A Goldilocks setup for markets

Merry Christmas and welcome to a special Best Bits episode of The Art of Investing.

To round off 2025, we’re revisiting some of the most memorable moments from 2025, the bold calls, the big debates, the lessons learned the hard way, and the moments that genuinely made us laugh.

From investor psychology and AI optimism, to Budget chaos, bond market nerves and why selling well matters more than buying smart, this episode is a reminder of what really drives long-term returns.

Whether you’re catching up over the holidays or revisiting your favourite moments, this is The Art of Investing at its best.

What You’ll Hear in This Episode:

🧠 Investor Psychology with Lee Freeman-Shor

Why great investors aren’t defined by how many winners they pick, but by what they do when things go wrong.

Rabbits, Assassins, Hunters and the hard reality of cutting losses before they cut you.

❤️ Falling in Love with Your Winners

Spice tells the story of his best ever investment, and why selling 20% down after a 20-fold gain was the right decision.

🤖 AI, Circular Deals & Déjà Vu

Why self-funding loops in tech can be a warning sign, and why markets have “seen this film before”.

🏛️ Inside the Truss Mini-Budget

Adam Smith pulls back the curtain on the chaos, the ignored process, and the moment markets lost confidence, including the phone call Jeremy Hunt thought was a prank.

📉 Why Every Institution Wants an Economist (Even When They’re Wrong)

Stu Thompson explains the political pressure behind forecasts, and why being wrong doesn’t always carry consequences.

📈 The Goldilocks Setup

Spice lays out why the next 12–18 months could be a sweet spot for markets: falling rates, easing inflation and strong growth.

🇬🇧 The Rise, and Decline, of the UK Stock Market

A hard look at how pensions, policy and decades of selling pressure reshaped UK equities.

💵 Bonds, Nervy Middles & Getting Paid to Wait

Chris Bowie explains why the best bond opportunities appear when everyone else is uncomfortable.



🎄 Why This Episode Matters

✔️ Markets reward behaviour, not predictions

✔️ Psychology matters more than ideas

✔️ Crises create opportunity — if you can stay disciplined

✔️ The “nervy middle” is where real returns are made

📧 Get in touch: theartofinvesting@ig.com

📈 Subscribe for weekly investing insights and to follow the live portfolio in real time.



Disclaimer

This podcast is provided for educational and informational purposes only. The content presented is not intended as personal investment advice or a recommendation to buy, sell, or hold any particular securities or investments. All discussions regarding the model portfolio are illustrative and for educational purposes.

Your capital is at risk. The value of shares, ETFs and ETCs can fall as well as rise, which could mean getting back less than you originally put in.

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