The PIC’s trillions and how they are managed
The governing party is back in charge, but the hand of the sensible finance minister and the firm independence of the Reserve Bank are reassuring
30 November 2023 - 08:00
“It’s a riddle wrapped in a mystery inside an enigma.” In an October 1939 radio speech, Winston Churchill used this phrase to describe a situation that was difficult to comprehend.
In 2023, many market commentators could use exactly the same description for the philosophy of the Public Investment Corp (PIC) and the rationale of some of its recent investment decisions, especially in the domestic small- to mid-cap universe...
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