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Category: Season 7

AI Stocks Can’t Lead the Market Much Longer. Invest Internationally InsteadPodcast episode coverart featuring Dan Rasmussen, Verdad Capital

AI Stocks Can’t Lead the Market Much Longer. Invest Internationally Instead

Published February 21, 2025

With Dan Rasmussen, Verdad Capital

Dan Rasmussen of Verdad Capital joins the podcast to discuss the dwindling prospects for AI stocks and why investors might want to look outside the US for better returns.

This podcast episode was released to premium subscribers on Monday, Feb. 17, 2025 without ads or announcements. For more information about premium membership options, visit our Substack.

Content Highlights

  • AI stocks have been on an incredible run, massively growing profits without much capital spending. That equation has changed… (1:51);
  • Tech companies are going from software businesses to manufacturing concerns — capital- and energy-intensive businesses that simply can’t produce the same growth as previous (6:03);
  • DeepSeek claims to be able to reduce the cost of AI applications. How does that factor in to the equation? (9:09);
  • So if the ‘Mag 7’ and AI stocks won’t drive the market higher, then what will? Where will growth come from? (12:16);
  • One place to start is to look for global diversification. Outside the US, stocks are meaningful cheaper… (15:24);
  • The guest’s book ‘The Humble Investor’ (21:37);
  • What can supply ‘edge’ in investing? There are some things. Legal ones… (27:10);
  • Background on the guest (33:02);
  • The guest is a historian by trade. What historical period is perhaps most comparable to the present day? Unfortunately, it looks an awful lot like ‘peak bubble’… (36:08);

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Prepare for End of US Dollar Cycle, as Emerging Markets Rise (Szn 7, Epsd 2)Podcast episode cover art feat Rohit Goel, Breakout Capital

Prepare for End of US Dollar Cycle, as Emerging Markets Rise (Szn 7, Epsd 2)

Published February 13, 2025

With Rohit Goel, Breakout Capital

Rohit Goel of Breakout Capital joins the podcast to discuss his view that the boom in the US dollar (and in US dollar-denominated assets) will soon give way, to be replaced by a long-awaited bullish cycle in emerging markets.

This podcast episode was recorded Friday, Feb. 7 and released to premium subscribers the following business day. There are numerous other benefits to becoming a premium subscriber, which can be read on our Substack.

Content Highlights

  • Markets have grown accustomed to US dollar dominance and with it a surge in US assets, specifically stocks. That is due for a cyclical reversal (1:00);
  • There are three factors supporting US growth. One of them is almost certainly due to run its course (4:43);
  • The global economy revolves around the US consumer as driver of growth. But that too can change — and other markets are better equipped to pick up the slack on their own (9:26);
  • Despite all this, the US dollar should maintain its status as reserve currency. However, its dominance is waning (14:55);
  • Background on the guest (23:28);
  • Big tech stocks have worked very well for over a decade. But things are shifting to eat into their cashflows and there are reasons to believe too much optimism could be priced in… (26:07);
  • The trend is for growth to originate elsewhere than US tech… (30:28);
  • Discussion of frontier markets (35:33).

The guest requests listeners connect through LinkedIn.

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The Looming Iceberg Ahead of the US Economy (Szn 7, Epsd 1)

Published January 28, 2025

Les Rubin, Main Street Economics

Les Rubin of Main Street Economics joins the podcast to discuss his chief concern facing not just markets and economies, but the world at large: US sovereign debt.

This podcast episode was recorded on Wednesday, Jan. 22, 2025 and released to premium subscribers the same day. Information on premium subscriptions, including the vast benefits, are available on our Substack.

Content Highlights

  • The US economy is headed to ‘serious problems’ and the guest’s mission is to educate people to the gravity of the situation (1:47);
  • Debt and fiscal deficits are nothing for the US. But its debt/GDP ratios is reaching a breaking point (2:57);
  • How soon might the breaking point arrive? (5:30);
  • Is there anything from the new Trump administration that might turn the tide? Elon Musk’s DOGE program has promise… (11:02);
  • What about tariffs? (16:22);
  • Background on the guest (20:36);
  • The need for more education: not just financial literacy, but economics (23:55).

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