Nvidia vs Gold; Which is the greater fools rally?

📈 Download the full Portfolio Performance Slides View the portfolio breakdown: https://drive.google.com/file/d/1swFozbVBfNibaktK9A5fkV8tnsag9UTG/view?usp=sharing 📧 Get in touch: [email protected] 📱 Behind the scenes: @_theartofinvesting on TikTok 🎧 Listen on: Apple, Spotify This week on The Art of Investing, Rich McDonald, Mark “Spice” Holden and Chris “CJ” Fellingham are back with a big listener Q&A episode, taking on three of the biggest questions facing investors right now: should you bother picking single stocks, is gold worth buying again, and are equities entering a more difficult phase? With Nvidia delivering another extraordinary update, Bitcoin back above $80,000, oil falling sharply, and bond markets still waiting on Jackson Hole, the team unpack a market where confidence is returning in some places, but the warning signs have not disappeared. From the challenge of beating ETFs to the case for gold, AI infrastructure spending, and the hidden effect of new share issuance, this episode asks whether investors should be adding risk, sitting tight, or preparing for a harder turn in markets. Portfolio Snapshot - Week 54: No changes were made to the portfolio this week. 📊 Weekly portfolio performance: +0.5% 📈 Total return since inception: +25.4% 📅 2026 year-to-date return: +12.9% Top Performers: 📈 BlackRock World Mining Trust PLC: +4.7% WoW 📈 WisdomTree Copper ETF: +1.9% WoW 📈 iShares Core MSCI EM IMI ETC: +1.8% WoW Underperformers: 📉 XLI SPDR US Industrials ETF: -1.2% WoW 📉 iShares Russell 2000 ETF: -1.2% WoW 📉 Invesco EQQQ Nasdaq 100 UCITS ETF: -1.1% WoW This Week’s Highlights: 📊 Portfolio Edges Higher The model portfolio rises around +0.5% on the week, taking performance to +25.4% since inception and +12.9% year-to-date. 🤖 Nvidia Reignites the AI Debate Nvidia guides to 70% revenue growth for the year ending January 2028, but the team debate whether the market is still right to stay cautious. 📉 Bonds Stay in Focus Stanley Druckenmiller criticises Scott Bessent’s Treasury bond-buying plan, keeping fiscal credibility and bond-market pressure firmly on the agenda. 🛢️ Oil Falls Sharply Oil drops around 7% as progress around the Strait of Hormuz eases supply fears, helping bonds but raising new questions about inflation and commodities. 🥇 Gold Gets Another Look After a strong rebound, the team debate whether gold deserves a place in the portfolio again, or whether real yields still make the case difficult. 📦 ETFs vs Stock Picking CJ and Spice explain why even professional investors struggle to beat indices, and why ETFs remain the preferred route for most long-term investors. 🏗️ Re-Equitisation Risk The team examine whether a wave of IPOs, AI funding and insider selling could reverse years of shrinking share supply and weigh on future returns. Big Questions This Week: • Is Nvidia still cheap, or is the market right to be suspicious of future AI growth? • Should everyday investors bother picking single stocks, or stick with ETFs? • Is gold attractive again after its pullback and rebound? • Will weaker oil and a softer dollar bring central banks back into gold? • Could a new wave of IPOs and equity issuance drag on market returns? • Are investors close to the point where they should start reducing risk? What You’ll Learn: ✔️ Why Nvidia’s numbers can be outstanding while the wider market still stays cautious ✔️ Why most active managers struggle to beat their benchmark over time ✔️ How factor ETFs can replace some traditional fund-manager exposure ✔️ Why real yields, the dollar and central-bank buying matter for gold ✔️ What “de-equitisation” and “re-equitisation” mean for stock market returns ✔️ Why Jackson Hole could shape the next portfolio move Disclaimer: This podcast is provided for educational and informational purposes only. The content presented is not intended as personal investment advice or a recommendation to buy, sell, or hold any particular securities or investments. All discussions regarding the model portfolio are illustrative and for educational purposes. Your capital is at risk. The value of shares, ETFs and ETCs can fall as well as rise, which could mean getting back less than you originally put in.