Old Mutual Wealth

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.

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.

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.

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?

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.

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.

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.

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.

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.