Bankless Why Recessions Are Dead & How to Invest in The Debasement Era | Macro Investor Vincent Deluard
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Sep 15, 2025 
Vincent Deluard, a macro strategist from StoneX Group, delves into the shifting landscape of global capital markets. He argues that recessions are becoming obsolete due to fiscal dominance and ongoing inflation. The conversation highlights the failure of the traditional 2% inflation target and explores how AI and energy sectors are influencing economic growth. Deluard also discusses portfolio strategies suited for an era of permanent stimulus and the significance of emerging markets and gold as investment alternatives.
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Personal Move Shaped His Perspective
- Vincent moved from Europe to the U.S. in 2006 and calls it the best decision of his life.
- His personal view colors his perspective on relative economic fortunes between regions.
Watch Slow-Moving Foreign Flows
- Monitor shifts in foreign flows and currency hedging because pension reallocations are slow-moving but decisive.
- Expect foreign reallocations to lag market moves and create multi-year trends, not instant reversals.
U.S. Supercycle Explained
- The U.S. has outperformed global markets since ~2008, driven by tech, energy and policy advantages.
- That outperformance produced a decades-long “U.S. supercycle” and explains heavy foreign and pension inflows.