GM86: Everyone’s Watching the Fed. The Real Story’s Somewhere Else. ft. Louis Vincent-Gave
Top Traders Unplugged
Niels Kaastrup-Larsen
4.8 • 670 Ratings
🗓️ 20 August 2025
⏱️ 60 minutes
🧾️ Download transcript
Summary
Louis-Vincent Gave returns with a blunt assessment of a global order fraying at key seams. Construction is stalling. Trade policy is adrift. Capital is retreating from the U.S. And yet, markets hum along... propped up by AI euphoria and the illusion of fiscal permanence. In this conversation with Alan Dunne, Louis questions whether investors grasp the shifting ground beneath their feet: from rising tariff walls to energy fragility, from the quiet restructuring of China’s financial system to the early signals of capital rotation into emerging markets. If this is a transition phase, most portfolios aren’t built for what comes next.
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Episode TimeStamps:
02:20 - (Re)Introduction to Louis Gave
03:45 - Gave's analysis of the current economic data
09:45 - What causes the weakening of the economy?
11:54 - The outlook for tariffs - will they eventually become stable?
16:16 - The future for inflation - will it become more persistent over time?
20:43 - The risk factors of energy markets
25:51 - Will we see a Fed cut in September?
26:58 - Powell - in or out?
31:13 - We are seeing a paradigm shift in the US Dollar
38:26 - The outcome of the AI revolution
43:03 - Deficits are like tequila shots
46:55 -...
Transcript
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| 0:00.0 | It's like tequila shots. You've never known when you've had enough until you've had too much. |
| 0:10.0 | And government debt tends to be the same story. You feel good, you feel good, you feel good. |
| 0:15.0 | And then at some point you're throwing up in the bathroom. |
| 0:20.0 | So yeah, your point is when do we start throwing up in the bathroom? |
| 0:22.9 | And the answer is, I'm not quite sure, but I know it's not a great asset class to own. |
| 0:29.2 | Because at this space, you know, it's like you're seeing the guy at the bar just pounding the tequila shots, |
| 0:34.8 | and you know there's nothing good coming out of that. |
| 0:37.8 | You're not quite sure when he's going to hit the wall, but you know that wall is there. |
| 0:43.5 | Imagine spending an hour with the world's greatest traders. |
| 0:47.2 | Imagine learning from their experiences, their successes, and their failures. |
| 0:51.7 | Imagine no more. |
| 0:53.6 | Welcome to Top Traders Unplugged, the place where you can learn from the best hedge fund managers |
| 0:58.8 | in the world so you can take your manager, due diligence, or investment career to the next |
| 1:03.6 | level. |
| 1:04.4 | Before we begin today's conversation, remember to keep two things in mind. |
| 1:08.4 | All the discussion we'll have about investment performance is about |
| 1:11.2 | the past, and past performance does not guarantee or even infer anything about future performance. |
| 1:17.1 | Also understand that there's a significant risk of financial loss with all investment strategies, |
| 1:21.3 | and you need to request and understand the specific risks from the investment manager about |
| 1:26.2 | their product before you make |
| 1:27.7 | investment decisions. |
| 1:29.2 | Here's your host, veteran hedge fund manager, Nealz Kostrup Larson. |
... |
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