The Art of Investing

🎟️ Join The Art of Investing LIVE at Lord’s Cricket Ground!
Join Rich, Mark and Chris in the Long Room at Lord’s Cricket Ground on 13th October from 6:30pm for a special live edition of The Art of Investing, with special guests, prizes and more.
The event is completely free – sign up here:
 https://www.ig.com/uk/the-art-of-investing-live

📈 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, Rich, Mark and Chris are joined by Kieron Lynch, a gilt market veteran whose career began during Britain’s 1976 financial crisis and spans 50 years across the UK bond market.
With oil above $100, bond yields climbing and central banks facing increasingly difficult decisions on interest rates, Kieron looks back to the inflation crisis of the 1970s to ask what investors and policymakers can learn from history.
The team explore why credibility matters so much to bond markets, whether the Bank of England is falling behind the curve and why treating inflation as “transitory” can be such a dangerous strategy. Kieron also explains what would need to happen before he becomes confident buying long-dated gilts again.
Plus, the team assesses another difficult week for the portfolio as rising oil prices, a stronger US dollar and changing expectations around AI investment put pressure on commodities and emerging markets.
This Week’s Highlights:
🕰️ What Can Investors Learn From the 1970s?
 Kieron takes us back to Britain’s 1976 financial crisis, when soaring inflation, negative real yields and collapsing confidence ultimately forced the UK to seek help from the IMF.

📈 Why Inflation Comes in Waves
 From the oil shocks of the 1970s to today’s disruption around the Strait of Hormuz, Kieron explains why defeating one inflationary shock doesn’t necessarily mean the problem is over.
🏦 Is the Bank of England Behind the Curve?
 The team questions whether incremental rate rises will be enough, with Kieron arguing that markets need convincing evidence that policymakers are serious about bringing inflation under control.
💷 Are Gilts Finally Becoming Attractive?
 With long gilt yields approaching 6%, Chris and Kieron debate whether current yields represent an opportunity – or whether investors should wait for stronger action from the Bank of England.
🤖 AI Hits a New Roadblock
 Warnings from leading AI executives over safety and the pace of development hit global chip stocks, while raising questions about whether hyperscalers could begin slowing their enormous capital expenditure plans.

🛢️ Oil Puts Markets Under Pressure
 Brent climbs to around $108 while US oil reaches $100, increasing inflationary pressure and contributing to a difficult week for commodities and other risk assets.

Portfolio Snapshot:
📊 Weekly portfolio performance: -1.2%
📅 2026 year-to-date return: +10.8%
Commodities were the biggest drag this week, with copper falling around 6% and BlackRock World Mining down around 5%. Emerging markets also came under pressure as semiconductor stocks fell, while the FTSE 100 was the portfolio’s strongest-performing risk asset.
Portfolio Changes:
No portfolio changes this week.
The team debate adding longer-dated gilts as yields approach potentially attractive levels, but ultimately decide to wait and see how the Bank of England and other major central banks respond. The portfolio therefore maintains its 15% cash position and 2.5% allocation to short-dated gilts.

Big Questions This Week:
What can today’s investors learn from Britain’s inflation crisis in the 1970s?
Is the Bank of England falling behind the curve?
Why is credibility so important when central banks fight inflation?
Are long-dated gilts finally becoming attractive at current yields?
Could slowing AI investment reduce the competition for capital?
Are resilient equity markets signalling strength or creating a false sense of security?
What You’ll Learn:
✔️ Why inflation can return in multiple waves
✔️ How monetary and fiscal policy worked together to restore UK market confidence
✔️ What investors mean when a central bank is “behind the curve”
✔️ Why bond markets react so strongly to central bank credibility
✔️ What could make long-dated UK gilts attractive again
✔️ Why treating inflation as permanent could actually help make it transitory
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.

🎟️ Join The Art of Investing LIVE at Lord’s Cricket Ground!
Join Rich, Mark and Chris in the Long Room at Lord’s Cricket Ground on 13th October from 6:30pm for a special live edition of The Art of Investing.
The event is completely free – sign up here:
 https://www.ig.com/uk/the-art-of-investing-live

