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In this episode of Connected Investor, Brunner Investment Trust Portfolio Managers Julian Bishop and James Ashworth look back at previous capital cycles to explore what the past could teach present investors about the extraordinary levels of investment flowing into AI infrastructure today. From the iron ore supercycle driven by China's rapid industrialisation to the US shale revolution, Julian and James examine how rising demand and high profitability can encourage significant investment in new capacity, and how increasing supply can ultimately put pressure on prices and returns. Turning to AI, they discuss whether computing capacity could display similar characteristics, why investors should pay as much attention to supply as demand, and whether today's rapid expansion in data-centre infrastructure risks creating oversupply in the future. Listen now for insights into capital cycles, the economics behind the AI infrastructure boom and why some of the oldest lessons in investing may still be relevant to one of today's newest technologies. Hosted on Acast. See acast.com/privacy for more information.

In this special ‘Brunner Book Club’ episode of Connected Investor, portfolio managers James Ashworth and Julian Bishop step away from company results and market updates to discuss the books that have shaped their thinking. From financial bubbles and the Great Depression to investor psychology, neuroscience and the power of compounding, they explore how history, human behaviour and timeless investing principles continue to influence markets today and why reading beyond finance can make you a better investor. Hosted on Acast. See acast.com/privacy for more information.

In 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.   Hosted on Acast. See acast.com/privacy for more information.

The 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. Hosted on Acast. See acast.com/privacy for more information.

The 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. Hosted on Acast. See acast.com/privacy for more information.

In 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. Hosted on Acast. See acast.com/privacy for more information.

US 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. Hosted on Acast. See acast.com/privacy for more information.

The 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? Hosted on Acast. See acast.com/privacy for more information.

As 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. Hosted on Acast. See acast.com/privacy for more information.

In the 21st episode of Connected Investor, Joe Lynam and Julian Bishop navigate the choppy waters of national politics and their ripple effects through global markets. With the recent political changes in the UK and the much-anticipated US presidential election, what can investors expect from the stock market? Hosted on Acast. See acast.com/privacy for more information.

A multi-decade re-engineering of the entire global economy” – Julian Bishop, co-lead portfolio manager of Brunner debates the realities of the energy transition with host Joe Lynam. He argues that the production of nearly everything in the world relies on fossil fuels to some degree, something that will inevitably take time to change. The duo also examine the tie in with global population size and growth, look at whether energy in general and renewable energy in particular contains opportunities for investors, and draw their conclusions on the ultimate realities of the energy transition Hosted on Acast. See acast.com/privacy for more information.

The ‘Magnificent 7’ have been much heralded as the drivers of stockmarket performance over the past year or so, but are they all performing strongly, and what might be some other ways of accessing technology sub-sector growth? Joe and Julian also discuss a couple of more traditional companies added to the portfolio earlier this year. Hosted on Acast. See acast.com/privacy for more information.

In this latest episode we look deeper into some of the things that portfolio companies actually do. In particular, host Joe Lynam and co-lead portfolio manager Julian Bishop examine some of the extreme technology needed to create the world’s most powerful semiconductor chips. The term ‘cutting-edge’ may often be overused, but in this case the sheer physics of what is being achieved by some of the leading companies is, quite simply, astounding. Hosted on Acast. See acast.com/privacy for more information.

In this latest podcast, we ask “what just happened” in the first half of 2023 and what did we learn as investors? Whilst there were quite benign returns in sterling terms, underneath the surface there was plenty of drama with a reversal of what happened in 2022 – tech roared back strongly from its lows and the 2022 winners like oil and gas resumed their longer-standing underperformance of recent years. After something of a frenzy in May and June, and associated predictions of the end of the world as we know it, is some of the hype surrounding AI now abating – and what does that mean for markets? Hosted on Acast. See acast.com/privacy for more information.

In this latest podcast the team look at the factors to consider when investing around the theme of decarbonisation and how companies with strong decarbonisation credentials, able to drive the energy transition, are considered within the investment universe. What elements shape the pathway to net zero and what will be required to get there? With that view in mind, which companies could be well placed to capitalise and therefore provide good investment returns for investors? Electricity generation, energy storage and transportability all come under the spotlight. Hosted on Acast. See acast.com/privacy for more information.