'Perspectives' by Escala

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100

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Aug 2026

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About the show

'Perspectives' is a bi-weekly investment podcast brought to you by Escala. In a world cluttered with information, 'Perspectives' cuts through the noise to bring you insights and commentary on global financial markets, economics and geopolitical news and events. Hear our most up-to-date views straight from the Escala Investment Committee meeting room and learn how the CIO team incorporate macroeconomic views, central bank thinking and government policy into actionable investment ideas for our clients. As an economist and seasoned practitioner with both domestic and international investment experience, Escala CIO, Tracey McNaughton, shares her views and observations to help you make sense of today's investment landscape. Join Tracey, and others at Escala, as they discuss the big issues affecting your investment portfolio and interview industry-leading voices in wealth management. For more information visit: escalapartners.com.au

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August 3, 202619 min

Perspectives: Episode 133 – Who's Paying for AI?

In this episode of Perspectives, Escala Chief Investment Officer, Tracey McNaughton, discusses just how large the AI capital expenditure budgets have become, where the money is coming from, and which parts of the AI supply chain are most at risk of overinvestment. (0:51) It feels as though every major technology company is announcing another massive increase in AI investment. Just how big has this AI spending boom become? (2:00) What's interesting, though, is that the spending doesn't seem to be slowing. If anything, every earnings season the budgets seem to get bigger. (4:10) Microsoft seems to have convinced the market that the investment is paying off. Was that true for everyone? (5:58) For Alphabet and Meta, investors are still asking, "Show me how this next wave of spending turns into future earnings." (6:57) If the hyperscalers are collectively spending more than US$400 billion this year, where is all that money actually coming from? (8:38) Where does that capital come from? (10:47) AI has become one of the world's largest consumers of investment capital. The unfortunate thing is this is happening at the same time as bond yields are hitting multi-decade highs. (12:12) So, Tracey, whenever we see an investment boom of this magnitude, history tells us that eventually somebody builds too much. Is AI heading down the same path? (12:49) Let's work through the supply chain. Where do you think the risks are highest? (13:54) What about data centres – surely that's where everyone's worried about a bubble? (14:41) What about the companies actually making the equipment? (16:01) So, not all parts of the AI supply chain should be treated the same – particularly when we are talking about capex?

July 20, 202618 min

Perspectives: Episode 132 - We Need to Talk About Productivity

In this episode of Perspectives, Escala Chief Investment Officer, Tracey McNaughton, explores why productivity has become the defining investment and economic challenge - and why getting it right could unlock stronger growth, lower inflation, higher living standards and a more durable bull market (1:00) What do you think? What are you saying to clients? (3:55) Those high expectations tend to be a feature of a mature cycle. Is that more the issue? (5:03) The first was the Prime Minister's new AI strategy. The second was the debate around whether Australia's superannuation system should play a bigger role in funding nation-building projects. (9:15) So perhaps the role of government isn't to direct capital. It's to create the conditions that attract it (9:23) How do you think this will change how Australians choose to invest? (13:03) If fewer investors purchase rental properties, there's also the possibility that rental supply becomes tighter, placing further upward pressure on rents. (15:02) Tracey, listening to everything we've discussed over the past two weeks, it feels like all roads lead back to one issue. Productivity.

July 5, 202617 min

Perspectives: Episode 131 – The Price of Sovereignty

In this episode of Perspectives, Escala Chief Investment Officer, Tracey McNaughton, explores the question: who will pay for the building of strategic capability? From sovereign balance sheets and bond markets to private capital and Australia's superannuation system, she examines how the "Price of Sovereignty" could reshape investing for years to come. (0:44) Can governments actually afford another nation-building cycle? (3:30) Does that mean bond markets become a much bigger part of this story? (5:13) So, the price of sovereignty isn't just the cost of building new infrastructure. It's also the cost of financing it. (6:13) Who are the alternatives? You may have just given us a hint in your last answer. (6:57) On the surface, it looks like another trade dispute. Do you think it's actually something much bigger? (8:47) So, if governments are constrained and taxation becomes politically difficult, that inevitably pushes more of the burden onto private sector capital. (9:33) Why is that such an important distinction for investors? (10:34) We're already starting to see governments actively encourage private companies to become partners in rebuilding strategic capability. South Korea is probably the best example this week. (12:05) How do governments ensure the benefits are shared broadly across society, rather than simply accruing to a handful of companies and shareholders? (14:33) Maybe one way of getting that alignment is by having each of us invest in it via our superannuation fund. Do you think this debate eventually arrives here?

