George Noble, CIO of Noble Capital Advisors, argues we're in a regime shift where US exceptionalism is ending. He sees global rotation away from dollar assets as foreign capital heads home. He expects bond yields to rise significantly until markets force politicians' hands, recommending investors get out of paper money and into scarce assets like gold. Noble is bearish on US equities, especially consumer stocks and the Mag-7, favoring foreign markets and gold as protection against fiscal irresponsibility.
Sponsors:
Monetary Metals. https://monetary-metals.com/julia
Kalshi: https://kalshi.com/julia
Links:
George Noble's Independent Research Conference: https://noble-capevents.com/
X: https://x.com/gnoble79
Timestamps:
0:00 Welcome and intro to George Noble
1:05 Big picture macro view - regime shift and end of US exceptionalism
3:56 Dollar decline and foreign capital rotation
6:29 Which regions benefit from global rotation
9:48 Fiscal mess - default vs. devalue the debt
12:49 How markets will force politicians' hand
15:40 Fed rate cut expectations and recession probability
19:57 Doge criticism - why spending cuts were never realistic
23:33 Party continues until "Mr. Bond shows up"
24:33 Get out of paper money - gold and scarce assets
25:24 Bitcoin discussion and getting "orange pilled"
29:12 Japanese yen looks cheap, avoid US consumer stocks
31:08 Passive investing problems and stock picker's market
33:28 Gold has room to run - contrarian view
38:08 Lessons from closing ETF
42:39 Parting thoughts and upcoming investment conference
