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Top Traders Unplugged
SI340: ETFs, Size, and the Commodity Problem ft. Alan Dunne
Mar 22, 2025
Alan Dunne, a guest expert on global macro perspectives, dives deep into investment wisdom gleaned from 125 years of market data. He discusses the role of patience and diversification in an era of high inflation and market concentration. The conversation turns to commodities, highlighting challenges faced by trend followers due to capacity constraints, and how these limits can impact returns. Dunne also examines the explosive growth of trend-following ETFs, emphasizing hidden costs that could affect investor outcomes.
01:05:24
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Quick takeaways
- The Global Investment Returns Yearbook reveals that patience and diversification remain crucial for today's investors amid high-concentration markets and inflation concerns.
- Germany's recent economic policy changes, including increased infrastructure spending, may significantly boost growth rates and impact global capital flows.
Deep dives
U.S. Economic Outlook and Fed Projections
The Federal Reserve's recent projections indicate a concerning outlook for the U.S. economy, with reduced expectations for GDP growth and increased inflation forecasts. Observations from a diffusion index reveal that most participants in the Fed's discussions foresee heightened downside risks to growth and an uptrend in inflation, reflecting a stagflationary bias. This situation suggests a significant pessimism about the economic landscape, driven in part by factors such as trade policies and global uncertainty. The Fed's decision to maintain their monetary policy projection, including expectations for potential rate cuts, stands in stark contrast to these troubling indicators.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode