Why Invest?

Macro Musings with the W1M Multi Asset team

Sep 24, 2025
James Mee and Matthew Parkinson from W1M's multi-asset team dive into the intricacies of today's financial landscape. They discuss how liquidity drives market movements, challenging traditional views of earnings. The duo emphasizes the importance of non-consensus thinking for investment success and debates the lasting impacts of inflation and tariffs. They also explore the potential risks of AI-driven market concentration. With insights on industrial supply chains and their five-year investment picks—gold and uranium—the conversation is both informative and compelling.
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INSIGHT

Liquidity Moves Markets

  • Liquidity, not earnings, often drives short-term market moves according to Matthew Parkinson.
  • For tactical asset allocation (6–18 months), monitor central bank actions and liquidity flows closely.
INSIGHT

Variant Perception Creates Alpha

  • Alpha comes from having a different view than the market, not from perfect cash-flow estimates.
  • Spend time where your perception diverges from consensus to find investment opportunities.
INSIGHT

US Growth Is Still Robust

  • US growth remains solid driven by consumer strength, capex (AI related), and government investment.
  • Net trade has been a drag, but fiscal spending and infrastructure bills keep growth robust.
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