Mark Latham: Market Veteran and Investment Futurist

Aug 13, 2025

Mark Latham, a market veteran and investment futurist with over 40 years in commodities, discusses his journey founding Commodity Intelligence and The Angry Portfolio. He delves into the impact of technology on traditional sectors and highlights how investor bias often leads to missed opportunities. The conversation includes insights on NVIDIA's rise in the AI space, the investment potential of Cyprus, and the significance of understanding global market dynamics amid shifting demographics. Latham emphasizes the need for distinguishing signal from noise in today's fast-paced environment.

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ANECDOTE

Life-Changing Move To Cyprus

Mark moved from the UK to Cyprus, reducing his marginal tax rate from 46% to 2% and improving his lifestyle.
He cites swimming, archaeology and better weather as personal benefits of the move.

INSIGHT

NVIDIA's Moat Is Software, Not Chips

Mark argues NVIDIA's moat is its software ecosystem around GPUs, not just semiconductor hardware.
He warns competitors like Amazon and Google could erode that moat if they commercialize their own GPU-equivalents.

ADVICE

Watch Big Cloud Players As Competitive Threats

Monitor large tech users (Amazon, Google) for moves to manufacture and possibly sell GPU-equivalents.
Re-evaluate NVIDIA positions if those companies commercialize their internally built semiconductors.

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In this episode of Why Invest? Luke Hyde-Smith is joined by market veteran and investment futurist Mark Latham. With over 40 years in commodities and fund management, Mark shares his journey from running a leading resources fund to founding Commodity Intelligence and The Angry Portfolio.

They discuss the growing influence of technology across real-world industries, the challenges traditional sectors face amid disruption, and how shifts in investor sentiment often lag behind fundamental change. Mark also touches on how behavioural biases and consensus thinking can lead to missed opportunities in fast-moving markets.

The episode covers global equity dynamics, shifting demographics, and the implications of policy and data reliability on long-term investing. With a focus on separating signal from noise, this is a timely discussion for those navigating structural changes and evolving narratives in global markets.

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