378. The case for diversification in a world that won’t sit still

In our first episode of 2026, we reflect on a year that challenged many investor assumptions. Despite geopolitical conflict, trade tensions and inflation concerns, markets delivered resilient and often surprising returns. Darius McDermott and Juliet Schooling Latter discuss the broadening of performance beyond the US, the role of valuations and renewed interest in emerging markets and China. We also examine the resurgence of gold and commodities, the evolving role of real assets and whether AI remains a powerful growth story or a potential source of risk. We conclude with practical thoughts on diversification and investor behaviour for the year ahead.

What’s covered in this episode: 

• Why markets stayed resilient
• The surprise winners of last year
• Broadening beyond US dominance
• Valuations and investor complacency
• Emerging markets back in focus
• China’s evolving growth story
• Gold, silver and real assets explained
• AI hype vs earnings reality
• Diversification mistakes to avoid
• What investors should do more — and less — of

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Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.