slides

View the portfolio breakdown: here

📧 Get in touch: theartofinvesting@ig.com

Subscribe for weekly market insight and to follow the live portfolio in real time.

Disclaimer

This podcast is provided for educational and informational purposes only. The content presented is not intended as personal investment advice or a recommendation to buy, sell, or hold any particular securities or investments. All discussions regarding the model portfolio are illustrative and for educational purposes.

Your capital is at risk. The value of shares, ETFs and ETCs can fall as well as rise, which could mean getting back less than you originally put in.

February Incentive

Get up to £3000 when you transfer your ISA to IG.

Earn 1% cashback up to £300k when you transfer your ISA before 5th April.

Use Promo Code ISAPODCAST

New share dealing customers only. Offer available 31st Jan to 5th April 26. T&Cs apply.

📋T&Cs :

From Russia’s 1998 crisis to China’s governance problem, US dollar fragility and the future of emerging markets, this episode blends hard market insight with frontline experience from one of the world’s most seasoned emerging markets voices.

Expect history, geopolitics, sharp disagreement, and a rare behind-the-scenes look at how market crises really unfold.

This Week’s Highlights:

🌍 Emerging Markets in Focus

Why emerging markets have surged, and why today’s emerging markets index looks nothing like the one investors remember.

🇷🇺 Lessons From Russia

JP recounts calling the 1998 Russian crisis early, and what investors consistently miss before major blow-ups.

🇨🇳 China’s Governance Problem

Dilution, state intervention and why earnings haven’t matched economic growth.

💵 The Dollar Debate

Is US dollar weakness structural, or just noise? A heated discussion on debt, politics and confidence.

🏦 Central Banks & Credibility

From Japan’s bond market intervention to the Fed’s independence under pressure.

⚠️ Tail Risks Are Rising

Why gold, silver and commodities may be signalling something markets are ignoring.

Portfolio Snapshot:

Weekly performance: +0.1%

Total return since inception: +16.4%

Top Performers (WoW):

🥇 BlackRock World Mining Trust: +4.5%

🥈 iShares S&P 500 GBP Hedged ETF: +1.7%

🥉 Vanguard FTSE 250 ETF: +1.5%

Underperformers:

💷 Cash: +0.1%

📉 WisdomTree Copper ETF: –0.3%

🇮🇳 iShares MSCI India ETF: –2.6%

Big Questions the Team Debate

• Are emerging markets finally investable again, or just riding the AI cycle?

• Is China uninvestable, misunderstood… or both?

• Could the US start behaving like an emerging market politically?

• Is gold a warning sign or simply reflecting dollar weakness?

• Should investors hedge tail risks more aggressively?

What You’ll Learn

✔️ How market crises actually develop on the ground

✔️ Why governance matters more than growth

✔️ How dollar weakness feeds through to emerging markets assets

✔️ Why diversification is back in focus

✔️ How professionals think about risk when markets look “fine”

📈 Download the full Portfolio Performance Slides

View the portfolio breakdown: here

📧 Get in touch: theartofinvesting@ig.com

Subscribe for weekly market insight and to follow the live portfolio in real time.

Disclaimer

This podcast is provided for educational and informational purposes only. The content presented is not intended as personal investment advice or a recommendation to buy, sell, or hold any particular securities or investments. All discussions regarding the model portfolio are illustrative and for educational purposes.

Your capital is at risk. The value of shares, ETFs and ETCs can fall as well as rise, which could mean getting back less than you originally put in.



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With Japanese yields spiking to multi-decade highs, markets wobbling on Greenland headlines, and gold once again leading the leaderboard, the team debate whether this is a temporary scare… or the early warning signs of something bigger. Crucially, they also make a major portfolio decision, raising cash and reassessing risk after a strong run of returns.

Expect macro depth, proper portfolio debate, and a real-time look at how professional investors react when markets move fast.

This Week’s Highlights:

🇯🇵 Japan Bond Shock

40-year Japanese government bond yields spike, triggering global bond and equity volatility.

🌍 Geopolitics Returns

Greenland, NATO tensions and Trump’s Davos comments briefly rattle markets before a sharp relief rally.

📉 Momentum Rotates

Gold and mining stocks surge while crypto and copper lag as capital chases safety and trend.

🪙 Crypto vs Gold

Bitcoin slides while gold hits new highs, reigniting the “digital gold” debate.

🏦 Central Bank Power

The Bank of Japan draws a clear line in the sand, reminding markets who’s really in control.

Portfolio Snapshot:

Weekly performance: –0.7%

Total return since inception: +15.5%

Top Performers (WoW)

🥇 iShares Physical Gold ETC: +4.83%

🥈 BlackRock World Mining Trust: +2.54%

🥉 iShares Core MSCI EM IMI ETF: +1.14%

Underperformers (WoW)

📉 VanEck Crypto & Blockchain Innovators ETF: –4.66%

📉 WisdomTree Copper ETF: –4.15%

📉 iShares MSCI India ETF: –3.49%

Big Decisions This Week:

🔄 Raising Cash

The team reduce exposure to gold and US equities, moving 10% of the portfolio into cash to reassess risk after strong gains.

💬 Live Debate

Should profits be locked in after a big run, or is stepping aside the biggest risk of all?

What You’ll Learn:

✔️ Why Japan’s bond market matters far beyond Tokyo

✔️ How central banks really control market stress

✔️ Why momentum dominates during uncertain periods

✔️ When raising cash is smart, and when it’s costly

✔️ How professionals manage portfolios during fast-moving macro shocks

📈 Download the full Portfolio Performance Slides

View the portfolio breakdown: here

📧 Get in touch: theartofinvesting@ig.com

Subscribe for weekly investing insight and to follow the live portfolio in real time.

Disclaimer:

This podcast is provided for educational and informational purposes only. The content presented is not intended as personal investment advice or a recommendation to buy, sell, or hold any particular securities or investments. All discussions regarding the model portfolio are illustrative and for educational purposes.

Your capital is at risk. The value of shares, ETFs and ETCs can fall as well as rise, which could mean getting back less than you originally put in.

January Incentive

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1% cashback on the total Qualifying Transfers initiated between 1 January and 30 January 2026

The maximum payout is £2,000.

