Paul Schroder

Now, it is a reasonable question to say when the world's in some strife, does that change your mind about that?

Well, then you've got to say where are the most reliable earnings and where are the best companies in the world?

And the most reliable earnings and the best companies in the world

are in the United States.

Now, some people would say- Is that still the case?

Do you reckon that's still the case?

Oh, absolutely still the case, but it's absolutely still, categorically still the case.

But importantly, some people talk about de-risking a bit in the US context,

because of geopolitical changes, the administration and various other things.

But most of those people who are talking about de-risking the US are talking about coming back from a portfolio.

All those US-based fund managers and many of your listeners who are invested with US-based managers might be 80% or 90% exposed to the US.

We're 35%.

So from where Australian super members are, they can absolutely afford to, and they'd be mad not to, increase their exposures to

the world's greatest companies and strongest earnings in the best domestic economy there is.

Well, we have.

We spend a lot of time engaging with the new administration and the old administration and understanding what's

going on to the best of our ability.

And by the way, the Australian government's been really good like that.

Kevin Rudd and Penny Wong and Heather Ridout and others have been really good at making sure doors are open and thoughtful.

Ah, well, thoughtfully and alert to idiosyncratic risk.