The Art of Investing

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🎙️The Long and Short 🎙️
Can't wait until Friday? Rich McDonald and Piers Buckworth host The Long and Short every single Wednesday - 45 minutes on single stocks and the tech sector.

📈 Download the full Portfolio Performance Slides
View the portfolio breakdown here
📧 Get in touch: theartofinvesting@ig.com
📱 Behind the scenes: @_theartofinvesting on TikTok
🎧 Listen on: Apple, Spotify, YouTube 

This week on The Art of Investing, live from IG's new studio in the City of London, the markets bounce back, and the chairman is in a buying mood.

Rich McDonald, Mark 'Spice' Holden and Chris 'CJ' Fellingham unpack the allegations rocking Nvidia, a reassuring set of results from CoreWeave and strong US jobs and inflation data.

Then the team answer a listener question: when is it actually right to sell? And CJ owns up to the portfolio's India mistake.

And finally, after holding back last week, the chairman puts 7.5% back to work.

This Week's Highlights:
🕵️ Nvidia's Spy Scandal
Why the allegations surrounding Jensen Huang matter for up to 20% of Nvidia's sales – and why he may be too big to fire.

🔁 CoreWeave Bounces Back
Shares up 25% on the week as $132.5bn of contracted revenue calms the credit market.

🇺🇸 Hot Jobs, Hot Inflation
US payrolls smash expectations and inflation surprises higher – but CJ says the Fed is still behind the curve.

📈 Is the AI Trade Back On?
US tech now trades on its lowest valuation since 2010, as OpenAI, SoftBank and Infineon impress.

🤔 When Should You Sell?
The team answer Hannah's question on taking profits – and why impatience is never a reason to sell.

Portfolio Snapshot – Week 65:
📊 Weekly portfolio performance: -0.6%
📈 Total return since inception: +21.9%
📅 2026 year-to-date return: +9.3%

Top Performers:
📈 BlackRock World Mining Trust PLC: +2.5%
📈 iShares Physical Gold ETC: +0.6%
📈 Invesco Stoxx Euro 600 UCITS ETF GBP: +0.6%

Underperformers:
📉 iShares Nikkei 225 ETF: -3.4%
📉 iShares S&P 500 GBP Hedged ETF: -2.2%
📉 Invesco EQQQ Nasdaq 100 UCITS ETF: -1.5%

Portfolio Changes:
📈 Buy 2.5% iShares Nikkei 225 ETF (7.5% → 10%)
📈 Buy 2.5% iShares Core MSCI EM IMI ETC (7.5% → 10%)
📈 Buy 2.5% iShares Physical Gold ETC (2.5% → 5%)
📉 Sell 2.5% iShares UK Gilts 0-5yr ETF (2.5% → 0%)
💷 Cash falls from 20% to 15%

The chairman picks Japan, Spice picks emerging markets and Rich picks gold – with the money coming from gilts and cash.

Big Questions This Week:
- Was last week's sell-off the bottom?
- Could the spy allegations hit Nvidia's sales?
- Is the Fed falling further behind the curve?
- When is it right to take profits?
- Where should new money go now?

What You'll Learn:

✔️ How hedge fund deleveraging can deepen a sell-off
✔️ Why credit default swaps can be an early warning sign
✔️ What "behind the curve" means for central banks
✔️ Why equities are the best long-term hedge against inflation
✔️ When it makes sense to sell an investment

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.

🏆 Vote for The Art of Investing in the Good Money Guide Awards!
Last year we won Best Financial Podcast and Best Financial Analysis – and we'd love your support again. Please vote for us as Best Financial Podcast and Best YouTube Content Creator here:  https://goodmoneyguide.com/awards/finfluencer-awards/ 

🎙️The Long and Short 🎙️
Can't wait until Friday? Rich McDonald and Piers Buckworth host The Long and Short every single Wednesday - 45 minutes on single stocks and the tech sector. 

📈 Download the full Portfolio Performance Slides
View the portfolio breakdown here
📧 Get in touch: theartofinvesting@ig.com
📱 Behind the scenes: @_theartofinvesting on TikTok
🎧 Listen on: Apple, Spotify, YouTube 
📖Subscribe to JP’s substack here 

This week on The Art of Investing, you're joining us live in the middle of a Nasdaq crash, with 150 years of investing experience around the table to make sense of it.

