UK equities delivered quiet outperformance last year, yet remain attractively valued - while US giants ride a wave of AI-fuelled expectations but face real questions over capital intensity and forward returns. In this interview, Quilter’s Lindsay James unpacks why market veterans are adding exposure to overlooked regions like Europe and emerging markets, preparing portfolios for geopolitical rumblings and tighter fundamentals. Diversification is back in vogue, risk-conscious positioning counts, and AI’s benefits might not be as clear-cut as headlines suggest.