The Ledger
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O'Connor: Deglobalization and sticky inflation are highly bullish for natural resources
“We're in a world with high for longer sticky inflation, certainly a breakdown of the free trade agreements that were happening so easily. Previously, there's a lot of re-onshoring. Unfortunately, we've seen the best of the geopolitical environment from securit…”
O'Connor: Life insurers and asset managers share an 'oil and water' culture
“It's a oil and water culture in many respects. The life insurer is a ruthless IRR investor. It has a bias to its IRR to cash paying on a regular basis because it's trying to match its cash flows as much as its assets and liabilities, but ultimately it is a inv…”
O'Connor: Australia's big banks and telecom giants are practically ex-growth
“The big companies in Australia, the big four banks, Telstra, the big telecommunications company, exclude BHP and Rio, those big companies are ex-growth. They are growing very slowly with maybe two to three percent EPS growth over the years ahead. The real grow…”
O'Connor: Regal is the largest private owner of Australian water rights
“One of the adjacencies to that is we're the largest owner of water rights outside the Commonwealth Government in Australia.”
O'Connor: Long-only equities and fixed income cannot deliver required portfolio growth
“I don't believe that that's the future for investors looking to achieve growth in their portfolio. Given that backdrop of Higher for longer inflation, sticky inflation, breakdown of some of the free trade agreements that were happening and lowering costs befor…”
O'Connor: Australia holds the world's fourth-largest pension pool at $4 trillion
“Within a 36 year period, Australia has accumulated four trillion dollars of superannuation savings, meaning it's the fourth largest pension system in the world, Yet our population is something like the 50th largest in the world.”
O'Connor: Australia Is Well Positioned to Benefit From AI Energy Spending
“Australia is really well placed to be a beneficiary riding that wave of increased spending.”
O'Connor: Passive Domestic Investing Leaves Alpha in Technical Resource Expertise
“We have been very constructive on the resource sector for a long period of time now, because the domestic investors have largely been passive, and the resource sector takes some real technical expertise.”
O'Connor: Regal is the largest pre-IPO investor in Australia
“We're the largest pre IPO investor for companies in Australia.”
Regal Partners avoids standard property debt to focus on agriculture and infrastructure
“When we're talking about deploying debt to a lending opportunity, we have no competitive advantage trying to compete against everyone else trying to provide debt to established properties. We're looking to provide debt to agricultural opportunities or to the d…”
O'Connor: Water rights are a better agricultural investment than Australian farmland
“Australia is the driest continent on earth. And there's a lot less water compared to land. So water is a better way to pay the agricultural exposure.”
O'Connor: Being a listed asset manager provides highly valuable acquisition currency
“The benefits being listed ultimately outweigh the negatives. The other benefit I'd say is that it's given us a currency, i.e. The share price, that we can use to help acquire investment capability, and that has been powerful in helping us grow.”
O'Connor: Financials and Resources Form 55% of Australian Equity Market
“Financials and materials, materials, think of resource companies. Represent about 55% of the market.”
O'Connor: Australian resources shrunk from 65% of the equity market to 25%
“Resources today represents about 25% of the equity market. If you go back to the late sixties and seventies, resources as a percentage of the Australian market was as much as 65%.”
O'Connor: Regal Partners grew from A$1B in 2016 to A$21B
“We had about a billion dollars Aussie in long short equity strategies. Back in late, 2016 when I joined. We're now about twenty one billion Aussie.”
Regal is one of Australia's largest non-bank agricultural debt providers
“We're one of the largest providers outside the big four banks of agricultural debt to the Australian agricultural market.”
O'Connor: Australian credit expanded at 10% annually into the 2000s
“Interestingly, credit growth in Australia was growing at 10% per annum and hadn't been less than 10% for many, many years. And so you had this huge growth in leverage coming into the household sector that drove the profits of the banks.”