Macro is very constructive moving into 2026 (w/ Ram Ahluwalia)
Less Noise, More Signal
Outro
Pascal and Ram wrap up, share Lumida newsletter info, holiday wishes, and closing thanks.
In this conversation, Pascal Huegli and Ram Ahluwalia discuss the current macroeconomic landscape, describing it as a Goldilocks economy with constructive conditions for risk assets. They delve into the dynamics of Bitcoin as an attention and momentum asset, the implications of fiscal dominance, and the relationship between trade deficits and capital flows. Ahluwalia highlights opportunities in emerging markets, the impact of AI on productivity, and the potential risks associated with the AI bubble. He also addresses Bitcoin's current struggles and the promise of tokenization in transforming finance.
Chapters:
00:00 Intro
00:58 The Goldilocks Economy
03:09 Bitcoin: An Attention Asset
05:55 Fiscal Dominance and Government Spending
08:50 Trade Deficits and Capital Flows
11:57 Emerging Markets: Opportunities Ahead
14:42 AI and Productivity Growth
17:42 The AI Bubble: Risks and Opportunities
21:05 Bitcoin's Current Struggles
23:49 Tokenization: The Future of Finance
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