Real Vision: Finance & Investing
Understanding the Macro Landscape and Market Narratives with Raoul Pal, Julian Brigden, and Roger Hirst
Oct 12, 2023
Raoul Pal and Julian Bridgen discuss the macro landscape and market narratives, including challenges in global markets, effects of rising interest rates, and the importance of having a framework. Roger Hirst explores understanding multiple narratives in markets and the definition of a recession.
20:20
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Quick takeaways
- Investors should develop a framework to interpret and analyze different narratives in the market.
- Julian Brigden expects an upward trend in rates and a bearish outlook for fixed income for the next 20 years.
Deep dives
Heightened Market Volatility and Active Management Opportunities
The podcast episode discusses the heightened market volatility and how investors can navigate and profit from it. The speakers, Raul and Julian Brigden, have differing views on the market cycles and instability. While Raul believes in an increasingly unstable market and advocates for more active management, Julian examines the Treasury Market and the potential risks of global markets absorbing high issuance levels. He also discusses the shift from monetary dominance to fiscal dominance, driven by demands for collective policy responses in various areas including climate change, geopolitical tensions, and demographic challenges. Julian expresses a bearish outlook for fixed income for the next 20 years, expecting an upward trend in rates.
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