Your capital is at risk.  New customers only. Offer valid until 30/01/2026 on ISA, GIA or SIPP accounts. T&Cs apply.

📋T&Cs: https://www.ig.com/uk/transfer-1-percent-cashback-jan-26

With geopolitics flaring, commodities surging, and uncertainty everywhere from Washington to Tokyo, the team unpack the difference between cyclical noise and structural change, and why traditional economic playbooks may no longer work. Expect deep macro insight, plenty of laughs, and a fresh way of thinking about inflation, labour markets, AI, and the future of growth.

This Week’s Highlights

🌍 Geopolitics Everywhere

Trump, Iran, Venezuela and Greenland keep markets on edge, with slow-burn risks proving harder to price than headline shocks.

⛏️ Commodities Take the Lead

Gold, silver, copper and mining stocks power higher as inflation hedging, geopolitics and supply constraints collide.

🏦 Banks & Bonds in Focus

US bank earnings beat expectations, but political pressure on credit card rates rattles lenders and investors.

🪙 Crypto Stabilises

Bitcoin rebounds, helped by renewed institutional buying and improving sentiment after recent volatility.

🇯🇵 Japan Breaks the Trend

A snap election sends the yen lower and Japanese bond yields higher, the only major market seeing rising yields this week.

Special Guest: Frances Donald

Frances Donald, Chief Economist at the Royal Bank of Canada, joins the team to explain why the old business cycle framework is breaking down, and what should replace it.

She covers:

• Why mass retirements are reshaping labour markets
• How demographics are flattening economic cycles
• Why inflation risks haven’t disappeared, just gone quiet
• The rise of “structural” growth drivers like healthcare, AI and government spending
• Why Canada may be far better positioned in the new global order than many investors realise

Plus: why economists got 2023 so wrong, and what they need to do differently going forward.

Portfolio Snapshot

Weekly performance: +1.9%

Total return since inception: +16.2%

Top Performers:

🥇 VanEck Crypto & Blockchain Innovators ETF: +6.4%

🥈 BlackRock World Mining Trust: +4.7%

🥉 iShares Physical Gold ETC: +2.3%

⛏️ WisdomTree Copper ETF: +2.0%

Underperformers:

📉 Invesco EQQQ NASDAQ-100 ETF: -1.4%

📉 iShares MSCI India ETF: -0.5%

📉 iShares S&P 500 GBP Hedged ETF: -0.5%

📉 Vanguard FTSE 250 ETF: -0.4%

What You’ll Learn

✔️ Why demographics matter more than GDP cycles

✔️ How retirements are changing inflation and growth dynamics

✔️ Why traditional recession indicators failed

✔️ How geopolitics really feeds into asset prices

✔️ Why diversification is finally paying off again

📈 Download the full Portfolio Performance Slides

View the portfolio breakdown: here

📧 Get in touch: theartofinvesting@ig.com

Subscribe for weekly investing insight and to follow the live portfolio in real time.

Disclaimer

This podcast is provided for educational and informational purposes only. The content presented is not intended as personal investment advice or a recommendation to buy, sell, or hold any particular securities or investments. All discussions regarding the model portfolio are illustrative and for educational purposes.

Your capital is at risk. The value of shares, ETFs and ETCs can fall as well as rise, which could mean getting back less than you originally put in.



January Incentive

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1% cashback on the total Qualifying Transfers initiated between 1 January and 30 January 2026

The maximum payout is £2,000.

Your ca...

With markets pushing to new highs and geopolitics back in focus, the team break down what’s really driving returns, and make their first meaningful portfolio changes of the year as they position for a potentially more volatile 2026.

This Week’s Highlights:

📈 Santa Rally (Finally)

Equities and commodities surge into year-end, with global markets hitting fresh highs.

🇬🇧 FTSE 100 Above 10,000

A major milestone for UK markets despite years of investor outflows.

⛏️ Commodity Leadership

Gold, copper and mining stocks dominate as rate cuts and geopolitics collide.

🪙 Crypto Whiplash

Sharp moves in crypto-linked equities underline fast-changing sentiment.

🏦 Rates & Bonds

Cooling US inflation steadies bonds, while Japan bucks the global trend.

🌍 Geopolitics Returns

Defence spending, elections and global tensions shape the 2026 outlook.

Portfolio Snapshot - Week 21:

Weekly performance: +4.23%

Total return since inception: +14.29%

Top Performers

🥇 VanEck Crypto & Blockchain Innovators ETF: +12.10%

🥈 BlackRock World Mining Trust: +10.66%

🥉 WisdomTree Copper ETF: +8.11% 

Steadier Contributors

• iShares MSCI India ETF: +2.52%

• iShares Physical Gold ETC: +2.42%

• iShares UK Gilts 0-5 Year ETF: +0.36%

Q4 Quarterly Review (Oct–Dec):

A standout quarter driven by real assets and diversification.

📊 Best Q4 Performers

• BlackRock World Mining Trust: +29.38%

• WisdomTree Copper ETF: +20.51%

• iShares Physical Gold ETC: +15.94%

• Nikkei 225 ETF: +9.60%

📉 Weak Spots

• VanEck Crypto & Blockchain Innovators ETF: –12.42% (Q4)

The quarter reinforces a key theme: commodities and diversification mattered more than mega-cap tech.



Actions Taken – Portfolio Changes:

• - 5% BlackRock World Mining Trust
• - 10% UK Gilts 0-5 years (all of position)
• +15% iShares $ Treasury Bond 7-10yr ETF 

Current positioning:

• ~67.5% equities

• ~22.5% commodities

• ~10% bonds & defensive assets

What You’ll Learn:

✔️ Why commodities dominated Q4

✔️ How professionals trim winners

✔️ Why bonds still matter

✔️ How geopolitics feeds into markets

✔️ Why diversification is back

📈 Download the full Portfolio Performance Slides

View the portfolio breakdown: here

📊 Download the full Quarterly Review Slides

View the Quarterly Review: here

📧 Get in touch: theartofinvesting@ig.com

Subscribe for weekly investing insight and to follow the live portfolio in real time.

Disclaimer:

This podcast is provided for educational and informational purposes only. The content presented is not intended as personal investment advice or a recommendation to buy, sell, or hold any particular securiti...

