02/04/2026
Welcome to the March edition of the newsletter.
The past month has been one of the most impactful periods we have experienced since our inception in 2003 — and yes, we have been around longer than many multinational wealth management firms.
The ASX 200 declined 6.5% this month, broadly in line with US markets. A key driver of this volatility is the rising cost of energy, which is now flowing through the entire supply chain and into the price of nearly everything.
A prolonged closure of the Strait of Hormuz would almost certainly drive inflation higher, placing further pressure on central banks, including the RBA, to continue raising interest rates. However, it is important to recognise interest rate policy primarily impacts demand — not supply — and therefore has limited ability to address energy driven inflation.
The global energy market is currently undersupplied by approximately 10 million barrels per day. Rising living costs are eroding savings at a rapid pace, as illustrated by the sharp decline in the US personal savings rate.
In this edition of Leyland Lines, we take a closer look at FTAI Aviation, a business with multiple tailwinds in its favour. For the video of the month, we include a rare interview given by legendary investor Stanley Druckenmiller. Finally, we close with an article written by Morgan Housel titled “When it’s Time to do Something”.
Please visit our website at www.leyland.com.au to subscribe to our monthly newsletter.
Happy reading, and should you wish to discuss how our perspective aligns with your personal investment objectives, please do not hesitate to contact us.
Leyland Private Asset Management is a leading Australian private wealth management provider based in Melbourne & Sydney
