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On this episode of The nestegg Podcast, host Maja Garaca Djurdjevic and three experts discuss the latest in equities, property investing and super.

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Steve Waters, director of Right Property Group, chats about the latest in property, including CoreLogic’s latest findings, which suggest national home values have increased at the fastest pace in over 30 years, and why he isn’t quite sure this is the case.

RMIT’s senior lecturer of finance, Dr Angel Zhong, talks about soaring travel stocks, the rising popularity of NFTs and what they are, as well as the sudden meltdown of Archegos Capital Management.

And lastly, tax and super guru Timothy Munro gives his thoughts on Paul Keating’s early release of super verdict, as well as an overview of life after JobKeeper.

Have a question for our experts? Get in touch at [email protected] and you might get featured on the next episode.

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Inflation rises tipped to disappoint growth investors

By Cameron Micallef

March 03 2021
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Invest

Inflation rises tipped to disappoint growth investors

By Cameron Micallef
March 03 2021

Growth investors are being warned they could be in for a disappointing 2021 as massive government stimulus packages lead to an increase in inflation.

Inflation rises tipped to disappoint growth investors

By Cameron Micallef

March 03 2021
Share

Growth investors are being warned they could be in for a disappointing 2021 as massive government stimulus packages lead to an increase in inflation.

Two industry experts have warned the recovery from the COVID-19 pandemic is likely to see a lift in inflation, which will negatively impact investors’ returns.

Nucleus Wealth head of investments Damien Klassen said consumer staples and growth stocks are likely to suffer if inflation rises, while value stocks, including travel, banks, cyclical industrials and energy, could outperform.

“While rising inflation expectations were a minor feature in January, February markets reflected higher inflation expectations, and we expect this to continue through the next 12-18 months,” says Mr Klassen in a note to investors.

Magellan’s CIO, Hamish Douglass, also warned investors that the strong world economic recovery could produce a further rise in bond yields and accelerate inflation in the back end of 2021.

“If it is the new inflation coming, the Federal Reserve at some point is going to have to change course and start lifting interest rates. That is a disaster for financial markets… If you raise interest rates abruptly to head off a real inflation threat, hold on to your chairs,” Mr Douglass said.

He added that while the situation was unlikely, a monetary policy-induced inflation was not out of the question.

“The very long-term – is all this printing of money going to lead to a new paradigm and monetary induced inflation in the world? That is a great question that I do not know the answer to… It is very foggy out there,” he said.

While warning of possible inflation rises, Mr Klassen has also pointed to a rise in bad credit with ‘extend and pretend’ replacing the threat of bankruptcy.

“Someone who can’t pay their rent is not evicted but allowed to accrue debt. Don’t foreclose on those who can’t pay their interest. Instead, build up their interest payments into a larger debt burden.

“The end game of this practice will be a cohort of zombie consumers and businesses. Weighed down by debt burdens too massive to ever pay off but supported by interest rates low enough to keep them from defaulting.”

Mr Klassen argues policymakers have decided on ‘zombification’, that is, limit bankruptcies, increase debt and never raise interest rates again. He says it doesn’t make for a healthy economy, but it limits short-term pain that appears to be the current goal of most politicians.

“This zombification is inflationary in the recovery phase but deflationary soon afterwards as oversupply swamps demand.

“We are, therefore, suspicious that beyond 2021-22 we are entering a new inflationary cycle, as some have posited,” he concluded.

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About the author

Cameron Micallef

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

About the author

Cameron Micallef

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