Superinvestors and the Art of Worldly Wisdom #59: Vincent Deluard On The Paradigm Shift In Markets
63 snips
May 21, 2025 
Vincent Deluard, a macro strategist renowned for his market insights, unpacks the recent paradigm shift in investing. He discusses how macro trends and inflation impact asset classes and emphasizes real assets over financial ones for true diversification. The conversation explores the interplay between inflation and social trust and the potential of the energy sector amidst economic uncertainty. Humorously, Deluard addresses the paradox of deglobalization increasing energy consumption, all while championing broad knowledge for better analytical thinking in finance.
AI Snips
Chapters
Books
Transcript
Episode notes
Vincent's Unlikely Market Journey
- Vincent Deluard grew up in rural France with no initial expectation to work in markets.
- A scholarship to study in the U.S. shifted his path to finance and macro analysis.
Fiscal Policy Drives Inflation
- Fiscal policy drives money creation and aggregate demand, not just monetary policy.
- The Daily Treasury Statement reveals real-time government spending and tax flows better than economic models.
Paradigm Shift From Deflation To Inflation
- The deflationary 2010s were fueled by demographic dividends and cheap Chinese production.
- These tailwinds are now reversing, leading to higher growth, inflation, and rates in the 2020s.
