"It's not investing, it's a game": Anton Tagliaferro on what's broken in today's market

After more than four decades navigating booms, busts and everything in between, Anton Tagliaferro believes today's market is behaving unlike any other period in his career. The founder of Investors Mutual and now Investment Director at Fundamental Investment Management isn't worried about a recession, tariffs or the next interest rate move. He's worried about something much deeper: the way markets themselves are functioning. Time codes 0:00 - Introduction 0:30 - Why Anton started a new small companies fund 1:20 - Value investing in 2026 4:21 - The investing outlook 6:30 - Three stocks that look like good value 8:00 - Will the budget changes impact appetite for stocks 9:27 - Thoughts on the rise of artificial intelligence 14:00 - Building one step at a time 15:30 - Valuations will matter again for investors