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
How to buy growth companies before they get expensive
Aboud: What I'd buy in a market crash
Finding income in a low-rate world
The theme to dominate this decade in markets
How an everyday investor competes with the pros
Two consumer stocks making it big overseas
50th episode special with Hamish Douglass
Nailing your asset allocation
How to pick stocks like a pro
Investing: A how to guide (Part 1)
Tagliaferro: How the '87 crash shaped my philosophy
Catherine Allfrey: Look over the horizon
The developed world is on the brink of crisis
The importance of saying "no"
Value, growth. Why don't we have both?
How to pick growth stocks that will keep on winning
Montgomery: The economics of enough
The five pillars of a quality stock
The hunt for predictable cash flows
Abnormal returns
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