Yesterday on Ausbiz with Juliette Saly, I discussed why record-high markets may carry more risks than opportunities. While the artificial intelligence (AI) boom has powered enthusiasm, I cautioned that valuations across the broader market are now at unprecedented levels, with all companies effectively being priced as winners – something history shows is unsustainable.

I also noted that global liquidity has fuelled a surge in alternative assets from Pokémon cards to fine wine, but this liquidity cycle will tighten as trillions in debt are refinanced over the next few years. That’s why I believe it’s important for investors to rebalance by introducing alternatives (such as private credit or market-neutral funds) to help create more resilient portfolios.

Catch the episode on Ausbiz here: What Pokemon cards teach us about rising risk.