The macro backdrop is pretty helpful - resilient US growth, benign inflation. That Goldilocks backdrop supports risk-taking.
Asks about the bigger AI risk: too much capex or disruption.
Host
Ben Gutteridge
If AI capex continues unabated, it reveals itself in share price weakness for big spenders. If they hold back, revenue collectors don't win. There are offsetting forces.
Asks about diversification into international equities.
Host
Ben Gutteridge
The darling is the UK. Rate cuts could support the economy in H2. There are great businesses with undemanding valuations.
Asks about the software/AI disruption and portfolio hedges.
Host
Ben Gutteridge
We would go underweight software broadly. The earnings story is real but hard to pick winners. Diversifying internationally is a hedge against a non-recessionary AI-led sell-off.
Asks for a gold price target.
Host
Ben Gutteridge
$5000 isn't an unreasonable target. It's a very volatile asset class. China may step in to buy on weakness.