The Art of Investing – Détails, épisodes et analyse

This week on The Art of Investing, Rich McDonald, Mark “Spice” Holden and Chris “CJ” Fellingham break down a more volatile week in global markets, as rising bond yields, geopolitical tensions and shifting expectations begin to test the strength of the recent rally.

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

This Week’s Highlights:

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

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

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

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

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

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

Portfolio Snapshot – Week 46:

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

Top Performers

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

Underperformers

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

Big Questions This Week:

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

What You’ll Learn:

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

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

📧 Get in touch: theartofinvesting@ig.com

Disclaimer:

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

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

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This week on The Art of Investing, Rich McDonald joins Mark “Spice” Holden and Chris “CJ” Fellingham, bringing over 100 years of combined experience across wealth and hedge fund management, to unpack another fascinating week in global markets.

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

This Week’s Highlights:

📈 Markets Continue Higher

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

⚒️ Copper Leads The Charge

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

🤖 AI Momentum Remains Strong

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

⚠️ Are Investors Too Comfortable?

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

🇯🇵 Japan Still Performing

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

🪙 Crypto Volatility Returns

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

Portfolio Snapshot – Week 39:

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

Weekly portfolio performance: +0.5%

Total return since inception: +21.9%

2026 year-to-date return: +9.4%

Top Performers:

🥇 WisdomTree Copper ETF: +8.5% WoW

🥈 BlackRock World Mining Trust PLC: +7.8% WoW

🥉 iShares Nikkei 225 ETF: +1.6% WoW

Underperformers:

📉 iShares MSCI India ETF: –4.6% WoW

📉 Xtrackers DAX ETF: –3.5% WoW

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

Big Questions This Week:

• Is the AI rally overcrowded?

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

• Are markets underpricing economic risks?

• Can mining stocks keep outperforming?

What You’ll Learn:

✔️ Why copper is linked to AI and electrification

✔️ How sentiment is driving markets

✔️ Why mining stocks remain strong

✔️ Warning signs investors should watch

📈 Download the full Portfolio Performance Slides

View the portfolio breakdown: here

📧 Get in touch: theartofinvesting@ig.com

Disclaimer:

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

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

May Incentives:

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Free Shares

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Code: MAYSHARESPOD

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Code: MAYDEPOSITPOD

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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 Markets

Energy prices surge as Middle East tensions intensify.

🏦 Private Credit Questions

Liquidity concerns emerge in parts of the private market.

📉 Rate Expectations Shift

Investors reassess the outlook for central bank cuts.

📊 Sector Rotation Continues

Software rebounds while travel and energy-sensitive sectors struggle.

⚠️ Liquidity Risk Debate

Restrictions in some funds highlight structural challenges.

Portfolio Snapshot:

Portfolio Snapshot – Week 30

Weekly performance: –2.1%

Total return since inception: +14.5%

Top Performers

🥇 Cash: +0.1%

🥈 WisdomTree Copper ETF: –0.3%

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

Underperformers

📉 iShares Nikkei 225 ETF: –4.3%

📉 BlackRock World Mining Trust PLC: –4.2%

📉 iShares Russell 2000 ETF: –3.8%

Portfolio Positioning:

The portfolio remains positioned toward:

• Commodities and real assets

• Global equities beyond US mega-cap concentration

• Select small and mid-cap exposure

• Defensive allocations including gilts, treasuries and cash

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

Big Questions the Team Debate:

• Could rising oil prices delay rate cuts?

• Are stresses emerging in private credit markets?

• How resilient are global equities to geopolitical shocks?

• What sectors benefit during energy spikes?

What You’ll Learn:

✔️ Why oil prices can shift inflation expectations quickly

✔️ How liquidity risks appear in private markets

✔️ Which sectors react most during geopolitical shocks

✔️ Why diversification matters during volatility

📈 Download the full Portfolio Performance Slides

View the portfolio breakdown: here

📧 Get in touch: theartofinvesting@ig.com

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

Disclaimer:

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

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

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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 Focus

Rising tensions bring geopolitical risk back to markets.

🇷🇺 Lessons from Russia

Revisiting the 2022 collapse in Russian assets and its lessons.

⛽ Energy Policy Confusion

Governments tax oil producers while calling for more supply.

📉 Market Volatility Returns

Sector swings highlight diversification.

🧠 Staying Rational in Turbulence

Why reacting emotionally to headlines often backfires.

