The Julia La Roche Show #283 Warren Pies On The Widening Perception Gap In Macro, Why A Rate Cut Is Inconsequential,
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Aug 26, 2025 
Warren Pies, founder of 3Fourteen Research, discusses the significant shift from a deflationary mindset to one of debasement, driven by fiscal policy rather than the Fed. He urges listeners to redirect criticism away from the Fed and highlights a bullish stance on equities and hard assets like gold, having achieved his $3,500 target. Pies argues that Fed rate cuts will have little effect, and inflation is influenced by tariff-driven changes. He also explores the widening perception gap in macroeconomics and its implications for investment decisions.
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Deflation To Debasement Regime
- Markets shifted from a post‑GFC deflationary mindset to a multi‑year debasement mindset after the pandemic.
- That new regime emphasizes maintaining purchasing power and favors equities and hard assets like gold.
Position For Debasement With Real Assets
- Position portfolios for a multi‑year debasement regime by owning equities and hard assets.
- Keep small allocations to crypto but prioritize gold and real assets as liquidity moves.
Buying Dips At The Football Game
- Warren describes meeting parents at his son's football games who said they wished they'd bought more during the rally.
- He uses this anecdote to show retail appetite and the behavioral shift to 'buy the dip' in 2024.