Chris Brycki

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759 appearances 3 recordings 2 series first heard Mar 2022 last heard 30 Jul

Chris Brycki’s voice in public audio — every appearance, attributed to the second.

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Australian Finance Podcast · Investing in defensive assets: Cash, bonds & gold · 21 Mar 2022 podcast

And I see sort of the same advertisements as you.

I got very scared a few years ago when there was a lot of advertisements out there for, you know, some other businesses that have since gone defunct advertising sort of stable, you know, savings like returns, you know,

I think nothing should be able to advertise itself like savings-like unless it's a bank account.

Otherwise, it's a risky investment.

So bonds aren't a savings tool, but what they do provide is generally through the cycle, a level of stability in a portfolio.

Now, what's interesting is at the moment, we're not really seeing that counterbalance happening as well as it has in the past.

With interest rates basically at zero in most of the developed world, there's little capacity to further reduce interest rates to basically absorb economic shocks.

And also, the emergence of inflation as a risk has actually meant that bonds have actually performed quite poorly as well over the last few months.

since the start of the year where share markets around the world have fallen you know in previous crises you generally see bonds rise in value but because a large part of this current um you know concern is around inflation bonds have fallen as well so you know i think it's another important point is that different defensive assets um basically defend you against different scenarios so

government bonds perform really well in a period of, you know, low or poor growth as well as low inflation.

And we saw, you know, we saw that for a lot of the early 2000s or mid 2010s.

But in a period of low growth and high inflation, bonds aren't

likely to provide that level of protection.

And that's where assets like gold historically have done a lot better.

So yeah, the point I guess I'm making is that not all defensive assets protect against all different scenarios.

And if you pick a defensive asset that doesn't protect against the current scenario, it may not be as defensive as you expect.

Well, yeah, first of all, on your personal circumstances, and I'm sure you've got that.

Yeah.

I mean, so, you know, to give you an example in our client portfolios, we recommend around 15%.

And like you've mentioned, you know,

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