Podcasts · Business

The Allan Gray Podcast

Allan Gray

39 episodes

Long-term investors have to make sense of a barrage of information, from market movements and geopolitical news to economic developments and personal finance trends. Through conversations with investment professionals from Allan Gray and various expert guests, we aim to give you insight into how we view the world and how this shapes the way we construct our portfolios to deliver long-term returns for our clients.

More about the show

Allan Gray is an authorised financial services provider.

Episodes

  1. 39. Unlocking infrastructure investment in South Africa

    · 42 min

    At the end of 2025, the estimated size of South Africa’s savings pool stood at a substantial R15.8 trillion, yet the country continues to face a significant infrastructure investment shortfall. Some policymakers might…

  2. 38. Beyond the hit rate: Making the best investment ideas count

    · 36 min

    Successful investing is often associated with making perfect decisions, yet even the most accomplished investors can be wrong from time to time. Long-term investment outcomes are driven less by perfection and more by…

  3. 37. New tools, old habits: Investing in the age of AI

    · 46 min

    Artificial intelligence (AI) is transforming the way investors access information and make decisions, yet the forces that drive markets remain remarkably familiar. In this episode of The Allan Gray Podcast, Allan Gray…

  4. 36. Needles in a haystack: Finding the compounders that drive long-term equity returns

    · 1 h 01 min

    Finding long-term compounders can feel a little like searching for a needle in a haystack. While a small number of businesses generate a disproportionate share of long-term equity market returns, identifying them is…

  5. 35. The investment case for preparation over prediction

    · 37 min

    In an environment defined by ongoing change, investors may be tempted to reduce uncertainty by trying to predict what lies ahead. However, as forecasts are seldom accurate, investors may be better served by accepting…

  6. 34. Exploring the frontier: Why elevated risk offers enticing opportunities

    · 54 min

    Global markets are navigating a challenging mix of persistent conflict, energy insecurity and volatile inflation, stoking fear among investors. In frontier and smaller emerging markets, that fear weighs heavily on…

  7. 33. South Africa’s reform test: Fleeting gains or fundamental change?

    · 48 min

    Last year’s strong market returns renewed optimism in South Africa after years of sluggish growth, but many investors are wondering whether the country has truly reached a turning point or is merely in the midst of a…

  8. 32. How to outsmart behavioural biases when investing – with Dr Daniel Crosby

    · 50 min

    For many investors, 2025 intensified the behavioural pressures that shape investment decisions. Markets reached record highs, even as global growth slowed and political tides turned across major economies. Amid these…

  9. 31. The cost of chasing perfection when investing – with Dr Thomas Curran

    · 34 min

    Is perfectionism costing us more than we realise in mental health, life and investment decision-making? Our head of Group Savings and Investments, Shaheed Mohamed, and Dr Thomas Curran, a leading academic on…

  10. 30. Investment ideas that make us go hmmm – with Grant Williams

    · 44 min

    While what worked for the last 40 years of investing may not work for the next 40, history offers valuable lessons for the path ahead. Chief investment officer Duncan Artus and renowned author and publisher Grant…

  11. 29. Separating the numbers from the narratives

    · 41 min

    There is often a great disparity between a stock’s market value and what it is fundamentally worth. In conversation with portfolio manager Rory Kutisker-Jacobson, Mark Dunley-Owen, portfolio manager from our offshore…

  12. 28. Gold in the age of fiscal dominance

    · 54 min

    With government debt levels at historic highs and inflationary pressures lingering, fiscal dominance is reshaping the global monetary landscape. Central banks are increasingly caught in a delicate balancing act –…

  13. 27. From pints to Pixar

    · 46 min

    Shifting consumer patterns and behaviour. Disruptive innovations. Generational changes. These are not simply headlines; they are real challenges being navigated by investors. However, that is not all they are. They are…

  14. 26. Are global investors dependent on great expectations?

    · 52 min

    Global investors have been on a rollercoaster ride in the wake of President Trump’s announcement of an array of reciprocal tariffs which rocked global stock markets, initially sending US shares tumbling and then…

  15. 25. SA listed property: The appeal of fixed assets in an uncertain world

    · 53 min

    South African listed property has shifted from being a leading wealth creator in the early 2000s to one of the weakest performers over the past decade on the back of sluggish economic growth, ongoing infrastructure…

  16. 24. How money tells the story of humanity – with David McWilliams

    · 46 min

    Many investors focus on trying to figure out how new technologies might change the world so that they can identify and back the likely winners. But according to renowned Irish economist and bestselling author David…

  17. 23. Beyond the US: Separating the signals from the noise

    · 50 min

    The US has dominated global news flow in the wake of the presidential election, and market-moving headlines continue to present the temptation to act on impulse. As investors who focus on the fundamentals, the “great…

  18. 22. A revival for South Africa’s retail giants?

