Neil walks through his big calls for 2026: the AI industrial revolution, whether China is really “uninvestable”, why he thinks the EU is still a story of missed opportunities, the hidden fragilities in the US, and why he believes the consensus on the UK remains far too gloomy.

We cover:

How AI, energy and productivity could shape growth and markets in 2026

China’s outlook after years of pessimism and what investors might be missing

Security, energy prices and regulation as structural headwinds for the EU

The resilience and risks inside the US economy – and why he wouldn’t own the S&P 500 index

Why UK shares may still be one of the most attractive opportunities globally

In the second half, Neil explains how he’d actually construct a strategy for 2026 – by geography and by sector – including what he’d be underweight or avoid altogether.