Rich McDonald, Mark “Spice” Holden and Chris Fellingham are joined by economist Stu Thompson to cut through the noise and focus on the big themes that could shape markets in 2026. Not next week’s headlines, not bank price targets, but the forces that really matter for long-term investors.

With consensus forecasts pointing to steady growth and falling rates, the team challenge whether markets have become complacent. From Japan’s bond market and the unwinding of the yen carry trade, to a weaker US dollar, stubborn inflation risks and rising political volatility, this episode is all about understanding where the real risks, and opportunities, may lie next year.

This Week’s Focus, The Big Themes for 2026:

🇯🇵 Japan & the Yen Carry Trade

Why rising Japanese bond yields could trigger a global competition for capital, and why this matters far beyond Tokyo.

📈 Bond Yields & Competition for Capital

Long-dated government bond yields are rising as investors demand higher returns. What that means for equities, portfolios and risk appetite.

💵 Dollar Weakness

Stu explains why the US dollar could be one of the weaker major currencies in 2026, and why commodities may benefit as a result.

🔥 Inflation Isn’t Dead

Stronger growth, fiscal stimulus and a weaker dollar could keep inflation firmer than markets expect, reshaping rate expectations.

🏛️ Politics & Volatility

From US midterms to UK political instability, the team explore how political pressure often leads to market-moving policy decisions.

🤖 AI Meets Reality

After driving markets higher, AI stocks may face tougher questions in 2026 as investors demand real returns, not just promises.

Big Questions the Team Debate:

• Are markets underestimating inflation risks in 2026?

• Could Japan’s bond market be the catalyst for global volatility?

• Is a weaker dollar inevitable, and how should investors prepare?

• Can equities thrive if interest rates don’t fall as much as expected?

• Why sitting on some cash isn’t “bearish”, it’s optionality

What You’ll Learn:

✔️ Why consensus forecasts are often the least useful input

✔️ How rising bond yields can quietly pressure risk assets

✔️ Why commodities often outperform when currencies weaken

✔️ How professionals think about risk before it shows up in prices

✔️ Why investing is about positioning, not prediction

📧 Get in touch: theartofinvesting@ig.com

📈 Subscribe for weekly investing insights and to follow the live portfolio in real time.

Disclaimer

This podcast is provided for educational and informational purposes only. The content presented is not intended as personal investment advice or a recommendation to buy, sell, or hold any particular securities or investments. All discussions regarding the model portfolio are illustrative and for educational purposes.

Your capital is at risk. The value of shares, ETFs and ETCs can fall as well as rise, which could mean getting back less than you originally put in.

January Incentive:

7.5% AER variable interest on cash balance up to £10,000.

Promotion from 1 January 2026 until 16 January 2026. First trade must be made before 16th January. Interest boosted from First Trade until 31st March 2026.

Your capital is at risk.

New customers only. Offer valid until 16/01/2026 on ISA, GIA or SIPP accounts. T&Cs apply.

To round off 2025, we’re revisiting some of the most memorable moments from 2025, the bold calls, the big debates, the lessons learned the hard way, and the moments that genuinely made us laugh.

From investor psychology and AI optimism, to Budget chaos, bond market nerves and why selling well matters more than buying smart, this episode is a reminder of what really drives long-term returns.

Whether you’re catching up over the holidays or revisiting your favourite moments, this is The Art of Investing at its best.

What You’ll Hear in This Episode:

🧠 Investor Psychology with Lee Freeman-Shor

Why great investors aren’t defined by how many winners they pick, but by what they do when things go wrong.

Rabbits, Assassins, Hunters and the hard reality of cutting losses before they cut you.

❤️ Falling in Love with Your Winners

Spice tells the story of his best ever investment, and why selling 20% down after a 20-fold gain was the right decision.

🤖 AI, Circular Deals & Déjà Vu

Why self-funding loops in tech can be a warning sign, and why markets have “seen this film before”.

🏛️ Inside the Truss Mini-Budget

Adam Smith pulls back the curtain on the chaos, the ignored process, and the moment markets lost confidence, including the phone call Jeremy Hunt thought was a prank.

📉 Why Every Institution Wants an Economist (Even When They’re Wrong)

Stu Thompson explains the political pressure behind forecasts, and why being wrong doesn’t always carry consequences.

📈 The Goldilocks Setup

Spice lays out why the next 12–18 months could be a sweet spot for markets: falling rates, easing inflation and strong growth.

🇬🇧 The Rise, and Decline, of the UK Stock Market

A hard look at how pensions, policy and decades of selling pressure reshaped UK equities.

💵 Bonds, Nervy Middles & Getting Paid to Wait

Chris Bowie explains why the best bond opportunities appear when everyone else is uncomfortable.



🎄 Why This Episode Matters

✔️ Markets reward behaviour, not predictions

✔️ Psychology matters more than ideas

✔️ Crises create opportunity — if you can stay disciplined

✔️ The “nervy middle” is where real returns are made

📧 Get in touch: theartofinvesting@ig.com

📈 Subscribe for weekly investing insights and to follow the live portfolio in real time.



Disclaimer

This podcast is provided for educational and informational purposes only. The content presented is not intended as personal investment advice or a recommendation to buy, sell, or hold any particular securities or investments. All discussions regarding the model portfolio are illustrative and for educational purposes.

Your capital is at risk. The value of shares, ETFs and ETCs can fall as well as rise, which could mean getting back less than you originally put in.

December Incentive – Get 5% cashback on your investments:

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You’ll receive 5% cashback on your invested value from 21 November to 31 December (max payout £100).

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Rich McDonald, Mark “Spice” Holden and Chris Fellingham reflect on a volatile end to the year, asking whether the long-awaited Santa Rally is simply late… or quietly getting back on track. With US markets lagging, tech wobbling, commodities rallying and rate cuts finally landing, the team cut through the noise to focus on one thing: how investors should be positioning for 2026, and what actually matters from here.



Expect market history, sharp portfolio insight, a few war stories from the trading floor, and more than a few Christmas crackers.

This Week’s Highlights

🎅 Santa Rally Watch

Markets wobble into year-end, but improving inflation and rate cuts raise hopes of a late festive surge.

📉 Tech Reality Check

AI poster children stumble as capital spending rises faster than revenues, raising questions about valuation and patience.

🇺🇸 US Market Lag

For once, the US underperforms global peers, forcing investors to rethink weightings and concentration risk.

