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28. Is following the crowd the biggest investment risk?
15:33||Season 1, Ep. 28In investing, risk is often measured against a benchmark or by day-to-day market volatility. But is that really what matters most? In this episode of Connected Investor, Brunner Investment Trust's Julian Bishop and James Ashworth challenge conventional thinking about risk, arguing that the greatest danger isn't underperforming an index… it's the permanent loss of capital. They explore the difference between relative and absolute risk, why increasingly concentrated markets can leave investors more exposed than they realise, and how independent thinking, diversification and focusing on different businesses can help build more resilient portfolios. Along the way, they discuss AI-driven market concentration, lessons from the dot-com boom, and why resisting the herd can be one of the hardest and most valuable decisions an investor can make. Whether you're a seasoned investor or looking to better understand today's markets, this episode offers a fresh perspective on what risk really means in long-term investing.
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27. The world still runs on oil: investing between ambition and reality
17:34||Season 1, Ep. 27The energy transition is one of the defining themes of modern markets. But what happens when ambition runs ahead of reality?In this episode of Connected Investor from the Brunner Investment Trust, Julian Bishop and James Ashworth explore the tension between the push towards cleaner energy and the continued global reliance on oil and gas. They discuss why fossil fuel demand continues to rise despite significant investment in renewables, and why much of the global economy, from transport to manufacturing, remains difficult to decarbonise.The conversation also looks at the inelastic nature of energy demand, and how even sharp price increases often fail to curb consumption. Julian and James examine the role of geopolitics in energy markets, from supply concentration to energy security, and explain why energy has always been as much a political issue as an economic one.26. Picks, Shovels, and Street Sweepers: Investing in the AI Boom and Beyond
35:16||Season 1, Ep. 26The world is captivated by the artificial intelligence boom, with hundreds of billions being poured into infrastructure. But is it a sustainable revolution or a speculative bubble? In this episode, Brunner’s Julian Bishop and James Ashworth provide a sober analysis based on their research trips to the tech hub of San Francisco and the industrial centre of Tokyo.They draw parallels to past technological booms, questioning whether today’s massive capital expenditure can generate a sufficient return. Discover their balanced strategy: investing in the essential ‘picks and shovels’ of the AI gold rush while also finding value in resilient, tangible businesses far from the hype. This episode offers an insight into navigating one of the most important – and hyped – investment themes of our time, exploring how to uncover opportunities, while remaining alert to the risks that could be present.25. Global Trade, Local Groceries: Brunner’s Investment Lens
25:52||Season 1, Ep. 25In this episode, Brunner Investment Trust’s Julian Bishop and James Ashworth unpack the economic and political forces shaping global markets – from US tariffs and trade tensions to the rationale behind one of their 2025 portfolio additions, Tesco. Tune in for a discussion on protectionism, inflation, and why cash flow still reigns supreme.24. Optimism gives way to uncertainty
19:41||Season 1, Ep. 24US company executives can tend to be ‘hardwired’ for optimism but, after the Trump rally at the end of 2024, euphoria has given way to an environment of disruption and uncertainty. Portfolio managers Julian Bishop and James Ashworth discuss how this is impacting global equity markets thus far this year, how it differs substantially from 2024 and what that might mean for the rest of the year.23. Can the US market continue to trump the rest of the world?
15:34||Season 1, Ep. 23The US has shown unprecedented dominance in stock market terms for many years, and 2024 was no exception. In this latest podcast episode we look at the factors behind this, the composition of returns from various markets for UK investors, and whether the team believes this dominance can continue into 2025. Also, at the genesis of Trump 2.0, how could tariffs – or the threat of them at least – impact investors?22. Anatomy of a great company
17:16||Season 1, Ep. 22As stock pickers, the managers of The Brunner Investment Trust are looking for what they believe are great companies which can grow and deliver returns to shareholders. Whilst this may sound obvious, just what exactly are the common factors in the DNA of a “great” company? Joe Lynam quizzes portfolio manager Julian Bishop on how he and his team go about assessing companies.