Success and More Interesting Stuff Viktor Shvets: The end of cycles and the cost of progress
Sep 16, 2025
Viktor Shvets, a senior strategist at Macquarie with extensive experience in global finance, offers a deep dive into today's economic landscape. He argues that traditional market cycles have broken down, leading to a "cloud of finance" that distorts reality. Viktor warns that rising inequality and increasing political risks are the greatest threats to the market's stability. He discusses how financialization has accelerated technological change while disconnecting asset markets from the real economy, reshaping the future of investments.
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Deconstructing Adelaide Steamship
- Viktor Shvets recounts deconstructing Adelaide Steamship's complex cross-holdings as a consolidation exercise that exposed hidden debt.
- His analysis triggered legal threats and a sharp market reaction that forced asset sales and restructuring.
From Kyiv To Sydney University
- Viktor describes migrating from Kyiv to Australia and being accepted to the University of Sydney despite missing documents.
- He studied economics and accounting, then joined Coopers & Lybrand as his gateway into finance.
Analyst Role Has Fundamentally Changed
- Analysis has shifted from deep, original accounting work to relationship and marketing roles for analysts.
- Data providers and speed reduced opportunities for analysts to differentiate by spreadsheet work alone.