📈 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 team look ahead to a crucial week for global interest rates, with major central banks preparing to make their next moves as investors grapple with rising oil prices and an intensifying competition for capital.
Chris explains why he believes interest rates need to rise regardless of the latest inflation data, while Mark explores the bullish alternative: could AI-driven productivity and investment deliver economic growth strong enough to offset higher borrowing costs?
The team also examine Scott Bessent’s attempts to influence US bond markets, the strengthening Japanese yen and what record copper prices are telling us about demand, AI infrastructure and the global economy.
Plus, 25 years on from 9/11, Rich, Mark and Chris reflect on their experiences working in financial markets that day and the extraordinary market recovery that followed.
This Week’s Highlights:
🛢️ Oil Breaks Through $100
 Oil moves above $102 a barrel as disruption around the Strait of Hormuz puts energy markets and inflation back in focus.
🥉 Copper Hits Another Record High
 Copper reaches a new all-time high as supply tightens and demand from AI data centres continues to grow.
💴 The Yen Trade Pays Off
 The Japanese yen strengthens around 4%, helping the portfolio’s unhedged Nikkei 225 position and highlighting the impact currencies can have on overseas investments.
🏦 Should Central Banks Raise Rates?
 With major central bank decisions approaching, Chris argues policymakers should act now to demonstrate their commitment to controlling inflation.

🤖 Could AI Deliver Extraordinary Growth?
 The team debate whether AI-driven productivity could generate enough economic growth to offset higher borrowing costs.
📈 When Do Higher Yields Become a Problem?
 Chris asks where the tipping point lies at which attractive bond yields begin pulling capital away from equities.

Portfolio Snapshot - Week 56:
📊 Weekly portfolio performance: +0.2%
📈 Total return since inception: +24.8%
📅 2026 year-to-date return: +12.2%

Top Performers:
📈 iShares Nikkei 225 ETF: +2.8%
📈 WisdomTree Copper ETF: +2.8%
📈 iShares Core MSCI EM IMI ETC: +1.0%

Underperformers:
📉 iShares MSCI India ETF: -2.9%
📉 Vanguard FTSE 250: -1.1%
📉 iShares Core FTSE 100 ETF: -0.9%
📉 Invesco STOXX Europe 600 UCITS ETF GBP: -0.8%

Portfolio Changes:
The team are selling their 5% holding in XLI SPDR US Industrials ETF and moving the proceeds into cash, taking the portfolio’s cash allocation from 10% to 15%.
After several weeks of discussing becoming more defensive, the additional cash gives the team greater flexibility should opportunities emerge.
Big Questions This Week:
How much further could oil prices rise?
Why has the Japanese yen strengthened so sharply?
Should central banks raise rates even if inflation begins to soften?
Can AI growth offset higher borrowing costs?
When do higher bond yields begin pulling capital away from equities?
Is now the right time to become more defensive?
What You’ll Learn:
✔️ Why oil above $100 could create renewed inflationary pressure
✔️ How currencies can transform returns from overseas investments
✔️ Why central banks face difficult decisions on interest rates
✔️ How AI investment is creating competition for capital
✔️ Why stronger growth doesn’t automatically mean higher equity valuations
✔️ Why the team are increasing their cash position

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
📧 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 team ask whether the investment landscape is beginning to change as bond yields continue to climb around the world.
Chris compares the very different forces driving UK and US bond markets, arguing that while America faces a growing competition for capital to fund the AI investment boom, the UK is confronting a much more uncomfortable inflation and credibility problem.
The team also revisit Jackson Hole, where Kevin Warsh’s more hawkish message pushed markets towards expecting further interest rate rises, and examine the latest chapter in the increasingly public disagreement between Scott Bessent and Stanley Druckenmiller over the direction of US bond yields.
Alongside the macro debate, they answer listener questions on the role of short-dated gilts in a diversified portfolio, whether higher bond yields have changed the case for the Russell 2000, and why becoming emotionally attached to an investment can be one of the most dangerous mistakes an investor makes.
This Week’s Highlights:
🛢️ Oil Puts Markets Under Pressure
 Oil prices jump sharply as conflict escalates again in the Middle East, adding to inflation concerns and weighing on industrials, commodities and interest-rate-sensitive assets.
🏦 UK vs US: Two Very Different Bond Problems
 Chris explains why rising US yields reflect a shortage of capital, while UK bond markets are signalling much greater concern about long-term inflation and the credibility of monetary and fiscal policy.
🤖 Is AI Creating a Shortage of Capital?
 The extraordinary sums being invested in AI and data centres are increasing demand for funding, raising the question of how high bond yields may need to go before capital starts moving out of other assets.
📊 Does the Russell 2000 Still Make Sense?
 Mark explains why he remains positive on US small caps despite rising rates, pointing to strong domestic growth and expectations for significant earnings growth across the index.
🛡️ Why Hold Short-Dated Gilts?
 A listener challenges the portfolio’s short-term gilt position, prompting a discussion about diversification, defensive assets and why bonds do not always protect portfolios when inflation is driving markets.

❤️ The Danger of Falling in Love With an Investment
 The team share painful lessons from their own careers on becoming emotionally attached to positions, ignoring price action and allowing past profits or losses to influence future decisions.

Portfolio Snapshot - Week 55:
📊 Weekly portfolio performance: -0.9%
📈 Total return since inception: +24.6%
📅 2026 year-to-date return: +12.0%
Top Performers:
📈 Invesco EQQQ Nasdaq 100 UCITS ETF: +0.6%
📈 iShares Core MSCI EM IMI ETF: +0.4%
📈 iShares MSCI India ETF: +0.3%
Underperformers:
📉 XLI SPDR US Industrials ETF: -4.0%
📉 BlackRock World Mining Trust PLC: -2.2%
📉 iShares Russell 2000 ETF: -2.0%
Portfolio Changes:
No portfolio changes this week.
The portfolio fell 0.9% as higher oil prices and rising bond yields weighed particularly heavily on cyclical assets, while technology and emerging markets provided some support. The portfolio remains up 12.0% year to date and 24.6% since inception.

Big Questions This Week:
Are rising global bond yields beginning to change the investment landscape?
Why are bond yields rising for very different reasons in the UK and the US?
Could the enormous demand for capital from AI eventually pull money out of equities?
Do short-dated gilts still have a role in the portfolio if they have delivered little return?
Has the rise in bond yields weakened the investment case for the Russell 2000?
How can investors avoid becoming emotionally attached to a winning or losing position?
What You’ll Learn:

✔️ Why rising bond yields do not always mean markets are worried about inflation
✔️ What UK bond markets are signalling about long-term inflation expectations
✔️ How the AI investment boom is increasing competition for capital in the US
✔️ Why short-term bonds can still play a defensive role within a diversified portfolio
✔️ How higher interest rates affect small and mid-sized companies differently
✔️ Why successful investors need to separate their emotions from their investment decisions
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
📧 Get in touch: theartofinvesting@ig.com
📱 Behind the scenes: @_theartofinvesting on TikTok
🎧 Listen on: Apple, Spotify, YouTube 

This week on The Art of Investing, Rich McDonald, Mark “Spice” Holden and Chris “CJ” Fellingham are back with a big listener Q&A episode, taking on three of the biggest questions facing investors right now: should you bother picking single stocks, is gold worth buying again, and are equities entering a more difficult phase?

With Nvidia delivering another extraordinary update, Bitcoin back above $80,000, oil falling sharply, and bond markets still waiting on Jackson Hole, the team unpack a market where confidence is returning in some places, but the warning signs have not disappeared.

From the challenge of beating ETFs to the case for gold, AI infrastructure spending, and the hidden effect of new share issuance, this episode asks whether investors should be adding risk, sitting tight, or preparing for a harder turn in markets.
Portfolio Snapshot - Week 54:
No changes were made to the portfolio this week.

📊 Weekly portfolio performance: +0.5%
📈 Total return since inception: +25.4%
📅 2026 year-to-date return: +12.9%

Top Performers:
📈 BlackRock World Mining Trust PLC: +4.7% WoW
📈 WisdomTree Copper ETF: +1.9% WoW
📈 iShares Core MSCI EM IMI ETC: +1.8% WoW

Underperformers:
📉 XLI SPDR US Industrials ETF: -1.2% WoW
📉 iShares Russell 2000 ETF: -1.2% WoW
📉 Invesco EQQQ Nasdaq 100 UCITS ETF: -1.1% WoW
This Week’s Highlights:

📊 Portfolio Edges Higher
The model portfolio rises around +0.5% on the week, taking performance to +25.4% since inception and +12.9% year-to-date.
🤖 Nvidia Reignites the AI Debate
Nvidia guides to 70% revenue growth for the year ending January 2028, but the team debate whether the market is still right to stay cautious.
📉 Bonds Stay in Focus
Stanley Druckenmiller criticises Scott Bessent’s Treasury bond-buying plan, keeping fiscal credibility and bond-market pressure firmly on the agenda.
🛢️ Oil Falls Sharply
Oil drops around 7% as progress around the Strait of Hormuz eases supply fears, helping bonds but raising new questions about inflation and commodities.
🥇 Gold Gets Another Look
After a strong rebound, the team debate whether gold deserves a place in the portfolio again, or whether real yields still make the case difficult.
📦 ETFs vs Stock Picking
CJ and Spice explain why even professional investors struggle to beat indices, and why ETFs remain the preferred route for most long-term investors.
🏗️ Re-Equitisation Risk
The team examine whether a wave of IPOs, AI funding and insider selling could reverse years of shrinking share supply and weigh on future returns.
Big Questions This Week:
• Is Nvidia still cheap, or is the market right to be suspicious of future AI growth?
• Should everyday investors bother picking single stocks, or stick with ETFs?
• Is gold attractive again after its pullback and rebound?
• Will weaker oil and a softer dollar bring central banks back into gold?
• Could a new wave of IPOs and equity issuance drag on market returns?
• Are investors close to the point where they should start reducing risk?

