# Japanese Bonds, Greenland Brinkmanship and Iran Threats. When Risks Outweigh Rewards: Taking 10% to Cash

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Podcast: [The Art of Investing](https://stenobird.com/podcast/the-art-of-investing-7404303)
Published: 2026-01-23T15:01:10+00:00
Episode link: https://share.transistor.fm/s/9f9369fe
Audio file: https://cohst.app/pdcst/6D4K8U/op3.dev/e/media.transistor.fm/9f9369fe/a5f1d1a6.mp3
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Duration seconds: 3814

## Resource

This week, Rich McDonald, Mark “Spice” Holden and Chris Fellingham unpack one of the most volatile macro weeks of the year, from Japan’s bond market shock to Trump’s Davos comments, rising geopolitical tension, and a sharp shift in momentum across assets.With Japanese yields spiking to multi-decade highs, markets wobbling on Greenland headlines, and gold once again leading the leaderboard, the team debate whether this is a temporary scare… or the early warning signs of something bigger. Crucially, they also make a major portfolio decision, raising cash and reassessing risk after a strong run of returns.Expect macro depth, proper portfolio debate, and a real-time look at how professional investors react when markets move fast.This Week’s Highlights:🇯🇵 Japan Bond Shock40-year Japanese government bond yields spike, triggering global bond and equity volatility.🌍 Geopolitics ReturnsGreenland, NATO tensions and Trump’s Davos comments briefly rattle markets before a sharp relief rally.📉 Momentum RotatesGold and mining stocks surge while crypto and copper lag as capital chases safety and trend.🪙 Crypto vs GoldBitcoin slides while gold hits new highs, reigniting the “digital gold” debate.🏦 Central Bank PowerThe Bank of Japan draws a clear line in the sand, reminding markets who’s really in control.Portfolio Snapshot:Weekly performance: –0.7%Total return since inception: +15.5%Top Performers (WoW)🥇 iShares Physical Gold ETC: +4.83%🥈 BlackRock World Mining Trust: +2.54%🥉 iShares Core MSCI EM IMI ETF: +1.14%Underperformers (WoW)📉 VanEck Crypto & Blockchain Innovators ETF: –4.66%📉 WisdomTree Copper ETF: –4.15%📉 iShares MSCI India ETF: –3.49% Big Decisions This Week:🔄 Raising CashThe team reduce exposure to gold and US equities, moving 10% of the portfolio into cash to reassess…

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