Asks for top-of-mind themes given hot metals, benign CPI, and continuing equity rallies.
Host
Mark Cutmore
General trends are real 2026 themes but short-term frothy. The quandary is whether to chase the rally or wait for a pullback.
Mark Cutmore
Remains a structural yen bear. Japan's only long-term way out of its debt is monetization, meaning yen depreciation is a long-term structural trade.
Asks what could spark a rotation from 2025 playbooks.
Host
Mark Cutmore
Expects US stocks to underperform vs. rest of world in 2026; Asia and LatAm to be top performers. Rotation from growth to value and within AI sector is already starting and sustainable.
Asks if a scenario of Fed cuts but substantially higher yields is possible.
Host
Mark Cutmore
Gives that scenario very low probability. Base case is Treasuries have an okay year, yields hold or decline slightly. Binary tail risk is fiscal blowout.