Old Mutual Wealth

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Oct 2026

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Listen to the latest news, insights and views on topical issues. Old Mutual Wealth is an advice-led wealth management business, aimed at providing financial planners and their clients with a full suite of industry-leading strategies and services.

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60 recent

October 30, 202618 min

The AI Investment Boom: Who Pays, Who Benefits and What Are Investors Missing?

The scale of investment in artificial intelligence continues to grow, but the economics of the AI industry are becoming increasingly important to understand. In this episode of Markets & Meaning, Sean Ashton examines Anthropic's extraordinary growth and improving profitability, considering what its latest financial disclosures reveal about the commercial potential of AI. He also explores the growing capital requirements of the industry, as major technology companies turn to equity markets to help fund their investment plans. The conversation then turns to SpaceX, where a significant proportion of projected operating earnings is expected to come from AI computing infrastructure rather than its better-known space businesses. While the long-term opportunity remains compelling, Sean considers the risks investors need to weigh, from the supply of new shares entering the market to the sustainability of current demand and pricing for AI computing capacity.

October 1, 202618 min

Growth Meets Higher Rates: What Markets Are Pricing Now

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.

September 1, 202621 min

The Earnings Cycle Still Has Legs

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.

July 31, 202612 min

When Markets Overshoot: Inside South Korea's Tech Sell-Off

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.

July 1, 202615 min

The Market's Balancing Act

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?

June 2, 202618 min

When Earnings Matter More Than Headlines

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.

May 6, 202618 min

AI, Rates and Market Signals

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.

April 2, 202618 min

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.

April 2, 202618 min

Markets &amp; Meaning - Monthly podcast by Sean Ashton (Head of Investments at Private Clients)

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.

March 2, 202622 min

Markets &amp; Meaning - Monthly podcast by Sean Ashton (Head of Investments at Private Clients)

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.