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Dr. Michael Power argues that Chinese AI, with its open-source approach and cost advantages, is poised to outmaneuver and potentially dominate the U.S. AI industry in the coming years.
A comprehensive look at the 2025 global market performance reveals that while US markets did well, international markets, particularly in China, South Korea, and emerging markets, significantly outperformed, challenging the "US is the only game in town" narrative.
Harley Bassman discusses macroeconomic trends, investment strategies, and market insights, focusing on persistent inflation, fiscal deficits, passive equity flows, mortgage-backed securities, long-dated bond options, private credit, MLPs, and gold as an alternative currency.
Citrini unveils his "26 Trades for 2026" thematic watchlist, focusing on the emerging "phase two" of the AI trade, which emphasizes utilizing AI to streamline bureaucracies, reduce headcounts, and improve corporate margins across various sectors.
Maria Vassalou from Pictet Research Institute discusses how aging global demographics threaten economic growth, but technological innovations in robotics and AI can mitigate these challenges by enhancing productivity and replacing scarce labor across sectors like housing, healthcare, and food.
Andrei Stetsenko of Gymkhana Partners discusses India's robust economic growth, promising aerospace and defense sectors, and investment opportunities in undervalued small-cap companies with unique competitive advantages.
Steve Hou discusses his Bloomberg Indices "Reformers Index" strategy, which systematically identifies and invests in companies experiencing fundamental improvement, demonstrating how stocks moving from "bad to less bad" can potentially outperform traditional market indices.
Andrew Beer discusses the evolution of multi-strategy hedge funds, exploring how these "pod shops" generate superior risk-adjusted returns through sophisticated risk management, information advantages, and talent curation, while also explaining his approach to democratizing alternative investment strategies through low-cost, efficiently designed ETFs.
Jim Chanos breaks down the risks in AI infrastructure investing, highlighting the commodity-like nature of data center hosting, the potential for massive GPU depreciation, and the concerning trend of unprofitable AI companies driving massive capital expenditures.
Luke Gromen discusses the "Mother of All Crises" facing the US, where the country must choose between losing the AI race to China or destroying the Treasury market, with grid constraints, real capital costs, and potential financial repression playing critical roles in this economic dilemma.
Erik Norland, Chief Economist at CME Group, discusses the soaring prices of precious metals, particularly silver and gold, driven by technological shifts, global fiscal challenges, and investors seeking assets central banks can't print.
Michael Pettis discusses the economic imbalances in China, arguing that the country's excess savings and low consumption have led to massive manufacturing overcapacity, which is now being exported and causing deflationary pressures globally, potentially triggering a fundamental restructuring of international trade.
Aahan Menon discusses the shifting macro landscape, highlighting a concerning divergence between strong AI-driven GDP and weakening labor markets, while explaining why long-term economic forecasts and rate-of-change predictions often fail to generate meaningful investment returns.
Jack and Max break down Michael Burry's short thesis on Nvidia, discuss HSBC's massive loss projections for OpenAI, and debate whether AI is a bubble or transformative technology that could significantly impact GDP and market valuations.
Meb Faber discusses the current U.S. stock market's extreme valuations, arguing that while returns have been exceptional over the past 15 years, investors should look beyond U.S. stocks and consider alternatives like foreign markets, value stocks, and trend-following strategies.
In a wide-ranging discussion, Dan Krausz argues that fiscal policy and AI are the two most important macro factors driving the economy, with AI potentially providing a critical productivity boom that could help manage long-term inflation and support government debt growth.
Jack and Max discuss the potential popping of the AI bubble, focusing on rising debt issuance for AI development, the financial risks faced by tech giants, and the performance of insurance stocks amid market volatility.
Lyn Alden discusses the current state of the U.S. economy, AI investment, Bitcoin, and the potential for an AI bubble, highlighting the two-speed economy driven by AI capital expenditure and fiscal deficits while expressing a moderate bullish outlook on AI's long-term transformative potential.
A detailed conversation with Satish Mansukhani of Rithm Capital explores the firm's diverse real estate and credit investment strategies, focusing on mortgage servicing, commercial real estate trends, and the evolution of asset-based finance in the current market landscape.
Erik YWR presents a bullish case for the stock market, arguing that the S&P could reach 10,000 by 2027 driven by strong corporate earnings, global economic growth, technological transformation, and potential banking sector expansion.
Michael Howell discusses the Federal Reserve's decision to stop quantitative tightening, predicting inevitable balance sheet expansion in 2026 while warning that the proposed liquidity injections are insufficient to address underlying market tensions and debt refinancing challenges.
Jack and Max discuss the Magnificent Seven's massive AI capital expenditures, credit market "cockroaches" like Broadcom Telecom fraud, and the Federal Reserve's potential balance sheet expansion, highlighting the ongoing AI investment boom and emerging market stresses.
Joseph Wang discusses how the Federal Reserve is likely to expand its balance sheet to avoid losing control over the repo market due to increasing fiscal deficits and growing demand for short-term financing.
Michael Howell discusses the growing divergence in global liquidity between the Federal Reserve's tightening and the People's Bank of China's stimulus, warning that the declining Fed liquidity could signal challenges for financial markets in 2026.
Michael Howell discusses the deteriorating global liquidity cycle, highlighting a divergence between the Federal Reserve's tightening and the People's Bank of China's stimulus, with concerns that 2026 may not be a great year for financial assets.
George Saravelos from Deutsche Bank discusses the narrowing US-rest of world growth differential as the core driver of dollar weakness, explaining how Federal Reserve rate cuts, hedging costs, and a 4% US current account deficit threshold will shape medium-term currency movements.
Rob Arnott discusses the current market as a frothy bubble driven by AI hype, drawing parallels to the dot-com era, and offers insights on market valuations, indexing strategies, and investment approaches during speculative periods.
Economists Anna Wong and Danielle DiMartino Booth discuss a massive downward revision of 911,000 jobs, revealing potential underlying weaknesses in the labor market and hinting at the possibility of a double-dip recession.
Aahan Menon discusses the current business cycle expansion, highlighting the significant role of technology spending and AI capital expenditures in driving economic growth, while also addressing concerns about labor market weakness and immigration's impact on employment. The episode provides a nuanced view of the economy, suggesting that while growth is moderate, the business cycle remains expansionary with potential opportunities in global equities and commodities.