The Navigator
Judgement in the fog, money, risk and the call others cannot make.
Gavyn Davies exemplifies The Navigator archetype throughout this interview, consistently charting a course through complex macroeconomic terrain with calm, evidence-based reasoning. He draws on decades of lived experience across government, Goldman Sachs, the BBC, and Fulcrum to orient listeners through inflationary cycles, central bank credibility risks, and asset allocation challenges.
“Is your thinking evolved that the impact of fiscal policy on inflation, if not emasculates the central banks, it makes them less capable of acting? Yes, that's the worry, Simon.”
“I think now the central bank is undoubtedly realized the threat and are moving very rapidly in the other direction. Maybe a bit too late, but they haven't done what we did in the seventies, which was ignoring it for multiple years. So Garrett, I want to challenge you a bit, I suppose, because you use the word abrupt.”
“So in the pandemic year of twenty twenty, hedge funds did pretty well actually, and earned their keep in asset allocation over that year tougher year last year, but nothing terrible. And I think did what they said on the tin. Now, as we've seen from Calpus, for example, one of the biggest endowments in the US, fees are an issue.”
“The government said no, but they did give a very high license fee award to enable the BBC to be a big player in the new framework. And I think the last couple of decades the BBC has remained, has been able to sustain its position as the premier national broadcaster, not state broadcaster.”
Money Maze Podcast: “Gavyn Davies, Chairman of Fulcrum Asset Management, former Chief Economist at Goldman Sachs and Chair of the BBC, on today's economic and investing challenges.”
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