Ed Cole

speaker

303 appearances 1 recordings 1 series first heard Jun 2026 last heard 29 Jun

Ed Cole’s voice in public audio — every appearance, attributed to the second.

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

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Merryn Talks Money · Man Group's Ed Cole: How to Adapt Your Portfolio to a Changing World · 29 Jun 2026 podcast

And I think what we certainly see among not all of our institutional clients, but certainly some of them, is that the returns are starting to become a bit underwhelming.

There is probably more risk that they have in their private equity portfolio that looks comparable to their public equity portfolio, that it may be in both VC and PE and private credit.

There's more of the AI ecosystem in there than they possibly...

previously was the case.

So it's less diversifying.

And in many ways, in the next cycle, if there's a down leg, there will be the same downward vulnerability in these assets that there is in their public portfolio.

So I think certainly the conversation among some of our institutional investors is moving on to thinking, well, these are probably not going to be diversifying for us now.

It may well be that case.

Exactly right.

I think everyone, in essence, whether you're a CIO of a sovereign wealth fund managing half a trillion dollars or someone making decisions about their ISA, we're all faced with the same question today about how you achieve diversification from this great big common factor, which is

you know, concentration in markets and beta and expensive valuation.

Yeah.

I mean, look, I think gold still is a very interesting asset.

I have to say right now, based on what I've just said about the dollar, I quite like it personally.

I think that actually, you know, if we start to

work out over coming weeks and months that what Walsh has said is not explicitly hawkish, but more giving himself the flexibility to respond to a changing outlook as he sees it.

And I think he will be less data dependent and more dependent on his expectation for what's happening in the economy.

So it's a bit more opaque.

I think if that's the case, and a lot of people who know Walsh say that's how he thinks, then it's a weak dollar.

And I think if it's a weak dollar, we're probably going to see some support coming back under gold.

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