

Ep.124 Real Conversations: Jurrien Timmer, Director of Global Macro, Fidelity → Market Risk, Rotation & Opportunity
13 snips May 7, 2025
Jurrien Timmer, Fidelity's Director of Global Macro, discusses the shifting landscape of investments. He highlights challenges to the traditional 60/40 portfolio and the trend of investors moving towards gold and Bitcoin. Timmer analyzes new policy risks tied to asset prices and warns of rising market risks while identifying emerging opportunities. He also delves into GDP markdowns and earnings resets, offering insightful predictions on equity markets. This conversation is a treasure trove for navigating today's complex financial terrain.
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Market Behavior Mirrors Human Cycles
- Market behavior reflects human cycles of fear and greed, making history rhyme though it doesn't repeat exactly.
- Experience helps investors see beyond short-term noise to understand market cycles and price discovery.
Markets Find Price Boundaries
- Markets constantly reprice to find boundaries, like sales pricing to find demand.
- Policy pivots may come from fiscal rather than monetary responses, setting new support levels in price discovery.
Secular Bull Markets Near End
- We're near the end of long secular and cyclical bull markets, with tariffs as a catalyst for regime change.
- The end of dollar dominance could lower U.S. margins and valuations, creating big questions for investors.