Macro Hive Conversations With Bilal Hafeez
Ep. 252: Jay Pelosky on How US Equities Could Underperform Rest of the World
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.
46:16
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Quick takeaways
- The concept of a tripolar world underscores the need for regions to develop self-sufficient capital markets and local supply chains.
- Despite strong growth in the U.S. equity market, lower future returns are expected, shifting investor focus towards Europe and emerging markets.
Deep dives
Understanding the Tripolar Framework
The concept of a tripolar world, consisting of Europe, Asia, and the Americas, emphasizes regional integration and self-sufficiency. Each region is encouraged to develop its capital markets, produce locally, and create wealth to sustain consumption within the area. The impact of COVID-19 accelerated this trend, highlighting the importance of securing local supply chains for essential goods like medicine. The speaker notes that competition among the regions is increasingly evident in key areas such as artificial intelligence, climate initiatives, and defense capabilities.
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