What You’ll Learn:
✔️ Why Nvidia’s numbers can be outstanding while the wider market still stays cautious
✔️ Why most active managers struggle to beat their benchmark over time
✔️ How factor ETFs can replace some traditional fund-manager exposure
✔️ Why real yields, the dollar and central-bank buying matter for gold
✔️ What “de-equitisation” and “re-equitisation” mean for stock market returns
✔️ Why Jackson Hole could shape the next portfolio move

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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📈 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, attention turns to the bond market as rising real yields begin to create a new challenge for investors.
Chris breaks down what real yields actually are, why they are moving higher and how increasingly attractive returns from government bonds could eventually start competing with equities for investors’ capital.
The team also unpack the US Treasury’s latest intervention in the bond market, likening the move to a modern-day “Operation Twist”, and debate whether policymakers can successfully push down longer-term yields when borrowing demand remains so high.
Alongside the bond discussion, Mark reviews a busy week across markets, from a weaker US dollar and a rebound in Bitcoin and Ethereum to Moderna’s extraordinary rally. The team also answer listener questions on whether it’s too late to start following the portfolio, how they use moving averages to inform investment decisions, and the role currency hedging can play when investing overseas.
This Week’s Highlights:
💰 Why Real Yields Matter
Chris explains the difference between nominal and inflation-linked bonds, and why rising real yields could become increasingly important for equities and other risk assets.

🔄 Operation Twist Returns
The team unpack the US Treasury’s plan to increase long-term bond buybacks while issuing more short-dated debt, and why they believe the intervention matters for markets.

🏦 The Competition for Capital
With governments and major technology companies borrowing heavily, the team discuss why growing demand for capital is pushing yields higher and creating a more challenging backdrop for investors.

📉 When Do Bonds Become Too Attractive to Ignore?
Chris considers the level at which higher risk-free returns could encourage investors to reduce equity exposure and start allocating more heavily towards bonds.

📊 How the Team Decide When to Buy and Sell
Responding to a listener question, Mark and Chris explain how moving averages can help identify when markets are becoming stretched and provide a less emotional view of price action.

💷 Should Investors Hedge Currency Risk?
The team explore the impact exchange rates can have on overseas investments and why sterling investors may choose between hedged and unhedged funds.

Portfolio Snapshot - Week 53:

📊 Weekly portfolio performance: -1.1%
📈 Total return since inception: +24.9%
📅 2026 year-to-date return: +12.4%
Top Performers:
📈 BlackRock World Mining Trust PLC: +1.0%
📈 iShares Russell 2000 ETF: +0.1%
📈 Cash: +0.1%
Underperformers:
📉 iShares Nikkei 225 ETF: -3.7%
📉 WisdomTree Copper ETF: -2.9%
📉 XLI SPDR US Industrials ETF: -1.8%

Portfolio Changes:
No portfolio changes this week.

Despite weakness across several holdings, diversification helped limit the overall portfolio decline to 1.1%, with the team maintaining their existing positioning as they begin the second year of the portfolio.
Big Questions This Week:
Could rising real yields eventually pull meaningful capital away from equities?
Why is the US Treasury intervening in the long end of the bond market?
Can policymakers successfully fight the direction of the bond market?
Is it too late for investors to start following the model portfolio after its strong first year?
Which indicators can investors use to help decide when to buy and sell?
Should UK investors hedge the currency exposure in their overseas investments?
What You’ll Learn:
✔️ What real yields are and why they matter for investment markets
✔️ How rising government bond yields can affect equity valuations
✔️ Why the latest US Treasury bond buybacks are different from quantitative easing
✔️ How moving averages can be used as part of an investment decision-making process
✔️ What to consider when choosing between hedged and unhedged overseas funds
✔️ Why the team are becoming more cautious as markets head towards September and October
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.