GM84: What Everyone Saw, but No One Priced ft. Bob Elliott

Top Traders Unplugged

Niels Kaastrup-Larsen

Business, Business News, Investing, News

4.8 • 670 Ratings

🗓️ 25 June 2025

⏱️ 75 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Bob Elliott joins Cem Karsan and Niels Kaastrup-Larsen for a conversation about what happens when strong economic data masks a deeper structural shift. The income engine still runs, but tariffs, labor scarcity, and immigration limits are quietly rewiring the system. Inflation may not fall the way people expect. Profit margins may not hold. And capital may start flowing away from the US for the first time in a generation. This isn’t a cycle call. It’s a question of what kind of economy we are becoming—and whether portfolios built for the past can survive what’s coming.

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Episode TimeStamps:

02:58 - Revisiting the Income Driven Expansion

12:30 - Inflation Dynamics and Economic Policy

15:31 - The Dynamics of Labor and Immigration

27:58 - Strategic Decoupling and Its Implications

32:04 - The Economic Implications of Manufacturing in China

42:13 - Economic Growth and Market Dynamics

48:28 - The Evolving Landscape of Investment Strategies

53:25 - Understanding Alpha Strategies and Portfolio Diversification

01:01:10 - The Dynamics of Hedge Fund Strategies and Correlation

01:09:34 - Global Macro Trends and Financial Decoupling

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Transcript

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0:00.0	We are more likely than not moving into a world where, you know, foreign stocks, particularly
0:11.5	from a foreign equity investor's perspective, are going to look a lot better, meaning their
0:16.0	own domestic markets, they're going to look a lot better from their own currency perspective
0:20.0	than U.S. assets for
0:21.9	an extended period of time. And so that's an underlying trend that I think is an important one
0:26.8	tactically and strategically to be thinking about.
0:32.1	Imagine spending an hour with the world's greatest traders. Imagine learning from their
0:37.2	experiences, their successes,
0:38.8	and their failures. Imagine no more. Welcome to Top Traders Unplugged, the place where you can learn
0:46.0	from the best hedge fund managers in the world so you can take your manager due diligence
0:50.5	or investment career to the next level. Before we begin today's conversation,
0:55.2	remember to keep two things in mind. All the discussion we'll have about investment performance
0:59.5	is about the past, and past performance does not guarantee or even infer anything about future
1:04.9	performance. Also understand that there's a significant risk of financial loss with all investment
1:09.6	strategies, and you need to
1:11.1	request and understand the specific risks from the investment manager about their product
1:15.6	before you make investment decisions. Here's your host, veteran hedge fund manager, Nealz Kostrup Larson.
1:29.3	Bob, welcome back to the show.
1:32.5	It's been about a year since Jeremy and I spoke with you,
1:36.1	and I think it's fair to say that a few things has happened since then.
1:37.9	So we're excited to have you back.
1:38.4	How have you been?
	...

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