Allan Gray The Allan Gray Podcast

26. Are global investors dependent on great expectations?

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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.
Chapters
  • 00:01 Introduction
  • 01:31 Rob Perrone's career at Orbis
  • 02:40 How Orbis investments differently
  • 03:30 US President Donald Trump's tariff announcement in April
  • 05:00 Orbis's exposure to the US market
  • 06:39 Investment opportunities beyond the US
  • 08:00 The investment case for Mitsubishi Estate
  • 09:00 How does the US dollar hold up against the yen?
  • 12:40 Where are the safe haven assets?
  • 14:30 Gold in a volatile world
  • 17:30 How equity investors are responding to headlines
  • 21:00 How Orbis thinks about managing multi-asset portfolios
  • 29:40 Global fixed income overview
  • 35:00 What is driving inflation?
  • 39:30 Long-term opportunities in China
  • 42:00 Is there value in Europe and the UK?
  • 44:45 Do cryptocurrencies offer investors a safe haven?
  • 45:50 Where Orbis is finding value in AI
  • 49:22 Key takeaways
6 Jun English South Africa Business · Investing

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