George Noble, CIO of Noble Capital Advisors, argues we're in a regime shift where US exceptionalism is ending. He sees global rotation away from dollar assets as foreign capital heads home. He expects bond yields to rise significantly until markets force politicians' hands, recommending investors get out of paper money and into scarce assets like gold. Noble is bearish on US equities, especially consumer stocks and the Mag-7, favoring foreign markets and gold as protection against fiscal irresponsibility.

Sponsors:

Monetary Metals. https://monetary-metals.com/julia

Kalshi: https://kalshi.com/julia

Links:

George Noble's Independent Research Conference: https://noble-capevents.com/

X: https://x.com/gnoble79

Timestamps:

0:00 Welcome and intro to George Noble

1:05 Big picture macro view - regime shift and end of US exceptionalism

3:56 Dollar decline and foreign capital rotation

6:29 Which regions benefit from global rotation

9:48 Fiscal mess - default vs. devalue the debt

12:49 How markets will force politicians' hand

15:40 Fed rate cut expectations and recession probability

19:57 Doge criticism - why spending cuts were never realistic

23:33 Party continues until "Mr. Bond shows up"

24:33 Get out of paper money - gold and scarce assets

25:24 Bitcoin discussion and getting "orange pilled"

29:12 Japanese yen looks cheap, avoid US consumer stocks

31:08 Passive investing problems and stock picker's market

33:28 Gold has room to run - contrarian view

38:08 Lessons from closing ETF

42:39 Parting thoughts and upcoming investment conference

John Rentoul's Blank Space