Algy's Investment Podcast

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 Intro02:27 The Big Macro Shift Investors Aren’t Positioned For03:59 De-globalisation, Political Risk & The New Market Regime06:28 The Hidden Danger of Investment “Style Boxes”08:53 Why Active Management May Beat the Index This Decade11:44 Inside the Portfolio: Why So Much Capital Is in Banks14:22 Banks vs Tech: Where Is Risk Really Lower?19:34 The AI Investment Thesis Most Investors Miss21:01 Picks, Shovels & Who Actually Profits From AI24:15 Robotics, Physical Intelligence & The Next Wave28:42 Defence Spending, Geopolitics & Aerospace Winners38:45 Tariffs, Trade Wars & Protecting Local Assets45:20 Gold, Energy & Nuclear: Positioning for Resource Scarcity1:04:22 Housing, Construction & the Case for “Real Assets”1:11:45 How Elite Fund Managers Think About Risk1:15:30 Investment Mistakes & What They Teach You1:19:33 AI vs The Human Brain: What Machines Still Can’t Do1:20:51 Stocks That Could Double (And Where Upside Lives)1:22:02 Adapting After 30+ Years in Markets1:24:00 Would He Buy Starlink?1:26:32 Final Takeaways for InvestorsThis episode was recorded on 12th January 2026

John Chatfeild-Roberts, veteran UK fund manager and founder of the Jupiter Merlin portfolios, shares decades of fund selection and portfolio construction experience. He explains the “right people, right time, right quantities” approach. Short takes cover concentrated portfolios, crisis positioning, why patience wins, active vs passive choices, inflation protection and when high conviction pays off.

William de Gale, Co-Founder of BlueBox Asset Management, boasts over 20 years of tech investing experience. He reveals that semiconductors dominate their portfolio and shares insights on mispriced cloud software opportunities in the AI age. De Gale highlights the standout leadership of CEOs like Satya Nadella and emphasizes that since 2007, technology has driven nearly all S&P 500 earnings growth. He also recommends Adobe as a top stock pick for the next 12 months, arguing it's undervalued despite market skepticism.

William de Gale, Co-founder of BlueBox Asset Management, brings over 20 years of tech investing experience. He shares insights on why the AI boom isn't a bubble just yet and how chip manufacturers dominate his portfolio. Discover the key differences between Google and ChatGPT, his contrarian views on Adobe's potential, and why companies providing AI infrastructure like TSMC and ASML are set to outperform. He also reveals his surprising top stock pick for 2026—details that could reshape your investment strategy!

Freddie Lait, founder and CIO of Latitude Investment Management, made a bold move by selling his house to launch a £1 billion fund. He shares insights on his disciplined investment philosophy focusing on earnings growth and dividends. Freddie discusses the importance of patience in investing and contrasts portfolio management with stock analysis. He emphasizes a free cash flow yield strategy and his 30-year vision for the fund, while also highlighting the impact of AI on select stocks. His thoughts on risk management and sector preferences provide a fascinating glimpse into his investment approach.

Glen Finegan, founder of Skerryvore Asset Management, dives into the intricacies of emerging markets. He explores what defines these markets and highlights the biggest opportunities in India, Taiwan, and Mexico driven by domestic consumption. Glen emphasizes assessing governance and trust in management to navigate risks and shares insights on why many state-owned enterprises falter. He discusses currency challenges, pricing power, and the importance of long-term investment horizons to achieve consistent returns while avoiding common pitfalls.

Alastair Irvine has been the Investment Director on the Jupiter Merlin Team for over a decade. He is highly respected by professional investors for his clear-cut insights and no-nonsense take on global events. He’ll be a regular guest on Algy’s Investment Podcast. In this episode, he breaks down:1. The current state of the UK economy2. Has the UK Prime Minister lost control of his party?3. The war in Ukraine4. Why has the U.S. bombed Iranian nuclear development sites5. Trade wars and the role of the U.S. dollar⏱️ Timestamps:00:00 Intro01:11 The Skill of Managing Risk03:25 Rachel Reeves Budget Challenge10:24 Starmer's Benefits Reform Bill11:49 What Drives Economic Growth?13:12 The Office for Budget Responsibility Forecasts14:55 Will the IMF Bail Out the UK?18:30 The Effect of Wealth Taxes22:02 Are UK Equities Cheap?23:58 Who Else Could Govern the UK?27:07 Nuclear Energy in the UK30:06 Trump in Ukraine32:34 Trump's Impact on Global Stability 37:05 The Bombing of Iran39:16 Where is the World Most Dangerous Today?43:19 What are Global Bond Markets Indicating Today?47:13 Is Trump Trying to Weaken the US Dollar?49:43 Where are the Jupiter Merlin Team Investing?

Algy's guest this episode is Avinash Vazirani, Investment Manager, Investment Manager of the Indian Equities Strategy at Jupiter Asset Management. Before joining Jupiter, Avinash was Managing Partner of Peninsular Capital Partners LLP, which he founded in 2005. Prior to this, he was CIO (South Asia and Africa) of BNP Paribas Asset Management. He was also CEO of GEM Dolphin Investment Managers from 1994 until its sale in 1997. He began his investment career in 1994.

Kiril Sokoloff, Chairman and founder of 13D Research, dives into the resurgence of nuclear energy and its implications for uranium investments. He discusses the shifting attitudes towards nuclear power and how global policies are reshaping the energy landscape. Sokoloff also highlights Europe's hurdles in achieving net-zero emissions and the potential return to a gold standard amid growing economic challenges. With insights into investment strategies and the interconnectedness of global markets, he offers a thought-provoking look at future opportunities in mining.

Edward Bonham Carter, a veteran with nearly 30 years at Jupiter Asset Management and former CEO, shares his insights on the art of fund management. He discusses the delicate balance of intuition and analysis in investing and the pressing need to inspire more women in finance. Edward humorously reflects on the volatility of the markets and the importance of resilience. He also dives into the diminishing relevance of UK equities, the revolutionary impact of AI, and how current political dynamics shift investment strategies.