Andy’s approach is measured and pragmatic. He begins by exploring the concept of global hegemony—how the rise and fall of dominant powers, from Britain to the United States, and now China’s re-emergence, create cycles of instability. These shifts, he explains, are often misunderstood, yet they present some of the most compelling opportunities for investors who are willing to see beyond short-term noise.

Throughout the session, Andy returns to one central idea: constraints matter more than predictions. In his words, “There’s a big difference between what someone wants to do, what they say they’re going to do, and what they can actually do.” This lens becomes especially useful when analysing geopolitical risks—from China’s ambitions in Taiwan to energy alliances forming across Asia and Latin America.

The webinar highlights the importance of identifying themes over fads. Drawing on historical examples, Andy underscores how some of today’s most disruptive companies—like Uber and Airbnb—emerged during periods of volatility. For investors seeking long-term resilience, he advocates for thematic investing: focusing capital on industries and innovations the world both needs and can afford. One standout example is cybersecurity, which he positions not just as a technology play, but as a critical layer of global defence infrastructure.

Practical wisdom is a thread that runs throughout the session. From managing emotions during market drawdowns to interrogating consensus thinking, Andy offers tangible frameworks for staying sane—and successful—as an investor. His observation that “I think often means I hope” is a caution against overconfidence and a call for evidence-based decision-making.

He is later joined by Cashbox Global’s leadership team—Chad, Andrew and Joel—who reflect on their own investment journeys and how structured notes have helped mitigate risk during uncertain times. The discussion connects theory to practice, offering clarity on how structured products can serve as strategic tools in a balanced portfolio.

This TLT session is a masterclass in macro thinking, investor discipline, and thematic opportunity. Whether you’re navigating your own portfolio or simply seeking to deepen your financial understanding, the conversation delivers enduring value for mature, self-led investors.

OUR GUEST | ANDY MERRICKS PORTFOLIO MANAGER

Andy has worked in financial services since 1987. His management of thematic, future-focused investment started in earnest in 2017, working with long-standing collaborator Tom McGrath. Andy is regularly asked to provide comment on a wide range of investment issues in the trade and retail press, as well as having featured on TV and radio. His experience has led him to be asked to speak at conferences, most recently on thematic investment, and he has sat on various judging panels for investment company awards. He brings a combination of enthusiasm and pragmatism to his role managing the Future Wealth Fund – attributes that are perhaps more valuable in this area than any other.

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