Episode 123 – Was this Googles' DeepSeek moment?
'Perspectives' by Escala
In this episode of Perspectives, Escala Chief Investment Officer, Tracey McNaughton, talks about what could be Googles’ DeepSeek moment – the launch of Gemini 3. If it is everything that ChatGPT isn’t, what does this do to the promises made by OpenAI? (1:03) Let’s start this week with what I’m calling the Nvidia check your airbags moment because the last fortnight has been incredibly volatile in markets. Whilst you are not alarmed by this you have been telling clients to check their airbags. (3:20) How has the narrative around AI changed? We hear a lot about the size of capital...
info_outline
Perspectives: Fund Manager Interview with Doug Tynan from GCQ Funds Management
'Perspectives' by Escala
In this episode, Escala Investment Analyst, David Bruty talks to Doug Tynan, Chief Investment Officer of GCQ Funds Management. Doug discusses GCQ’s investment philosophy and the team’s focus on quality industries and companies, how trade policy and the artificial intelligence theme is expressed in their current portfolio, and how Uber will prosper in a changing environment as robotaxis continue to be rolled out around the world.
info_outline
Episode 122 – Why is gold rallying?
'Perspectives' by Escala
In this episode of Perspectives, Escala Chief Investment Officer, Tracey McNaughton, talks about gold and how it has become a hedge against distrust. When money becomes too political to believe in, investors turn to what can’t be printed. (1:35) Let’s start with AI. OpenAI’s been in the headlines almost weekly - new partnerships, huge infrastructure deals, and some big numbers attached. But behind all of that excitement, there’s a growing conversation about vendor financing and related-party transactions - essentially suppliers funding their own customers. You’ve been...
info_outline
Episode 121 – AI power plays
'Perspectives' by Escala
There are now more data centres being built in the US than office buildings. In this episode of Perspectives, Escala Chief Investment Officer, Tracey McNaughton, looks at the political implications of data centre demand for energy. (00:56) That’s the first move in nine months but it was widely anticipated. It was called a “risk management” move. What’s your take? (03:03) Stephen Miran, a Trump-aligned recent appointee, has stirred the debate by advocating for aggressive rate cuts. He wanted a half point cut, not the quarter point that was consensus. (03:48) What does a less...
info_outline
Perspectives: Fund Manager Interview with Roy Keenan from Yarra Capital
'Perspectives' by Escala
In this episode, Escala Investment Analyst Holly Brenchley speaks with Roy Keenan, Co-Head of Fixed Income at Yarra Capital and Portfolio Manager of the Yarra Enhanced Income Fund, a core Australian credit strategy. Roy discusses the investment philosophy that underpins Yarra’s approach, including its rigorous internal credit rating system, the importance of ESG and documentation analysis, as well as how the team captures attractive risk-adjusted returns within the changing Australian credit landscape.
info_outline
Perspectives: In Conversation with Head of Equities Crispin Murray from Pendal
'Perspectives' by Escala
In this episode, Escala Partners Investment Analyst David Bruty talks to Crispin Murray, Head of Equities at Pendal. Crispin talks to some of the key themes from August's reporting season in Australian equities, the heightened volatility that surrounded results and how this is providing opportunities for active managers such as Pendal, and the outlook for the year ahead.
info_outline
Episode 120 – Choose your own line: Lessons from motorcycles
'Perspectives' by Escala
In this episode of Perspectives, Escala Chief Investment Officer, Tracey McNaughton, shares an important lesson when riding a motorcycle that can be applied to China’s FOMO driven equity rally. (00:51) We had a client lunch in Newcastle this week. One of the topics of conversation was not surprisingly, AI. But the question was more around – is AI an era or a regime shift? (03:47) Political unrest seems to be on the rise at the moment. We are seeing protests in Sydney and Melbourne and other capital cities around the world protesting immigration among other things. Politics is always a...
info_outline
Episode 119 – How do you innovate? Quietly then loudly.
'Perspectives' by Escala
In this episode of Perspectives, Escala Chief Investment Officer, Tracey McNaughton, talks about the role private markets play in quietly innovating and why patient capital is so important. Public markets in contrast are getting noisier and more volatile. What is the role for both in a portfolio? (1:02) We have had some good feedback on the podcast you did with Lane McDonald, the CIO at SCS Financial. The whole issue of public versus private markets is something that has grabbed the attention of clients. Why is that do you think? (4:36) This goes to the long-term thinking by...
info_outline
Perspectives: In Conversation with Chief Investment Officer Lane MacDonald from SCS Financial
'Perspectives' by Escala
In this episode, Escala Chief Investment Officer, Tracey McNaughton, speaks with Lane MacDonald, Chief Investment Officer at SCS Financial a $40b US wealth manager and focus Financial Partner. Together, they discuss how the lines between public and private markets are blurring, prompting investors to rethink how they allocate capital, manage risk, and pursue returns between the two.
info_outline
Perspectives: In Conversation with Property Specialists Greg Hyland and Hugh MacDonald from CBRE
'Perspectives' by Escala
In this episode, Escala Investment Analyst Stephen Dickinson talks to Greg Hyland (Head of Capital Markets, Asia Pacific) and Hugh MacDonald (Head of Capital Advisors, Asia Pacific) from CBRE. Greg and Hugh discuss how CBRE currently view the macro landscape and the impacts on the commercial real estate sector, some of the underlying structural drivers in the sector and the outlook ahead.
info_outlineIn 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 means some significant government spending in Germany. What does it say about NATO?
(3:51) So is this another cold War?
(4:27) The Australian Government bought down its budget last week. Did defence spending get a boost?
(5:21) Let’s turn to trade policy—specifically tariffs. Today is Liberation Day – the day the Trump administration is expected to announce the most aggressive pivot in U.S. trade policy in decades. There’s been a lot of headline noise, but break it down for us: how are U.S. companies actually being affected on the ground?
(6:15) That’s massive. What are companies doing in response?
(7:49) So even “Made in America” isn’t immune? The idea of a 100% "Made in America" car does not exist.
(9:19) What about everyday consumer brands?
(10:09) So inflation is coming back through the trade channel?
(10:30) What about smaller companies? How is all of this affecting them?
(11:47) So what are the smart companies doing right now?
(13:32) That’s a pretty tough landscape. Are there sectors that are less affected by these tariffs -maybe even thriving?
(14:48) What are some other examples of more resilient sectors?
(15:38) So it is the defensive sectors plus financials and real assets that will likely be the most insulated – at least in a relative sense. The countries whose equity indexes are highest in these sectors are the UK, Europe and Australia.
(15:56) That brings us to an important decision that came out of our investment committee last week. You've announced the closure of your overweight position in US equities relative to Australian equities. Walk us through this decision?
(16:48) That sounds logical. So what changed?
(17:38) Tariff induced inflation pressures may prevent the US Federal Reserve cutting interest rates as much as expected. Further undermining the case for US equities.
(17:58) Tracey it's clear we're navigating a period of substantial global change. What advice would give to investors right now?