This is the Monday Call, brought to you by NZ Funds.
It’s about financial markets - where they are now, and where we think they’re headed.
It’s not just abo...
Trade wars, tariffs and New Zealand’s road to recovery.
The New Zealand economy is turning a corner, with green shoots replacing red flags and confidence inching its way back. But global uncertainty remains. Trade tensions are heating up, and tariff threats loom large.This week, top economist Cameron Bagrie joins us to discuss the outlook. Will the recovery move up a gear, or are the brakes about to be applied? Will our exports be hurt, or can we create new markets? And how should investors think about both risks and rewards in this shifting landscape?With over 20 years of experience – including a decade as ANZ’s Chief Economist – Cameron delivers sharp, independent insights through Bagrie Economics, a boutique firm known for its no-nonsense economic analysis.
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47:18
Beyond the US – Will other markets shine in 2025?
In our first Monday Call for 2025, we welcome Mark Brooks, Chief Investment Officer at NZ Funds, to discuss the key themes shaping the investment landscape. Despite global uncertainty, geopolitical tensions and major elections, 2024 ended on a strong note for markets. Now we look at what’s next.
Markets enter 2025 with a mix of opportunities and challenges. The US remains a driving force, powered by its tech sector, but high valuations combined with high expectations and the Trump presidency add complexity. New Zealand’s share market, like many outside of the US, showed strength in late 2024, and while expectations remain modest, signs of improvement are emerging.
What can investors expect in 2025? Will the downgrades seen in New Zealand turn to upgrades? Will new tariffs and geopolitical risks hinder growth? Why is the US so highly valued, and is this at risk? And where does Bitcoin fit in? Mark’s insights will equip investors with the knowledge to navigate the year ahead.
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43:57
2024 in review: How the return to a ‘normal’ economy led to a record year
The global economy’s return to normality in 2024 fuelled the continuation of the bull market that began in 2022, delivering a record year for many markets. At the start of the year, the average forecaster predicted just a 3% increase in the United States stock market – yet markets surged far beyond those expectations.
In this year-in-review podcast, we’ll unpack the key trends and insights. What worked for the Portfolios? What didn’t work as expected?
We also explore a range of other themes, including the rise of AI, the return of Bitcoin, and why we believe 2025 will mark New Zealand’s own return to economic normality – a positive development for local markets.
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59:13
Investor, Surfer, Freethinker: The Contrarian’s Playbook with Hugh Hendry
Hugh Hendry is an award-winning hedge fund manager, investment thought leader, and surfer. He founded Eclectica in 2005, a London-based global macro fund known for its high-conviction, contrarian approach. Shortly after launching Eclectica, Hugh gained recognition with impressive returns of 50% in its second year and over 30% in 2008 during the height of the Global Financial Crisis.
Although Eclectica has since closed, Hugh remains an active and influential market commentator. Reflecting his commitment to creative freedom in investing, he once said, “I have always been a heretic and argued against the consensus. I have always been angry.”
Join us for a lively discussion with Hugh as we explore today’s investment landscape, hear his views on the U.S. election, his skepticism toward mainstream economic policies, and his belief in the value of reading broadly as a source of inspiration for business and investing.
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1:06:59
A View from the North – Global Market Opportunities with Syzygy’s James Grigor
The suspense of the U.S. election, mounting government budget pressures, persistent inflation concerns in key economies, global power shifts, and new technologies are driving a complex, opportunity-rich environment for investors with longer time horizons.
In this episode we explore this shifting environment with London-based James Grigor, Partner at Syzygy Investment Advisory and NZ Funds alumnus. Syzygy is a global macro asset management that serves sovereign wealth funds and family offices and is one of a select group of managers with which NZ Funds partners.
This is the Monday Call, brought to you by NZ Funds.
It’s about financial markets - where they are now, and where we think they’re headed.
It’s not just about share market movements or changes in bond prices.
It’s about new technologies and crypto assets.
It’s about decarbonisation, commodities, and how geopolitical events can change the direction of the global economy.
Every week, we talk to the innovators and commentators, the fund managers and headline makers, to gain insights into the new market realities.
It’s a global view of finance from a uniquely New Zealand perspective, keeping Kiwi investors and financial advisers up to date with the latest market news.
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