Today ‘we find solace in gold, in hedging our equity exposure other ways to generate a diversifying outcome away from equities’: Alec Cutler – Orbis Investments.
SIMON BROWN: I’m chatting with Alec Cutler from Orbis Investments. Alec, I appreciate the time today. US Tech – the Magnificent Seven, but truthfully broader than that – has captured everyone’s imagination. Valuations are somewhere between stretched and probably very stretched. Where is all this finding opportunity outside of US Tech when you look at global markets?
The second set of semiconductors that provides this ring around the AI opportunity the memory companies. And if you think about AI, AI is really about super-fast processing of information, and then getting that information in and out very, very quickly – lots and lots of information. SIMON BROWN: I take your point, the old cliché: in the Gold Rush, you want to be the person selling the shovels. You probably only made 50 cents a shovel, but you sold enough of them to work that through.
There are many, many companies that are very well run that sell for very low valuations, that have a direct connection to this reshoring theme. ALEC CUTLER: Yes, fixed income is very challenging right now because, one, we’ve become used in the last 40 years to having a low and ever lower interest-rate environment, which allows fixed-income securities to diversify versus equity securities. But when inflation’s a bit higher, above 4%, bonds and equities are correlated. So they don’t help each other out from a diversification standpoint.
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