Bassline Episode 11

In this special “Situation Update” episode, Lance Peltz unpacks the rapidly evolving global landscape and its economic implications. With no clear end in sight, this episode provides a sharp, sober view of markets in flux - and the deeper structural shifts shaping the global order.

Over the weekend (and continuing as we type), the United States and Israel launched coordinated military strikes against Iran, targeting missile infrastructure, air defence systems and senior political and military leadership.

In this special episode, the roles are reversed as Adrian takes the interviewer’s seat to speak with Dave about a subject that is both deeply personal and increasingly relevant: neurodiversity, late ADHD diagnosis, and the profound impact this can have on our relationship with money. Dave reflects on being diagnosed with ADHD later in life, prompted initially by his children’s experiences and a growing realisation that many lifelong patterns finally had an explanation.

Markets ended the year in a buoyant mood, with further gains in the fourth quarter meaning that most equity markets finished 2025 at or near all-time highs having made double digit returns. Bond markets also made modest gains, and the standout performer was precious metals, led by silver. One of the surprises was that the US equity market was among the year’s laggards, with returns for UK investors further reduced by US dollar weakness.