Investec Investec Focus Radio SA

NOW Ep110: US priced for perfection

Loading player...
The US market is trading ~40% above fair value. What could cause those lofty valuations to deflate? This week on No Ordinary Wednesday, Chris Holdsworth, Chief Investment Strategist at Investec Wealth & Investment International, unpacks the key findings of Investec’s latest Global Investment View, highlighting risks for global investors and where opportunities lie outside the US, including: Europe is loosening fiscal policy to support growth, China is rolling out stimulus, with commodities rallying in response and in South Africa equities remain cheap with commodities and improving SOEs providing tailwinds.

Podcast key moments:

00:00 – Introduction
01:17 - The global investment strategy group keeps its global risk score unchanged
02:48 - What’s keeping valuations elevated in the US?
04:04 - AI driven investment providing a new growth engine
05:14 – Inflation risks in the US
05:41 - Why Europe and China look relatively attractive
07:18 – Why do SA risk assets remain cheap?
08:15 – Eskom, Transnet and the SA economy
09:44 - Local bonds have rerated
10:47 – What should investors be watching in the next 12 to 18 months

Read more on www.investec.com/now

Hosted by seasoned broadcaster, Jeremy Maggs, the No Ordinary Wednesday podcast unpacks the latest economic, business and political news in South Africa, with an all-star cast of investment and wealth managers, economists and financial planners from Investec. Listen in every second Wednesday for an in-depth look at what's moving markets, shaping the economy, and changing the game for your wallet and your business.
Chapters
  • 00:00 Introduction
  • 01:17 The global investment strategy group keeps its global risk score unchanged
  • 02:48 What’s keeping valuations elevated in the US?
  • 04:04 AI driven investment providing a new growth engine
  • 05:14 Inflation risks in the US
  • 05:41 Why Europe and China look relatively attractive
  • 07:18 Why do SA risk assets remain cheap?
  • 08:15 Eskom, Transnet and the SA economy
  • 09:44 Local bonds have rerated
  • 10:47 What should investors be watching in the next 12 to 18 months
30 Sep English South Africa Business · Investing

Other recent episodes

What next? | Bridging political fault-lines

Gillian Tett and Professor Bob Eccles discuss how anti-ESG sentiment and political tensions, particularly stemming from USA, are reshaping climate policy, corporate behaviour, and markets. These two globally respected interpreters of political economy and corporate purpose examine what this means for global action, and how leaders can navigate the fragmented…
11 Dec 39 min

Macro Monday Ep 99: Global growth remains strong

The latest global purchasing managers index numbers show that there’s little indication of a slowdown in global growth. Chris Holdsworth, Chief Investment Strategist, Investec Wealth & Investment International says the US numbers have also been strong, but key indicators show that US inflation is above target levels.
8 Dec 8 min

What next? | Powering Africa's future

A discussion of Africa’s energy transition as both an economic strategy and a question of agency, featuring insights from Professor Carlos Lopes and investment leader Jasandra Nyker. They argue that while the world often views Africa through the narrow lens of risk, fragility, or aid dependency, the continent increasingly sees…
3 Dec 48 min

NOW Ep116: Markets in dissonance | What 2025 taught us

The year-end episode of the No Ordinary Wednesday podcast confronts a familiar contradiction: markets that looked buoyant, and an economy that often didn’t. In conversation with our Chief Investment Strategist Chris Holdsworth, we dissect the year’s dissonance and the lessons it leaves behind - above all, that in a noisy…
2 Dec 13 min
All episodes