Jonathan Armitage
speaker
132 appearances
2 recordings
1 series
first heard Apr 2026
last heard 1 Jul
Jonathan Armitage’s voice in public audio — every appearance, attributed to the second.
Trend
recordings per month · last 12 monthsRecordings per month over the last 12 months — 2 in all, peaking in Jul 2026 with 1.
Appearances
Yeah, there's no doubt that equities have been an important driver.
I think one of the things that we've noticed at CFS is that you've actually seen quite a bit of volatility in fixed income markets.
Our own experience has actually been that despite all that, our managers have actually done a very good job.
Returns have been lower than you've seen within equities.
But when you look at the backdrop of quite a bit of interest rate volatility and some of the geopolitical events and increasing deficits in a number of very large economies –
actually fixed income assets have produced a pretty creditable result.
And it's also been an environment where stock pickers, there are stock pickers in fixed income markets, have actually sort of managed that to navigate what I think has been quite a tricky environment pretty well.
Well, it is a very rapidly evolving area.
I don't need to tell any of your listeners that.
And I think that what you've seen is just an extraordinary build-up, particularly the sort of capital expenditure that has sat behind the whole of the AI ecosystem.
I think one of the things that we've been sort of turning our mind to is that for the first time in a long period, you've actually seen tech companies issuing debt
as well as new equity.
And I think trying to work through what that means for the sort of future growth of those companies, it's obviously there to sort of fuel the sort of almost insatiable demand for computing power.
But it is changing the framework that these companies have from a financial perspective.
Historically, they've had very little debt, incredibly cash-generated businesses.
But you've seen a large number of the hyperscalers issue debt, and in some cases, quite considerable amounts.
And to sort of bring that sort of home, SpaceX, which is obviously a topic that has taken up quite a lot of bandwidth in the last couple of weeks, SpaceX itself issued $25 billion worth of debt just after its IPO.
And I think it's worth sort of mentioning because that is, first of all, it shows just how much money is being put to work.
uh gaining the sort of access to compute but it's also changing the capital structures of these companies in ways that we've not actually seen before and i think that's going to be something that investors will watch to see how that sort of plays out over the next not just 12 months but the next couple of years
One of the things that we've been focused on here at CFS is just this idea that inflation is going to remain volatile and inflation data is remaining volatile.
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