Old Mutual Wealth

Episoder

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  Growth Meets Higher Rates: What Markets Are Pricing Now 01.10.2026 18min

  How much are investors willing to pay for growth when the cost of money is rising? In this episode of Markets & Meaning, Sean Ashton explores the changing relationship between higher interest rates, economic growth and equity valuations. He looks at why US Treasury yields have moved above 5%, whether this represents a normalisation of markets after years of low growth and low investment, and what higher yields mean for the role of bonds in a balanced portfolio. Sean also examines the next phase of the AI investment cycle, as the focus shifts from infrastructure and data centres towards AI agents that can act on behalf of consumers. Using Meta's new Muse product as a case study, he considers how these technologies could challenge business models built around consumer inertia and friction.
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  The Earnings Cycle Still Has Legs 01.09.2026 21min

  In this month’s Markets & Meaning, Sean Ashton looks beyond the latest headlines to assess where we are in the market cycle. He unpacks rising US Treasury yields and growing concerns around fiscal deficits and the dollar, before turning to NVIDIA’s latest results and what they reveal about the strength and sustainability of the AI investment cycle. Sean’s conclusion is perhaps the most important takeaway: we may be further into the cycle, but strong earnings, healthier valuations and periodic resets in sentiment suggest the bull market could still have legs.
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  When Markets Overshoot: Inside South Korea's Tech Sell-Off 31.07.2026 12min

  South Korea's technology stocks have experienced a sharp correction despite strong corporate earnings. In this episode, Sean Ashton, Head of Investments at Private Clients by Old Mutual explains why leverage and investor positioning played a key role, what the sell-off means for semiconductor companies, and why disciplined investors should distinguish between short-term market moves and long-term fundamentals. The conversation also covers the latest interest rate decisions in South Africa and the US, and what they signal about the balance between inflation and economic growth.
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  The Market's Balancing Act 01.07.2026 15min

  Markets don't always move in the way we'd expect. In our latest episode of Markets & Meaning, Sean Ashton explores why rising memory chip prices could signal a new inflationary pressure, why he believes recent interest rate decisions may have been a policy mistake, and one of the market's biggest contradictions: semiconductor companies continue to outperform while the businesses funding the AI infrastructure buildout have fallen out of favour. What does that disconnect tell us about where markets think value will ultimately be created?
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  When Earnings Matter More Than Headlines 02.06.2026 18min

  In our latest episode of Markets & Meaning, Sean Ashton (Head of Investments at Private Clients by Old Mutual) explores why markets are increasingly looking beyond geopolitical headlines and focusing on what is ultimately driving returns: corporate earnings. The discussion examines the unusually strong earnings cycle currently supporting markets, the role of AI-related infrastructure investment in driving growth, and why investor scepticism suggests this may be more than simply another market bubble. Ultimately, the conversation reinforces an important lesson for long-term investors: while headlines may dominate attention, markets are often driven by deeper fundamental trends.
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  AI, Rates and Market Signals 06.05.2026 18min

  In our latest episode, Sean explores why markets are beginning to look beyond geopolitical headlines and refocus on earnings, valuations and long-term opportunity. The discussion unpacks how the AI trade is broadening beyond headline names into the wider infrastructure supporting data centre growth, including semiconductors, networking and power. Using examples such as Intel and NVIDIA, Sean explains why semiconductor companies continue to outperform, while software businesses face growing questions around AI disruption. The episode also examines why gold has recently behaved more like a play on interest rates than a traditional safe haven, and what higher oil prices could mean for investors, inflation and interest rates. Overall, the conversation reinforces why markets often move ahead of the news cycle, and why long-term investors should remain focused on structural trends rather than short-term noise.
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  Hormuz, Markets and Opportunity 02.04.2026 18min

  In this episode, Sean Ashton unpacks the market impact of tensions around the Strait of Hormuz, and what it reveals about how markets behave in periods of uncertainty. The discussion goes beyond the headlines to explore supply chain risk, energy markets and why markets often move ahead of the news cycle. It also highlights where potential opportunities may be emerging, particularly in sectors like technology, with companies such as Microsoft and NVIDIA trading at more attractive valuations following the recent sell-off.
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  Markets & Meaning - Monthly podcast by Sean Ashton (Head of Investments at Private Clients) 02.04.2026 18min

  Hormuz, Markets and Opportunity In this episode, Sean Ashton unpacks the market impact of tensions around the Strait of Hormuz, and what it reveals about how markets behave in periods of uncertainty. The discussion goes beyond the headlines to explore supply chain risk, energy markets and why markets often move ahead of the news cycle. It also highlights where potential opportunities may be emerging, particularly in sectors like technology, with companies such as Microsoft and NVIDIA trading at more attractive valuations following the recent sell-off.
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  Markets & Meaning - Monthly podcast by Sean Ashton (Head of Investments at Private Clients) 02.03.2026 22min

  AI, Platforms and the Battle for the Customer In this episode, we unpack one of the most important questions investors face today – how AI is changing the way customers make decisions, and what that means for the platforms and businesses that have historically controlled those journeys. It’s a thoughtful discussion on disruption, market structure and long-term value creation, with clear implications for investors trying to separate hype from durable opportunity.
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  AI, Platforms and the Battle for the Customer 02.03.2026 22min

