The Art of Investing

This week on The Art of Investing, Rich McDonald, Mark “Spice” Holden and Chris “CJ” Fellingham are joined by Stu Thompson, Economic Strategist, to break down a market being driven less by fundamentals, and more by shifting interest rate expectations.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 FlipMarkets move from pricing cuts to multiple hikes, a huge shift in sentiment.📉 Bonds Fail to DiversifyGilts and treasuries fall alongside equities, challenging traditional portfolio theory.⚠️ Private Credit Stress BuildsRedemption limits and liquidity concerns continue to emerge.⛽ Oil & Inflation RiskEnergy prices remain the key driver of inflation expectations.📊 Markets Still ResilientDespite volatility, equities hold up better than many expected.🧠 Don’t Fight the NoiseWhy 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 stabilisersHowever, 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 SlidesView the portfolio breakdown: here📧 Get in touch: theartofinvesting@ig.comSubscribe 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 AprilDetails: 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-26https://www.ig.com/uk/jisa-cash-bonus-250-feb-26Beat 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. 

This week on The Art of Investing, Rich McDonald, Mark “Spice” Holden and Chris “CJ” Fellingham break down a more fragile market backdrop as momentum stalls and volatility creeps back in.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 SlowsAfter weeks of strong gains, markets begin to lose steam as leadership narrows.⛏️ Commodities PauseMining stocks pull back sharply after a huge run, testing conviction in the trade.🪙 Crypto BouncesCrypto-linked equities recover, highlighting ongoing volatility in risk assets.🌍 Global DivergenceDifferent regions move in opposite directions, making allocation more important than ever.🏦 Bonds Back in FocusWeakness in fixed income raises questions about diversification again.🧠 Staying DisciplinedWhy 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 stabilisersDespite 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 SlidesView the portfolio breakdown: here📧 Get in touch: theartofinvesting@ig.comSubscribe 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 AprilDetails: 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-26https://www.ig.com/uk/jisa-cash-bonus-250-feb-26

This week on The Art of Investing, Rich McDonald, Mark “Spice” Holden and Chris “CJ” Fellingham unpack a volatile week in global markets as geopolitical tensions, rising oil prices and credit concerns ripple through investor sentiment.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 MarketsEnergy prices surge as Middle East tensions intensify.🏦 Private Credit QuestionsLiquidity concerns emerge in parts of the private market.📉 Rate Expectations ShiftInvestors reassess the outlook for central bank cuts.📊 Sector Rotation ContinuesSoftware rebounds while travel and energy-sensitive sectors struggle.⚠️ Liquidity Risk DebateRestrictions in some funds highlight structural challenges.Portfolio Snapshot:Portfolio Snapshot – Week 30Weekly 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 cashThe 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 SlidesView the portfolio breakdown: here📧 Get in touch: theartofinvesting@ig.comSubscribe 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 AprilDetails: 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-26https://www.ig.com/uk/jisa-cash-bonus-250-feb-26

This week on The Art of Investing, Rich McDonald, Mark “Spice” Holden and Chris “CJ” Fellingham unpack a volatile week as geopolitical tensions, banking sector nerves and shifting energy policy collide.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 FocusRising tensions bring geopolitical risk back to markets.🇷🇺 Lessons from RussiaRevisiting the 2022 collapse in Russian assets and its lessons.⛽ Energy Policy ConfusionGovernments tax oil producers while calling for more supply.📉 Market Volatility ReturnsSector swings highlight diversification.🧠 Staying Rational in TurbulenceWhy 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 cashThe 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 shocksWhat 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 SlidesView the portfolio breakdown: here📧 Get in touch: theartofinvesting@ig.comSubscribe 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 AprilDetails: 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-26https://www.ig.com/uk/jisa-cash-bonus-250-feb-267% interest on Cash IncentiveDates: 2nd March - 13th March 2026Details: 7% AER variable interest on cash balance up to £5000 for 6 months. Until 31st August 2026. Promo Code: INTERESTPODCAST📋T&Cs: https://www.ig.com/uk/boosted-interest-mar-26

