How this $159b fund is profitably riding the ‘untethered’ sharemarket

Colonial First State’s head of investments Al Clark says a sharemarket bubble is brewing. But rather than selling, it is staying invested and ready for “damage control”.

Sarah JonesMarkets Editor

Jan 6, 2025 – 5.00am

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Al Clark once sat through a lunch with Jeremy Grantham and watched as the now famous value investor got pilloried by the audience.

It was 1999 and Grantham, co-founder of GMO, was visiting Sydney from Boston. At the time, investors were piling into internet companies and stock valuations were marching towards 30 times earnings. Grantham, one of the market’s most famous bears, was instinctively steering clear.

Sarah Jones is the Financial Review’s markets editor based in the Sydney newsroom. She has covered financial markets, economics and asset management for more than two decades including 12 years for Bloomberg in London.