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In the absence of Acting President Bill Strand down South, Acting President2 Warwick Leyland introduced our Speaker, Bruce O’Leary, from Milford Asset Management.  Bruce joined Milford in April 2016 having worked in financial markets for more than 20 years. The firm has recently celebrated the 20 th Anniversary of its founding by Bruce Gaynor. Milford is also in Australia and has the biggest asset management team in NZ. Funds under its control include its very successful KiwiSaver scheme. With a series of overheads, Bruce gave us an astute and wide-ranging analysis of the complexity of investment management in the current financial climate, bearing in mind the Reserve Bank’s single mandate of keeping inflation within the 1 – 3% Government guideline. His presentation included his take on such issues as: - The US economy
- The magnificent 7 Nasdaq shares – Alphabet, Amazon, Meta, Apple, Google, Nvidia and Tesla
- The effects of Covid
- Market volatility
- Central Bank Policy
- Inflation and Disinflation
- Unemployment
- Hard and Soft landings for the Economy
- Bond Markets and Returns
- Property Development
- AI and the growth of ChatGPT
- Balanced Portfolios
Bruce capably answered a number of detailed questions posed by members. This was a very useful and wide-ranging discussion – are recent market events, following on from Covid, impacting traditional views of economic theory? Alimac thanked Bruce for his and for Milford’s work on some of our Club and other Trusts; and for his personal support for some of those of us faced with current investment anxieties. Alastair stressed the importance of our having trust in our various individual financial advisers. |
