Perspectives: Episode 135 – Resilient Portfolio Construction
'Perspectives' by Escala
In this episode of Perspectives, Escala Chief Investment Officer, Tracey McNaughton, talks about why we are not trying to build the portfolio that performs best if we're right. Rather, we're trying to build one that can still achieve its purpose when we're wrong. (1:03) Do you think there's another shortage emerging that investors probably aren't thinking enough about? (3:09) Japan still owns roughly US$2.4 trillion of overseas debt. So nobody is suggesting Japanese institutions are suddenly going to dump that portfolio and bring the money home, are they? (3:49) But presumably Japan isn't the...
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Perspectives: Episode 134 - Ride to the Conditions
'Perspectives' by Escala
Perspectives 134 – Ride to the Conditions In this episode of Perspectives, Escala Chief Investment Officer, Tracey McNaughton, looks at the changing conditions facing investors, from persistent inflation and a stronger Australian dollar to rising government debt and the return of fiscal discipline. (0:44) Tracey, we spend a lot of time talking to clients and advisers about what is happening in markets, but I thought today we might turn that around a little and talk about what they are asking us. (3:13) You think there are good riders and bad riders in markets as well? (4:36) So...
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Perspectives: Episode 133 – Who's Paying for AI?
'Perspectives' by Escala
In this episode of Perspectives, Escala Chief Investment Officer, Tracey McNaughton, discusses just how large the AI capital expenditure budgets have become, where the money is coming from, and which parts of the AI supply chain are most at risk of overinvestment. (0:51) It feels as though every major technology company is announcing another massive increase in AI investment. Just how big has this AI spending boom become? (2:00) What's interesting, though, is that the spending doesn't seem to be slowing. If anything, every earnings season the budgets seem to get bigger. (4:10) Microsoft seems...
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Perspectives: Episode 132 - We Need to Talk About Productivity
'Perspectives' by Escala
In this episode of Perspectives, Escala Chief Investment Officer, Tracey McNaughton, explores why productivity has become the defining investment and economic challenge - and why getting it right could unlock stronger growth, lower inflation, higher living standards and a more durable bull market (1:00) What do you think? What are you saying to clients? (3:55) Those high expectations tend to be a feature of a mature cycle. Is that more the issue? (5:03) The first was the Prime Minister's new AI strategy. The second was the debate around whether Australia's superannuation system should...
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Perspectives: Episode 131 – The Price of Sovereignty
'Perspectives' by Escala
In this episode of Perspectives, Escala Chief Investment Officer, Tracey McNaughton, explores the question: who will pay for the building of strategic capability? From sovereign balance sheets and bond markets to private capital and Australia's superannuation system, she examines how the "Price of Sovereignty" could reshape investing for years to come. (0:44) Can governments actually afford another nation-building cycle? (3:30) Does that mean bond markets become a much bigger part of this story? (5:13) So, the price of sovereignty isn't just the cost of building new...
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Perspectives: Episode 130 – The holiday from history is over
'Perspectives' by Escala
In this episode of Perspectives, Escala Chief Investment Officer, Tracey McNaughton, explores why the world is shifting from efficiency to resilience. Drawing on insights from General David Petraeus, the discussion examines how nations are rebuilding strategic capability, why private capital is increasingly funding critical infrastructure, and what the rise of the Sovereignty Trade means for investors. (0:56) For years investors thought of geopolitics and technology as separate conversations. (2:33) What changed? Why are governments suddenly prepared to sacrifice efficiency in favour of...
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Perspectives: Fund Manager Interview with Paul Moore from PM Capital
'Perspectives' by Escala
In this episode, Escala Investment Analyst, David Bruty interviews Paul Moore, founder and Chief Investment Officer of PM Capital. Paul discusses how he and his team implement their contrarian investment philosophy, how the PM Global Companies Fund is constructed, and how healthcare is an emerging theme in the fund’s portfolio.
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Perspectives: Episode 129 – AI Native: The Great Operating Model Reset
'Perspectives' by Escala
In this episode of Perspectives, Escala Chief Investment Officer, Tracey McNaughton, unpacks a series of eye-opening conversations with leading AI investors and operators exploring how AI-native companies are redesigning workflows, reshaping industries, and blurring the lines between software, services, and private equity. (1:34) What struck me reading through your notes wasn’t just the excitement around AI – it was that people are starting to describe AI not as a tool anymore, but as an operating system. (4:21) One thing that also came through very strongly in these conversations was...
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Perspectives: Episode 128 – Dispatches from the US
'Perspectives' by Escala
In this episode of Perspectives, Escala Chief Investment Officer, Tracey McNaughton, takes us inside the Milken Institute Global Conference 2026, from space-based AI breakthroughs to the massive infrastructure buildout powering the next wave of innovation. (1:09) Alright, you’ve been roaming the halls at Milken earlier this week. Before we get into that, tell us about how it feels on the ground in the US right now. (3:27) You mentioned before you left that there were over 300 sessions across two hotels – the Beverly Wilshire and the Beverly Hilton. (5:03 How did he arrive at creating...
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Perspectives: Fund Manager Interview with Richard Blackburn from CVC Capital Partners
'Perspectives' by Escala
In this episode, Escala Head of Managed Funds, Stephen Dickinson, speaks with Richard Blackburn from CVC Capital Partners. Richard discusses CVC’s origins and evolution into a leading global private equity firm, why Europe remains a particularly attractive market for private equity returns, and how CVC creates value through disciplined underwriting, active ownership and long-term value creation across its portfolio.
info_outlineIn 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 concerns about fiscal recklessness.
(6:17) Let’s look at what the market’s telling us. U.S. equities? Basically, flat for the year. Meanwhile, German equities are up 20%. And what about the tech titans? The so-called Magnificent Seven – are they still magnificent?
(7:50) So, if the U.S. is losing its lustre, the next question is: who is looking more attractive? Is China a beneficiary of Americas decline?
(10:35) So, what does that mean for investors? Should we be increasing our allocation to China?
(11:44) If we are in world that is potentially going through structural change where can investors find shelter?
(14:45) What if you still wanted to be invested. You mentioned China is looking interesting again. Where else?