This week on The Art of Investing, Rich McDonald, Mark “Spice” Holden and Chris “CJ” Fellingham unpack a strong week for the portfolio, led by commodities, emerging markets and continued European resilience.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 MomentumA strong week driven by commodities and emerging markets exposure.⛏️ Mining Leads the ChargeBlackRock World Mining Trust hits fresh highs as metals rally.🌍 Emerging Markets Break HigherKorea climbs the global rankings and EM exposure continues to pay off.🇺🇸 US vs The Rest of the WorldIs money finally rotating away from US mega caps into global markets?🏦 Private Equity PressureAre private market valuations finally being tested?🧠 Investor PsychologyWhen 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 positionsThe 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 SlidesView the portfolio breakdown: here📧 Get in touch: theartofinvesting@ig.comSubscribe 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 ISAPODCASTNew 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-26Get 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.Use Promo Code CASHBACKPODCASTNew customers, or existing customers who haven’t placed a share dealing trade, only. Minimum first trade £100. Investments must be held until 30th June 2026.Offer available 23rd February to 13th March 2026. T&Cs apply.📋T&Cs: https://www.ig.com/uk/5-percent-cashback-feb-26

This week on The Art of Investing, Rich McDonald, Mark “Spice” Holden and Chris “CJ” Fellingham unpack a quietly powerful week in markets.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 AgainFTSE 100 hits fresh highs, the DAX continues to climb, and the Euro Stoxx 600 builds momentum.🏦 Bonds BehavingUS 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 TalkIs there really a conspiracy in silver, or just classic retail momentum?🌍 Emerging Markets BuildPortfolio exposure increases as global growth expectations strengthen.📊 AI Analyses the PortfolioCJ 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 exposureCash 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 positioningThe 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 SlidesView the portfolio breakdown: here📧 Get in touch: theartofinvesting@ig.comSubscribe for weekly investing insight and to follow the live portfolio in real time.DisclaimerThis 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 IncentiveGet 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 ISAPODCASTNew 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

This week on The Art of Investing, Rich McDonald, Mark “Spice” Holden and Chris “CJ” Fellingham return after an intriguing week in markets to debate a major shift in positioning.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 BreakoutA landslide election victory fuels fiscal stimulus hopes. The Nikkei jumps nearly 9% on the week, lifting the portfolio sharply.💻 Software ShockA 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 WarningAlphabet 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 StrengthEuro Stoxx indices hit highs as investors rotate away from expensive US tech into industrial and value-heavy regions.🇬🇧 UK Politics & GiltsPolitical uncertainty continues, reinforcing caution on long-dated UK bonds.Portfolio Snapshot: Week 26Weekly 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 SlidesView the portfolio breakdown: here📧 Get in touch: theartofinvesting@ig.comSubscribe for weekly investing insight and to follow the live portfolio in real time.DisclaimerThis 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 IncentiveGet 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 ISAPODCASTNew 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

This week on The Art of Investing, Rich McDonald and Mark “Spice” Holden are joined by JP Smith for a wide-ranging and timely discussion on one of the most volatile weeks markets have seen in months.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 CrashPrecious metals suffer violent reversals as margin hikes, positioning pressure and liquidity fears collide.💻 Tech Rotation AcceleratesUS software and AI leaders sell off sharply as markets reassess capex spending and future returns.🔄 Money Rotates, Not FleesCapital flows out of mega-cap tech into small- and mid-cap US equities, Europe and Japan.🪙 Crypto Volatility ReturnsBitcoin slides sharply, dragging crypto-linked equities with it, highlighting broken correlations with gold.🏦 Fed Chair ShockTrump nominates Kevin Warsh as next Fed Chair, spooking markets with fears of tighter liquidity and less QE.📊 Volatility Back on the RadarThe VIX becomes a key signal once again, with the team explaining how professionals actually use it.Portfolio SnapshotWeekly 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 ExposureSold half of the Nasdaq position (–2.5%)Reallocated into US small caps via the Russell 2000Why?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 SlidesView the portfolio breakdown: here📧 Get in touch: theartofinvesting@ig.comSubscribe for weekly market insight and to follow the live portfolio in real time.DisclaimerThis 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 IncentiveGet 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 ISAPODCASTNew 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

This week on The Art of Investing, Rich McDonald, Mark “Spice” Holden and Chris Fellingham are joined by JP Smith, veteran emerging markets strategist and former Chief Global Strategist at Pictet, for a deep dive into the forces shaping global markets, and where investors may be underestimating risk.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 FocusWhy emerging markets have surged, and why today’s emerging markets index looks nothing like the one investors remember.🇷🇺 Lessons From RussiaJP recounts calling the 1998 Russian crisis early, and what investors consistently miss before major blow-ups.🇨🇳 China’s Governance ProblemDilution, state intervention and why earnings haven’t matched economic growth.💵 The Dollar DebateIs US dollar weakness structural, or just noise? A heated discussion on debt, politics and confidence.🏦 Central Banks & CredibilityFrom Japan’s bond market intervention to the Fed’s independence under pressure.⚠️ Tail Risks Are RisingWhy 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 SlidesView the portfolio breakdown: here📧 Get in touch: theartofinvesting@ig.comSubscribe for weekly market insight and to follow the live portfolio in real time.DisclaimerThis 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 IncentiveGet 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 ISAPODCASTNew 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

