Asks if market euphoria is too much optimism/complacency.
Haslinda Amin
Raymond Sagan
Upside reflects healthy diversification away from US exposure. US exceptionalism has peaked and unwinding - US represents 64% global stock exposure but only 25% global output.
Asks about one macro risk investors are mispricing.
Haslinda Amin
Raymond Sagan
US term interest rates risk - Fed less in control of term rates. AI hyperscalers shifting to debt financing, more vulnerable to term rates. Risk of yields breaking much higher, potentially 5% on 10-year.
Asks if de-dollarization accompanies de-USification.
Haslinda Amin
Raymond Sagan
Dollar decline without affecting US asset valuations hard to sustain. Continuing dollar decline could drag US asset valuations down as people sell and diversify.
Asks for dollar catalyst this year.
Haslinda Amin
Raymond Sagan
Venezuela events and rhetoric about Don Rower Code (enhanced Monroe Doctrine) reflecting geopolitical fragmentation, imperialism desire to control Western hemisphere.
Asks about investment opportunities in de-USification.
Haslinda Amin
Raymond Sagan
European equities extremely cheap at 30% discount to US. Emerging market equities and bonds - inflation under control, growth differentials increasing, beneficiaries of AI value chain.