Chris Brycki

speaker

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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Recordings per month over the last 12 months — 2 in all, peaking in Jul 2026 with 1.

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

For some asset allocators out there or some investors, that might seem controversial because gold definitely is something that tends to create a bit of a dichotomy of views out there.

I think at the moment it's quite obvious why gold is a valuable defensive asset is that we've seen a long period where bonds and shares have moved nicely in opposite directions.

And in the last few crises, whether it was the financial crisis or the COVID market crisis, bonds actually insulated portfolios quite well.

But now central banks around the world have printed a ton of money.

Interest rates are sitting at zero.

There's very little leeway left for them to continue to push rates lower.

And pushing rates lower is the mechanism that helps to drive bond values up.

And we're in also a world where real interest rates, so interest rates after inflation is accounted for, are very negative in most developed markets, which isn't a good world for bonds.

So, I mean, my pitch for you guys of why I think bonds

goal is something you should have in your portfolio is that, I mean, one, it's a great diversifier.

So it has, of all assets, particularly in very negative market scenarios, it has a very low correlation or negative correlation with a lot of the growth assets you probably have in your portfolios.

And yeah, it's definitely more evident during what's known as left tail market events.

So big unexpected events that lead to big market crashes.

In those events, often assets like

um you know even bonds um and certainly hybrids and other high yield investments aren't going to perform very well so they're not going to provide much protection um yeah two is it as an insurance policy so you know most of your assets are going to be domiciled probably in aussie dollars i'm sure you've got some other global etfs and investments as well um but something that is always a risk when you've got assets domiciled in a currency is currency devaluation

And it happens when whatever currency your assets are domiciled in loses their purchasing power over time because of government or monetary policy.

Gold, historically, is a good way of preserving the real value of your wealth over time.

And then third, and this is the one that's probably most obvious at the moment, is gold has shown to be a very good geopolitical safe haven.

So during times of political uncertainty, you know, gold doesn't have a yield.

It's not going to give you a dividend or some sort of return, but it's likely to give you a good capital return during those sorts of periods.

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