⛏️ Commodity Comeback

Gold, copper and mining stocks shine as rate cuts, a softer dollar and China stimulus expectations lift hard assets.

🏦 Rates Finally Falling

The Bank of England cuts rates as inflation cools, while US data strengthens the case for further easing in 2026.

🎄 Year-End Games

The team lift the lid on how professional investors manage portfolios, and sometimes “massage” prices, into year-end.

Portfolio Snapshot

Weekly performance: -0.89%

Total return since inception: +10.06%

Top Performers:

🥇 iShares Physical Gold ETC: +2.53%

🥈 BlackRock World Mining Trust: +2.26%

🥉 Vanguard FTSE 250 ETF: +1.64%

Underperformers:

🪙 VanEck Crypto & Blockchain Innovators ETF: –15.34%

📉 Invesco EQQQ NASDAQ-100 ETF: –3.59%

🇯🇵 iShares Nikkei 225 ETF: –2.67%

Big Questions the Team Debate

• Is the Santa Rally delayed, or quietly forming?

• Are tech valuations finally being stress-tested?

• Should investors reduce US concentration after years of dominance?

• Is copper now more compelling than gold?

• How should portfolios really be reviewed at year-end?

What You’ll Learn

✔️ Why markets often rally after bad news, not before

✔️ How professional investors think about year-end positioning

✔️ Why commodities thrive when rates fall and currencies weaken

✔️ How to audit your portfolio properly over Christmas

✔️ Why long-term investors shouldn’t fear all-time highs

📈 Download the full Portfolio Performance Slides

View the portfolio breakdown: here

📧 Get in touch: theartofinvesting@ig.com

Subscribe for weekly investing insight and to follow the live portfolio in real time.

Disclaimer

This podcast is provided for educational and informational purposes only. The content presented is not intended as personal investment advice or a recommendation to buy, sell, or hold any particular securities or investments. All discussions regarding the model portfolio are illustrative and for educational purposes.

Your capital is at risk. The value of shares, ETFs and ETCs can fall as well as rise, which could mean getting back less than you originally put in.

December Incentive – Get 5% cashback on your investments:

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From blockbuster takeover bids and trillion-dollar IPO rumours, to a surprise return of quantitative easing and rising long-dated bond yields, the team unpack a week full of “toppy” signals, and explain why the bond market may be quietly flashing warning lights beneath the surface.

Along the way, they dig into the Fed’s latest rate cut, what’s really driving equity markets higher, and why Santa’s rally might not be as smooth as investors are hoping.

This Week’s Highlights

📉 Fed Cuts - But Changes the Game

The Federal Reserve cuts rates by 25bps, but quietly reintroduces QE at the short end of the bond market, earlier and more aggressively than expected.

📊 Bond Market Warning Signs

US, Japanese and global long-dated bond yields rise despite rate cuts, raising questions about inflation, credibility, and future growth.

🎥 Mega Deals & Market Froth

A $75bn+ bidding war for Warner Bros and rumours of a SpaceX IPO at a $1.5tn valuation spark debate about market peaks.

📈 Rotation Under the Surface

While big tech cools, the Russell 2000 hits fresh highs, signalling rotation into smaller US companies.

🤖 AI Reality Check

Oracle disappoints, Nvidia cools, and capital expenditure concerns resurface, reminding investors that AI profits still need to show up in cash flows.

🎄 Is the Santa Rally at Risk?

With central banks, payroll data, inflation prints and global bond markets all in focus, the team debate whether year-end optimism can survive.

Special Guest – Stu Thompson (Economist)

Stu helps decode what’s happening beneath the headlines:

📌 Why rising long-dated bond yields matter more than rate cuts

📌 What QE vs QT actually means for markets

📌 Why the yield curve is quietly steepening, and why that matters

📌 How AI productivity is changing growth and employment forecasts

Portfolio Snapshot

Weekly performance: +1.15%

Total return since inception: +10.95%

Top performers:

🥇 VanEck Crypto & Blockchain Innovators ETF: +7.22%

🥈 BlackRock World Mining Trust: +7.20%

🥉 iShares Russell 2000 ETF: +1.52%

Underperformers:

📉 WisdomTree Copper ETF: –0.90%

📉 Vanguard FTSE 250 ETF: –0.67%

What You’ll Learn

✔️ Why equity markets can rise even as bond markets flash warnings

✔️ How QE can return without anyone ringing the alarm bell

✔️ Why the bond market sets the “price of risk” for everything else

✔️ What rising yields really say about inflation and credibility

✔️ How to spot market “froth” without panicking

✔️ Why catalysts matter more than valuation alone

📈 Download the full Portfolio Performance Slides

View the portfolio breakdown: here

📧 Get in touch: theartofinvesting@ig.com

Subscribe for weekly investing insights and to follow the live portfolio in real time.

Disclaimer

This podcast is provided for educational and informational purposes only. The content presented is not intended as personal investment advice or a recommendation to buy, sell, or hold any particular securities or investments. All discussions regarding the model portfolio are illustrative and for educational purposes.

Your capital is at risk. The value of shares, ETFs and ETCs can fall as well as rise, which could mean getting back less than you originally put in.



December Incentive – Get 5% cashback on your investments:

FOR A LIMITED TIME WE’VE DOUBLED OUR OFFER:  GET 10% CASHBACK UP TO £200. 

Open a new account and invest a minimum of £...

Huge thank you to everyone who voted! TAOI just won Best Financial Podcast, Best Financial Analysis, and Best Investing Education at the Good Money Guide Awards.

This week, Rich McDonald, Chris Fellingham and Mark “Spice” Holden break down one of the most complex macro weeks of the year. From Japan’s shock rate-rise chatter to a crypto wipeout, a commodities surge, and the portfolio’s push toward being fully invested for the potential Santa Rally…yes, we’ve added more copper!