Rich McDonald (live from Rome), Mark 'Spice' Holden and Chris 'CJ' Fellingham are joined by emerging markets specialist JP Smith to unpack the US midterms, a 13% fall in oil and a Bank of England rate rise.

Then JP explains why Chinese equities are a policy tool rather than a profit machine, why Korea and Taiwan don't belong in the emerging markets index, and why big tech's spending should worry investors.

And finally, with 25% sitting in cash and short gilts, the team ask: is it time to buy the dip?

This Week's Highlights:
📉 The Nasdaq Crash, Live
Chips and AI lead the sell-off, with Intel down 40% on the week and Micron down 15% in a day.

🗳️ The Midterms: A Blue Wash
What Democrat gains could mean for data centres, defence, energy, and Voldemort.

🛢️ Oil Tumbles
Brent falls 13% on the week as the US and Iran signal they're ready to talk.

🇬🇧 The Bank of England Raises Rates
A 0.25% rise on an 8–1 vote, but CJ would have gone for 0.5%.

🌏 JP on China and Emerging Markets
Why China has become a leveraged play on AI, and why the emerging markets index is dominated by Korea and Taiwan.

⚠️ Leverage, Private Credit and the Momentum Trade
CJ isn't worried about the fundamentals, he's worried about who still has to sell.

Portfolio Snapshot – Week 64:
📊 Weekly portfolio performance: -1.1%
📈 Total return since inception: +22.4%
📅 2026 year-to-date return: +9.9%

Top Performers:
📈 Invesco Stoxx Euro 600 UCITS ETF GBP: +1.7%
📈 iShares Russell 2000 ETF: +1.4%
📈 Vanguard FTSE 250: +1.3%

Underperformers:
📉 Invesco EQQQ Nasdaq 100 UCITS ETF: -5.2%
📉 WisdomTree Copper ETF: -5.1%
📉 iShares Nikkei 225 ETF: -3.8%

Portfolio Changes:
📈 Buy 2.5% Invesco EQQQ Nasdaq 100 UCITS ETF (5% → 7.5%)
💷 Cash falls from 22.5% to 20%

Rich and Spice wanted to put up to 8% back to work, but the chairman dips a toe in and keeps some powder dry.

Big Questions This Week:
- What do the midterms mean for the AI data centre build-out?
- Is the Nasdaq sell-off a shakeout or the start of something bigger?
- How much hidden leverage is in the system?
- Should Korea and Taiwan still count as emerging markets?
- Is it time to buy the dip?

What You'll Learn:
✔️ The difference between a correction and a crash
✔️ Why capex vs depreciation matters for tech valuations
✔️ How leverage and private credit can deepen a sell-off
✔️ How the S&P 500 has performed after past midterms
✔️ Why investing incrementally makes sense in volatile markets

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 Art of Investing Heads to Rome
Rich is off to FX World in Rome, where he'll be joining panel discussions representing The Art of Investing. Wish him luck in the comments!

🎙️The Long and Short 🎙️
Can't wait until Friday? Rich McDonald and Piers Buckworth host The Long and Short every single Wednesday - 45 minutes on single stocks and the tech sector.

📈 Download the full Portfolio Performance Slides
View the portfolio breakdown here
📧 Get in touch: theartofinvesting@ig.com
📱 Behind the scenes: @_theartofinvesting on TikTok
🎧 Listen on: Apple, Spotify, YouTube 

This week on The Art of Investing, the gents are suited and booted, just in time for the first big disappointment from a hyperscaler.

Rich McDonald, Mark 'Spice' Holden and Chris 'CJ' Fellingham unpack Google's cash burn, strong numbers from Microsoft and SK Hynix, and a market crash in Brazil.

Then CJ delivers his verdict on the "breathing room" Budget - 99 pages of changes for a net £7bn and 4p off gherkins - and what it means for gilts, banks and housebuilders.

And finally, the team pick apart the Fed's hawkish hold, ask whether the Fed put is back and weigh up a wave of AI-driven job cuts.

This Week's Highlights:
🔍 Google Wobbles as the Hyperscalers Raise Billions
Google posts negative cash flow, while Meta, OpenAI and SpaceX raise vast sums of new capital.

🇧🇷 Brazil's Market Crashes
The Bovespa falls 14% in a day after Lula is voted back in as president.

🇬🇧 The "Breathing Room" Budget
CJ calls it the "rearranging the deckchairs on the Titanic" Budget, and explains why gilt investors should take no comfort.