This week, Rich McDonald, Mark “Spice” Holden and Chris Fellingham unpack one of the most volatile macro weeks of the year, from Japan’s bond market shock to Trump’s Davos comments, rising geopolitical tension, and a sharp shift in momentum across assets.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 Shock40-year Japanese government bond yields spike, triggering global bond and equity volatility.🌍 Geopolitics ReturnsGreenland, NATO tensions and Trump’s Davos comments briefly rattle markets before a sharp relief rally.📉 Momentum RotatesGold and mining stocks surge while crypto and copper lag as capital chases safety and trend.🪙 Crypto vs GoldBitcoin slides while gold hits new highs, reigniting the “digital gold” debate.🏦 Central Bank PowerThe 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 CashThe team reduce exposure to gold and US equities, moving 10% of the portfolio into cash to reassess risk after strong gains.💬 Live DebateShould 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 SlidesView the portfolio breakdown: here📧 Get in touch: theartofinvesting@ig.comSubscribe 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 IncentiveMove your investment portfolio to IG and you’ll get up to £2,000 cashback. Simply open a general investment account, ISA, or SIPP by 30 January and get 1% cashback on your transferred investments.1% cashback on the total Qualifying Transfers initiated between 1 January and 30 January 2026The 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

This week, Rich McDonald, Mark “Spice” Holden and Chris Fellingham are joined by Frances Donald, Chief Economist at the Royal Bank of Canada and regular commentator on CNBC, Fox News and Bloomberg. Tune in to talk what really matters in markets right now, and what most investors are still missing.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 EverywhereTrump, Iran, Venezuela and Greenland keep markets on edge, with slow-burn risks proving harder to price than headline shocks.⛏️ Commodities Take the LeadGold, silver, copper and mining stocks power higher as inflation hedging, geopolitics and supply constraints collide.🏦 Banks & Bonds in FocusUS bank earnings beat expectations, but political pressure on credit card rates rattles lenders and investors.🪙 Crypto StabilisesBitcoin rebounds, helped by renewed institutional buying and improving sentiment after recent volatility.🇯🇵 Japan Breaks the TrendA snap election sends the yen lower and Japanese bond yields higher, the only major market seeing rising yields this week.Special Guest: Frances DonaldFrances 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 marketsHow demographics are flattening economic cyclesWhy inflation risks haven’t disappeared, just gone quietThe rise of “structural” growth drivers like healthcare, AI and government spendingWhy Canada may be far better positioned in the new global order than many investors realisePlus: why economists got 2023 so wrong, and what they need to do differently going forward.Portfolio SnapshotWeekly 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 SlidesView the portfolio breakdown: here📧 Get in touch: theartofinvesting@ig.comSubscribe for weekly investing insight and to follow the live portfolio in real time.DisclaimerThis 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 IncentiveMove your investment portfolio to IG and you’ll get up to £2,000 cashback. Simply open a general investment account, ISA, or SIPP by 30 January and get 1% cashback on your transferred investments.1% cashback on the total Qualifying Transfers initiated between 1 January and 30 January 2026The 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

The first episode of 2026 kicks off with a bang as Rich McDonald, Mark “Spice” Holden and Chris Fellingham review a late but powerful Santa Rally, a standout quarter for commodities, and one of the strongest periods of performance since the portfolio launched. Listen to find out why we are cashing out our best performer!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 10,000A major milestone for UK markets despite years of investor outflows.⛏️ Commodity LeadershipGold, copper and mining stocks dominate as rate cuts and geopolitics collide.🪙 Crypto WhiplashSharp moves in crypto-linked equities underline fast-changing sentiment.🏦 Rates & BondsCooling US inflation steadies bonds, while Japan bucks the global trend.🌍 Geopolitics ReturnsDefence 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 assetsWhat 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 SlidesView the portfolio breakdown: here📊 Download the full Quarterly Review SlidesView the Quarterly Review: here📧 Get in touch: theartofinvesting@ig.comSubscribe 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: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 16 January. Interest boosted from First Trade until 31 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.

