A value investing podcast. Antipodes is an active global equities investment manager, with offices in Sydney and London. Hear from the Antipodes team and other external thought leaders as they deliver investment updates and share perspectives on companies, macroeconomic trends and investment opportunities across the globe.
Episodes
Tuesday Aug 27, 2024
Tuesday Aug 27, 2024
Alison Savas is joined by Ian Harnett, the co-founder and chief investment strategist of Absolute Strategy Research.
Ian shares big picture macroeconomic perspectives and views on the state of global stock markets.
This is part 1 of a 2-part interview.
Key Times:
- What Fed Governors are thinking right now: 1:40
- US macro + takes on recent economic data: 5:00
- Is the good news all priced in? 10:00
- Narrow earnings growth in the US: 14:00
- Growth outside the US: 16:00
- The energy capex cycle: 27:00
- AI: 30:45
- Overweighting the USD: 36:00
- Ian's rate cut call: 45:00
Friday Jul 26, 2024
Friday Jul 26, 2024
Over the last year, financials globally have had a pretty good run as profit margins for lending have grown. We’ve seen this trend in the big banks in the US, but also in Europe where dividends and buybacks are trending higher and higher.
But what if the next move for policy rates is down? Should investors stick with banks?
Antipodes Portfolio Manager James Rodda and Alison Savas discuss the set-up for financials in the US, Europe and also Australia, and compare the investment cases for three of the major banks in these markets.
Key times:
- What would rate cuts mean for banks: 3:00
- The outlook for Australian banks: 10:30
- NatWest Group: 11:20
- Wells Fargo & Co: 17:17
- Commonwealth Bank of Australia (CBA): 20:30
- Comparing Natwest, Wells Fargo & CBA: 25:20
All stock commentary is illustrative only and not recommendations to buy, hold, or sell any security.
Wednesday Jun 19, 2024
Wednesday Jun 19, 2024
Regulatory and economic fear has gripped Chinese stock markets in recent years – most notably headlined by troubles in China’s property sector and the collapse of China Evergrande.
But there are signs the very negative sentiment surrounding Chinese stocks is turning. Antipodes Portfolio Manager John Stavliotis discusses some surprising observations from a recent research trip to China, along with Antipodes' exposure to the world's second-largest economy.
Key times:
- Surprising observations and key takeaways from a China research trip: 00:50
- China's property sector woes: 3:20
- Time for exposure to China's property sector? (Ke Holdings Inc) 10:30
- Investing in China's 'emerging multinationals'(Kingdee International Software Group Co) 13:20
- The investment opportunity in China's power grid (NARI Technology Co Ltd) 19:30
- Key takeouts - can Chinese stocks thrive again? 31:00
Stock commentary in this episode is illustrative only, not recommendations to buy, hold, or sell any security.
More about Antipodes: antipodes.com
Wednesday May 15, 2024
Wednesday May 15, 2024
In this episode Alison Savas is joined by Antipodes Portfolio Manager, Graham Hay.
They discuss two key stock market sectors – tech and commodities – as the market starts to tilt towards the higher for longer interest rate scenario.
Key times:
- The US economy has been incredibly resilient - can it keep powering ahead? 1:00
- Meaningful moves in tech stocks: 5:00
- Nvidia (NASDAQ:NVDA): 6:30
- Tech opportunities in the current market cycle: 11:00
- TSMC (NYSE:TSM): 11:30
- Qualcomm (NASDAQ:QCOM): 13:30
- Commodities performance and outlook: 14:50
- Teck Resources (NYSE:TECK): 20:00
Stock commentary in this episode is illustrative only and should not be considered as recommendations to buy, hold, or sell any security.
Tuesday Mar 26, 2024
Tuesday Mar 26, 2024
Alison Savas is joined by Martin Daum, the CEO of Daimler Truck Holding AG.
The German-listed company is the world's largest manufacturer of commercial vehicles. It builds trucks, buses, and other commercial vehicles under brands including Mercedes Benz, Freightliner, Western Star, Mitsubishi Fuso, Bharat Benz, Rizon, and Setra.
More about Antipodes: https://antipodes.com/
Monday Mar 04, 2024
Monday Mar 04, 2024
Link to the previous EVs episode from 2021 referenced in this podcast: https://www.podbean.com/eas/pb-gy3zp-ff1e7e
More about Antipodes: https://antipodes.com/
Key times:
- Shifting dynamics in the auto industry over the past 3 years: 1:00
- EV demand now below previous market expectations? 3:20
- The rise of Chinese automakers: 9:30
- Are hybrid electric vehicles here to stay? 19:00
- Solid state batteries & autonomous vehicles: 22:30
- Who will be the long term winners and losers in the global auto industry? 29:30
*Stock commentary in this episode is illustrative only and should not be viewed as a recommendation to buy, hold, or sell any security.
