385: Are we in an AI boom or bubble?

This special episode marks the publication of our 2026 global outlook, which offers insights across public and private markets after another remarkable year for investors. Topics covered include: AI-driven capital expenditure and rising government borrowing What may need to happen to justify investor bullishness on AI Concentration risk in US and global equity markets Non-consensus market views for next year and beyond You can read the foreword and access the entire report here, on our blog. During the episode, Sonja Laud, our global CIO, is joined by: Christopher Jeffery, Head of Macro Strategy Colin Reedie, Head of Active Strategies David Barron, Global Head of Index and ETFs Robin Martin, Global Head of Investment Strategy & Research, Private Markets Our panel also share what they are planning to read, watch and listen to over the holidays. The podcast was recorded on 9 December and was moderated by Max Julius, Head of Content. For professional investors only. Capital at risk.

In this special episode, we discuss our partnership with Blackstone, the world’s largest alternative asset manager. We also offer an overview of private credit and look at the role the asset class could play alongside public credit within investor portfolios. Our speakers are Jo McCaffrey, Chief Strategy and Product Officer, Asset Management, L&G; and Brad Marshall, Global Head of Private Credit Strategies at Blackstone. Other topics covered include: ·        The reasons behind the rapid growth of private credit ·        Key investor considerations around the asset class, in particular for the UK Wealth market ·        Blackstone’s approach to underwriting investments to mitigate risk The podcast was recorded on 30 October and was moderated by Max Julius, Head of Content, Asset Management, L&G. Source for comments on private credit's history of strong performance: "Leveraged Loans” as represented by Morningstar LSTA U.S. Leveraged Loan Index. “Private Credit” as represented by Cliffwater Direct Lending Indexfrom September 30, 2005 through June 30, 2025, which is latest publicly available data. Total return reflects the sum of annualised income return, annualised realised gain / loss and annualised unrealized gain / loss during the period.  For professional investors only. Capital at risk.

Europe’s emissions reduction goals are ambitious, with the continent providing a continually supportive regulatory backdrop to spur a transition to clean power. In this episode of L&G Talks Asset Management, we’re joined by Rosheen McGuckian, CEO of NTR. We discuss the investments needed to facilitate Europe’s transition and the pace of change required. While challenges persist, we also address why it may be an opportunity for investors. This podcast was recorded on 21 November and is hosted by Nick Jardine, Content Manager for L&G’s Private Markets platform. You can listen on: Apple Podcasts, Audioboom and Spotify. All data points are from BNEF, McKinsey and NTR, unless otherwise stated.

Listen to our in-house investment professionals share their thoughts on the Budget. It’s difficult to remember a time when a UK Budget was more nervously anticipated, with UK public finances in a tight spot given elevated debt repayment costs and rising levels of ringfenced spending. In this podcast, hosted by Laura Brown, Head of Public Markets Distribution, we hear from James Carrick, Senior Economist, on what the Budget could mean for the UK economy and from Joseph England, Senior Portfolio Manager, on what it could mean for UK gilt markets. This podcast was recorded on 27 November 2025. For professional investors only. Capital at risk.

A trio of L&G investment experts recently recorded a webinar to discuss the wide-ranging implications of artificial intelligence (AI) for investors.    Advances in AI are continuing to dominate headlines – and reshape the investment landscape. In our webinar a panel of experts discussed the implications of the technology for investors, from the near-term market trajectory to its impact on economic growth and infrastructure spending. The event was hosted by Laura Brown, Head of Public Markets Distribution, and featured the following speakers: Jason Shoup, Chief Investment Officer, Asset Management, L&G America, and Co-Head of Global Fixed Income Christopher Jeffery, Head of Macro Strategy Matteo Colombo, Managing Director Digital Infrastructure Investing – Private Markets Investments All data sourced from Bloomberg as at 7 November unless otherwise stated. Securities mentioned for illustrative purposes only. Reference to a particular security is on a historic basis and does not mean that the security is currently held or will be held within an L&G portfolio. The above information does not constitute a recommendation to buy or sell any security. It should be noted that diversification is no guarantee against a loss in a declining market.

