Hervé Van Caloen, President of Mercator Investment Management, joins Michael Gayed on Lead-Lag Live to discuss where the next decade of alpha lives outside the US — with a focus on Latin America (Venezuela post-Maduro, Argentina's Milei reforms), Japan's semiconductor comeback via Rapidus, European defense investment, and the case for global diversification when US market concentration hits a 93-year high.

Topics covered:

(00:00) Host intro and Hervé's international investing background

(05:05) US tech concentration and the case for diversification

(10:00) Europe's shift toward bureaucracy and regulation

(15:10) Sweden's capitalism pivot and European contrasts

(20:21) Japan's lost decades and the macro turnaround

(25:20) Japan's semiconductor strategy and the Rapidus initiative

(30:18) Global rotation beyond the US and investor caution

(35:05) Emerging markets pain, BRICS, and Latin America opportunity

(40:04) Currency risk, hedging, and export-focused plays

About Mercator Investment Management: Mercator is an international asset manager focused on non-US equity opportunities across developed and emerging markets. Hervé Van Caloen brings decades of experience investing across Latin America, Asia, and Europe, with particular expertise in identifying structural reforms and macro pivots that create multi-year equity re-ratings.

Where to find Hervé and Mercator:

Website: mercatorinvestments.com
Contact: Hervé Van Caloen — herve.vancaloen@mercatorinvestments.com

The Lead-Lag Report: leadlagreport.com

Sponsored by Mercator Investment Management — this episode is presented as part of Mercator's Lead-Lag Live sponsored webinar series covering international investment opportunities.

This content is for informational purposes only and does not constitute investment advice or a recommendation to buy or sell any security. Views expressed by Hervé Van Caloen are his own and do not necessarily reflect the views of Lead-Lag Publishing, LLC. Investors should conduct their own due diligence before making any investment decision.

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