Ten years ago, investing was an easy game. Thanks to rates near zero and reckless fiscal spending, markets were drunk on liquidity.
There was multiple expansion across the board, and winning was relatively easy. Pick an index, sit back and let multiple expansion take care of the rest.
Today’s reality is far different. Volatility is high, correlations are weak, and the once reliable 60/40 portfolio is, well, not so reliable.
In today’s episode of The Rules of Investing, I sit down with Frances Lim, Managing Director and Head of Asia Pacific Macro at KKR.
Francis strikes a refreshingly positive tone on the market today, pointing out that wages, nominal GDP and earnings are all above trend.
Frances gives us a full macro appraisal of US and Asian markets, the state of China, how she views investing in 2023, and where she’s finding value in the market.
Thanks again to Bell Direct for their support of this podcast. And remember, for a limited time, you can get 3 current Bell Potter stock reports each week. It’s the kind of exclusive research that can give investors an edge. So go to Bell Direct and look for the Livewire logo to get your Bell Potter stock reports now.
Note: This interview was recorded on August 22, 2023.
Timestamps0:00 - START
1:50 - Soft landing?
4:20 - A great setup for companies
7:17 - The health of corporate America
10:17 - What's happening in China?
14:00 - China's trickle-down economics
19:00 - Correlations in trouble
23:10 - Time for a 40/30/30 portfolio
24:27 - The best risk-adjusted return
27:40 - Is passive investing enough?
29:40 - The role of thematic investing
31:30 - How active should active investors be?
32:40 - The best opportunities in Asia right now
The 15 stock portfolio
Finding value in dark corners of the market
Season's greetings from Livewire Markets
Buy Australian for the next recovery phase
The biggest trends to watch in the next 5 years
3 early warning signs it’s time to change your view
Sell-offs are a buying opportunity. Don’t get off the train
What the ‘smart money’ is saying about Australia's future
Did Buffett really change his mind on gold?
Tapping into research from the world’s best investors
How Ophir spot offshore growers (before they get big)
A key question most investors ignore, do you?
Chris Stott launched a new boutique. Then COVID hit.
Don’t fight the Fed, buy commodities instead
The $200 billion opportunity to power Australia's future
The unspoken rules of Wall Street’s best hedge funds
Buy growth, but don't ignore the price
The biggest experiment in markets: How does it end?
Navigating the COVID crisis
COVID-Crash special with Sam Sicilia and Martin Thompson
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