My Job: Brian Delaney on fortunes and pitfalls in the global markets
Brian Delaney, Chief Investment Strategist, Insight Private Clients. Picture: Jim Coughlan.
: Brian Delaney
: Chief Investment Strategist, Insight Private Clients
: Cork based financial advisory firm supporting private clients, business owners and families with structured investment strategy and long-term wealth management
In conversation with John Daly
The best investments are rarely found by reading the front page of the newspaper, according to Brian Delaney. More often than not, however, you will discover a passing mention of something on page twelve, six months before that story makes headlines on the front page. “Well-informed investors tend to make better decisions, provided they follow a few simple rules that have stood the test of time.” In January 2026, for example, oil traded at $60 a barrel, its cheapest level on record relative to gold – with one ounce of the precious metal then buying a record 85 barrels of crude.
“The energy sector was attractively priced before a shot was fired in the Middle East. Information provides an edge. Taking equities as an example, the stock market usually rewards you well for the risk you take but only when it is generally going up. Investment markets tend to be healthier when a wide range of companies are performing well, rather than relying on the success of just a few large companies.”
Appointed as Chief Investment Strategist last month, Delaney has over 25 years of experience advising institutional and private clients across global markets. His career as a senior investment analyst spans a diverse range of investment houses, including Aon in Ireland, where he spent more than 17 years providing strategic oversight of €2.5bn in active multi-asset solutions for Irish and UK clients. Past roles include Private Client Portfolio Manager at Davy, Senior Equity Research Analyst in New York, and positions at Bank of Ireland Asset Management.
He holds a CFA designation, a Master of Business Studies in Finance, and a Bachelor of Commerce in Finance from University College Dublin. “At Insight Private Clients, much of our time goes into refining the framework that keeps client portfolios diversified, balanced and positioned with the environment in which we currently operate.” As to the impact of rising interest rates and inflation on global markets, he says that in a social democracy with a fiat currency, all roads tend to lead to inflation.
“For the past thirty years, interest rates and inflation kept falling and stayed low, because of a rare combination of forces. These included the world becoming more connected through trade and globalisation, governments borrowing, the huge baby-boom generation saving up for retirement, new technology, China becoming a major economic power, and energy being plentiful and cheap. We lived in a pro-capital world.”
That trend reversed after the Covid pandemic. We now live in a pro-labour world of rising inflation and interest rates, accelerating government debt, fiscal dominance and currency debasement. “Diversified investor portfolios must be re-positioned to take advantage of these emerging trends. Geopolitical conflicts, inflation and interest rates remain among the most important influences on investment markets. Clients must understand the connectivity of such economic issues and values attaching to their holdings. This is our role.”
In a turbulent world, geopolitical events increasingly have direct consequences for energy prices, inflation, currencies, supply chains and investor confidence. “Iran and Ukraine provide clear examples of how events far removed from an investor’s portfolio can quickly influence financial markets, while US political developments can introduce further uncertainty around trade, taxation, regulation and fiscal policy.” There is no crystal ball to predict these events or what’s next, so portfolios need to be diverse to withstand changes and not be guided by emotional reactions to headlines.
“It’s easy to turn on the news and hear about Iran, Ukraine or the US midterms and feel that global stability is under threat. Geopolitical events can affect investment fund performance, but their impact varies depending on where and how funds are invested.” A disciplined approach, with a well-diversified portfolio, helps manage these uncertainties and supports sensible investment decisions. “Sadly, conflict is a reality. It can also push up oil prices, increase inflation and influence interest rates.”
These developments can affect company profits, economic growth and, ultimately, investment fund values. “However, different funds respond differently, highlighting the importance of diversification and careful fund selection. Political uncertainty is nothing new. It is part of investing, and something we must continue to manage.”
In a pro-capital world of falling interest rates and inflation, the 60% equity and 40% bonds asset holding worked well. Equities and bonds were negatively correlated, so bonds cushioned losses when equities fell. “In a world of rising inflation and interest rates, bonds are no longer a reliable long-term store of value. Portfolios need a larger allocation to real assets that protect savings from inflation over time.” Energy, infrastructure, alternative investments and precious metals should all be part of the conversation, he adds.
“Note that property is not currently on our list of preferred assets. The traditional combination of 60% equities and 40% bonds has historically provided a relatively straightforward approach to diversification, but increasingly complex markets justify looking beyond those two asset classes alone. Alternatives, commodities, precious metals, infrastructure and cash can each perform different functions within a portfolio depending upon the prevailing economic environment.” Genuine diversification is about combining assets with different return drivers rather than simply owning a greater number of investments. It also reinforces the importance of portfolio construction and ongoing asset-allocation reviews.
“We are seeing significant activity and interest in AI investment and the financing behind it, which is opening new opportunities across the wider investment landscape. The largest technology companies are spending at an unprecedented rate on chips, power, data centres and networking.” Estimates are $600bn to $700bn in 2026, rising to $800bn to $1 trillion in 2027. “This boom is fuelling very strong earnings of the key AI suppliers. AI is undoubtedly a disruptive, transformational technology with many uses, some yet to be discovered.”
He cites the internet and the dotcom boom as similar breakthroughs more than two decades ago. “We have no doubt that many AI-related fortunes will be made - but it won’t all be plain sailing. I am reminded of two of Wall Street veteran Bob Farrell’s rules of investing: Exponentially rising markets usually go further than you think, but they do not correct by going sideways. There are no new eras; excesses are never permanent.”
Artificial intelligence has become an increasingly important investment theme, but attention should extend beyond the best-known technology companies benefiting directly from AI, he says. “Significant investment is required in data centres, semiconductors, electricity generation, transmission infrastructure, cooling, networking and associated financing. This creates opportunities across a much broader investment ecosystem, while also raising questions around valuations and the level of future earnings required to justify current capital expenditure.”
Regular contributions, combined with a disciplined investment strategy, can help build long-term financial security. Periods of uncertainty can cause investors to question investment funds, equity holdings and strategies that were originally selected with long-term objectives in mind. “However, disappointing investment outcomes can arise not simply from changes in values, but from decisions made in haste in response to short-term events.”
Understanding the difference between normal fluctuations in performance, a genuine change in the investment environment and circumstances that justify adjusting fund holdings is important. “Such periods call for careful review, patience and sensible investment decisions rather than unnecessary concern or hasty reactions.” One thing remains certain, he concludes: “Keep an eye on the financial headlines and global developments, but don’t allow short-term news stories to dictate how your investment funds are managed.”
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