What We Think

Investment Views

We try to see the investment world as we think it should be seen – with a fundamental investment perspective.

Central bank monetary easing and government fiscal deficits have taken financial markets into uncharted territory.

Government debt growth to fund fiscal policy to stimulate economic growth, and corporate debt growth are unsustainable.

Deflationary pressures have been present for many years now, and present a problem when inflation is needed to erode the extraordinarily high levels of debt. Inflationary pressures and expectations have been, seen for the first time in a long time. Oscillation between deflationary and inflationary views is increasing market volatility.

Medium-term, in our view, the most likely market environment will be economic growth that continues to be slow and sluggish at best, coupled with inflation.

For investors, unfortunately, this will be a very difficult environment in which to preserve and grow real wealth, particularly if inflation increases significantly.

Investment with perspective is necessary to navigate uncharted waters.

Note that the investment views above were as at 30 September 2025 and are subject to ongoing review so may have changed since.


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