We answer a few listener questions;

1. Should all investors be using a stop loss? 

2. How to manage positions when taking profits and managing the downside risk?

3. Should we all have an annual target return for our ISAs and how to manage investments when you hit your target early?

This Week’s Highlights

• 💥 Crypto Rollercoaster - Bitcoin dumps 10% right after last week’s episode… then rips back. China’s clampdown on illegal exchanges sparks volatility.
• 💵 Dollar Weakness = Commodity Strength - A 1.5% fall in the dollar boosts metals across the board. Silver hits a new all-time high, gold approaches one and copper posts a new post-crash high.
• 🇯🇵 Japan Shocks Markets - The Bank of Japan hints at a rate hike (from 0.5% to 0.75%), sending JGB yields to 1.9%, the highest in years.
• 🎅 Santa Rally… Incoming? - December is typically strong, but Japan’s sudden move could complicate things.
• 🇺🇸 US Markets Stay Resilient - The S&P 500 notches its 7th straight monthly gain.
• 📉 Oil Wobbles - Tensions with Venezuela move prices, but weak structural supply keeps oil struggling.

Macro Deep Dive: Japan, Yields & Why It Matters

The team translate Japan’s bond market into plain English:

• What a “30-year vs 10-year implied 20-year rate” actually tells us
• Why the market is already pricing Japanese rates rising to ~4% over time
• How a rising yen hurts Nikkei earnings
• Why Japan’s decades of deflation explain their ultra-cautious approach now

Portfolio Snapshot

(as referenced in-episode — not final weekly numbers)

Weekly Performance: +0.68%

Total Return Since Inception: +9.8%

Top Performers:

🥇 BlackRock World Mining Trust: +5.4%

🥈 WisdomTree Copper ETF: +3.34%

🥉 VanEck Crypto & Blockchain Innovators ETF: +2.55%

Underperformers:

🇮🇳 iShares MSCI India ETF: –2.94%

🌏 iShares Core MSCI EM IMI ETF: –0.93%

🇯🇵 iShares Nikkei 225 ETF: –0.64%

Actions Taken:

We are now fully invested heading into year-end.

• +2.5% WisdomTree Copper ETF

• Cash now fully deployed, with Gilts acting as defensive ballast

What You’ll Learn

• How Japan’s bond market can move global stocks
• Why a weak dollar supercharges metals
• Why India suddenly fell this week
• How professionals think about risk once they’ve hit a return target
• The psychology of selling winners and losers
• Why copper may be the portfolio’s secret weapon for 2026

📈 Download the full Portfolio Performance Slides

View the portfolio breakdown: here

📧 Get in touch: theartofinvesting@ig.com

Subscribe for weekly investing insights and to follow the live portfolio in real time.

Disclaimer

This podcast is provided for educational and informational purposes only. The content presented is not intended as personal investment advice or a recommendation to buy, sell, or hold any particular securities or investments. All discussions regarding the model portfolio are illustrative and for educational purposes.

This week on The Art of Investing, Rich McDonald, Mark “Spice” Holden and Chris Fellingham break down one of the most dramatic weeks since the portfolio launched – a UK Budget that surprised market and confused economists.

With the FTSE wobbling, the pound drifting, and US markets powering ahead, the team get into a heated (and very funny) debate about what the UK actually needs…and why investors are quietly moving their money elsewhere.

Expect strong views, deeper macro insight than ever, and the biggest disagreement we’ve had on the show.

This Week’s Highlights

• 💥 Budget Blowback: Long-dated gilts jump, the pound slips and the market’s verdict is… not good.
•  🇺🇸 US Market Strength: S&P and Nasdaq continue pushing upwards as US data surprises on growth.
• 📉 Crypto Volatility: Bitcoin chops sideways after last week’s selloff.
•  💷 UK in the Hot Seat: Does this Budget help growth or just recycle old problems?
• 📈 Santa Rally Setup: Why the team thinks US equities could accelerate into year-end (despite the noise).
• 🥊 The Big Argument: Rich and CJ clash on whether the UK is investable right now.

Special Segment - The Budget Deep Dive

The team unpack the biggest Budget talking points:

• 📊 Growth Forecast Confusion: Why the OBR and Treasury can’t agree on the 2026/27 outlook.
•  💸 Tax Tangle: Freezes, thresholds, and the hidden hikes no one talks about.
• 🏛️ Credibility Check: Why gilt markets reacted sharply — and why it matters.
•  🏠 Housing Impact: Stamp duty chatter, ISA tweaks and who actually benefits.
•  ⚠️ Is the UK Becoming a Value Trap? The debate gets lively.

Portfolio Snapshot

Weekly performance: +1.8%

Total return since inception: +9%

Top Performers:

• 🥇 iShares Russell 2000 ETF: +5.82%
• 🥈 VanEck Crypto & Blockchain Innovators ETF: +4.8%
• 🥉 iShares S&P 500 GBP Hedged ETF: +2.92%

Underperformers:

• 🇮🇳 iShares MSCI India ETF: –1.58%
• 🌏 iShares Core MSCI EM IMI ETF:  –0.27%
• 💷 Cash: +0.08%

Actions Taken:

• –5% Vanguard FTSE 250 ETF

• +2.5% FTSE 100

• +2.5% S&P 500 Hedged

​

What You’ll Learn

• How markets really price a Budget within minutes
• Why gilt yields are the UK’s “truth serum”
• Why higher taxes don’t always mean more revenue
• How sentiment flips between global markets
• Why the Santa Rally is a real thing (and when it fails)
• Why discipline, not prediction, drives portfolio returns

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View the portfolio breakdown: here

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This week on The Art of Investing, Rich McDonald, Mark “Spice” Holden and Chris Fellingham are joined by Adam Smith, former Special Advisor to the Chancellor, for the most inside-Treasury Budget preview we’ve ever recorded.

With Rachel Reeves’ first Budget just days away, Adam explains how decisions really get made — the politics, pressure, fiscal rules, OBR scrutiny and the moments where things nearly go off the rails.

