30. Investment ideas that make us go hmmm – with Grant Williams
While what worked for the last 40 years of investing may not work for the next 40, history offers valuable lessons for the path ahead. Chief investment officer Duncan Artus and renowned author and publisher Grant Williams unpick past events and explore future opportunities. From Japan’s decades-long battle with deflation and the unique opportunities in its bond market to the rise of gold as a counterweight to fiat currency, they reflect on market cycles across regions and eras. The conversation spans geopolitics and power, inflation, disruptor industries and the slow pivot from virtual to virtuous value. ·
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29. Separating the numbers from the narratives
There is often a great disparity between a stock’s market value and what it is fundamentally worth. In conversation with portfolio manager Rory Kutisker-Jacobson, Mark Dunley-Owen, portfolio manager from our offshore partner, Orbis, explores global investment opportunities beyond those currently in vogue. They delve into high-conviction picks in China, standout businesses in frontier and emerging markets, and promising US mid-cap industrials, as the rise of AI ripples across sectors. Against the backdrop of shifting geopolitics, they remind investors of the importance of challenging dominant market narratives to avoid overpaying – a key factor in achieving long-term outperformance. Allan Gray website
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28. Gold in the age of fiscal dominance
With government debt levels at historic highs and inflationary pressures lingering, fiscal dominance is reshaping the global monetary landscape. Central banks are increasingly caught in a delicate balancing act – controlling inflation, while also managing the burden of sovereign debt and excess liquidity. At the same time, the US dollar’s role as the world’s primary reserve currency is facing growing scrutiny. Amid this evolving environment, gold is reasserting itself as a trusted store of value. Horacia Naidoo-McCarthy, Institutional Clients manager, hosts portfolio manager Thalia Petousis and investment analyst Umar-Farooq Kagee to explore a wide range of themes – from the recent gold rally to fiscal dominance and safe-haven assets. Allan Gray website · Rebuilding the global monetary order with bricks of gold
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27. From pints to Pixar
Shifting consumer patterns and behaviour. Disruptive innovations. Generational changes. These are not simply headlines; they are real challenges being navigated by investors. However, that is not all they are. They are also opportunity creators for investors who have done their homework and are deeply focused on fundamentals. Allan Gray portfolio managers Rory Kutisker-Jacobson, Jithen Pillay and Siphesihle Zwane delve into British American Tobacco, AB InBev and Disney – three large, long-standing businesses that have managed to reinvent themselves despite existing within rapidly evolving industries, experiencing major changes in their core economics and having made major acquisitions in recent times.
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26. Are global investors dependent on great expectations?
Global investors have been on a rollercoaster ride in the wake of President Trump’s announcement of an array of reciprocal tariffs which rocked global stock markets, initially sending US shares tumbling and then rebounding as investors hung onto news headlines as a key determinant of prices. But prices shouldn’t be confused with value, and the extreme volatility serves as a stark reminder to investors that paying a premium for optimism is dangerous and hefty price tags should be interrogated. In a wide-ranging conversation, Institutional Clients manager Horacia Naidoo-McCarthy and Rob Perrone, a senior investment specialist at our offshore partner, Orbis, explore the current global investment universe, explain why “great expectations” appear to be baked into markets and discuss many of the compelling opportunities in less popular markets. Orbis Global Balanced: Defensively positioned to deliver long-term returns · The conflict between price and fundamentals
Long-term investors have to make sense of a barrage of information, from market movements and geopolitical news to economic developments and personal finance trends. Through conversations with investment professionals from Allan Gray and various expert guests, we aim to give you insight into how we view the world and how this shapes the way we construct our portfolios to deliver long-term returns for our clients.
Allan Gray is an authorised financial services provider.
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