In this episode, Escala Partners CIO, Tracey McNaughton, discusses the results coming out of the US earnings reporting season and why Facebook and Microsoft are in and Tesla and Apple are out of favour – this despite Apple having a cash pile equivalent in size to the Hungarian economy.

(0:54) Tracey, we are halfway through reporting season in the US and it is looking good so far.

(2:23) So, Apple has the equivalent of the Hungarian economy sitting in its cash account.

(5:43) It's not all tech though, is it? Other, more industrial companies are also reporting solid earnings?

(7:34) US regional banks are back in the headlines. What is going on there now?

(13:37) The US Federal Reserve met last week. It was interesting, particularly when considered with the latest employment report out of the US.

(16:01) While we are on the topic of central banks, Australia's Reserve Bank has begun a new era following recommendations that came out of the review last year.

(17:25) Our independent member of our Investment Committee Gerard Minack says the market is being too sanguine about the number of rate cuts coming for Australia. Do you agree?

(19:29) Before we go, you have just wrapped up heat week with your international equities managers. If there is one takeaway, what would it be?