The Exchange by EW&L Private Wealth

Let us know your thoughts, questions, and who you want to hear from next!In this episode, hear from Peter Bates (Baltimore, Maryland), Portfolio Manager with T Rowe Price, one of the World’s largest asset managers. T Rowe manages more than US$ 1.6 trillion in assets across 16 countries, employing more than 7,300 staff. T Rowe has been awarded multiple times Global Fund Manager of the year, most recently during the difficult year of 2021. Peter holds an MBA from World’s most respected business school, the Wharton School.We discuss with Peter what drives investment success, the thought processes behind building a successful long-term portfolio, as well as just what might the World economy look like by Christmas 2023.Disclaimer: The information in this podcast series is for general financial educational purposes only, should not be considered financial advice and is only intended for wholesale clients. That means the information does not consider your objectives, financial situation or needs. You should consider if the information is appropriate for you and your needs. You should always consult your trusted licensed professional adviser before making any investment decision.

Let us know your thoughts, questions, and who you want to hear from next!In this episode, EWL Partners – Craig, Tim and Ryan catch up post Craig’s move back to Sydney, with the doors of our new office now open at number 4 Martin Place in Sydney. Craig, Tim, and Ryan reflect on the year that 2022 was, with one of the fastest rate hiking cycles in history resetting valuations across all asset classes. With that backdrop, the partners share their views on the lessons learned, their investment views for 2023, and key risks and opportunities that should be considered by investors. We talk through inflation, corporate earnings expectations, job cuts, asset allocation preferences, as well as topical events such as Microsoft’s investment in Open ai’s Chat GPT, and what the reopening of China means for the global economy. Don’t miss this episode!Disclaimer: The information in this podcast series is for general financial educational purposes only, should not be considered financial advice and is only intended for wholesale clients. That means the information does not consider your objectives, financial situation or needs. You should consider if the information is appropriate for you and your needs. You should always consult your trusted licensed professional adviser before making any investment decision.

Let us know your thoughts, questions, and who you want to hear from next!To combat 40-year high inflation, central banks aggressively raised rates in 2022, causing almost all assets to reprice negatively. A significant conflict between Russia and the Ukraine, soaring energy costs, agricultural items, lingering supply-side issues, and staff shortages were all big, risk-off narratives. Exceptions to these declines were seen in commodities, commodity-related producers such as mining and materials companies; companies that benefited from reopening such as airlines; and inflation-linked securities which include private debt.  As we begin 2023, consensus is that many developed market economies will enter recession. Corporate earnings are expected to decline, resulting in downgrades and valuations having to decline accordingly. Views on central bank policy are still mixed – rates are likely to continue their rise, albeit at a slower pace.  This is the context in which we enter 2023. One of continued economic uncertainty. The quid pro quo, however, is that the environment for fixed income, or debt investments has changed dramatically. Private debt may now offer investors the potential for equity like returns. In this podcast, Ryan speaks to Bob Sahota, one of the most experienced private debt managers in the country. They talk through some of the key considerations for investors as it relates to private debt; and explore the idea that private debt can offer investors a middle ground. One that doesn’t face the same degree of risk from corporate earnings uncertainty in 2023 (as equities), or the continued risk of higher rates (as traditional fixed income).Disclaimer: The information in this podcast series is for general financial educational purposes only, should not be considered financial advice and is only intended for wholesale clients. That means the information does not consider your objectives, financial situation or needs. You should consider if the information is appropriate for you and your needs. You should always consult your trusted licensed professional adviser before making any investment decision.

Let us know your thoughts, questions, and who you want to hear from next!On this week's episode of The Exchange podcast Tim sat down with Donal Griffin, Principal at Legacy Law. Donal is admitted as a lawyer in New South Wales, Australia and Ireland and has over 25 years’ experience. He has a Master’s degree in Wills and Estates. Donal practices as a lawyer in the areas of asset protection, estate planning, estate litigation, family trusts and business succession planning. The best question he gets asked is, “What do other people like me do?” The firm is a repository for the answers to this question. He has collated some of his experiences and learnings from working with many families in a book to be published in late 2021 called, “Be A Better AncestorTM”. Families are at the centre of what we do at EWL and growing and protecting family wealth is a key driver of our business.  On this week’s episode of The Exchange podcast Tim sat down with Donal Griffin, Principal at Legacy Law and a leading estates and asset protection lawyer. While the discussion touched on a broad range of wealth protection and estate matters, what was particularly insightful was Donal’s points on the key concerns of wealthy families and ensuring intergenerational wealth was transferred effectively but equally importantly not to spoil your kids through wealth Disclaimer: The information in this podcast series is for general financial educational purposes only, should not be considered financial advice and is only intended for wholesale clients. That means the information does not consider your objectives, financial situation or needs. You should consider if the information is appropriate for you and your needs. You should always consult your trusted licensed professional adviser before making any investment decision.

Let us know your thoughts, questions, and who you want to hear from next! In this episode, hear from Justin Pica, Portfolio Manager at CBRE Investments, the asset management arm of one of the world’s largest property groups, CBRE. CBRE has in excess of $147B of assets under management, drawing on the resources of a truly global research team, operating in 100+ countries, with 105,000 employees and 700 local market researchers. For any property owner, this is a relevant listen, and for investors, talks to discounts in listed real estate that are typically only seen in GFC type events, despite very different circumstances and compelling financials. Many Australians’ own property and even more would like to know about the outlook ahead. In this episode, we talk key drivers of year-to-date returns, valuation differences between public vs. private real estate, and how investors should be thinking about opportunities in the asset class.Disclaimer: The information in this podcast series is for general financial educational purposes only, should not be considered financial advice and is only intended for wholesale clients. That means the information does not consider your objectives, financial situation or needs. You should consider if the information is appropriate for you and your needs. You should always consult your trusted licensed professional adviser before making any investment decision.

