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.

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recordings per month · last 12 months

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

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FEAR & GREED | Business News · Q+A: What drove super returns — and what's next for investors? · 1 Jul 2026 podcast

And it's obviously been exacerbated by the challenges in the energy industry in the last three or four months or so.

And we think that this is going to be a continuing feature for markets to sort of work through.

The other thing is that in a number of economies, the US being one, but you're also seeing significant budget deficits in areas like France, rising budget deficits in the UK as well.

It's a developed economy phenomenon, and investment markets are really starting to focus on the future trajectory of budget deficits

and the actions that governments are going to take to try and rein in spending across a whole load of different areas.

And across Europe, the main area of focus has been some pretty significant rises in defence spending.

I think the idea of policy uncertainty should remain something that all investors need to have at the back of their mind.

And even in the last couple of weeks or so, you've seen the administration talking about putting on additional taxes, tariffs in the face of a digital services tax in Europe.

So the idea of increased tariffs

certainly at incredibly high numbers, is not something that seems to be drifting away from the administration's consciousness.

So I think this idea of policy uncertainty is something that is part and parcel of the investing environment.

I think it's fair to say that markets have learned to take some of these things in their stride.

and not necessarily extrapolate the announcements from the administration forward in perpetuity.

So in some ways, I think the markets have sort of wised up to how longstanding some of these issues are going to be.

But the risk remains, as does the risk of other sort of geopolitical shocks, as we've seen in the last three or four months in energy markets and actions in the Middle East.

We continue to see that the sort of over the medium term opportunities within areas like emerging markets remain pretty robust.

There continues to be quite a sort of valuation differential between what you see in those markets relative to developed markets.

We've also sort of continued to put money to work in certain areas of private assets, particularly areas like private debt, where the yields look very attractive relative to what you can earn in certainly in the government debt market.

So those are some of the areas that we continue to focus on for our members' outcomes.

Thanks a lot for having me.

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