Old Mutual Wealth
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.
Episodes
October 1, 2026 • 18 mins
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 ...
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 ...
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September 1, 2026 • 21 mins
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 take...
Sean’s conclusion is perhaps the most important take...
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Mark as Played
July 31, 2026 • 12 mins
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...
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July 1, 2026 • 15 mins
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 ...
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 ...
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Mark as Played
June 2, 2026 • 18 mins
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 invest...
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Mark as Played
May 6, 2026 • 18 mins
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 com...
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 com...
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Mark as Played
April 2, 2026 • 18 mins
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 companie...
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 companie...
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Mark as Played
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 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 ...
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Watch
Mark as Played
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 investo...
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 investo...
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March 2, 2026 • 22 mins
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.
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Mark as Played
February 4, 2026 • 21 mins
We're pleased to introduce Markets & Meaning, our new monthly podcast by Sean Ashton, Head of Investments at Private Clients. Each month, Sean steps back from the headlines to focus on the forces shaping markets and what they mean for long-term investors.
In the first episode, Sean unpacks why elevated US equity valuations do not automatically signal a bubble, and what today's market concentration really means for inve...
In the first episode, Sean unpacks why elevated US equity valuations do not automatically signal a bubble, and what today's market concentration really means for inve...
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Watch
Mark as Played
February 4, 2026 • 21 mins
We're pleased to introduce Markets & Meaning, our new monthly podcast by Sean Ashton, Head of Investments at Private Clients. Each month, Sean steps back from the headlines to focus on the forces shaping markets and what they mean for long-term investors.
In the first episode, Sean unpacks why elevated US equity valuations do not automatically signal a bubble, and what today's market concentration really means for inve...
In the first episode, Sean unpacks why elevated US equity valuations do not automatically signal a bubble, and what today's market concentration really means for inve...
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Watch
Mark as Played
September 11, 2025 • 14 mins
Sean Ashton, Head of Investments at Private Clients by Old Mutual Wealth, and Gugulethu Mfuphi of Kaya Bizi discuss the importance of understanding the underlying drivers of major market indices like the S&P 500.
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Mark as Played
September 11, 2025 • 7 mins
Sean Ashton and Simon Brown unpack big tech’s outsized role in S&P 500 returns, how to manage that concentration.
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June 23, 2025 • 6 mins
Beauty is booming – and not just globally. From skincare to makeup and fragrance, SA retailers are waking up to the higher margins and loyal, repeat customers the beauty segment offers.
In this insightful interview with Simon Brown, Tasneem Samodien, Research Analyst at Private Clients by Old Mutual Wealth, explains how brands like TFG, Mr Price and Woolworths are tapping into local insights to build private-label be...
In this insightful interview with Simon Brown, Tasneem Samodien, Research Analyst at Private Clients by Old Mutual Wealth, explains how brands like TFG, Mr Price and Woolworths are tapping into local insights to build private-label be...
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Mark as Played
May 26, 2025 • 6 mins
Once a beauty industry darling, Estée Lauder has lost over 80% of its value since late 2021. What went wrong — and can it be fixed? In this insightful podcast, Tasneem Samodien, Research Analyst at Private Clients by Old Mutual Wealth, unpacks how overexposure to China, reliance on travel retail, and missteps in management turned a premium beauty brand into a turnaround story.
“It’s not a brand prob...
“It’s not a brand prob...
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Mark as Played
May 23, 2025 • 6 mins
Google’s parent company is spending big on AI and cloud infrastructure — a 43% increase on last year’s capex. In this podcast, Private Clients by Old Mutual Wealth analyst Nadine Chetty-Khan explains why this bold move echoes past wins like YouTube, Maps and Android.
“Alphabet isn’t just building AI models — it’s building the infrastructure for an AI-powered internet.”
“Alphabet isn’t just building AI models — it’s building the infrastructure for an AI-powered internet.”
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August 19, 2024 • 9 mins
Africa’s largest financial services provider, Standard Bank reported a resilient 2024 half-year performance amid a challenging credit market in SA. Private Clients Research Analyst, Tasneem Samodien, discusses the results and explains why the team expect Standard Bank to continue growing earnings over the long term.
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April 29, 2024 • 8 mins
Tasneem Samodien, Research Analyst at Private Clients by Old Mutual Wealth discusses Standard Bank’s 2023 full-year results and its exposure to Africa, which is expected to remain a meaningful earnings driver in the long term.
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April 15, 2024 • 6 mins
The business cycle is a key framework for understanding economic fluctuations and is often widely used to guide asset and sector allocation decisions for investors. However, debates often arise regarding the precise stage at which an economy finds itself, particularly when economic data presents mixed signals. Listen as Victor Mupunga, Head of Research at Private Clients by Old Mutual Wealth and Simon Brown, discuss the mixed econo...
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Mark as Played
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