Are the best investors buying when everyone else is panicking? Anne-Christine Farstad breaks down how contrarian investors spot market overreactions, why volatility creates opportunity, and why valuation matters more than forecasting the future.

Anne-Christine Farstad is a Contrarian Equity Portfolio Manager at MFS Investment Management. She has spent over 20 years navigating market bubbles, crashes, the rise of passive investing, and global equity cycles.

She explains:

▪️Why market fear creates the best investment opportunities

▪️How to spot stocks already pricing in “Armageddon”

▪️Why volatility is a contrarian investor’s biggest advantage

▪️The danger of buying cheap stocks that stay cheap

▪️Why passive investing has changed markets forever

Recorded on: 18/03/2026

Evy Hambro is the Co-Lead Manager of the BlackRock World Mining Trust, one of the world’s leading natural resources funds, delivering over 27x returns since inception. He has spent decades analysing global commodity markets, central bank behaviour, and mining equities.

He explains:

▪️Why gold is no longer a “barbarous relic” but a critical financial asset

▪️The real reason governments can’t stop printing money

▪️How central banks are quietly accumulating gold at record levels

▪️Why AI could drive the next commodities supercycle

▪️The biggest mistake investors make when buying gold

Chapters:

0:00 Intro

1:55 Why Gold Has Always Been Money

2:57 What's Really Driving the Gold Price

4:18 The £15,000 Gold Bar Story

7:40 Gordon Brown's Catastrophic Gold Sale

10:58 Is Gold a True Inflation Hedge?

13:14 How to Buy Gold Without Getting It Wrong

19:17 Is This the Start of a New Commodity Cycle?21:30 Why Central Banks Are Buying Gold Again

27:55 Why Mining Stocks Are So Volatile

35:17 Inside the BlackRock Mining Trust

38:20 What Makes a Great Mining Company

42:46 The Stock That Went Up 8x in Months

47:12 How Profitable Are Mining Companies Right Now

50:43 Would BlackRock Invest in Politically Unstable Countries?

53:20 Evy's Biggest Investing Mistakes

56:03 How AI Is Transforming Mining

1:00:34 Are Gold Companies Over-Earning?

1:08:57 The Dinner Party Indicator

Follow Evy on LinkedIn - https://www.linkedin.com/in/evy-h-5399b4b5/

Recorded on: 02/03/2026

This content is intended for UK investors only. This podcast is for informational purposes only and does not constitute financial advice. Capital is at risk.

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