Happy New Year and welcome to The Art of Investing’s 2026 Outlook Special.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 TradeWhy rising Japanese bond yields could trigger a global competition for capital, and why this matters far beyond Tokyo.📈 Bond Yields & Competition for CapitalLong-dated government bond yields are rising as investors demand higher returns. What that means for equities, portfolios and risk appetite.💵 Dollar WeaknessStu 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 DeadStronger growth, fiscal stimulus and a weaker dollar could keep inflation firmer than markets expect, reshaping rate expectations.🏛️ Politics & VolatilityFrom US midterms to UK political instability, the team explore how political pressure often leads to market-moving policy decisions.🤖 AI Meets RealityAfter 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 optionalityWhat 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.DisclaimerThis 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.

Merry Christmas and welcome to a special Best Bits episode of The Art of Investing.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-ShorWhy 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 WinnersSpice 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 VuWhy self-funding loops in tech can be a warning sign, and why markets have “seen this film before”.🏛️ Inside the Truss Mini-BudgetAdam 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 SetupSpice 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 MarketA hard look at how pensions, policy and decades of selling pressure reshaped UK equities.💵 Bonds, Nervy Middles & Getting Paid to WaitChris 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.DisclaimerThis 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 £50 by 31 December, and keep at least £50 invested until March.You’ll receive 5% cashback on your invested value from 21 November to 31 December (max payout £100).Your capital is at risk. New customers only.Offer valid until 31/12/2025 on ISA, GIA or SIPP accounts. T&Cs apply.📄 Full details & T&Cs: https://www.ig.com/uk/5-percent-cashback-nov-25

This week’s episode is the Christmas Party Special. The tone is festive, but the market conversation is anything but fluffy.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 WatchMarkets wobble into year-end, but improving inflation and rate cuts raise hopes of a late festive surge.📉 Tech Reality CheckAI poster children stumble as capital spending rises faster than revenues, raising questions about valuation and patience.🇺🇸 US Market LagFor once, the US underperforms global peers, forcing investors to rethink weightings and concentration risk.⛏️ Commodity ComebackGold, copper and mining stocks shine as rate cuts, a softer dollar and China stimulus expectations lift hard assets.🏦 Rates Finally FallingThe Bank of England cuts rates as inflation cools, while US data strengthens the case for further easing in 2026.🎄 Year-End GamesThe team lift the lid on how professional investors manage portfolios, and sometimes “massage” prices, into year-end.Portfolio SnapshotWeekly 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 SlidesView the portfolio breakdown: here📧 Get in touch: theartofinvesting@ig.comSubscribe for weekly investing insight and to follow the live portfolio in real time.DisclaimerThis 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 £50 by 31 December, and keep at least £50 invested until March.You’ll receive 5% cashback on your invested value from 21 November to 31 December (max payout £100).Your capital is at risk. New customers only.Offer valid until 31/12/2025 on ISA, GIA or SIPP accounts. T&Cs apply.📄 Full details & T&Cs: https://www.ig.com/uk/5-percent-cashback-nov-25

Rich McDonald, Mark “Spice” Holden and Chris Fellingham are joined once again by economist Stu Thompson for a wide-ranging episode that uncovers why QE and the Fed Cuts might just be kicking off the Santa Rally, and how it's multiplying your portfolio returns.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 GameThe 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 SignsUS, Japanese and global long-dated bond yields rise despite rate cuts, raising questions about inflation, credibility, and future growth.🎥 Mega Deals & Market FrothA $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 SurfaceWhile big tech cools, the Russell 2000 hits fresh highs, signalling rotation into smaller US companies.🤖 AI Reality CheckOracle 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 forecastsPortfolio SnapshotWeekly 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 SlidesView the portfolio breakdown: here📧 Get in touch: theartofinvesting@ig.comSubscribe for weekly investing insights and to follow the live portfolio in real time.DisclaimerThis 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 £50 by 31 December, and keep at least £50 invested until March.You’ll receive 5% cashback on your invested value from 21 November to 31 December (max payout £100).Your capital is at risk. New customers only.Offer valid until 31/12/2025 on ISA, GIA or SIPP accounts. T&Cs apply.📄 Full details & T&Cs: https://www.ig.com/uk/5-percent-cashback-nov-25