Let us know your thoughts, questions, and who you want to hear from next!On this week’s episode of The Exchange, Tim sat down with the exceptional Vimal Gor. Vimal has over 28 years of asset management experience. Prior to joining Trovio in July 2022 he spent 13 years at ASX listed Pendal Group as the Head of Bond, Income & Defensive Strategies (BIDS). At Pendal he raised over $10billion in FUM to manage a total of $22billion in assets. Prior to Pendal he spent 10 years at Aviva Investors in London and Scottish Mutual and Murray Johnstone in Scotland.As one of Australia’s most highly regarded investors thought leaders it was a real pleasure to discuss Vimal’s career and view on the market. In this episode Tim and Vimal discussed Vimal’s background and how he got to be so interested in the digital asset space. They discussed what is a digital asset and the difference between the two largest assets in the space, Bitcoin and Ethereum, and the challenges the emerging asset class is currently facing plus what the future might hold. Disclaimer: The information in this podcast series is for general financial educational purposes only, should not be considered financial advice and is only intended for wholesale clients. That means the information does not consider your objectives, financial situation or needs. You should consider if the information is appropriate for you and your needs. You should always consult your trusted licensed professional adviser before making any investment decision.

Let us know your thoughts, questions, and who you want to hear from next!This week we released our first “partners” podcast with Craig, Tim, and Ryan. The partners sat down together and tackled some of the key issues investors have been raising with us including whether a recession is on the horizon, meaningful investment alternatives to equities, our view on what 2023 investment opportunities may look like, as well as gave an overview of the insights they had from the recent JP Morgan Global investor summit in Singapore. Specifically, they reflect on the last 12-months and what has driven markets. What the next 12-months may look like, and key considerations for investors heading into Q1, Q2 next year.  The importance of controlling investor emotion during volatile periods, and sticking to long-term asset allocation strategies. Takeaways from JP Morgan's leading asset management experts, a conference with Howard Marks and Craig announces his move back to Sydney, opening EWL in Martin Place. Disclaimer: The information in this podcast series is for general financial educational purposes only, should not be considered financial advice and is only intended for wholesale clients. That means the information does not consider your objectives, financial situation or needs. You should consider if the information is appropriate for you and your needs. You should always consult your trusted licensed professional adviser before making any investment decision.

Let us know your thoughts, questions, and who you want to hear from next!This week on The Exchange Podcast we had the pleasure of hosting Antonia Ruffell, CEO of Start giving, a brand new non-for profit to inspire a culture of giving amongst tech founders and executives. Antonia has been working in the philanthropy and charity space for over two decades and is a leader in the industry. She is a deeply experienced philanthropy practitioner and one of Australia’s leading experts on private ancillary funds. Antonia was CEO of Australian Philanthropic Services for nine years, during which time she supported hundreds of individuals and families with their charitable giving. Antonia serves on the Board of The Social Outfit, a social enterprise and ethical fashion company that supports refugees. She is a director of several private ancillary funds. With experience across corporate and charity sectors Antonia shared on her role and how she engages with and inspires tech founders to share a small percentage of their company to a Philanthropic Ancillary fund in the hope it grows to be a significant asset over time. In this episode Tim and Antonia discuss how Antonia got into the Australian Philanthropic sector and the current state of play. They also discussed what type of person has their own PAF and the difference between public and private funds. Finally they discussed a new way for tech founders to think about giving that she has been promoting through her new role working with renowned philanthropist Daniel Petre.  Disclaimer: The information in this podcast series is for general financial educational purposes only, should not be considered financial advice and is only intended for wholesale clients. That means the information does not consider your objectives, financial situation or needs. You should consider if the information is appropriate for you and your needs. You should always consult your trusted licensed professional adviser before making any investment decision.

Let us know your thoughts, questions, and who you want to hear from next!Christopher Joye is a Founder, and Portfolio manager of Coolabah Capital, overseeing more than $7 Billion in fixed income investments. Chris has previously worked at Goldman Sachs in London, Sydney, and the Reserve Bank of Australia. He has also served as Director of the Menzies Research Centre, a leading Australian Thinktank, and is well-known as one of Australia's preeminent economists, policy advisors and fund managers. He is a regular contributor to the Australian Financial Review, and consults to some of the most senior decision makers in the country, including the Prime Minister and Treasurer.  In this episode, we reflect on the current market outlook, asset valuations, key risks, opportunities and considerations that all investors need to keep in mind. Chris is one of the most captivating personalities in the industry. Don't miss this episode.2:06 The last 12 months - monetary policy, valuations and different asset classes5:10 Impact of higher rates- how this changes the risk premium for all asset11:20 Central Banks - why forward guidance was so wrong?23:28 TINA: there is [was] no alternative. Now there are...33:00 New opportunities in safer assets, but risks in others41:00 What's required of central banks to control inflation?46:00 Could bad news be good news?48:00 Beware 'zombie' companies 51:00 Probabilities of global conflict55:24 Affordable home ownership59:57 Chris' asset class views1:02:49 5-minute recap/key takeawaysDisclaimer: The information in this podcast series is for general financial educational purposes only, should not be considered financial advice and is only intended for wholesale clients. That means the information does not consider your objectives, financial situation or needs. You should consider if the information is appropriate for you and your needs. You should always consult your trusted licensed professional adviser before making any investment decision.