🏦 Banks, Housebuilders and Gambling
Spice runs through the Budget's winners and losers.

🇺🇸 The Fed's Hawkish Hold
Why the team still expect a US rate rise in December, and whether the Fed put is back.

💼 AI and the Jobs Cull
Microsoft, HSBC, Barclays and even the Dutch government announce major AI-driven job cuts.

Portfolio Snapshot – Week 63:
📊 Weekly portfolio performance: +0.1%
📈 Total return since inception: +23.5%
📅 2026 year-to-date return: +10.9%

Top Performers:
📈 WisdomTree Copper ETF: +2.1%
📈 iShares Russell 2000 ETF: +1.5%
📈 Vanguard FTSE 250: +1.0%

Underperformers:
📉 iShares Physical Gold ETC: -1.8%
📉 iShares Core FTSE 100 ETF: -0.6%
📉 iShares Nikkei 225 ETF: -0.2%

Portfolio Changes:
No portfolio changes this week.
After two weeks of repositioning, the team are happy to wait until after the US midterms before making their next move.

Big Questions This Week:
- Are the cracks starting to show in the hyperscalers?
- Did the Budget do enough to calm the gilt market?
- Why is the government selling fewer long-dated gilts?
- Is the Fed put back?
- Will AI job cuts keep interest rates lower than expected?

What You'll Learn:
✔️ What a Budget scorecard reveals
✔️ How gilt issuance can affect mortgage rates
✔️ What a "hawkish hold" means
✔️ What the Fed put is and why it matters
✔️ How equity dilution affects shareholders

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.

🎟️WIN 2x TICKETS TO THE LONDON INVESTOR SHOW. 
IG are giving away 2 tickets to one of the best Retail Investing events of the year. The London Investor Show takes places on Friday 30th October at Leonardo Royal Hotel, London. For your chance to win, leave the comment "LONDON INVESTOR SHOW" on the episode, we'll reply to the winning comment by Monday 26th October. 
More information here

🎙️ New Podcast! The Long and Short 🎙️
Can't wait until Friday? Rich McDonald and Piers Buckworth host The Long and Short, a new podcast releasing every single Wednesday covering single stocks and the tech sector – from Nvidia, Meta, Microsoft and Micron to SpaceX. 

📈 Download the full Portfolio Performance Slides
View the portfolio breakdown here
📧 Get in touch: theartofinvesting@ig.com
📱 Behind the scenes: @_theartofinvesting on TikTok
🎧 Listen on: Apple, Spotify, YouTube 

This week on The Art of Investing, Spice goes digging in the portfolio's worst performer of its second year, and the chairman finally gets off the fence.

Fresh from being crowned Best Economist Creator at the FinFluencer Awards, Rich McDonald, Mark 'Spice' Holden and Chris 'CJ' Fellingham start with oil, where Spice's gut says a US move on Iran's Kharg Island could be close.

Then it's a packed week of results, from a blockbuster SpaceX to disappointing miners, plus Rich's warning on the 3x leveraged ETPs retail investors are piling into.

Spice reports back from a Bloomberg commodities conference on copper and the miners, and finally, with the portfolio down 2.6% in its second year, the chairman makes his move, trimming risk and raising cash to 22.5%.

This Week's Highlights:
🛢️ Oil, Kharg Island and the US Midterms
Why Spice is braced for escalation in the Middle East.

🚀 Earnings Season: SpaceX Soars, Netflix Stumbles
SpaceX and Tesla impress, while Netflix, BHP and Anglo American disappoint.

⚠️ The Danger of 3x Leveraged ETPs
Why one 3x chip product fell 33% in a single week.

⛏️ Copper vs Aluminium: Inside the Mining Sector
Data centre demand, tight supply and why the miners may offer better value than the metal.

🇬🇧 Budget, Inflation and Rate Rises
UK inflation hits 3.5% ahead of next week's Budget and the Bank of England's 5th November meeting.

🛡️ Bull Market or Wall of Worry?
CJ makes the bull case, then battens down the hatches.