    · 53 min

    As sentiment towards the South African economy improves following the formation of the government of national unity, some of the major retailers are seeing improved share performance. Lower oil prices, extended periods…

  19. 21. How the great election year has shaped financial markets

    · 50 min

    Global elections have been a dominant force this year, with sentiment around polling and election results driving volatility in many markets. The ANC’s drastic decline at the polls and the formation of a government of…

  20. 20. Two-pot: How to achieve better retirement outcomes

    · 40 min

    The new two-pot retirement system has been designed to improve retirement outcomes for South Africans, while allowing some access to retirement savings in case of severe financial stress. However, there are some hidden…

  21. 19. Building multi-asset portfolios in an uncertain world

    · 54 min

    Periods of heightened uncertainty are inevitable when you are investing over the long term. And when it is not clear when or how things might change, multi-asset portfolio construction becomes an increasingly complex…

  22. 18. Investment notes from the frontier

    · 50 min

    Investing in frontier markets is not for the faint-hearted. But for those brave enough to look beyond material risks, such as political instability, currency fluctuations and poor liquidity, many of these smaller…

  23. 17. Trends shaping the future of investment management

    · 42 min

    The commonly accepted wisdom is that if we want a glimpse into the future of South Africa’s financial services sector, we should take a look at the United Kingdom’s financial landscape and delay the experience by a few…

  24. 16. Timeless lessons on risk, opportunity and living a good life – with Morgan Housel

    · 54 min

    With 2024 set to be a news-heavy year, investors are speculating about everything from what interest rates might do next, to the outcome of elections around the world. Given the levels of uncertainty, many are finding…

  25. 15. Holding steady when global markets are in flux

    · 52 min

    The Investment teams at Allan Gray and Orbis have both been talking about the huge disparities in global valuations for some time. There are pockets of the market that are incredibly cheap, but many of the most popular…

  26. 14. How to be a little less wrong – with James Aitken

    · 55 min

    When it comes to investing, marginal improvements can make a significant difference to investment returns over time. James Aitken, the founder of Aitken Advisors, has spent three decades gaining a deep understanding of…

  27. 13. From Johannesburg to Japan: How to resist the magnetism of the magnificent seven

    · 1 h 04 min

    Buoyed by the ongoing excitement around artificial intelligence, the so-called “magnificent seven” (Apple, Amazon, Google, Meta, MSFT, Nvidia and Tesla) have been able to count themselves among this year’s biggest…

  28. 12. Lessons from the winners and losers of the last five years

    · 47 min

    Over the last five years, deteriorating domestic conditions and rapidly developing global trends have seen some well-known stocks, and even entire industries and markets, fall in and out of favour. From Ramaphoria and…

  29. 11. Can long-term investors afford to invest without considering ESG?

    · 50 min

    Companies, and their shareholders, are facing increasing levels of scrutiny from the media, activists and the public for the impact they have on the environment and society. As we consider many of the recent…

  30. 10. Are we entering a global stockpicker’s paradise?

    · 40 min

    In conversation with portfolio manager Rory Kutisker-Jacobson, Matthew Spencer from our offshore partner, Orbis, explains why the investment team believes that the stock market boom over the last few years is making…

  31. 09. Why South Africa is still attractive for investors

    · 50 min

    From persistent loadshedding to deteriorating national infrastructure, South Africa’s challenges are well known. The recurring negative headlines have prompted many investors to look into increasing their offshore…

  32. 08. The new normal: What lies ahead?

    · 31 min

    As memories of masks and lockdown restrictions fade, investors face a new list of challenges. Locally, loadshedding has eroded business margins and is casting a shadow on the market. Abroad, the threat of a new banking…

  33. 07. Massive market moves: How will they shape the years ahead?

    · 54 min

    2022 will probably be remembered for being the year of war and inflation, and the end of a decade of “free money” distorting markets. To put it in perspective, a passive 60:40 offshore balanced fund delivered probably…

  34. 06. Do local banks offer value in an inflationary world?

    · 48 min

    Although banks are generally geared to economic activity, many local banks proved to be resilient through the COVID-19 pandemic and have been good investments since. But in the current period of high global inflation…

  35. 05. Are better outcomes for retirement savers on the horizon?

    · 36 min

    Retirement reform is on the horizon as the National Treasury takes steps to implement the proposed “two-pot retirement system”. The proposed system has the dual aim of creating limited access to retirement fund assets…

  36. 04. Do old investment truths still hold in the current global environment?

    · 41 min

    In the latest episode of The Allan Gray Podcast, hosted by Allan Gray portfolio manager Rory Kutisker-Jacobson, Dan Brocklebank, head of Orbis UK, reflects on the most valuable investment truths he has learnt as he…

  37. 03. Can South African investors continue to count on commodities?

    · 43 min

    Investors in commodity miners and producers have found themselves in one of the better places in the market since the pandemic, owing partly to a lift in demand as countries embarked on stimulus programmes and…

  38. 02. Can optimism rise from the inflationary ashes?

    · 43 min

    South African inflation just hit its highest peak since 2009, as it accelerated to 7.4% in June, in line with the global trend. Over in the US, inflation reached a four-decade high of 9.1% last month. As households…

  39. 01. How to think about investing in an energy-short and volatile world

    · 1 h 01 min

    From the global technology stock sell-off and rising inflation, to the war in Ukraine exacerbating a global energy crisis, investors are tasked with navigating an increasingly complex and volatile environment. In the…

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