Episodi
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While volatility may continue to rile global markets, we believe that currently, when it comes to hedged convertible bonds, they are well-positioned for value extraction. Sean Reynolds and Sarah George of the convertibles-based strategies team explain to host Ronald Temple why the unique asymmetry of the asset class can be a real advantage—and how volatility has the potential to be a source of return.
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Consumer prices dominate headlines, but tight labor markets and upward pressure on wages might be better indicators of where the European Central Bank and Federal Reserve are currently heading. Host Ronald Temple discusses with Matthieu Grouès, CIO of Lazard Frères Gestion (LFG), the fascinating global macroeconomic picture: the potential for higher-than-expected interest rates and mild recessions in the United States and Europe, the uncertain outlook for spending in Europe next year, the complicated growth picture in China—and in the face of everything, the markets’ stubborn “optimism.”
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Episodi mancanti?
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A harbinger of progress or a spark of false hope: Does October’s CPI report mean that US inflation is finally easing? While it may be too early to draw firm conclusions, signs are encouraging. Host Ronald Temple and David Alcaly, a Senior Vice President and Research Analyst, unpack the CPI as well as private sector indices and find that abating supply chain issues, slowing jobs growth, moderating used-car prices, and even decelerating rents suggest the good news may be more than a flash in the pan.
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Some believe the United Nations Climate Change Conference, better known as COP, is purely ceremonial: Negotiations are agreed upon well in advance, and no meaningful change comes out of them. But this is not necessarily true. Tim Smith, a member of our ESG and Sustainable Investment team whose research focuses on the investment implications of climate change, explains to host Ron Temple why the impact of COP varies from year to year—and why this year’s meeting, COP27, may be particularly impactful given the ongoing energy crisis in Europe, the passing of the Inflation Reduction Act (IRA) in the United States, and rising geopolitical tensions.
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Investors’ shift into value from growth stocks earlier this year was one of the most extraordinary rotations ever. In this episode, Director/Investment Strategist Jason Williams and host Ron Temple deconstruct equity market performance over the last 12 months to try to get a better sense of where we are in the stock selloff and where the markets may be headed.
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Robert Wall, Head of Sustainable Private Infrastructure, speaks with host Ronald Temple about sustainable investing in the intriguing world of private infrastructure. They discuss the evolution and growth of the asset class, uncovering the opportunities, and creating a diversified portfolio of these long-term assets.
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Over the past year, inflation has been a topic of great concern to investors in Europe and the United States. But emerging markets central banks led the world in raising interest rates to combat rising prices ̶ so what’s happening now? In this episode, veteran emerging markets currency and debt investor Ganesh Ramachandran talks with host Ron Temple about the impact inflation is having on emerging markets economies, how central banks are reacting, and which economies are best positioned for the current environment.
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Warryn Robertson, a Portfolio Manager/Analyst on the Global Listed Infrastructure, Global Equity Franchise, and Australian Equity teams, talks to host Ronald Temple about infrastructure’s role as a potential inflation hedge, global differences in infrastructure companies, and key considerations for anyone investing in the space.
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Credit expert Vincent Mistretta tells host Ron Temple that as the Fed raises rates amid high and rising inflation, markets are likely to become much more discerning about which companies are most vulnerable to margin compression, rising leverage ratios, and a slowing economy. Using history as a guide, the two discuss market liquidity, the potential for both ratings downgrades and spread-widening, and where the opportunities and pitfalls may be in this environment.
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Oren Shiran, Managing Director and Portfolio Manager/Analyst on the Lazard US Systematic Team, talks to host Ronald Temple about his view of the US small cap market, including why small caps are trading at such a discount to large caps and why so many quality small caps have a particularly large discount right now.
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In less than a week, the conflict between Russia and Ukraine has raised questions about the future of those two countries and redrawn long-established political lines, uniting countries in Europe and beyond while isolating Russia. Nicholas Bratt, a Managing Director and Portfolio Manager/Analyst on the Global Thematic Equity strategy, talks with host Ronald Temple about both the potential short-term outcomes of the current fighting and the long-term impact, including the potential for escalation or a new Cold War.
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In addition to being a Portfolio Manager/Analyst on our Global Thematic Equity strategy, Managing Director Steve Wreford is a student of history. In the second part of a two-part discussion, Wreford tells host Ronald Temple that the high valuations and investors’ willingness to look past traditional profit measures remind him in some ways of the TMT bubble in the late 1990s. Find out how he thinks investors can prepare for a more volatile environment.
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When prices first started rising, it was easy to chalk it up to the world’s emergence from the depths of the pandemic. As base effects fade, however, that’s getting harder. Steve Wreford, who is accustomed to thinking about structural change as a Portfolio Manager/Analyst on our Global Thematic Equity strategies, discusses increasing coordination between central banks and governments, policy and geopolitical shifts, and other factors driving higher prices with host Ron Temple.
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We’re taking a break for the holidays and will return in the new year with new episodes, new guests, and of course, new questions. Enjoy the holidays!
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Inflation is at a multi-decade high in multiple countries. In the final episode of our first season, Ron Temple and Werner Krämer, a Managing Director and Economic Analyst based in Frankfurt, debate just how high inflation could go in both the short term and the long term and discuss the potent and vastly underappreciated pressure climate change is likely to put on prices going forward.
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Global ports are clogged with container ships, the cost of hauling freight has skyrocketed, shortages have become commonplace … and did we mention the holidays are coming? Ron Temple and Keith Mori, a Senior Vice President and industrial analyst, trace the many threads snarling global supply chains and offer bull- and bear-case scenarios for how the shipping industry might untangle its knotty problem.
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People are keen to write China’s obituary as the government tightens regulations and tries to navigate a property bubble that appears likely to swallow one of its largest developers, says Philipp Hofflin, a Portfolio Manager/Analyst on the Australian Equity team. Another way to interpret things, he says, is that the government is proactively addressing systemic problems before it’s too late ̶ and Western countries may want to take notes.
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From cars to smartphones, manufacturers have been feeling the squeeze from a global shortage of semiconductors. In this episode, Director and Technology Analyst Robert Horton explains to Ron how fragile supply chains, geopolitics, and a global pandemic got us to this point and when we might expect to emerge.
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Robots can do surgery, smart implantable devices can monitor your heart health, and artificial intelligence promises to cut the time and cost of developing new drugs. In other words, the digital revolution that has transformed other sectors of the economy is coming to healthcare. Rhett Brown, Managing Director and Research Analyst, walks host Ron Temple through the new technologies that could change medicine as we know it.
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The latest United Nations climate report made it clear: Time is running out to prevent the most catastrophic events of climate change. In this episode, Ron Temple asks Jennifer Anderson, Managing Director and Co-Head of Sustainable Investment and ESG, what it would take to get to net zero greenhouse gas emissions and what it would mean for investors.
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