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 · last 12 monthsRecordings per month over the last 12 months — 1 in all, peaking in Jun 2026 with 1.
Appearances
pure speculation, South Sea, tulips, where there is nothing sort of transformational about it.
Ah, interesting.
Yeah, I mean, we do.
I think, you know, actually this is in some way informed by the kind of conversations we have with many of our largest clients.
And it's really interesting to us how there are many, many different conversations coming from asset allocation teams in these areas.
big institutional businesses, which are all touching on the fact, on the sort of realization that the world is changing.
That the presets that we lived through from the sort of mid-90s onwards, probably until the Brexit referendum 10 years ago this week,
There was a set of characteristics that were pretty stable.
And those characteristics were the kind of primacy of globalization, the optimization of supply chain, stability in Western politics, low inflation, financialization of everything because low inflation allowed for that.
And this wonderful kind of basis for multi-asset investing, which was that stocks and bonds were negatively correlated, meaning that when your stock portfolio hit the skids, your bond portfolio would typically partially bail you out.
Yeah, it did happen.
I mean, I think what we're really thinking about here is what happens on more than a day.
And it certainly didn't happen in March, where stocks got hit very hard and so did bonds and so did gold.
So I think the way we recognize, it's easier to recognize that the regime is changing than to understand what it will change into.
But if you think about all those things I mentioned there, which is globalization, the frictionless movement of capital and labor and supply chains, I think those things are going into reverse.
And as they go into reverse, it introduces more friction into the system.
It requires national interest to be put at the top of the priority list for governments.
I think we're all going to get used to the idea of America first by British, by Canadian.
The Italians have got their own version of it.
And these things are going to require more capital to be deployed at home.
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