Raoul Pal: The Journey Man

Why the Market is Panicking—And What Comes Next w/ Andreas Steno

24 snips
Mar 20, 2025
Andreas Steno Larsen, a business cycle analyst and hedge fund manager, dives into the current turbulence in the markets. He discusses the repercussions of recent import tariffs and how they are reshaping economic landscapes. Larsen highlights the challenges investors face amid inflation and liquidity concerns while offering a cautiously optimistic outlook. He also touches on the dynamics of the dollar, Bitcoin, and specific investment opportunities like a Japanese Bitcoin treasury. This insightful conversation captures the essence of navigating market uncertainties.
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INSIGHT

Artificial Slowdown

  • The current US recession scare is partly due to companies front-loading imports to avoid tariffs.
  • This creates artificial growth followed by a perceived slowdown, not a true recession.
INSIGHT

Inflation Surprise

  • Front-loaded imports mean tariffs won't immediately increase inflation as expected.
  • Demand is also slowing, further dampening inflationary pressures.
INSIGHT

Tariff Uncertainty

  • US equities are underperforming global markets due to uncertainty surrounding tariff policy.
  • This flip-flopping on tariffs creates hesitation among investors.
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