Mark Haefele, CIO of Global Wealth Management at UBS, shares valuable insights on the evolving landscape of investing amidst unprecedented government intervention in the economy. He emphasizes that understanding the role of government spending and its impact on market dynamics is crucial for today's investors. The conversation explores the distinction between managing wealth and managing investments, highlighting the importance of adopting a mindset of abundance rather than scarcity. Haefele also explains the significance of long-term structural trends, such as demographics and digitalization, which shape investment decisions. Throughout the discussion, he offers practical advice for navigating the complexities of investing in a world where macroeconomic factors increasingly influence outcomes.
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Episode TimeStamps:
02:30 - Introduction to Mark Haefele
05:13 - Behind the scenes of Haefele's job
06:46 - The key takeaways from Haefele's book
09:01 - The difference between managing your wealth and managing your investment
11:16 - How has the investing world changed over the years?
14:50 - Is now a culmination of previous crises?
16:58 - The 5 structural trends of the global economy and how it relates to government spending
19:58 - How they apply the 5 structural trends in a broad sense
22:19 - The most important thing you can do for your portfolio
24:09 - Big problems are big money
25:08 - A historical perspective of the economy
27:43 - Are we moving into an era of greater economic intervention?
30:11 - Was Covid19 the beginning of a new era for inflation?
34:07 - Why private markets are crucial for your portfolio
37:39 - Tips to avoid investing on trends that are peaking
42:41 - Overcoming the behavioural challenges as an investor
47:04 - Half of the battle is mental
49:55 - Advice to become a great investor
52:16 - Understanding your relationship to money
54:31 - Practical ideas for investing with ESG
57:25 - Haefele's perspective on US international relationships
01:00:15 - Key advice for other investors
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