The period since the last episode of Lee and the IC has been eventful to say the least, and the pair begin by unpacking Donald Trump’s tariffs, the subsequent market sell-off, and how it compares to similar eras in market history.

The episode follows in typical fashion, and Lord Lee updates listeners on changes he has made to his portfolio in the period following “liberation day”, including Treatt (TET), and reveals why he believes PZ Cussons (PZC ) is a severely underrated stock.

To wrap up, Alex queries Lord Lee on how he may use his M&G dividend, and Lord Lee shares why he has been involved in the stock market for over half a century.

Timestamps

1:12 Liberation Day reaction

3:33 Lord Lee’s opinion of the turn the world is taking

5:41 Did Lord Lee expect a climbdown

6:51 April’s selloff compared to others in history

9:49 Market rebounds to a downturn

11:26 UK and US trade deal

14:04 Lord Lee’s portfolio during the tariff-induced downturn

17:29 Lord Lee’s view on holding cash

19:09 Treatt

22:12 Christie Group

25:44 Workspace

29:13 Vianet

31:03 PZ Cussons

34:12 Dividend season

35:15 Investing for over half a century

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We begin with Arthur Sants and Dan Jones discussing the Apple antitrust issue, the iPhone manufacturer's role in Alphabet’s share price fall and Google’s place in the search engine world.

Michael Fahy, author of this week’s Big Read on the future of aviation, up next. He explains some of the developments in the industry, the top players, and what companies may be under threat by the arrival of more modern aviation and fuel sources.

Valeria Martinez then covers Mobico’s school bus fleet sale. The deal has been in the making for a while and aimed to reduce the company’s debt, but the agreement has since led to a significant share price drop. Valeria lays out its current debt situation, why investors are concerned and more.

Timestamps

1:17 Apple & Alphabet

20:50 The future of aviation

34:38 Mobico

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Dave Baxter returns with another IC Interviews, and he sits down with one of the rising stars of fund management, Jasmine Yeo of Ruffer Investment Company, the FTSE 250 trust that aims to deliver positive returns for investors throughout all market situations.

Listen to find out how the portfolio is behaving in the wake of Donald Trump’s swathe of tariffs, which diversifiers the Forbes 30 Under 30 fund manager is backing, the macro threats the team are positioning for, and more.

Timestamps

1:09 How the portfolio has held up

5:10 When it would be sensible to add risk

7:09 US exceptionalism

11:53 Bonds

15:45 Reliable protectors

17:12 Gold

20:18 Other diversifiers

21:40 Main macro threats and opportunities

24:30 Growth and equity exposurer

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