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‘Every domino that fell knocked over ten more’: Alceon’s learnings from Babcock & Brown

“There was either delusion in that respect or they didn’t want to look or they didn’t understand. I think it caught most people by surprise. Anybody who says they saw it coming – that’s very rare.”

Lachlan Maddock | 5th Aug 2022 | More
A warning on alts from abroad

While Australia’s super funds have gradually increased their allocation to alternative investments as public market return expectations fall, new research questions whether that’s the best approach.   Australia’s super funds are in the process of aping their overseas brethren by increasing their allocations to alternatives like private equity, but a new paper by Ennis Knupp…

Lachlan Maddock | 29th Jun 2022 | More
The art of bubble spotting

From Tulip Mania to the Tech Wreck, the history of bubbles shows that they’re harder to spot than investors might think. As Ruffer investment director Lauren French notes in the latest Ruffer Review, even the smartest can fall prey to a market bubble. Isaac Newton, one of the most brilliant mathematicians in history, still lost…

Lachlan Maddock | 11th Mar 2022 | More
  • Asset owners swim the deep end of private markets

    Asset owners haven’t been challenged with a sustained crisis in nearly 20 years, and it’s possible they’ll get one just as they make the jump into markets they’re unfamiliar with. Governance will be key. As inflation climbs and market volatility increases, Rich Nuzum, president of Mercer’s investments and retirements business, says that asset owners need…

    Lachlan Maddock | 16th Feb 2022 | More
    ‘Not a colossal train wreck’, but bubble warnings abound

    As investors speculate on whether the bubble will pop or already has, there’s fewer and fewer safe havens to be found. But it’s worth remembering that it’s not necessarily the end of the world. Yes, the bubble is going to pop, has popped, or is popping. Investors are either about to feel the pain or…

    Lachlan Maddock | 3rd Feb 2022 | More
    ‘Is that the best outcome?’: Member inequality lurks in illiquids

    Despite their surging popularity, risks lurk within illiquid assets that put member outcomes and portfolio quality at risk – and there’s little regulation for handling them. Illiquid assets – anything from infrastructure and commercial property to venture capital and private equity – are experiencing a surge in popularity as institutional investors face down a future…

    Lachlan Maddock | 21st Jan 2022 | More
  • No scars, but still a Covid hangover

    The economic aftermath of Covid-19 was never going to be as bad as it seemed at the time. But governments will be hooked on splashing cash. “Economic scarring” was all anybody could talk about in the immediate aftermath of the first wave of Covid-19, and for good reason; it’s well understood that the effects of…

    Lachlan Maddock | 26th Nov 2021 | More
    ‘Profitability collapses almost instantaneously’: beware ‘The Second Wave’

    A time of great change is upon global markets – and the ‘winners’ that everybody is backing might not be the winners at all. It’s essentially an orthodox view among fund managers that the incumbents in any industry will “win” the transition to green energy. After all, they already have the infrastructure in place, stable…

    Lachlan Maddock | 18th Nov 2021 | More
  • Ex-Pengana crew go ‘all in’ at Pella

    Pengana’s star international equities team have built their new home from the ground up, drawing on a history of weathering global crises to prepare for the climate upheaval sweeping markets. Six months before the collapse of Lehman Brothers sent markets into a death spiral, Jordan Cvetanovski sold the banks. Cvetanovski (pictured) was working at French…

    Lachlan Maddock | 20th Oct 2021 | More
    … and a cautious note on RE debt

    Bfinance, the fund management search and research firm, has sounded a word of warning for big investors looking to select a manager for the burgeoning asset class of real estate debt. In a note to clients published last week (May 26), Trevor Castledine, bfinance senior director, private markets, says funds are using five key levers…

    Greg Bright | 28th May 2021 | More