Macro Hive Conversations With Bilal Hafeez Ep. 252: Jay Pelosky on How US Equities Could Underperform Rest of the World
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Jan 24, 2025 Jay Pelosky, founder of TPW Advisory and a veteran with over 35 years in financial markets, shares insights on the shifting dynamics among the U.S., Europe, and Asia. He discusses the potential underperformance of U.S. equities compared to global markets amid evolving economic landscapes. The conversation also touches on the implications of fiscal policies and geopolitical factors on investments. Humorously intersecting sports and politics, Pelosky emphasizes the importance of seeking underpriced opportunities globally, especially in AI and energy sectors.
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Tripolar World Framework
- The tripolar world consists of Europe, Asia, and the Americas, each aiming for regional integration.
- Each region strives to self-finance, self-produce, and self-consume, bolstering regional economies.
Regional Competition
- COVID-19 accelerated regionalization by disrupting global supply chains and emphasizing regional production.
- This shift led to regional competition, notably in AI, climate, and defense sectors.
Regional Integration Challenges
- Europe's regional integration is hindered by a lack of common taxation and thus fiscal policy leverage.
- Asia integrates around China's economic engine, while the Americas haven't fully leveraged their potential.