Show Notes
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
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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.