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 monthsRecordings per month over the last 12 months — 2 in all, peaking in Jul 2026 with 1.
Appearances
government bonds were next to useless in terms of acting defensively.
And I think that we've certainly sort of, that has very much sort of framed our thinking about the way that fixed income, certain fixed income securities, the role that they play in our portfolios.
And one of the other implications of what has been going on, not just in the Middle East, but the sort of recent escalation of conflicts,
whether or not it's in Europe or other parts of the world, is that increased defense spending at a time when government deficits are already material.
And so we do think that you are going to get bond investors
turn their attention back to how these conflicts and the sort of significant escalation in military spending is going to be paid for.
And you've got the current administration looking for up to $200 billion of additional spending in the military at a time when budget deficit is, by most measures, right about sort of 6%.
So I think that that
You know, we believe that that sort of traditional role of sort of government fixed income is not going to act as defensively as it has done historically.
So therefore, you need to find other sources of income to act sort of more defensively.
And that's led us to look at things like private debt.
corporate credit, insurance-related investment bonds, those type of things, because we think that those will be obviously much less impacted by the forces that we've just been talking about.
I think it's certainly become more complicated.
Risk has always been there.
And perhaps we've been through a period where the risk has been understated.
And I think that that is, going back to what I was talking about earlier, that we think we're in a new regime.
We have been through a period where
the cost of debt had been relatively low.
Inflation had been much less volatile and low.
And so we'd been through a sort of quite extended period where
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