EP84: The rise of policy‑driven markets - Macquarie Asset Management

In this episode of the Portfolio Construction Podcast, Paul O'Connor is joined by Brett Lewthwaite to unpack how deglobalisation, rising policy intervention, and AI are combining to create a more volatile, policy‑driven market and to discuss why portfolios may not be positioned for it. Tune in to hear a discussion on: How the shift towards national self‑reliance is increasing market instability and reinforcing the need for a more active portfolio approach Why policy awareness is becoming as important as fundamentals, as governments and central banks play a larger role in shaping rates and market outcomes How AI may be acting as both a deflationary force and a source of disruption, increasing uncertainty around business models, valuations, and long‑term returns Why many portfolios still reflect a low‑rate, low‑volatility environment and Brett's perspectives on how this is viewed in current market conditions