June 16, 202617 min

Perspectives: Episode 130 – The holiday from history is over

In this episode of Perspectives, Escala Chief Investment Officer, Tracey McNaughton, explores why the world is shifting from efficiency to resilience. Drawing on insights from General David Petraeus, the discussion examines how nations are rebuilding strategic capability, why private capital is increasingly funding critical infrastructure, and what the rise of the Sovereignty Trade means for investors. (0:56) For years investors thought of geopolitics and technology as separate conversations. (2:33) What changed? Why are governments suddenly prepared to sacrifice efficiency in favour of resilience? (5:48) Why does the pursuit of resilience inevitably lead governments back to infrastructure? (6:52) And artificial intelligence is the most recent example of that? (8:24) We've talked about AI as infrastructure. You have spoken to clients about an interesting example in the health sector. (10:59) So, if resilience requires infrastructure, and infrastructure requires investment, are we witnessing the beginning of a new capital cycle? (12:07) Another difference this time around is that many of these infrastructure projects aren't being funded by governments – they're increasingly being funded by private capital. (13:25) Is SpaceX the ultimate example of the Sovereignty Trade? (15:27) If you had to leave listeners with one final thought?

June 15, 202631 min

Perspectives: Fund Manager Interview with Paul Moore from PM Capital

In this episode, Escala Investment Analyst, David Bruty interviews Paul Moore, founder and Chief Investment Officer of PM Capital. Paul discusses how he and his team implement their contrarian investment philosophy, how the PM Global Companies Fund is constructed, and how healthcare is an emerging theme in the fund's portfolio.

May 21, 202622 min

Perspectives: Episode 129 – AI Native: The Great Operating Model Reset

In this episode of Perspectives, Escala Chief Investment Officer, Tracey McNaughton, unpacks a series of eye-opening conversations with leading AI investors and operators exploring how AI-native companies are redesigning workflows, reshaping industries, and blurring the lines between software, services, and private equity. (1:34) What struck me reading through your notes wasn't just the excitement around AI – it was that people are starting to describe AI not as a tool anymore, but as an operating system. (4:21) One thing that also came through very strongly in these conversations was the gap between Australia and the US in terms of AI adoption. (6:53) You also seemed genuinely shocked by how far behind wealth management still is. (7:24) It amazes us that we still don't receive information like tax reporting any faster than we did 10 years ago. The pipes need fixing. (8:36) Now, the General Catalyst discussion really went to another level because they're not just investing in AI software companies anymore – they're buying industries. (10:08) The call centre example was extraordinary. (11:22) The healthcare discussion may have been the most radical of all – because they literally bought a healthcare system. (13:03) Then you move to Bain Capital Ventures, and the discussion becomes incredibly technical. (16:23) Bain also raised a really important point: if everyone can build with AI, what becomes defensible? (17:34) There was another huge theme across all these discussions – services businesses becoming software businesses. (18:56) There was also a very strong undercurrent around private markets becoming even more important. (20:17) So, after hearing all of this, what do you think the biggest takeaway is?

