Episode 117 – In Trust We Must: From Wall Street to the Open Road
'Perspectives' by Escala Partners
In this episode of Perspectives, Escala Chief Investment Officer, Tracey McNaughton, talks about the importance of trust – between governments, institutions, clients and their advisers and of course the rider and her bike. (1:18) So, Tracey, how do you define trust? (1:59) Can you think of a single system—financial, political, or social—that functions without trust? (2:35) Let’s go back to 2008. Where were you when Lehman collapsed? Did it hit you right away that this was a trust crisis? (3:46) And the stats reflect that. Only 27% of Americans said at the...
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Episode 116 – Are we past peak US exceptionalism?
'Perspectives' by Escala Partners
In this episode of Perspectives, Escala Chief Investment Officer, Tracey McNaughton, considers the question are we past peak US exceptionalism? If so, where are the alternative safe havens for investors. (0:50) So, Tracey, you presented at a conference last week. Let’s start with topic of your session: Have we seen peak U.S. exceptionalism? (4:12) Just on the topic of ballooning government debt, the current fiscal proposal, the so called “Big beautiful budget bill” combines tax cuts with higher defence spending and no meaningful plan to reduce debt. It just ties in with investor...
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Perspectives: Episode 115 – Dispatches from the US
'Perspectives' by Escala Partners
In this episode of Perspectives, Escala Chief Investment Officer, Tracey McNaughton, presents from New York where she discusses her observations from being on the ground. Following meetings with portfolio managers, economists, political strategists and financial advisers across four US states she discusses how President Trump’s trade war is being perceived. (0:52) Tracey, let’s start with some observations of what you have seen and heard on the ground. What stood out the most? (1:51) How about the cities? You spent time in Chicago and New York, right? (2:48) What are people saying about...
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Perspectives: Episode 114 – And just like that
'Perspectives' by Escala Partners
In this episode of Perspectives, Escala Chief Investment Officer, Tracey McNaughton, discusses how this market correction differs to anything in the past; what the Escala fund managers are saying about it; and why the investment environment will be different when the fog finally lifts. (1:05) Tracey lets start with how you are viewing current events in markets? (3:19) You mentioned the similarities with covid in terms of uncertainty of what comes next. How do you compare the market reaction this time to previous sell offs? (5:47) You have just come off heat week where you talk to all of our...
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Perspectives: Episode 113 – "Liberation Day"
'Perspectives' by Escala Partners
In this episode of Perspectives, Escala Chief Investment Officer, Tracey McNaughton, discusses the seismic shift in German defence spending, why Greek banks are looking attractive and why the team are no longer happy to be overweight US equities. (1:10) Tracey for decades, Germany has been the poster child of fiscal conservatism in Europe. The country’s approach was shaped by its post-WWII economic memory, where inflation and debt were deeply stigmatized. The past few weeks has seen a seismic shift in that view. (1:55) It was a historic shift in Germany's fiscal policy. (2:49) Still, it...
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Perspectives: Episode 113 – "Liberation Day"
'Perspectives' by Escala Partners
In this episode of Perspectives, Escala Chief Investment Officer, Tracey McNaughton, discusses the seismic shift in German defence spending, why Greek banks are looking attractive and why the team are no longer happy to be overweight US equities. (1:10) Tracey for decades, Germany has been the poster child of fiscal conservatism in Europe. The country’s approach was shaped by its post-WWII economic memory, where inflation and debt were deeply stigmatized. The past few weeks has seen a seismic shift in that view. (1:55) It was a historic shift in Germany's fiscal policy. (2:49) Still, it...
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Perspectives: In Conversation with Alternatives and Private Markets specialist Sam Edwards from Longreach Alternatives
'Perspectives' by Escala Partners
In this episode, Escala Partners Investment Analyst Stephen Dickinson talks to Sam Edwards, Partner from Longreach Alternatives. Sam discusses the royalties landscape, why a diversified approach to royalty investing is important and the benefits of PG3s multi-sector approach to royalties.
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Perspectives: Episode 112 – The Times They Are A-Changin'
'Perspectives' by Escala Partners
In this episode of Perspectives, Escala Chief Investment Officer, Tracey McNaughton, discusses what a multi-polar world might look like, NATO’s fragile state and how the world trade map is being re-drawn. (1:30) It has been easy to get stuck in the weeds over the past 57 days, since President Trumps inauguration, so lets take a helicopter view and talk about US exceptionalism. For decades, the US has been the dominant force in global politics, economics, and military power. But today, we’re seeing cracks in that dominance. How do you see this playing out? (3:08) Interesting. And...
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Perspectives: Fund Manager Interview with Justin O'Brien from Cooper Investors
'Perspectives' by Escala Partners
In this episode, Escala Partners Investment Analyst David Bruty talks to Justin O’Brien, Portfolio Manager of the Cooper Investors Brunswick Fund, an all-cap Australian equities fund. Justin discusses the investment philosophy that underpins Cooper Investors’ approach to managing capital, the differentiated and unconstrained structure of the Brunswick Fund, along with a number of stock examples and the role they play within the portfolio.
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Perspectives: Episode 111 – A founder’s story: Interview with Mark Middleton from Icon Group
'Perspectives' by Escala Partners
In this episode of Perspectives, Escala Chief Investment Officer, Tracey McNaughton, interviews Mark Middleton, CEO of Icon Group. Mark discusses his journey as a founder of one of Australia’s largest health organisations, his partnership with private equity and the importance of authenticity as a leadership quality. Mark is the author of 'Good Morning', with all proceeds going to the Icon Cancer Foundation, a registered charity dedicated to providing hope, access and opportunity to people with cancer through supporting research and clinical trials. Find out more:
info_outlineIn this episode, Escala Partners CIO, Tracey McNaughton, talks about AI and its energy demand; Biden’s tariff hike on China; and why we should be a little sceptical of the this weeks’ Federal Budget.
(0:54) The latest Bank of America fund manager survey shows optimism in the stock market is at its highest level since November 2021. Investors are optimistic inflation will decrease and short-term interest rates will get cut.
(3:04) Some big news overnight, apart from the Federal budget, was US President Biden’s tariff announcement on goods coming in from China.
(4:50) Why is all of this important?
(7:42) We will get to the budget. You have just finished heat week with your fund managers. What were some of the themes?
(9:51)Just on AI and energy – we have known for some time that AI consumes lots of energy. Why was it such as surprise to the market?
(12:37) Speaking of inflation. Do you buy the Treasurer’s view that injecting $9.5 billion into the economy is not inflationary?
(15:12) How do you think the RBA will respond?
(16:17) What about the Future Made in Australia initiatives?
(18:46) So, I’m guessing, Tracey, this budget does nothing to change your view on investing in Australia?