Wednesday Feb 07, 2024
Wednesday Feb 07, 2024
In this episode, Alison Savas is joined by Antipodes Chief Investment Officer, Jacob Mitchell.
They discuss key macro and market developments in the fourth quarter of 2023 along with how Antipodes is positioning for the year ahead. Jacob and Alison also provide key insights into the investment case for Oracle Corp (NYSE: ORCL).
Key times:
- Has the Fed pulled off a soft landing? 1:00
- The potential for a deterioration in liquidity & headwinds for US equities at the index level: 6:00
- Antipodes current portfolio positioning: 12:00
- Valuation discipline case study - exiting SAP & holding Oracle*: 16:00
- Stock in focus - Oracle Corp (NYSE: ORCL)*: 20:00
*Stock commentary is illustrative only and should not be viewed as a recommendation to buy, hold, or sell any security.
Tuesday Dec 19, 2023
Tuesday Dec 19, 2023
In this final episode for 2023, Alison Savas is joined by all Antipodes' Sector Portfolio Managers. Each PM shares one stock (or area of their coverage) they believe will perform in the year ahead, and one stock or part of the market they believe investors should avoid.
1:30: Graham Hay - Hardware, Industrials & Commodities Portfolio Manager.
- Stock to watch: Taiwan Semiconductor Manufacturing Co (TPE: 2330)
6:20: Nick Cameron - Healthcare Portfolio Manager
- Sector to watch: Small to mid-cap medical device companies
- Stock to watch: Alcon AG (SWX: ALC)
15:00: Max Shramchenko - Infrastructure Portfolio Manager
- Sector to watch: Regulated utilities
- Stock to watch: American Electric Power Company (NASDAQ: AEP)
21:30: James Rodda - Developed Markets, Technology, Media and Telecommunications Portfolio Manager
- Stock to watch: Oracle Corp (NYSE: ORCL)
27:00: John Stavliotis - Emerging Markets Portfolio Manager
- Sector to watch: Brazilian stocks
- Stock to watch: Sendas Distribuidora SA (NYSE: ASAI)
Thursday Dec 07, 2023
Thursday Dec 07, 2023
The backdrop for investing in Brazil is changing - fundamentals are improving, inflation is falling, rates are falling and policy makers are embarking on fiscal repair.
On top of this stock market valuations are attractive.
So, in this episode, Alison Savas (Antipodes Investment Director) and John Stavliotis (Antipodes Emerging Markets PM) discuss the case for increasing exposure to Brazilian equities.
Key times:
- Elevator pitch - why investors should consider Brazil: 1:00
- Inflation, rate cuts and Brazil's cyclical setting : 2:20
- Structural opportunities in Brazil - commodities and agriculture: 7:30
- Brazil's economic links with China: 11:30
- Brazilian politics and regulation: 13:30
- Stock in focus - Itaú Unibanco (NYSE: ITUB)* 16:30
- Stock in focus - Nu Holdings (NYSE: NU)*: 21:00
- Stock in focus - Sendas Distribuidora (NYSE: ASAI)*: 22:30
*Stock commentary is illustrative only and should not be viewed as a recommendation to buy, hold, or sell any security.
Tuesday Nov 07, 2023
Tuesday Nov 07, 2023
Along with a discussion about the state of the markets in Q3 2023 and Antipodes' current portfolio positioning, this episode covers the recent developments in the global oil market amid the escalation of conflict between Israel and Hamas.
Alison Savas (Antipodes Investment Director) is joined by Graham Hay (Antipodes Portfolio Manager Industrial, Hardware & Commodities) for this episode.
Key times:
- Current oil market dynamics & the implications of lower capital expenditure in recent years: 1:00
- How Iran could hold the world's oil market to ransom if the Israel - Hamas conflict widens: 3:40
- Why US sanctions on Russian crude are ultimately ineffective: 5:30
- How Saudi Arabia could respond to an oil supply shortfall: 7:15
- The Chinese oil demand puzzle: 10:10
- Antipodes' view on the outlook for the crude oil price: 13:30
- Antipodes' energy exposures (TotalEnergies & Occidental Petroleum)*: 15:00
PART 2
- The state of the markets in Q3 2023: 18:00
- Why it's unlikely a supportive liquidity environment can be maintained: 21:10
- A mild recession in the US remains likely: 25:00
- Antipodes' portfolio positioning: 27:30
*Stock commentary is illustrative only and should not be viewed as a recommendation to buy, hold, or sell any security.