Hidden Forces How To Monetize Government Policy | Mark Spindel
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May 5, 2025 
Mark Spindel, co-founder and chief investment officer of Potomac River Capital, shares insights on monetizing government policies. He discusses the impact of tariffs and supply chain disruptions on market performance, emphasizing how these factors can affect investors. The conversation explores the myth of Fed independence, the role of alternative safe assets, and new tax regimes. Spindel argues for a deeper understanding of governmental influences on the economy, urging listeners to reconsider investment strategies in today’s political climate.
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Mark Spindel's Career Journey
- Mark Spindel shared his 35-year career managing institutional assets including sovereign wealth funds and pension funds.
- He transitioned from hedge fund management to academic work and later became the CIO of a major municipal pension fund during COVID.
Tariffs Caused Inflation Anxiety
- Trump's tariff policy led to market volatility and heightened inflation anxiety among consumers.
- Tariffs raised prices and disrupted supply chains, complicating inflation reduction despite lower gasoline prices.
Tariff Inflation Expectation Failed
- Trump's team expected tariffs not to be inflationary due to anticipated dollar appreciation.
- Contrary to expectations, the US dollar depreciated about 10%, undermining the tariff revenue and inflation strategy.
