Ron Temple of Lazard Asset Management - The Market Outlook for 2024 and Top Geopolitical Trends

Feb 6, 2024

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On the podcast today, Rusty Vanneman and Robyn Murray are joined by Ron Temple. Ronald Temple is the Chief Market Strategist for Lazard’s Financial Advisory and Asset Management businesses. In this role, Ron provides macroeconomic and market perspectives to Lazard’s investment teams on a firm wide basis and works closely with Lazard’s Geopolitical Advisory group to assess economic and market implications of key geopolitical issues globally. Ron also advises clients of Lazard’s Asset Management businesses regarding macroeconomic and market considerations that are important to achieving their objectives.Ron has an MPP from Harvard University and graduated magna cum laude with a BA in Economics & Public Policy from Duke University. He is a member of the Council on Foreign Relations, The Bretton Woods Committee, the Economic Club of New York, the CFA Society New York and is the chair of Duke University’s Graduate School Board of Visitors.

Key Takeaways

[02:33] - Ron’s professional background and what drives him.
[04:05] - How do Ron’s extracurricular involvements inform his work at Lazard?
[05:50] - For advisors and clients looking at their year end reports, what is Ron’s guidance on how to consider 2023? What were some of the key highlights of last year and how should investors consider their portfolio performance considering the state of the 2023 market?
[07:40] - What is Ron’s outlook on inflation and how might this affect both short-term and long-term interest rates?
[12:00] - What’s Ron’s current thinking about economic growth?
[15:20] - How might corporate earnings look in 2024?
[16:58] - What will be the catalyst for small cap stocks to finally outperform?
[19:25] - How should investors be thinking about non-US markets in both developed and emerging markets?
[25:00] - What are some of the major risks to Ron’s overall economic outlook?
[31:15] - What were some of the highlights of Ron’s recent report on “Top Geopolitical Trends in 2024?”
[35:50] - How should investors be thinking about Artificial Intelligence and Biotech?
[39:41] - What is currently Ron’s favorite investment idea for 2024?

Quotes

[09:38] - "There are two things to know about The Zillow Index. Number one - it only tracks asking rents, not what people agree to pay, so it tends to overstate rent inflation. Number two - it only tracks new leases, it does not include renewals, so it probably overstates the volatility of rent inflation…and number three, because of those factors, it tends to lead the CPI by a year.” ~ Ron Temple

[28:55] - "This is a year where the geopolitics are really important. I know the average American does not wake up every day fretting over whether NATO is going to be fine, but you know what, maybe we should be…These things do determine the long-term trajectory of peace and stability, and I think that matters. ” ~ Ron Temple

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Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.