Meanwhile, markets have been wild:

• Bitcoin drops 35% from the highs

• Nvidia posts one of the biggest earnings beats in history

• The Fed cools December cut expectations

• Long gilts sell off on credibility worries

• And Rich… turns fully bullish

This Week’s Highlights

• 💥 Crypto Crash: Bitcoin down another 10%; record ETF outflows
• 📈 Nvidia Surge: A huge quarter steadies the NASDAQ
• 🏦 Fed Cuts on Hold: Shutdown delays key data
• 🇬🇧 Gilt Volatility: Income-tax U-turn sends yields 30bp higher
• ⚡ AI Power Rush: 10 new US nuclear reactors approved
• 🥊 Portfolio Debate: Rich buys the dip; Spice agrees; CJ isn’t sure
• 🎩 Fantasy Budget: Adam, CJ, Spice & Rich pitch their own Budgets

Special Guest - Adam Smith

Adam Smith, former Special Advisor to the Chancellor, reveals the real mechanics behind the Budget:

📊 The Scorecard — every tax & spend decision in one spreadsheet

🧮 Fiscal Rules — how they’re bent, stretched and stress-tested

🏛️ OBR Checks — what survives scrutiny (and what doesn’t)

🔥 Mini-Budget Lessons — why credibility beats headlines

🔮 Next Week’s Budget — freezes, pension tweaks, revenue raisers

Plus: the late-night calls, panic moments and political chaos behind every fiscal event.

Portfolio Snapshot:

Weekly performance: – 2.6%

Total return since inception: +7.20%

Top Performers:

• 🥇 iShares MSCI India ETF – +1.07%
• 🥈 Cash – +0.08%
• 🥉 iShares UK Gilts 0–5yr ETF – –0.13%

Underperformers:

• 🪙 VanEck Crypto & Blockchain ETF – –14.74%
• 🇯🇵 iShares Nikkei 225 ETF – – 4.94%
• 🇺🇸 iShares Russell 2000 ETF – – 4.27%

Actions Taken:

• Adding to portfolio:
• +2.5% NASDAQ 100
• +2.5% VanEck Crypto ETF

What You’ll Learn

How Budgets are really built

• Why credibility matters more than the policy
• Which tax levers actually raise money
• What drives crypto deleveraging
• Why AI infrastructure is a new macro theme
• How markets price Budget moves instantly
• Why too much cash destroys long-term returns

📈 Download the full Portfolio Performance Slides

View the portfolio breakdown: here

📧 Get in touch: theartofinvesting@ig.com

Subscribe for weekly investing insights and to follow the live portfolio in real time.

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We’ve ...

Welcome to Episode 19 of The Art of Investing - brought to you by IG, the global investing platform.

This week, the team hand over the mic to Lee Freeman-Shor, fund manager turned author of The Art of Execution - the book that proves great investors aren’t defined by their ideas, but by what they do when those ideas go right…or wrong.

Rich McDonald, Mark “Spice” Holden and Chris Fellingham dive into the psychology behind winning (and losing) in the markets. Expect honesty, humour and a full audit of everyone’s personal investing “tribe” - Rabbit, Assassin, Hunter, Raider or Connoisseur.

This Week’s Highlights:

• 💥 Markets: US narrowly avoids a shutdown, the dollar softens 1%, and commodity strength pushes the FTSE 100 to another all-time high.
• 📉 Crypto Cool-off: Bitcoin recovers slightly but remains 5% below last week’s lows.
• 🤖 Tech Watch: Nvidia earnings ahead - and SoftBank trims its stake ahead of the event.
• 🏦 UK Macro: GDP flat at 0.1% as unemployment rises to 5%, fuelling December rate-cut speculation.
• ⛏️ Commodity Rally: Gold +4.9%, copper +2.5% as a weaker dollar lifts real assets.

Special Guest - Lee Freeman-Shor:

Key Behavioural Traits That Could Kill a Portfolio:

1. Holding onto Losers
2. Selling Winners Too Early
3. Lack of Conviction/Action

Lee breaks down the five “investor tribes” from his research:

• 🐇 Rabbits - freeze when underwater
• 🗡️ Assassins - cut losers fast
• 🎯 Hunters - double down intelligently
• ⚔️ Raiders - take profits too soon
• 🏆 Connoisseurs - hold winners properly

Plus: why even elite fund managers only get 3/10 stock picks right, and what the top performers actually do differently.

Portfolio Snapshot:

Weekly performance: +0.4%

Total return since inception: +9.8%

Top Performers:

• 🥇 BlackRock World Mining Trust — +5.54%
• 🥈 iShares Physical Gold ETC - +4.66%
• 🥉 WisdomTree Copper ETF - +2.56%

Underperformers:

• 🪙 VanEck Crypto & Blockchain Innovators ETF - -16.80%
• 📉 Invesco EQQQ NASDAQ-100 ETF - -1.23%
• 🇯🇵 iShares Nikkei 225 ETF - -0.70%

Actions Taken:

• No new trades this week.
• Team reviewing potential adjustments next week based on the quarterly review.

What You’ll Learn:

• Why psychology drives returns more than stock picking
• How to identify your investing tribe
• Why “hope” is the most dangerous investment strategy
• Why disciplined selling beats clever buying
• What separates the top 2% of investors from everyone else

📈 Download the full Portfolio Performance Slides

View the portfolio breakdown: here

📧 Get in touch: theartofinvesting@ig.com

Subscribe for weekly investing insights and to follow the live portfolio in real time.

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Rich McDonald, Mark “Spice” Holden, and Chris Fellingham take a trip through financial history to explore one of the most important questions facing the UK government right now: what happens when a budget goes wrong?

With just weeks until Rachel Reeves delivers her first budget, the team looks back at past fiscal failures - from the 1976 IMF bailout to the Liz Truss “mini-budget” meltdown - and discusses what lessons markets (and investors) can learn from both.

This Week’s Highlights

• 💥 Crypto Correction: Bitcoin slides into a bear market, down 20% from its highs. The team unpack what a dip, correction, and bear market really mean - and why investors still “buy the dip.”
• 📉 AI Fatigue: Meta’s 17% post-earnings drop sparks debate over whether tech valuations are finally stretched.
• 🏦 Rate Cut Watch: The Bank of England holds at 4% in a tight 5-4 vote - but hints of a cut in December.
• 📊 Bonds & Bubbles: Deutsche Bank hedges AI exposure as echoes of 2008 resurface.
• 💷 Budget Breakdown: Why the upcoming UK budget could define the next decade - and the two moments in history that show what happens when fiscal policy goes off the rails.

Portfolio Snapshot

• Weekly performance: -1.2%
• Total return since inception: +9.4%

Top performers:

• 🥇 Gold - +1%
• 🇬🇧 FTSE 100 - +0.1% (helped by weaker sterling)
• 💰 Cash position - held steady

Underperformers:

• 🪙 VanEck Crypto & Blockchain ETF - -4% (crypto slide)
• ⚙️ Copper ETF - -4%
• ⛏️ World Mining Trust - -3.5%

Action Taken:

• DAX position (5%) sold, moving funds into cash to reduce overall equity exposure.
• Total cash & equivalents: 17.5%, providing flexibility for future corrections.

