Maggie Lake Talking Markets Episode 86: Boom or Bubble? With Vincent Deluard.
9 snips
Sep 22, 2025 
In this lively discussion, Vincent Deluard, the Director of Global Macro Strategy at StoneX, shares his insights on global markets. He highlights promising opportunities in China and Brazil while expressing caution about India and Poland. With gold hitting record highs, Vincent delves into the implications of a weaker dollar and the impact of upcoming PCE data. He also addresses the effects of Western society's stimulus addiction on long-term market stability, making for a thought-provoking conversation on the future of global finance.
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Episode notes
AI: Both Bubble And Growth Driver
- AI investment feels both bubbly and economically meaningful right now.
- Hyperscaler capex could add ~50bps to growth but risks future earnings drag via depreciation.
Global Rotation Could Be Long-Term
- International markets may outperform the US as global capital renationalizes.
- Vincent sees a multi-year reversal away from the 'magnificent seven' toward faster overseas growth.
Hold Some Cash Into Seasonal Risks
- Consider holding cash or trimming positions before expected seasonal liquidity drains.
- Vincent suggests waiting until mid-October to see tax flows, buyback expiries, and earnings clarity.