Perspectives: Episode 125 – Oil, power, and portfolio discipline
Release Date: 03/04/2026
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...
info_outline
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...
info_outline
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_outline
Perspectives: Episode 127 – A World Rewired
'Perspectives' by Escala
In this episode of Perspectives, Escala Chief Investment Officer, Tracey McNaughton, explains why today’s geopolitical tensions signal a deeper structural shift – and what it means for markets, alliances, and investors. (1:08) Is the current state of the world only as permanent as Trump remains in office? In other words, is this just a phase, or are we actually living through something more structural? (2:30) So, even if the political backdrop changes, the system itself has already shifted? (4:29) Let’s talk about that, because alliances have always been the backbone of the global...
info_outline
Perspectives: Episode 126 – Riding the Shock: Staying loose through uncertainty
'Perspectives' by Escala
In this episode of Perspectives, Escala Chief Investment Officer, Tracey McNaughton, explains how long-term investors are staying loose on the bars in response to the current oil shock. Plus, why managing today’s risks is bringing back yesterday’s solutions - from steering wheel locks to decades-old pipelines. (0:47) Tracey, there’s a lot hitting markets at once. How do you keep your composure? (3:43) Back in 2022 when Russia invaded Ukraine, the oil price hit over $120 per barrel. The peak so far is under that. And yet, despite this, the price at the pump here in Australia is higher...
info_outline
Perspectives: Episode 125 – Oil, power, and portfolio discipline
'Perspectives' by Escala
In this episode of Perspectives, Escala Chief Investment Officer, Tracey McNaughton, talks about today’s tensions in the Middle East, why geopolitical volatility is often shorter than feared and what it means for US-China relations. Plus, why credit investing demands ruthless diversification. (0:53) Let’s start with the geopolitical shock. The United States and Israel have launched coordinated strikes on Iran, escalating tensions in a way we haven’t seen for years. (1:42) We saw something similar in February 2022 when Russia invaded Ukraine. Oil spiked to over $120 a barrel. But within...
info_outline
Episode 124 – Investing in a New World Order
'Perspectives' by Escala
In this episode of Perspectives, Escala Chief Investment Officer, Tracey McNaughton, talks about the release of Escala’s The Agenda publication, what a shifting global order means for investors and how it is shaping the way Escala constructs portfolios. (0:52) This is the 7th edition now. Before we get into the details, remind us - what is The Agenda? Is this a tactical playbook for the next 12 months? (1:47) And that didn’t just start yesterday, did it? Inequality has been building for some time in a number of countries – Australia and the US (3:07) So, markets recovered - but...
info_outline
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_outlineIn this episode of Perspectives, Escala Chief Investment Officer, Tracey McNaughton, talks about today’s tensions in the Middle East, why geopolitical volatility is often shorter than feared and what it means for US-China relations. Plus, why credit investing demands ruthless diversification.
(0:53) Let’s start with the geopolitical shock. The United States and Israel have launched coordinated strikes on Iran, escalating tensions in a way we haven’t seen for years.
(1:42) We saw something similar in February 2022 when Russia invaded Ukraine. Oil spiked to over $120 a barrel. But within six months it was back under $80. Markets adjusted.
(3:26) And it did create inflation back then – in the order of 9-10% in Australia. Markets don’t like supply-side shocks because they tend to be inflationary.
(4:46) How does this align with Trump’s negotiating style. Historically, Trump’s approach has often been to escalate early and aggressively — create leverage, create uncertainty, reset the negotiating dynamic — and then reposition any de-escalation as a deal.
(5:28) Trump is due to visit China soon. And China is the world’s largest oil importer. How does this conflict interact with US–China relations?
(6:30) Are we entering a fundamentally more dangerous geopolitical era? Or does it just feel that way?
(9:16) So, when investors assume every geopolitical event is the start of a structural bear market, history suggests caution?
(9:46) What about defence spending? Are we entering a structural rearmament cycle?
(11:16) And then there’s globalisation. For years we were told economic interdependence reduces the probability of war.
(12:48) So where does that leave investors?
(14:17) Let’s pivot to private credit. It’s been back in the headlines recently. Some managers have tightened withdrawal terms, and it’s prompted questions about risk. Is there something investors should be worried about?
(18:17) When people see headlines about stress in a particular credit vehicle, what should they focus on?