What You’ll Learn:

• Market Jargon Explained: What defines a dip, correction, or crash - and why investors need to know the difference.
• Is AI the New Bubble? The team debate whether recent gains signal irrational exuberance or just strong fundamentals.
• Lessons from History:
• 1976 IMF bailout - when UK debt and inflation forced an emergency rescue.
• 2022 Truss mini-budget - how ignoring the bond market triggered chaos.
• Why the Gilt Market Matters: How confidence (or lack of it) in government borrowing drives rates, markets, and mortgage costs.

📈 Download the full Portfolio Performance Slides

View the portfolio breakdown: here

📧 Get in touch: theartofinvesting@ig.com

Subscribe for weekly investing insights and to follow the live portfolio in real time.

Disclaimer

This podcast is provided for educational and informational purposes only. The content presented is not intended as personal investment advice or a recommendation to buy, sell, or hold any particular securities or investments. All discussions regarding the model portfolio are illustrative and for educational purposes.

Your capital is at risk. The value of shares, ETFs and ETCs can fall as well as rise, which could mean getting back less than you originally put in.

November Free Share Bundle:

Grow your portfolio with IG. Invest £50 with IG and get a free share bundle worth between £40 and £200. 

Make your first investment into an ISA, GIA or SIPP account before the 30th November and benefit from Commission-Free Investing as well as 4% Variable Interest on Cash. 

Other fees may apply, T&Cs found

Rich McDonald, Mark “Spice” Holden and Chris Fellingham are joined by special guest Chris Bowie, one of the UK’s leading bond managers, to demystify the world of corporate bonds - what they are, how they fit into a portfolio, and when they shine. As markets hit fresh highs, the team unpack the latest Fed rate cut, Trump’s “taco trade” tour of Asia, Nvidia’s record-breaking $5 trillion valuation, and why Japan’s bond market may just reshape global liquidity. Then, Bowie takes us deep into credit markets, from investment grade to high yield and explains why short-dated bonds might be today’s smartest income play.

This Week’s Highlights:

• 💵 Corporate Bonds: Understanding credit spreads, yields, and why timing matters.
• 📊 Bull Market Lives On: Nvidia soars, Nasdaq climbs, and the FTSE hits new highs.
• 🇯🇵 Japan’s Yield Curve Twist: What rising JGB yields mean for global money flows.
• 🏛️ Fed Cuts Rates Again: Powell pushes back on December expectations.
• 📉 Private Debt Watch: Why Bowie warns that illiquidity and opacity are rising risks
• 🗳️ Budget Preview: Will Rachel Reeves cut the North Sea windfall tax and finally back growth?

Portfolio Snapshot:

• Weekly Performance: +3.1 %
• Total Return Since Inception: +10.6 %

Top performers:

• 🪙 VanEck Crypto & Blockchain Innovators ETF +12.7 %
• 🥉 WisdomTree Copper ETF +6.5 %
• 📈 Invesco EQQQ Nasdaq-100 ETF +6.0 %
• 🇯🇵 iShares Nikkei 225 ETF +5.9 %

Underperformers:

• 🇮🇳 iShares MSCI India ETF -0.3 %
•  🇬🇧Vanguard FTSE 250 -0.3 %

What You’ll Learn:

• What corporate bonds are and how they differ from government debt.
• Why “short-dated investment grade” can deliver higher yield with low risk.
• How liquidity and transparency set public bonds apart from private credit.
• What “duration,” “spread,” and “Sharpe ratio” actually mean.
• How Rachel Reeves’ budget and UK tax policy could move the gilt market.
• Why the team still believes the bull market isn’t done yet.

📈 Download the full Portfolio Performance Slides

View the portfolio breakdown: here

📧 Get in touch: theartofinvesting@ig.com

Subscribe for weekly investing insights and to follow the live portfolio in real time.

 Disclaimer:

This podcast is provided for educational and informational purposes only. The content presented is not intended as personal investment advice, financial planning guidance, or a recommendation to buy, sell, or hold any particular securities or investments. All discussions regarding the model portfolio are for educational purposes only. Past performance is not an indication of future results.

Your capital is at risk. The value of shares, ETFs and ETCs can fall as well as rise, which could mean getting back less than you originally put in.

November Free Share Bundle:

Grow your portfolio with IG. Invest £50 with IG and get a free share bundle worth between £40 and £200. 

Make your first investment into an ISA, GIA or SIPP account before the 30th November and benefit from Commission-Free Investing as well as 4% Variable Interest on Cash. 

Other fees may apply, T&Cs found here or on ig.com/uk

Rich McDonald, Mark “Spice” Holden and Chris Fellingham dig into a rollercoaster week for markets as crypto sells off, AI stocks wobble, and the FTSE 100 pushes back toward record highs. The trio debate whether this is just another healthy correction, or the first cracks in the bull market. And, the team add Vanguard FTSE 250 to the portfolio, listen to find out what changes we’ve made to the portfolio this week.

This Week’s Highlights

 🐻 Revenge of the Bears: Are tech valuations finally starting to bite?

💥 Earnings Season Heats Up: 86 % of US companies are beating expectations - but can it last?

📉 Crypto Correction: Bitcoin and blockchain names take another leg down.

🏦 UK Banks Shine: Barclays and HSBC post strong results, boosting the FTSE.

⚙️ Rotation Watch: Money begins to flow from mega-cap tech into smaller stocks.

Portfolio Snapshot

• Weekly Performance: –1.3 %
• Total Return Since Inception: +7.5 %
• Added Vanguard FTSE 250 (VMIG) 

Top Performers:

🪷 India ETF +3.7 %

🇯🇵 Nikkei 225 +1.1 %

🏦 FTSE 100 +1.1 %

Underperformers:

💎 Gold –3.8 %

⛏️ World Mining Trust –7.4 %

🪙 VanEck Crypto & Blockchain ETF –15.9 %

What You’ll Learn:

• How strong earnings and a US shutdown can coexist and why markets still rise.
• Why AI and quantum-computing stocks fell 33 % and what that means for investor sentiment.
• The difference between Brent and WTI oil and how OPEC and supply controls set prices.
• Why the team thinks oil may be at the start of a new run-up.
• The case for FTSE 250 mid-caps in a changing UK policy landscape (and how they’re funding it).
• How central-bank gold buying and AI efficiency link back to portfolio strategy.

