America isn’t just leading the AI race; it’s increasingly built on it. Investor–author Ruchir Sharma joins Bankless to unpack why U.S. growth, stock gains, and even debt complacency are now tethered to a single story, and what a sensible hedge looks like. We trace how U.S. dominance happened, what could puncture the current euphoria, and where the real diversification lives: quality stocks that have lagged, broad ex-US exposure with currency tailwinds, and selective bets in India, China, and reform winners like Greece and Poland. We also tackle the “gold + stocks up together” puzzle, why that correlation can bite in a tightening cycle, and Ruchir’s “two cheers” case for Bitcoin as a portfolio asset whose utility still has room to grow.
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TIMESTAMPS
0:00 The Contrarian Take: American Exceptionalism Peaks
4:06 Theme of the 2020s
6:42 “America Is One Big Bet on AI”
13:07 The Counterfactual
19:01 Is This an AI Bubble?
22:59 The Catalyst That Pops Bubbles
29:05 How U.S. Dominance Happened
34:41 Moral Hazard & Household Risk
37:24 Green Shoots Abroad
39:37 Practical Rebalance for U.S.-Heavy Investors
50:17 How to Start Outside the U.S.
1:00:58 Gold & Stocks: Partying Together
1:05:47 Real Hedges Now
1:09:39 Bitcoin: Two Cheers
1:13:08 Closing Thoughts
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RESOURCES
Ruchir Sharma
https://ruchirsharma.com
Ruchir’s FT Articles
https://www.ft.com/ruchir-sharma
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Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures
