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_outline
Episode 118 – Adapting to Uncertainty: Tariffs, taxes, and tech’s changing map
'Perspectives' by Escala
In this episode of Perspectives, Escala Chief Investment Officer, Tracey McNaughton, shares what she is telling clients about the current level of uncertainty particularly in relation to tariffs, taxes and changes in technology. (1:17) What are you saying to clients about this level of uncertainty? (3:56) So given that, are you less worried that the trade war and Trumps tariff policies will be the thing that kills this market? (6:40) So uncertainty is just something we need to accept? (7:39) There’s this worry you sometimes hear that governments will “go broke in an AI world”...
info_outline
Episode 117 – In Trust We Must: From Wall Street to the Open Road
'Perspectives' by Escala
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...
info_outline
Episode 116 – Are we past peak US exceptionalism?
'Perspectives' by Escala
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...
info_outline
Perspectives: Episode 115 – Dispatches from the US
'Perspectives' by Escala
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...
info_outline
Perspectives: Episode 114 – And just like that
'Perspectives' by Escala
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...
info_outline
Perspectives: Episode 113 – "Liberation Day"
'Perspectives' by Escala
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...
info_outline
Perspectives: Episode 113 – "Liberation Day"
'Perspectives' by Escala
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...
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 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?