  In this episode, we unpack one of the most important questions investors face today – how AI is changing the way customers make decisions, and what that means for the platforms and businesses that have historically controlled those journeys. It’s a thoughtful discussion on disruption, market structure and long-term value creation, with clear implications for investors trying to separate hype from durable opportunity.
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  Introducing Markets & Meaning 04.02.2026 21min

  We're pleased to introduce Markets & Meaning, our new monthly podcast by Sean Ashton, Head of Investments at Private Clients. Each month, Sean steps back from the headlines to focus on the forces shaping markets and what they mean for long-term investors. In the first episode, Sean unpacks why elevated US equity valuations do not automatically signal a bubble, and what today's market concentration really means for investors. From the dominance of the 'Magnificent Seven' and the shift to capital-intensive AI investment, to diverging signals from Meta and Microsoft, the conversation cuts through the noise. He also explores geopolitics, productivity, and where selective long-term opportunities are emerging as investors look ahead to 2026.
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  Markets & Meaning - Monthly podcast by Sean Ashton (Head of Investments at Private Clients) 04.02.2026 21min

  We're pleased to introduce Markets & Meaning, our new monthly podcast by Sean Ashton, Head of Investments at Private Clients. Each month, Sean steps back from the headlines to focus on the forces shaping markets and what they mean for long-term investors. In the first episode, Sean unpacks why elevated US equity valuations do not automatically signal a bubble, and what today's market concentration really means for investors. From the dominance of the 'Magnificent Seven' and the shift to capital-intensive AI investment, to diverging signals from Meta and Microsoft, the conversation cuts through the noise. He also explores geopolitics, productivity, and where selective long-term opportunities are emerging as investors look ahead to 2026.
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  MoneyWebNOW Interview - When 1% of companies drive 65% of returns, what does it mean for investors? 11.09.2025 7min

  Sean Ashton and Simon Brown unpack big tech’s outsized role in S&P 500 returns, how to manage that concentration.
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  Kaya FM Interview - When 1% of companies drive 65% of returns, what does it mean for investors? 11.09.2025 14min

  Sean Ashton, Head of Investments at Private Clients by Old Mutual Wealth, and Gugulethu Mfuphi of Kaya Bizi discuss the importance of understanding the underlying drivers of major market indices like the S&P 500. 
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  Moneyweb Now Interview: Why Local Retailers Are Betting Big on Beauty 23.06.2025 6min

  Beauty is booming – and not just globally. From skincare to makeup and fragrance, SA retailers are waking up to the higher margins and loyal, repeat customers the beauty segment offers. In this insightful interview with Simon Brown, Tasneem Samodien, Research Analyst at Private Clients by Old Mutual Wealth, explains how brands like TFG, Mr Price and Woolworths are tapping into local insights to build private-label beauty offerings that resonate.
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  MoneywebNow interview: Estée Lauder: A Cautionary Tale for Quality Investors? 26.05.2025 6min

  Once a beauty industry darling, Estée Lauder has lost over 80% of its value since late 2021. What went wrong — and can it be fixed? In this insightful podcast, Tasneem Samodien, Research Analyst at Private Clients by Old Mutual Wealth, unpacks how overexposure to China, reliance on travel retail, and missteps in management turned a premium beauty brand into a turnaround story.  “It’s not a brand problem. It’s a management problem,” says Tasneem. “And now it’s a wait-and-see story for the new leadership team.”
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  MoneywebNow interview: Unpacking Alphabet’s US$75bn AI strategy 23.05.2025 6min

  Google’s parent company is spending big on AI and cloud infrastructure — a 43% increase on last year’s capex. In this podcast, Private Clients by Old Mutual Wealth analyst Nadine Chetty-Khan explains why this bold move echoes past wins like YouTube, Maps and Android. “Alphabet isn’t just building AI models — it’s building the infrastructure for an AI-powered internet.”
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  Standard Bank reports solid interim results 19.08.2024 9min

  Africa’s largest financial services provider, Standard Bank reported a resilient 2024 half-year performance amid a challenging credit market in SA. Private Clients Research Analyst, Tasneem Samodien, discusses the results and explains why the team expect Standard Bank to continue growing earnings over the long term. 
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  Hot 1027 Business Interview 29.04.2024 8min

  Tasneem Samodien, Research Analyst at Private Clients by Old Mutual Wealth discusses Standard Bank’s 2023 full-year results and its exposure to Africa, which is expected to remain a meaningful earnings driver in the long term. 
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  MoneywebNOW interview - Victor Mupunga 15.04.2024 6min

  The business cycle is a key framework for understanding economic fluctuations and is often widely used to guide asset and sector allocation decisions for investors. However, debates often arise regarding the precise stage at which an economy finds itself, particularly when economic data presents mixed signals. Listen as Victor Mupunga, Head of Research at Private Clients by Old Mutual Wealth and Simon Brown, discuss the mixed economic signals in the US and the local economy and outlines our investment approach focused on constructing well-balanced portfolios of high-quality, resilient businesses.