The Art of Investing

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: [email protected] 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: [email protected] 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: [email protected]📈 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: [email protected]📈 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: [email protected] 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