FundCalibre - Investing on the go

Investing on the go gives you direct access to the people who manage your ISA and pensions savings. Our hosts will be interviewing finance professionals on everything from their successes and failures to current ideas and insights. At meetings, before events and even if we bump into them on the street, we'll grab five minutes with these experts to discuss how your own personal finances could be impacted by topics such as US elections, the move from petrol to electric vehicles, the growth in artificial intelligence and robots, and so much more. Our ultimate goal is to bring to life the world of investments and uncover new and exciting opportunities, all while inspiring you to invest and giving you the confidence and knowledge to make the right decisions. To do this we often ask the managers why they are invested in individual companies. This is for illustration only and should not be taken as a recommendation to buy or sell that stock. The fund manager may or may not still own these companies at the time of your listening. For more investment research visit us at www.fundcalibre.com and follow us on twitter and facebook @FundCalibre

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FundCalibre - Investing on the go

396. What investors keep getting wrong about cycles

May 14, 2026 • FundCalibre

0:00 | 32:47

Markets are often driven less by logic and more by emotion, and that pattern hasn’t changed despite decades of evolution in investing tools and technology. Nick Clay, manager of the TM Redwheel Global Equity Income fund, joins us this week to explore how cycles of greed and fear continue to shape market behaviour, and why volatility is returning after years of unusually stable conditions. We discuss inflation, AI-driven disruption, shifting definitions of quality and why valuation discipline matters more in today’s environment. The interview also challenges the idea of “quality at any price” and highlights the importance of income, compounding and long-term thinking in a world where investor expectations can change quickly.

What’s covered in this episode:

Market cycles and repeating investor behaviour
Emotional drivers: fear, greed, and volatility
Post-2008 “low volatility” regime and its unwind
Inflation, liquidity, and changing market expectations
AI disruption and valuation reassessment
Sell discipline and valuation frameworks
Case study: Cisco and rerating risk
What “reliable income” means today
Dividend growth vs inflation
US exceptionalism and market rotation
Quality investing vs “quality at any price”
AI adoption, disruption, and long-term uncertainty
Importance of compounding income on returns

Learn more on fundcalibre.com

Please remember, we’ve been discussing individual companies to bring investing to life for you. It’s not a recommendation to buy or sell. The fund may or may not still hold these companies at the time of listening. Elite Ratings are based on FundCalibre’s research methodology and are the opinion of FundCalibre’s research team only.