# 396. What investors keep getting wrong about cycles

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Text version: https://stenobird.com/podcast/fundcalibre-investing-on-the-go-709585/396-what-investors-keep-getting-wrong-about-cycles.md
Podcast: [FundCalibre - Investing on the go](https://stenobird.com/podcast/fundcalibre-investing-on-the-go-709585)
Published: 2026-05-13T23:00:00+00:00
Episode link: https://www.buzzsprout.com/1890790/episodes/19164640-396-what-investors-keep-getting-wrong-about-cycles.mp3
Audio file: https://www.buzzsprout.com/1890790/episodes/19164640-396-what-investors-keep-getting-wrong-about-cycles.mp3
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JSON: https://stenobird.com/v1/public/podcasts/fundcalibre-investing-on-the-go-709585/episodes/396-what-investors-keep-getting-wrong-about-cycles
Duration seconds: 1967

## Resource

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 ...

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