May 11, 202618 min

Perspectives: Episode 128 – Dispatches from the US

In this episode of Perspectives, Escala Chief Investment Officer, Tracey McNaughton, takes us inside the Milken Institute Global Conference 2026, from space-based AI breakthroughs to the massive infrastructure buildout powering the next wave of innovation. (1:09) Alright, you've been roaming the halls at Milken earlier this week. Before we get into that, tell us about how it feels on the ground in the US right now. (3:27) You mentioned before you left that there were over 300 sessions across two hotels – the Beverly Wilshire and the Beverly Hilton. (5:03 How did he arrive at creating this conference, which has been running annually for almost 30 years. (5:45) What's the underlying theme this year – if you had to distil it? (6:52) What would you say was the most eye-popping session you went to? (7:51) Okay, let's talk specifics: what actually happened that got your attention? (8:37) So, a supercomputer that was able to learn in space was the breakthrough. What did it learn? (9:21) Sounds like he could be another Sam Altman. What does this do for the space industry? (10:40) Where does this hit us day-to-day? (12:13) Judging by the photos you sent back to us, I'm guessing the most exciting session for you was the one where Jensen Huang, CEO of Nvidia, was being interviewed. (13:58) Did the issue of job destruction come up? (15:14) So, again, it comes back to that distinction between automating tasks and eliminating entire roles? (15:50) What about the next constraint in the system? (16:28) And just finally, stepping back from all of that, what's the main idea he leaves you with?

April 23, 202621 min

Perspectives: Fund Manager Interview with Richard Blackburn from CVC Capital Partners

In this episode, Escala Head of Managed Funds, Stephen Dickinson, speaks with Richard Blackburn from CVC Capital Partners. Richard discusses CVC's origins and evolution into a leading global private equity firm, why Europe remains a particularly attractive market for private equity returns, and how CVC creates value through disciplined underwriting, active ownership and long-term value creation across its portfolio.

April 21, 202618 min

Perspectives: Episode 127 – A World Rewired

In this episode of Perspectives, Escala Chief Investment Officer, Tracey McNaughton, explains why today's geopolitical tensions signal a deeper structural shift – and what it means for markets, alliances, and investors. (1:08) Is the current state of the world only as permanent as Trump remains in office? In other words, is this just a phase, or are we actually living through something more structural? (2:30) So, even if the political backdrop changes, the system itself has already shifted? (4:29) Let's talk about that, because alliances have always been the backbone of the global system. (5:27) And that realignment has second-order effects in places people might not immediately think about. (6:29) So, even if nothing changes domestically, the global context could undermine that progress? (7:56) To bring it back to the original question – this isn't just about who's in office. (8:20) Let's move to the second theme, which builds directly on that idea: the Age of Chokepoints. It's a phrase we're hearing increasingly. Tell us about it. (11:46) What does that redesign look like in practice? (13:59) With all of that as the backdrop, it would be reasonable to expect markets to be under significant pressure. And yet, particularly in the US, equities have been remarkably resilient. Why is that? (14:50) So, even with all the uncertainty, the underlying growth drivers are still intact? (15:37) Are markets effectively looking through the noise? (16:16) How should investors think about this environment?

March 24, 202617 min

Perspectives: Episode 126 – Riding the Shock: Staying loose through uncertainty

In this episode of Perspectives, Escala Chief Investment Officer, Tracey McNaughton, explains how long-term investors are staying loose on the bars in response to the current oil shock. Plus, why managing today's risks is bringing back yesterday's solutions - from steering wheel locks to decades-old pipelines. (0:47) Tracey, there's a lot hitting markets at once. How do you keep your composure? (3:43) Back in 2022 when Russia invaded Ukraine, the oil price hit over $120 per barrel. The peak so far is under that. And yet, despite this, the price at the pump here in Australia is higher than it was in 2022. (4:56) Staying on the topic of macroeconomic policy, the Reserve Bank tightened monetary policy last week, lifting the official interest to 4.1% - the second consecutive rise. It was the first central bank among the majors to respond to the war in this way. (6:42) And beneath all of that, the real economy, at least in the US, seems to be holding up? (8:18) Let's talk about AI - because it still feels like the structural story cutting through everything else. (9:51) So, it's moving from assistant… to operator? And Huang's point is that this is bigger than the last wave? (11:20) So, AI is forcing governments to rethink how they operate? (15:44) So, this isn't just an AI story - it's an economic and political one as well.