

Investing in a World of Permanent Stimulus | Vincent Deluard
68 snips Aug 4, 2025
Vincent Deluard, Director of Global Macro Strategy at StoneX Group, brings a wealth of experience advising institutional investors. He discusses how structural forces are reshaping the economy, arguing recessions are now 'canceled' due to fiscal dominance. The conversation covers shifting demographics, geopolitical fragmentation, and how AI is altering job markets. Deluard also addresses the potential for an Asian-driven oil demand shock and offers insights on constructing a 'fiscal dominance' portfolio to navigate this new macro landscape.
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Vincent's Finance Journey
- Vincent Deluard shares his start in finance: a curious economist turned investment researcher.
- He enjoys advising pension funds and thinks the job is the most interesting worldwide.
History Matters in Economics
- Economic models often ignore history, causing mistakes in market predictions.
- Thinking historically is crucial to avoid being misled by faulty economic frameworks.
Exceptional Economic Era Warning
- The past 40 years are an exceptional period of falling inflation, interest rates, and globalization.
- Assuming this period as the norm threatens to misguide economic models and forecasts.