The year-end episode of the No Ordinary Wednesday podcast confronts a familiar contradiction: markets that looked buoyant, and an economy that often didn’t. In conversation with our Chief Investment Strategist Chris Holdsworth, we dissect the year’s dissonance and the lessons it leaves behind - above all, that in a noisy world, valuation discipline and diversification remain the investor’s most dependable anchors.

Podcast key moments:

00:00 - Introduction

01:51 - What is the Global Investment Strategy Group (GISG)?

02:59 - What are the core principles that anchor the GISG investment philosophy?

04:20 - What defined global markets in 2025?

06:04 - Why hold back at a time when markets appear optimistic

07:04 - What does the GISG expect for the global economy in 2026?

08:03 - What are the big risks ahead?

08:52 - Outlook for the dollar

09:49 - How should investors be thinking about constructing portfolios

10:14 - What is South Africa’s risk score?

11:10 - How does the GISG investment philosophy guard against behavioural errors?

11:58 - What has 2025 taught you about investing in uncertain times?

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Hosted by seasoned broadcaster, Jeremy Maggs, the No Ordinary Wednesday podcast unpacks the latest economic, business, and political news in South Africa, with an all-star cast of investment and wealth managers, economists and financial planners from Investec. Listen in every second Wednesday for an in-depth look at what's moving markets, shaping the economy, and changing the game for your wallet and your business. Investec Focus Radio SA