🏆 NOW AN AWARD-WINNING PODCASTHuge 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 MattersThe team translate Japan’s bond market into plain English:What a “30-year vs 10-year implied 20-year rate” actually tells usWhy the market is already pricing Japanese rates rising to ~4% over timeHow a rising yen hurts Nikkei earningsWhy Japan’s decades of deflation explain their ultra-cautious approach nowPortfolio 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 ballastWhat You’ll LearnHow Japan’s bond market can move global stocksWhy a weak dollar supercharges metalsWhy India suddenly fell this weekHow professionals think about risk once they’ve hit a return targetThe psychology of selling winners and losersWhy copper may be the portfolio’s secret weapon for 2026📈 Download the full Portfolio Performance SlidesView the portfolio breakdown: here📧 Get in touch: theartofinvesting@ig.comSubscribe for weekly investing insights and to follow the live portfolio in real time.DisclaimerThis 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:Open a new account and invest a minimum of £50 by 31 December, and keep at least £50 invested until March.You’ll receive 5% cashback on your invested value from 21 November to 31 December (max payout £100).Your capital is at risk. New customers only.Offer valid until 31/12/2025 on ISA, GIA or SIPP accounts. T&Cs apply.📄 Full details & T&Cs: https://www.ig.com/uk/5-percent-cashback-nov-25

🏆Enjoying the show? Cast your vote for us in the Good Money Guide Awards: https://goodmoneyguide.com/awards/finfluencer-awards/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 DiveThe 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 SnapshotWeekly 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📈 Download the full Portfolio Performance SlidesView the portfolio breakdown: here📧 Get in touch: theartofinvesting@ig.comSubscribe for weekly investing insights and to follow the live portfolio in real time.🏆 Vote for UsWe’ve been nominated in the Good Money Guide Finfluencer Awards – if you’re enjoying the show, we’d love your support. Vote here: https://goodmoneyguide.com/awards/finfluencer-awards/DisclaimerThis 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 Incentive – Get 5% cashback on your investments:Open a new account and invest a minimum of £50 by 31 December, and keep at least £50 invested until March.You’ll receive 5% cashback on your invested value from 21 November to 31 December (max payout £100).Your capital is at risk. New customers only.Offer valid until 31/12/2025 on ISA, GIA or SIPP accounts. T&Cs apply.📄 Full details & T&Cs: https://www.ig.com/uk/5-percent-cashback-nov-25

🏆Enjoying the show? Cast your vote for us in the Good Money Guide Awards: https://goodmoneyguide.com/awards/finfluencer-awards/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 bullishThis 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 BudgetsSpecial Guest - Adam SmithAdam 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 raisersPlus: 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 ETFWhat You’ll LearnHow Budgets are really builtWhy credibility matters more than the policyWhich tax levers actually raise moneyWhat drives crypto deleveragingWhy AI infrastructure is a new macro themeHow markets price Budget moves instantlyWhy too much cash destroys long-term returns📈 Download the full Portfolio Performance SlidesView the portfolio breakdown: here📧 Get in touch: theartofinvesting@ig.comSubscribe for weekly investing insights and to follow the live portfolio in real time.Vote for Us 🏆We’ve been nominated in the Good Money Guide Finfluencer Awards - if you’re enjoying the show, we’d love your support.Vote here: https://goodmoneyguide.com/awards/finfluencer-awards/DisclaimerThis 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 Incentive – Get 5% cashback on your investments:Open a new account and invest a minimum of £50 by 31 December, and keep at least £50 invested until March.You’ll receive 5% cashback on your invested value from 21 November to 31 December (max payout £100).Your capital is at risk. New customers only.Offer valid until 31/12/2025 on ISA, GIA or SIPP accounts. T&Cs apply.📄 Full details & T&Cs: https://www.ig.com/uk/5-percent-cashback-nov-25

🏆Enjoying the show? Cast your vote for us in the Good Money Guide Awards: https://goodmoneyguide.com/awards/finfluencer-awards/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:Holding onto LosersSelling Winners Too EarlyLack of Conviction/ActionLee 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 properlyPlus: 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 pickingHow to identify your investing tribeWhy “hope” is the most dangerous investment strategyWhy disciplined selling beats clever buyingWhat separates the top 2% of investors from everyone else📈 Download the full Portfolio Performance SlidesView the portfolio breakdown: here📧 Get in touch: theartofinvesting@ig.comSubscribe for weekly investing insights and to follow the live portfolio in real time.Vote for Us 🏆We’ve been nominated in the Good Money Guide Finfluencer Awards - if you’re enjoying the show, we’d love your support.Vote here: https://goodmoneyguide.com/awards/finfluencer-awards/DisclaimerThis 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 here or on ig.com/uk