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Perspectives: Episode 113 – "Liberation Day"

Release Date: 04/03/2025

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...

Perspectives: Episode 113 – "Liberation Day"

'Perspectives' by Escala Partners

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.

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...

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.

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:

Perspectives: Episode 110 – Agenda 2025 LIVE

'Perspectives' by Escala Partners

Live on stage at our Agenda 2025 client event, Escala Partners CIO, Tracey McNaughton, is in discussion with Gerard Minack from Minack Advisers. Tracey and Gerard discuss prospects for Europe following the German election, implications of a peace deal between Ukraine and Russia, what the trade war means for growth and inflation and why Australia is so hard to love right now.

Perspectives: Episode 109 - May your algorithms be true and your AI agent benevolent

'Perspectives' by Escala Partners

This week Escala Partners CIO, Tracey McNaughton, reflects on what has been a blistering start to the year. President Trump is setting records with the number of executive orders he creates; tariffs are creating uncertainty and DeepSeek is disrupting. It’s enough to make your AI Agent’s head spin. (1:03) Tracey, we're 18 days into the new US administration and no fewer than 48 executive orders have been issued. That has to be a record, doesn't it? (1:46) Tracey, occupying a lot of the market's attention at the moment is tariffs, and so far few of the threats have actually been implemented...

Perspectives: In Conversation with Alternatives and Private Markets specialist Craig Balenzuela from Goldman Sachs Asset Management

'Perspectives' by Escala Partners

In this episode, Escala Partners Investment Analyst Stephen Dickinson talks to Craig Balenzuela, Managing Director within Goldman Sachs Asset Management Alternatives and Private Markets Client Solution Group. Craig discusses the growth in the private credit landscape, the implications of the changing macro environment for private credit and why not all private credit is made equally.

Perspectives on Zero: Episode 12 The Role of Nuclear in the Energy Transition

'Perspectives' by Escala Partners

In this episode, Investment Analyst Darragh Kennelly talks to James Tsinidis of Munro Partners to discuss the role of nuclear power in the energy transition and the growing demand for reliable baseload power especially from some of the worlds largest tech companies. They also discussed the benefits of nuclear power and the key components of the nuclear sector to consider. Important Information The information contained in this podcast reflects, as of the date of publication, the views of Munro Partners and sources believed by Munro Partners to be reliable. There can be no guarantee that any...

More Episodes

(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 brought 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?

(10:07) 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?

(15:36) 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?

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