Pete Davies, Head of Developed Markets Strategy at Lansdowne Partners, explains why this decade could look nothing like the last. From rising public-sector risk to the return of tangible assets and a new AI investment cycle.
We cover:
- The macro shift investors aren’t positioned for: re-industrialisation, capex, and de-globalisation
- Why banks - not tech - may offer lower risk today
- The AI thesis most investors misunderstand (and who actually profits)
- Steel, energy, and “real assets” making a comeback
- How elite fund managers think about risk, concentration, and mistakes• Stocks with potential to double
- Would he buy Starlink if it IPO’d?
00:00 Intro
02:27 The Big Macro Shift Investors Aren’t Positioned For
03:59 De-globalisation, Political Risk & The New Market Regime
06:28 The Hidden Danger of Investment “Style Boxes”
08:53 Why Active Management May Beat the Index This Decade
11:44 Inside the Portfolio: Why So Much Capital Is in Banks
14:22 Banks vs Tech: Where Is Risk Really Lower?19:34 The AI Investment Thesis Most Investors Miss
21:01 Picks, Shovels & Who Actually Profits From AI
24:15 Robotics, Physical Intelligence & The Next Wave
28:42 Defence Spending, Geopolitics & Aerospace Winners
38:45 Tariffs, Trade Wars & Protecting Local Assets
45:20 Gold, Energy & Nuclear: Positioning for Resource Scarcity
1:04:22 Housing, Construction & the Case for “Real Assets”
1:11:45 How Elite Fund Managers Think About Risk
1:15:30 Investment Mistakes & What They Teach You
1:19:33 AI vs The Human Brain: What Machines Still Can’t Do
1:20:51 Stocks That Could Double (And Where Upside Lives)
1:22:02 Adapting After 30+ Years in Markets
1:24:00 Would He Buy Starlink?
1:26:32 Final Takeaways for Investors
This episode was recorded on 12th January 2026
