Matt Smith, a Senior Fund Manager at Ruffer, shares his insights on financial markets shaped by history. The discussion covers the importance of market psychology and emotional factors in investing. Smith emphasizes Ruffer's focus on risk management and capital preservation, creating an 'all-weather portfolio.' He draws parallels between the current AI boom and past tech bubbles, while also highlighting geopolitical risks and their complex market implications. Additionally, he explores the role of hard currencies like gold and Bitcoin as safeguards against economic instability.