Portfolio Snapshot:

Weekly performance: –2.1%

Total return since inception: +16.6%

Top Performers

🥇 VanEck Crypto & Blockchain Innovators ETF: +4.0%

🥈 Cash: +0.1%

🥉 iShares UK Gilts 0–5yr ETF: –0.1%

Underperformers

📉 iShares Core MSCI EM IMI ETC: –5.7%

📉 iShares Nikkei 225 ETF: –5.1%

📉 BlackRock World Mining Trust PLC: –5.0%

Portfolio Positioning:

The portfolio remains positioned toward:

• Commodities and real assets

• Global equities beyond US mega-cap concentration

• Select small and mid-cap exposure

• Defensive allocations including gilts and cash

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

Big Questions the Team Debate:

• Are markets overreacting to fears of a credit slowdown?

• How should investors think about geopolitical shocks?

• What lessons came from the Russian market collapse?

• Why energy policy contradictions could shape inflation

• How diversification helps absorb market shocks

What You’ll Learn:

✔️ Why banking sector moves can trigger market anxiety

✔️ How geopolitical risk affects portfolios

✔️ Why diversification matters during volatility

✔️ The dangers of reacting emotionally to headlines

✔️ How long-term investors should approach risk

📈 Download the full Portfolio Performance Slides

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

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

Disclaimer:

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

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

Incentives:

JISA Incentive 

Dates: 2nd March to 5th April

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

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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 Momentum

A strong week driven by commodities and emerging markets exposure.

⛏️ Mining Leads the Charge

BlackRock World Mining Trust hits fresh highs as metals rally.

🌍 Emerging Markets Break Higher

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

🇺🇸 US vs The Rest of the World

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

🏦 Private Equity Pressure

Are private market valuations finally being tested?

🧠 Investor Psychology

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

Portfolio Snapshot – Week 28:

Weekly performance: +1.4%

Total return since inception: +18.7%

Top Performers

🥇 BlackRock World Mining Trust PLC: +6.7%

🥈 VanEck Crypto & Blockchain Innovators ETF: +4.0%

🥉 WisdomTree Copper ETF: +3.4%

Underperformers

📉 iShares MSCI India ETF: –1.4%

📉 iShares Russell 2000 ETF: –0.6%

📉 Xtrackers DAX ETF: –0.5%

Portfolio Positioning:

The portfolio remains positioned toward:

• Commodities (mining, copper)

• Emerging markets

• European equities

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

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

Big Themes This Week:

• Commodity strength returning

• Early signs of global equity rotation

• Private equity valuations under scrutiny

• Dividend yield traps explained

• The importance of taking action on losing positions

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

What You’ll Learn:

✔️ Why high dividend yields can be a red flag

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

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

✔️ How money flows drive market leadership

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

📈 Download the full Portfolio Performance Slides

View the portfolio breakdown: here

📧 Get in touch: theartofinvesting@ig.com

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

Disclaimer:

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

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

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...

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 Again

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

🏦 Bonds Behaving

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

🤖 AI = Disinflation?

Is productivity from AI quietly suppressing inflation expectations?

🪙 Silver Squeeze Talk

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

🌍 Emerging Markets Build

Portfolio exposure increases as global growth expectations strengthen.

📊 AI Analyses the Portfolio

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

Portfolio Snapshot - Week 27:

Weekly performance: +0.5%

Total return since inception: +17.3%

Top Performers

🥇 iShares Core FTSE 100 ETF: +2.4%

🥈 Invesco Stoxx Europe 600 ETF: +2.0%

🥉 Xtrackers DAX ETF: +1.9%

Underperformers

📉 VanEck Crypto & Blockchain Innovators ETF: –0.5%

📉 Nikkei 225 ETF: 0.0%

📉 Cash: +0.1%

Portfolio Positioning:

The portfolio remains tilted toward:

• European equities

• Emerging markets

• US small and mid-caps

• Commodities exposure

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

Big Themes This Week:

• Liquidity is still abundant

• AI may be structurally disinflationary

• Bond markets are calm, for now

• Cyclical exposure remains the key risk

• Dollar weakness would benefit positioning

The central question:

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

What You’ll Learn:

✔️ Why bond yields are the most important signal in markets

✔️ How AI could structurally lower inflation

✔️ Why European markets are outperforming the US

✔️ How to measure portfolio volatility properly

✔️ Why silver squeezes rarely end well

📈 Download the full Portfolio Performance Slides

View the portfolio breakdown: here

📧 Get in touch: theartofinvesting@ig.com

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

Disclaimer

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

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



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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 Breakout

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

💻 Software Shock

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

🏦 The 100-Year Bond Warning

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

🪙 Crypto Contrarian Signal?

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

🌍 Europe & Emerging Markets Strength

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

🇬🇧 UK Politics & Gilts

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

Portfolio Snapshot: Week 26

Weekly performance: +1.62%

Total return since inception: +16.86%

Top Performers

🥇 iShares Nikkei 225 ETF: +8.5%

🥈 BlackRock World Mining Trust: +5.2%

🥉 iShares Core MSCI EM IMI ETF: +3.2%

Underperformers

📉 WisdomTree Copper ETF: +0.3%

📉 iShares UK Gilts 0–5yr ETF: +0.3%

📉 Cash: +0.1%

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

Big Questions the Team Debate

• Is AI about to compress software margins?

