Capital intensity changes market rewards

While much of Wall Street's focus over past recent years has been on the AI hyperscalers, there are an increasing number of seismic developments happening internationally investors need to be aware of.For example, as a basket, emerging market stocks have outperformed the S&P 500 this year.And to name just a few others:1) Japanese bond yields have surged to the highest levels in 20 years, threatening to put an end to the carry trade2) A US-driven regime change in Venezuela looks imminent3) China continues to fire its monetary and fiscal bazookas with gusto in attempt to pull itself out of its deep balance sheet recession4) And in the wake of negotiating a tenuous peace between Isreal and Palestine, renewed efforts are underway to bring an end to the Russia/Ukraine warWhich international trends are the most important for investors to track? What are the biggest risks? And where are the biggest opportunities?To better understand the situation from a non-US perspective, we're fortunate to welcome back to the program Louis Gave, Founding Partner and CEO at Gavekal.

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