Welcome to The Two Johns, the investment trust podcast brought to you by the website www.johnbaronportfolios.co.uk. Each month, John Baron joins former Investors' Chronicle editor John Hughman to discuss the big themes dominating the investment landscape and the important issues affecting the sector, while explaining how these are influencing the way the website's ten live investment trust portfolios are being managed.

In this episode, John Baron and John Hughman take a look at three sectors where sentiment has displaced fundamentals, and how such special situations in biotech, fintech and specialist mining present an opportunity for investors willing to look past the pessimism. They discuss the special structural factors that have influenced the long-term outperformance of investment companies, before turning their attention to why investors should be wary of paying too much attention to short-term macroeconomics and geopolitics.