Bubbles as a Feature, Not a Bug with Carlyle's Jason Thomas

RiskReversal Pod

RiskReversal Media

Business News, Business, Investing, News

4.7 • 836 Ratings

🗓️ 13 March 2026

⏱️ 44 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Dan Nathan and Guy Adami welcome Jason Thomas, Head of Global Research and Investment Strategy at Carlyle, to discuss why equities often react far less to geopolitical risk than to financial shocks, and how a “security premium” is emerging as policymakers prioritize reliable energy supplies, potentially boosting demand via stockpiling. Thomas explains how markets adapted to tariffs after an initial shock, but argues wars are harder to “end” because multiple parties must agree. They explore a richly valued dollar, limited alternatives driving central banks and investors toward gold, and why supply-chain invoicing reinforces dollar dominance. Thomas expects S&P 500 concentration—largely tied to data centers and the Mag 7—to drive diversification toward equal-weight, small/value, and “old economy” industries amid shifting energy-transition timelines and rising defense needs. They also examine AI’s capex-revenue gap, hyperscaler valuation challenges from heavy infrastructure spending, and argue systemic-risk fears around private credit are overstated versus other leverage risks. Show Notes Bubbles as a Feature Not a Bug (Carlyle) —FOLLOW USYouTube: @RiskReversalMediaInstagram: @riskreversalmediaTwitter: @RiskReversalLinkedIn: RiskReversal Media

Transcript

Click on a timestamp to play from that location

0:00.0	Balance your trading strategy by adding futures. CME group helps you manage risk and capture opportunities in all market environments.
0:09.1	Capitalize on around the clock access to highly liquid global futures and options market across all major asset classes.
0:16.9	Just visit your online broker and get started.
0:19.7	Plug into valuable educational materials and trading tools and see what adding futures can do for you at cMEgroup.com slash on the tape.
0:31.3	IConnections is the largest membership only platform for the alternative investment industry.
0:35.4	Bringing together thousands of fund managers and allocators in one powerful hub.
0:38.3	IConnections re-images how the industry connects through its digital offerings and premier in-person events,
0:43.3	empowering allocators and managers to meet, build relationships, and do business anytime, anywhere.
0:48.3	To explore more about IConnections, its events, and gain access to the members-only platform, visit iConnections.io.
0:57.7	Welcome to the Risk Reversal podcast.
0:58.8	I am Dan Nathan.
0:59.6	That's Guy Adami.
1:00.1	Hi, Guy.
1:01.7	What is going on?
1:03.6	I'm excited for this interview, Dan.
1:06.2	Yeah, we have, it's a first-timer guy.
1:08.3	We don't, you know, we're year five here. We just were introduced to Jason Thomas.
1:11.4	He is the head of global research and investment strategy at Carlisle.
1:15.0	I'm excited to have him.
1:16.2	Jason, welcome to the podcast.
1:18.1	Thanks for having me.
1:19.2	You and I were chatting a second before we turn the mics on here.
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from RiskReversal Media, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of RiskReversal Media and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.