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NOW Ep116: Markets in dissonance | What 2025 taught us

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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?

Read more on www.investec.com/now

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.
Chapters
  • 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?
2 Dec English South Africa Business · Investing

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