Qantas debacle helps explain why Future Fund is staying bearish

As Arndt explained on Wednesday, the Future Fund's house view is favourable investment conditions of the past decade - rock bottom interest rates, abundant fiscal stimulus and globalisation - have reversed. What the Future Fund sees now is a world where inflation remains stickier, interest rates remain higher and government and regulatory intervention is more prevalent. That's precisely what we've seen at Qantas - the government trying to pick a winner and keeping inflation sticky in the process. Arndt's mission in the past two years has been to try to build a more diversified, more inflation-resistant portfolio. In the 2023…