{"version":1,"type":"rich","provider_name":"Libsyn","provider_url":"https:\/\/www.libsyn.com","height":90,"width":600,"title":"Episode 124 \u2013 Investing in a New World Order","description":"In this episode of Perspectives, Escala Chief Investment Officer, Tracey McNaughton, talks about the release of Escala\u2019s The Agenda publication, what a shifting global order means for investors and how it is shaping the way Escala constructs portfolios. (0:52) This is the 7th edition now. Before we get into the details, remind us - what is The Agenda? Is this a tactical playbook for the next 12 months? (1:47) And that didn\u2019t just start yesterday, did it? Inequality has been building for some time in a number of countries \u2013 Australia and the US (3:07) So, markets recovered - but society fractured. You talk about this in The Agenda and describe it as a \u201cbonfire of the vanities.\u201d (5:13) You could probably include the recent experience in Australia in that, with the breakdown in the marriage of the Liberal and National parties and before that the rise of the Teals. (5:52) So here we are in 2026. More minority governments, more fragile coalitions. More populist leaders. What are the consequences of all of this? (7:37) When you say politics is driving markets more, does that mean investors need to react to every tweet or headline? (9:02) Does adapting mean tweaking assumptions? Or is this a more fundamental change? (11:05) And portfolio construction? How are you thinking about that? (12:53) A clear example today is datacentres and power. Amazon can build a datacentre significantly faster than an energy company can supply the power to operate it. (13:54) You\u2019ve described the gold chart recently as not a hockey stick but a right angle. Is inflation fear driving that? (15:12) You\u2019re becoming more nuanced, more inflation aware. Anything else? What about volatility? (16:49) So, this isn\u2019t about getting more defensive in portfolios? ","author_name":"'Perspectives' by Escala","author_url":"https:\/\/escalapartners.com.au\/","html":"