Despite agreeing that AI is likely as transformative as its proponents argue, Ed Cole, head of multi-strategy equities at Man Group, believes it’s too early to understand whether there’s a bubble. Meanwhile, the growing backlash against globalization and an effort to reshore means traditional 60/40 portfolios are at risk of becoming outdated. He says a reallocation of assets across gold, small caps and liquid alternatives could be essential to keep up with a changing macro environment.<br>See omnystudio.com/listener for privacy information.

Man Group's Ed Cole: How to Adapt Your Portfolio to a Changing World

Merryn Talks Money

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**Podcast:** Merryn Talks Money

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It's sort of easier to recognize that the regime is changing than to understand what it will change into. But if you think about all those things I mentioned there, which is globalization, the sort of frictionless movement of capital and labor and supply chains, I think those things are going into reverse. And as they go into reverse, it introduces more friction into the system. It requires national interest to be put at the sort of top of the priority list for governments.

I think we're all going to get used to the idea of America first by British, by Canadian. The Italians have got their own version of it. And these things are going to require more capital to be deployed at home. There's more demand on the physical constraints of the world, which gives rise to producer price inflation. All of these things are sort of more friction, probably stickier inflation.

It talks money, the podcast in which people who know the markets explain the markets. I am Merryn Somerset-Webb. And this week I'm speaking with Ed Cole. Ed is head of multi-strategy equities within solutions at Man Group and was last on the show back in April 2025.

Then we spoke about the Great Rotation and why at the time Chinese stocks looked like pretty good investments. Well, Ed is back. And on today's show, we talk about what? We talk about everything. We talk about AI bubble or not bubble. Is it a valuation bubble? Is it an earnings bubble? Or is it really absolutely fine? We talk about Japan. We talk about small caps. We talk about the end of the 60-40 portfolio and how you should diversify from here.

And we finish up with a really good sounding book for you to take to the beach. Ed, welcome back to Meryn Talks Money. Thank you very much for coming on again. Thanks for having me, Meryn. Great...

Man Group's Ed Cole: How to Adapt Your Portfolio to a Changing World

Transcript

Built for investment professionals

Every day you wait, your competitors are finding
edge in conversations you're not hearing.

Man Group's Ed Cole: How to Adapt Your Portfolio to a Changing World

Transcript

Built for investment professionals

Every day you wait, your competitors are findingedge in conversations you're not hearing.

Every day you wait, your competitors are finding
edge in conversations you're not hearing.