The Astute Investor

In the latest episode of The Astute Investor, LGT Wealth Management’s Chief Investment Officer, Scott Haslem, speaks with Dr Madison Cartwright, Senior Geo-economics Analyst at CBA and an Adjunct Senior Lecturer at UNSW. Scott and Madison begin with Madison’s journey from academia and public policy into financial markets. They then turn to the rise of China contrasted against the relative decline of US power. The two then cover the growing tension between economic efficiency and national security as countries rethink trade and supply chains in an era where energy isn’t assured and efficiency doesn’t guarantee accessibility. The discussion then covers Iran and the political, economic and strategic constraints facing the US, before looking ahead to the upcoming US midterms. Scott and Madison consider whether the Democrats can gain control of Congress (particularly the Senate), what the consequences of this might be, and how President Trump might respond. Critically, the backlash against artificial intelligence in the US must be considered, along with potential regulations and environmental concerns.

In the latest episode of The Astute Investor, LGT Wealth Management's Head of Sustainable Investment Tessa Volkmer speaks with Wendy Cromwell, Vice Chair and Head of Sustainable Investment at Wellington Management. Wendy has spent 30 years at Wellington, where she sets the research agenda and strategy for the firm’s sustainable investment practice, including impact, climate and long-term engagement strategies. She also serves as a director on the board of the UN Principles for Responsible Investment. Earlier in her career, she led Wellington's Global Multi-Asset Strategies group, and that investment-led perspective continues to shape how she approaches sustainable investing today. In this episode, Tessa and Wendy discuss the structural forces reshaping energy markets and the investment opportunities emerging from them. They discuss AI's complex relationship with the energy transition, why the most interesting opportunities may lie beyond the obvious names, and how economics, more than policy ambition, tends to determine whether large-scale transitions actually succeed.  The conversation also explores China's dual role as the world's largest emitter and dominant force in clean energy supply chains, the case for paying more attention to climate adaptation, and how the global shift toward national resilience and energy security is reshaping investment opportunities across regions.

In the latest episode of The Astute Investor, LGT Wealth Management’s Chief Investment Officer, Scott Haslem speaks with Stephen Miller, one of Australia’s longest serving economists and investors.  Stephen spent his early years in Canberra, including a stint as the Private Secretary to the Treasurer, the Hon Paul Keating MP. After this, he embarked on a long career at Bankers Trust (both in New York and Sydney) and BlackRock in Australia where he was a Managing Director and Head of Fixed Income, before joining GSFM Funds Management as an adviser in 2018.  Scott and Stephen embark on a wide-ranging macro discussion beginning with Stephen’s early career then springboarding into the state of politics in Australia today. In particular, Steve bemoans the lack of a reform agenda in Australia, the cost to our standard of living, and the seeming unwillingness of today’s politicians from both sides of politics to prosecute the case for reform.  The two then discuss the outlook for global rates and the return to normal yields (as well as Australia’s high inflation challenge associated with our poor productivity). Stephen highlights key themes such as climate change, artificial intelligence (AI) and ageing populations as some of the global megatrends that are adding to the challenge of calling markets today. Given Stephen’s background in fixed income, we hear from him on how to best use bonds in today’s portfolios. We look at the economic outlook overall, and end with a note to young students of economics who are embarking on their careers.   

In the latest episode of The Astute Investor, LGT Wealth Management’s Senior Investment Analyst Darragh Kennelly speaks with Nicole Drapkin of global alternatives asset manager Blue Owl. Nicole is a Senior Managing Director and part of Blue Owl’s credit investment team. She is also a Portfolio Manager and a member of the investment committee for Blue Owl’s credit strategy, and has over 25 years of experience in the industry. In this episode, we define asset-based finance and explore its growing role in portfolios. Drapkin explains how financing everyday economic activity – from mortgages and credit cards to aircraft and small business finance – presents an opportunity for investors. As such, asset-based finance offers exposure to different parts of the economy than direct lending, at a time when banks are stepping back from some lending markets. Nicole discusses the potential benefits of asset-based finance, which can include income, diversification and shorter-duration structures, and explains why data and careful underwriting are critical to managing risk. The episode offers a clear introduction to a fast-growing area of private credit and why it is attracting attention from investors seeking new sources of income and diversification.

In this episode of The Astute Investor, LGT Wealth Management’s Chief Investment Officer, Scott Haslem, sits down with former United States Secretary of State and current Co-Executive Chairman of global asset manager Galvanize Climate Solutions, John Kerry. Listen in for a wide-ranging discussion on the shifting global landscape from the Middle East and US-China relations to climate, AI and the energy transition. We cover Kerry’s early life and his transition from the political realm into the private sector. He shares his perspective on the forces shaping policy, markets and long-term investment opportunities, particularly within renewables and AI. Kerry’s passion for renewables shines through, and he covers not only the challenge of climate change itself, but also the shift to renewables and the investment opportunities therein. In his own words, “I got involved because I want to see us win this fight”.

In the latest episode of The Astute Investor, Head of Private Markets, Martin Randall speaks with Hamilton Lane's executive chairman Hartley Rogers. He shares insights from his work with endowments and multi-generational families and how these groups thinks about long term investing and private markets access. 

In the latest episode of The Astute Investor, LGT Wealth Management’s Head of Private Asset Allocation Matthew Tan speaks with former Prime Minister of New Zealand, Sir John Key. We look at the lessons he learned steering New Zealand through periods of crisis, the shifting geopolitical landscape in the Asia-Pacific region, and what it means for open, trade-dependent economies like Australia and New Zealand. In particular, we examine the growing sense of pressure felt by younger generations – particularly around the cost of living – and how these forces are contributing to political dissatisfaction and the rise of populism. Another major focus of the discussion is resilience: what it means in practice and how it’s tested during periods of crisis. How do we define and refine resilience, and how do we apply it in the face of ongoing geo-political and economic turmoil?

In the latest episode of The Astute Investor, LGT Wealth Management’s Head of Private Markets Martin Randall speaks with Isaac Kim and Michael Romano at tech venture capital firm, Lightspeed Venture Partners. Randall, Kim and Romano discuss the most significant disruption in a generation: artificial intelligence (AI). AI is changing the fundamentals of the way we do business and the way we value companies and investments, and all at a pace that is unprecedented. 

In the latest episode of The Astute Investor, LGT Wealth Management’s Head of Private Markets, Martin Randall, speaks with Francesco Valmarana, Partner at Pantheon and member of its European Investment and Global Private Credit Investment teams, about the rapid evolution of private credit and the growing role of secondaries. Francesco explains how secondaries have shifted from a niche corner of private equity to a mainstream portfolio management tool, and how the same dynamic is now playing out in private credit.  In today’s environment, he notes that returns are driven by the underlying loan yield, the incremental yield uplift from buying below par, the amortisation of that discount over the remaining life of the loans, and the potential “pull to par” as written down positions recover. The discussion also touches on the distinction between senior direct lending and the broader opportunistic credit universe and how secondaries can provide access to these markets with enhanced transparency and risk control.

In our latest episode of The Astute Investor, Scott Haslem, Chief Investment Officer at LGT Wealth Management, speaks with Ben Powell, Chief Investment Strategist for APAC at the BlackRock Investment Institute. Together they reflect on key lessons from 2025 and explore the major investment themes shaping 2026, from the AI-driven capital expenditure boom to shifting geopolitics and the growing importance of portfolio construction.