PFS breakfast session -Investing In The Age of Black Swans

Session Overview: 

During this session, we will explore the concept of Black Swan events. These are rare, unpredictable occurrences that can significantly disrupt markets and examine how they challenge traditional investment assumptions. We’ll discuss the implications that these events can have on client outcomes and portfolio strategies, helping you understand why resilience and adaptability are critical in today’s environment.

Jonathan Dilley will provide an in-depth outlook on the key drivers and risks shaping the markets as we head into 2026. His analysis will focus on the influence of government policy, evolving geopolitical dynamics, and other macroeconomic themes that could impact investment decisions. This session aims to equip you with insights to help navigate client conversations & position your clients for success.

Learning objectives

By the end of this session:

• Advisers will be able to understand the increasing frequency and impact of Black Swan events and how they challenge traditional investment assumptions, particularly those based on historical data and passive strategies.
• Recognise the importance of downside protection and drawdown risk management in building resilient portfolios that can withstand market shocks and support client outcome.
• Explore the role of active management in navigating uncertainty, including how flexibility, real-time decision-making, and dynamic asset allocation can help advisers respond to volatility, concentration risk, and geopolitical disruption.

Jonathan Dilley FCSI-Associate Investment Director-Rathbones

Jonathan works with financial advisers, charities, corporates, and trusts, building Bespoke Investment Solutions for their clients. He joined Investec in 2016 prior to the merger with Rathbones in 2024, having joined the industry in 2014 at Lloyds Private Banking. Prior to that he graduated Leeds University with a degree in Theoretical Physics and spent two years working in precision engineering before making the transition to Finance.

Callum Thorne-Business Developement Director-Rathbones

 Callum joined Rathbones in 2025 as a Business Development Director, covering the South West. He is responsible for developing and maintaining relationships with financial advisers and intermediary clients, supporting their business needs. Prior to joining Rathbones, Callum spent six years at Brooks Macdonald Group as a Business Development Manager covering the South West.