📈 Download the full Portfolio Performance Slides

View the portfolio breakdown here: Portfolio

📧 Get in touch: theartofinvesting@ig.com

Subscribe for weekly investing insights and to follow the live portfolio in real time.

Disclaimer:

This podcast is provided for educational and informational purposes only. The content presented is not intended as personal investment advice, financial planning guidance, or a recommendation to buy, sell, or hold any particular securities or investments. All discussions regarding the model portfolio are for educational purposes only. Past performance is not an indication of future results.

Your capital is at risk. The value of shares, ETFs and ETCs can fall as well as rise, which could mean getting back less than you originally put in.

October Free Share Bundle:

Grow your portfolio with IG. Invest £50 with IG and get a free share bundle worth between £40 and £200.*

*New customers only. Make your first investment of at least £50 into an ISA, GIA, or SIPP account by 30 October 2025. Must remain invested until 31 November 2025. Other fees may apply.

T&Cs found: Here

Rich McDonald, Mark “Spice” Holden and Chris Fellingham are joined by behavioral economist Stuart Thompson to unpack one of the biggest questions in finance right now: are we in a market bubble?

From crypto crashes and record equity highs to the psychology driving investor behaviour, the team takes a hard look at what’s behind today’s market confidence - and whether it’s justified.

This Week’s Highlights

💥 Crypto Volatility: Bitcoin drops sharply in a flash selloff - what triggered it, and what comes next?

📈 Equities on Edge: Global indices remain near record highs despite softening data.

💬 Behavioral Economics: Guest Stuart Thompson explains why fear and greed still move markets faster than any algorithm.

🏦 Central Banks: Investors continue to price in more rate cuts as data weakens.

📊 Portfolio Review: The team weigh the balance between risk assets and defensive plays amid talk of overheating markets.

Portfolio Snapshot:

Weekly performance: +0.5%

Total return since inception: +8.8%

Top performers:

• 🪙 VanEck Crypto & Blockchain ETF - +4.4% this week
• 🥇 Gold - +4%
• ⛏️ World Mining Trust - +3.5%

Underperformers:

• 🇩🇪 DAX - -1.2%
• 🇬🇧 FTSE 100 - -1.2%
• 🇺🇸 S&P / NASDAQ - slightly weaker amid mixed macro data

Positioning:

The team discusses trimming crypto exposure, staying long gold, and holding steady on equities as valuations stretch.

Key Takeaways:

• “Bad news is still good news” - weak data keeps the rate-cut optimism alive.
• Behavior drives markets: emotion outweighs logic in bubble phases.
• Crypto remains volatile: sharp moves highlight risk and opportunity.
• Gold and miners continue to perform strongly as defensive assets.
• Portfolio discipline: staying diversified while sentiment runs hot.

📈 Download the full Portfolio Performance Slides

View the portfolio breakdown

📧 Get in touch: theartofinvesting@ig.com

Subscribe for weekly investing insights and to follow the live portfolio in real time.

Disclaimer

This podcast is provided for educational and informational purposes only. The content presented is not intended as personal investment advice, financial planning guidance, or a recommendation to buy, sell, or hold any particular securities or investments. All discussions regarding the model portfolio are for educational purposes only. Past performance is not an indication of future results.

Your capital is at risk. The value of shares, ETFs and ETCs can fall as well as rise, which could mean getting back less than you originally put in.

October Free Share Bundle

Grow your portfolio with IG. Invest £50 with IG and get a free share bundle worth between £40 and £200.*

*New customers only. Make your first investment of at least £50 into an ISA, GIA, or SIPP account by 30 October 2025. Must remain invested until 31 November 2025. Other fees may apply.

T&Cs found: Here

This week, Rich McDonald, Mark “Spice” Holden and Chris Fellingham tackle the markets head-on - from new all-time highs and a stronger dollar, to Japan’s new Prime Minister and China’s next big play.

It’s also decision week for the team as they decide whether to trim, add, or double down in their live portfolio after another strong run. With 8% total returns in just eight weeks, the bulls and bears are locking horns.

This Week’s Highlights

• 💹 Global Highs: S&P 500, DAX, Nikkei and even the FTSE hitting record levels
• 🏦 Central Banks: Hawk vs Dove - who’s really calling the shots now?
• 🇯🇵 Japan’s “New Thatcher”: Sanae Takanichi becomes Japan’s first female PM and markets love it
• 📉 Private Debt Warning: Is the next crisis hiding outside the banks?
• 📊 Emerging Markets Deep Dive: China, India, and the rise of the middle class
• 🪙 Portfolio Moves: Cutting crypto, adding to miners, and a 5% play on emerging markets

Portfolio Update

• Current portfolio return: +8.2% since inception
• Top performer: VanEck Crypto & Blockchain Innovators ETF (+50%)
• New allocations:
• -2.5% from VanEck Crypto
• +5% into BlackRock World Mining Trust
• +5% into Emerging Markets ETF
• Cash reduced accordingly

The team debate whether to take profits, raise targets, or brace for a correction — as the “Goldilocks economy” keeps investors dancing while the music’s still playing.

📈 Download the full portfolio performance slides here

Quarterly Performance & Allocations

What You’ll Learn

• Why AI-linked “circular deals” could be a red flag
• The real risks and rewards in emerging markets (China vs India)
• Why private credit might be the next bubble
• How to balance fragile vs anti-fragile assets in your portfolio

Next Week:

The team answers the big question: What do you do when you’re ahead of your targets? - a full episode on portfolio management psychology.

📧 Get in touch: theartofinvesting@ig.com

Subscribe for weekly investing insights and to watch the team’s live portfolio evolve in real time.

Disclaimer

This podcast is provided for educational and informational purposes only. The content presented is not intended as personal investment advice, financial planning guidance, or a recommendation to buy, sell, or hold any particular securities or investments. 

All discussions regarding the model portfolio are for educational purposes only. Past performance is not an indication of future results.