This is the first video of the series "one hour of macro", in which Martin Tixier and Zoltan Szelyes discuss investment relevant topics with macro top-shots.
In this exclusive macro interview, Louis-Vincent Gave, CEO of Gavekal Research, joins Zoltan Szelyes and Martin Tixier to break down the massive shifts happening in global markets. From the "Bondzilla" bond crisis in Japan to the de-westernization of Chinese supply chains, Louis explains why the old investment playbooks are failing.Discover why the 60/40 portfolio is dead, why energy and gold are the new essential diversifiers, and if we are witnessing the end of US Stock Market exceptionalism.
✅ Top 3 Takeaways for Investors:
Watch Japan: If the GPIF starts selling US Treasuries to buy JGBs, global yields have a long way to go up.
Diversify Beyond Tech: With 40% of the S&P 500 in Tech, the index is no longer a "diversified" bet.
Hardware is King: Both in the US and China, hardware is crushing software in the AI era.
📌 What You Will Learn in This Episode:
China deep dive: Is China Investable? Why China is currently a "raging bargain" with the world’s lowest cost of labor, energy, and capital.
The "Bondzilla" Effect: How the Japanese Ministry of Finance and GPIF are forcing a global bond market sell-off.
The Death of Diversification: Why US Treasuries no longer protect your portfolio during equity drawdowns.
Emerging Markets Alpha: Why Brazil, Mexico, and Chile are outperforming Western bond markets The New 60/20/20 Portfolio: Why you should reallocate from bonds into energy and metals to survive the "Inflationary Bust" quadrant.