• Are private equity valuations vulnerable?

• Is Japan Thatcher… or Liz Truss?

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

• Is extreme negativity on crypto a contrarian buy signal?

What You’ll Learn

✔ Why markets “travel” before they arrive

✔ How fiscal stimulus drives equity multiples

✔ Why 100-year bonds can signal complacency

✔ The difference between AI hype and AI implementation

✔ How to rotate portfolios without increasing overall risk

📈 Download the full Portfolio Performance Slides

View the portfolio breakdown: here

📧 Get in touch: theartofinvesting@ig.com

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

Disclaimer

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

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



February Incentive

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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 Crash

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

💻 Tech Rotation Accelerates

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

🔄 Money Rotates, Not Flees

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

🪙 Crypto Volatility Returns

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

🏦 Fed Chair Shock

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

📊 Volatility Back on the Radar

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

Portfolio Snapshot

Weekly performance: –1.1%

Total return since inception: +15.24%

Top Performers

🥇 iShares MSCI India ETF: +5.0%

🥈 iShares Core FTSE 100 ETF: +2.5%

🥉 WisdomTree Copper ETF: +1.0%

Underperformers

📉 VanEck Crypto & Blockchain Innovators ETF: –21.3%

📉 BlackRock World Mining Trust: –9.4%

📉 Invesco EQQQ NASDAQ-100 ETF: –3.1%

Key Portfolio Decision

🔄 Reducing US Mega-Cap Exposure

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

Why?

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

Updated US exposure now favours diversification over concentration.

What Investors Learn in This Episode

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

✔️ How margin changes and liquidity shocks trigger violent moves

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

✔️ How professionals use the VIX to manage risk

✔️ The difference between a healthy rotation and a market breakdown

✔️ When cash and short-dated bonds become powerful tools

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

📈 Download the full Portfolio Performance Slides

View the portfolio breakdown: here

📧 Get in touch: theartofinvesting@ig.com

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

Disclaimer

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

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

February Incentive

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

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

Use Promo Code ISAPODCAST

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

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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 Focus

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

🇷🇺 Lessons From Russia

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

🇨🇳 China’s Governance Problem

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

💵 The Dollar Debate

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

🏦 Central Banks & Credibility

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

⚠️ Tail Risks Are Rising

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

Portfolio Snapshot:

Weekly performance: +0.1%

Total return since inception: +16.4%

Top Performers (WoW):

🥇 BlackRock World Mining Trust: +4.5%

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

🥉 Vanguard FTSE 250 ETF: +1.5%

Underperformers:

💷 Cash: +0.1%

📉 WisdomTree Copper ETF: –0.3%

🇮🇳 iShares MSCI India ETF: –2.6%

Big Questions the Team Debate

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

• Is China uninvestable, misunderstood… or both?

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

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

• Should investors hedge tail risks more aggressively?

What You’ll Learn

✔️ How market crises actually develop on the ground

✔️ Why governance matters more than growth

✔️ How dollar weakness feeds through to emerging markets assets

✔️ Why diversification is back in focus

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

📈 Download the full Portfolio Performance Slides

View the portfolio breakdown: here

📧 Get in touch: theartofinvesting@ig.com

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

Disclaimer

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

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



February Incentive

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

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

Use Promo Code ISAPODCAST

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

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

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 Shock

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

🌍 Geopolitics Returns

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

📉 Momentum Rotates

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

🪙 Crypto vs Gold

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

🏦 Central Bank Power

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

Portfolio Snapshot:

Weekly performance: –0.7%

Total return since inception: +15.5%

Top Performers (WoW)

🥇 iShares Physical Gold ETC: +4.83%

🥈 BlackRock World Mining Trust: +2.54%

🥉 iShares Core MSCI EM IMI ETF: +1.14%

Underperformers (WoW)

📉 VanEck Crypto & Blockchain Innovators ETF: –4.66%

📉 WisdomTree Copper ETF: –4.15%

📉 iShares MSCI India ETF: –3.49%

Big Decisions This Week:

🔄 Raising Cash

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

💬 Live Debate

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

What You’ll Learn:

✔️ Why Japan’s bond market matters far beyond Tokyo

✔️ How central banks really control market stress

✔️ Why momentum dominates during uncertain periods

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

✔️ How professionals manage portfolios during fast-moving macro shocks

📈 Download the full Portfolio Performance Slides

View the portfolio breakdown: here

📧 Get in touch: theartofinvesting@ig.com

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

Disclaimer:

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

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

January Incentive

Move 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 2026

The maximum payout is £2,000.

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

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