Our Head of Solutions Distribution joins the podcast to share our latest endgame thinking for DB schemes. It won’t have escaped DB clients’ attention that there’s recently been significant talk of surplus extraction. However, we strongly believe it’s important not to lose sight of the reason we’re here in the first place: to help schemes meet their core fiduciary duty to pay all members’ pensions as they fall due, with a buy-in or buyout usually seen as the gold standard objective for many trustees. To discuss all this and more, our Head of Solutions Distribution, Lara Edmonstone-West, gets behind the microphone. This podcast was recorded on 22 October 2025. All data points sourced from the PPF and L&G. For professional investors only. Capital at risk.

These two investment styles are often positioned as opposites, but this framing may obscure the complex interplay between them. Instead, Ayah Habboub, and Index Researcher in L&G’s Index Solutions team, argues that designing growth strategies in a way that is agnostic to value could allow investors to capture the market returns unique to each factor. This podcast was recorded on 17 October 2025 and is hosted by Harry Brooks, European Content Manager. For professional investors only. Capital at risk. It should be noted that diversification is no guarantee against a loss in a declining market.

How is the mass adoption of AI changing the labour market? Could this technology shift the balance of geopolitical power? And can investors access this theme without increasing concentration risk? In this week’s episode, three L&G experts share their insights. Our speakers are: James Carrick, Senior Economist and Strategist Matthew Rodger, Economist Andrzej Pioch, Fund Manager This episode was recorded on 10 October 2025 and is hosted by Harry Brooks, European Content Manager. Sources: AI as percentage of US Q1 GDP: L&G calculations, Macrobond, Artificial Analysis, AI spend includes computer, software, data centre and electricity investment. Investment not adjusted for import component as at 30 June 2025. US and China make up 80% of AI: EPOCH AI as at June 2025. AI spillover and multiplier effects: Honey, AI Capex is Eating the Economy US Census Bureau estimate of AI capex: Macrobond as at June 2025. For professional investors only. Capital at risk. Assumptions, opinions, and estimates are provided for illustrative purposes only. There is no guarantee that any forecasts made will come to pass. Past performance is not a guide to the future. Securities mention for illustrative purposes only. Reference to a particular security is on a historic basis and does not mean that the security is currently held or will be held within an L&G portfolio. The above information does not constitute a recommendation to buy or sell any security.

Ben Bennett, Head of Investment Strategy, Asia, shares his thoughts on political turbulence in the US, France and Japan, and considers whether the structural drivers behind the rising gold price can support continued gains. This podcast was recorded on 8 October 2025 and is hosted by Harry Brooks. All data is sourced from LSEG as at 7 October 2025 unless otherwise stated. For professional investors only. Capital at risk. Assumptions, opinions, and estimates are provided for illustrative purposes only. There is no guarantee that any forecasts made will come to pass. Past performance is not a guide to the future. Securities mention for illustrative purposes only. Reference to a particular security is on a historic basis and does not mean that the security is currently held or will be held within an L&G portfolio. The above information does not constitute a recommendation to buy or sell any security.

In today’s interconnected markets, we believe taking a global approach to managing fixed income assets is essential, as economic or political developments in one region can have a significant impact around the world.  In the latest episode of L&G Talks Asset Management, Colin Reedie and Jason Shoup, Co-Heads of Global Fixed Income at L&G, had a transatlantic conversation on the benefits of thinking and acting globally, and discussed:  What a global approach to active fixed income really means—and how it works in practice How to balance regional expertise with a globally consistent approach The inside story on our global meetings and debates, and how the outcomes shape our regional positioning Insights into current market dynamics that affect investors around the world from US exceptionalism, to emerging markets and AI For professional investors only. Capital at risk. Assumptions, opinions, and estimates are provided for illustrative purposes only. There is no guarantee that any forecasts made will come to pass. Past performance is not a guide to the future.