Portfolio Snapshot – Week 62:
📊 Weekly portfolio performance: -1.2%
📈 Total return since inception: +23.2%
📅 2026 year-to-date return: +10.7%

Top Performers:
📈 iShares Russell 2000 ETF: +1.5%
📈 iShares Core FTSE 100 ETF: +0.2%
📈 Vanguard FTSE 250: +0.1%

Underperformers:
📉 iShares Nikkei 225 ETF: -4.9%
📉 WisdomTree Copper ETF: -3.4%
📉 iShares Core MSCI EM IMI ETC: -3.2%

Portfolio Changes:
📉 Sell 2.5% iShares Core MSCI EM IMI ETC (10% → 7.5%)
📈 Buy 2.5% BlackRock World Mining Trust PLC (5% → 7.5%)
📉 Sell 2.5% iShares Russell 2000 ETF (7.5% → 5%)
📉 Sell 2.5% iShares Nikkei 225 ETF (10% → 7.5%)
💷 Cash increases from 17.5% to 22.5%

Equities fall to 57.5%, with 25% now held in cash and short-dated gilts.

Big Questions This Week:
- Is the US preparing to move on Kharg Island?
- Are leveraged ETPs a mug's game?
- Is copper's bull story already in the price?
- Is the market climbing a wall of worry?
- Is it time for the portfolio to get more defensive?

What You'll Learn:
✔️ How 3x leveraged ETPs work, and how they can go wrong
✔️ Why copper supply is struggling to keep up with demand
✔️ The difference between investing in a commodity and its miners
✔️ How the team think about cash and defensive positioning

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.

📈 Download the full Portfolio Performance Slides
View the portfolio breakdown here: https://drive.google.com/file/d/1WLmVLzxUZLPAXkRujUokqZMfWR7spwkC/view?usp=sharing
📧 Get in touch: theartofinvesting@ig.com
📱 Behind the scenes: @_theartofinvesting on TikTok
🎧 Listen on:  Apple, Spotify, YouTube 

Fresh from their first live show at Lord’s, Rich McDonald, Mark ‘Spice’ Holden and Chris ‘CJ’ Fellingham return to a bruising week for markets. Chip stocks have sold off sharply, Korea has slipped into a bear market, and the portfolio has had a tough week.
First up, Spice runs through the market update. It covers a higher oil price after Houthi attacks on Saudi refineries, a sharp sell-off in semiconductors and the start of earnings season. PepsiCo and Delta were both caught out by rising costs, while the big US banks impressed.
Then the team turn to CoreWeave, where soaring credit default swaps sparked a wobble across the AI trade. CJ explains what a credit default swap actually is, and why markets are now asking serious questions about the debt behind the AI build-out.
The team also tackle hot US inflation data and gloomy consumer sentiment, which have sent the odds of a Fed rate rise soaring. Is stagflation back on the table?
And finally, CJ makes the case that this bull market may have overstayed its welcome, while Spice argues why smaller and mid-sized companies could be the real winners from AI. Plus, the team reveal what the audience survey at Lord’s told them about how listeners are invested, and why so few are holding bonds.

 This Week’s Highlights:
🤖 CoreWeave: Is the AI Debt Party Over?
 CJ explains credit default swaps and why surging borrowing costs at CoreWeave rattled the whole AI trade.
 💻 Chips, Korea and a Brutal Week for Tech
 Spice unpacks the semiconductor sell-off, a Chinese memory chip breakthrough and Korea’s slide into a bear market.
 🇺🇸 Stagflation: The Worst of Both Worlds?
 Hot inflation and weak consumer confidence push up the odds of a Fed rate rise. CJ explains why stagflation is so hard to escape.
 🐻 Has the Bull Market Overstayed Its Welcome?
 From magazine covers to market breadth and concentration, CJ lays out the warning signs, and Spice makes the case for the optimists.
 🇬🇧 The UK: A Beacon of Stability
 The FTSE 100 and FTSE 250 lead the portfolio as money rotates out of AI and into more defensive names.
 💰 Lessons from Lord’s
 What the live audience survey revealed about investors’ portfolios, and why bonds may deserve a second look.

Portfolio Snapshot – Week 61:
 📊 Weekly portfolio performance: -1.1%
 📈 Total return since inception: +24.5%
 📅 2026 year-to-date return: +11.9%
Top Performers:
📈 iShares Core FTSE 100 ETF: +2.2%
📈 Vanguard FTSE 250: +1.0%
📈 WisdomTree Copper ETF: +0.8%
Underperformers:
📉 iShares Core MSCI EM IMI ETC: -5.0%
📉 iShares Russell 2000 ETF: -3.9%
📉 iShares Nikkei 225 ETF: -3.7%
📉 BlackRock World Mining Trust PLC: -3.6%

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.