Jason Trennert, co-founder and CEO of Strategas Research Partners, joins Julia La Roche for a wide-ranging conversation on the macro picture.

Strategas has been voted the top independent macro research provider by Institutional Investor for six consecutive years. Trennert discusses the major macro themes that will shape the investment climate for the foreseeable future.

0:00 Intro

1:06 Quite cautious on the markets/economy

2:40 Chances are good that you’re going to get a recession

4:33 The magnificent seven

6:06 40% of the Russell 2000 has not had profits in the last 12 months

7:10 Inflation

9:00 Long way away from the Fed easing

10:25 Not buying stocks at reasonable prices right now

12:30 Opportunities, energy sector

15:30 Thoughts on AI

17:50 Themes

18:40 The end of globalization

22:11 Labor market

24:17 Hard or soft landing

26:00 Regional banks

27:48 Energy sector

32:50 Lobbying ETF (policy opportunities)

37:24 TINA

40:30 Fair value of S&P is probably between 3500-4100

42:00 Career in financial markets

Zack the Zombie 🧟‍♂️