We're at a Big Macro Turning Point

Real Vision: Finance & Investing

Real Vision

Business News, News, Investing, Business

4.1 • 1.1K Ratings

🗓️ 30 March 2023

⏱️ 60 minutes

🔗️ Recording | iTunes | RSS

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Summary

The Managing Director for Global Macro at TS Lombard tells Roger Hirst that we’re in the very early stages of a new macro environment where the stock market will start to reflect the economy a little bit more and where the balance of power between labor and capital in the economy is tilted toward labor. This episode is sponsored by KraneShares’s KRBN ETF, the first, largest and most liquid carbon ETF. Please read the prospectus before investing at https://rvtv.io/krbn. Investing involves risk. Principal loss is possible. KRBN is distributed by SEI Investment Distribution Company (SIDCO). Disclaimer: Carefully consider the Funds’ investment objectives, risk factors, charges and expenses before investing. This and additional information can be found in the Funds' full and summary prospectus, which may be obtained by visiting www.kraneshares.com. Read the prospectus carefully before investing. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.0	Hey everyone, today's Real Vision Daily Briefing is sponsored by Crane Shares.
0:05.0	Learn about their KRBN ETF at CraneShares.com forward slash KRBN.
0:12.0	Now to the top analysis of today's markets.
0:17.0	Welcome to the second installment of Real Vision's groundbreaking series, How to Unfuck Your Future.
0:23.0	In the first day, Rao sets out his thesis for the series, which we're bringing to you in two parts.
0:28.0	Week one looks at the major problems threatening our future.
0:31.0	Week two, the solutions and how you can adapt your portfolio.
0:36.0	Right now, Roger hers speaks to Dario Perkins, the managing director for Global Macro at T.S. Lombard.
0:42.0	He believes we're in the process of leaving behind a regime that's been with us for the last 50 years and moving into something new.
0:50.0	If investors don't adapt, they risk getting left behind.
0:59.0	Dario Perkins, welcome to the series.
1:02.0	Thank you.
1:04.0	And I think one of the key things for all investors is understanding a market regime and a market structure,
1:10.0	far more important than necessarily a trade idea because a market structure matters to everyone.
1:15.0	In your recent writings, you've been talking about how we have probably left a market regime of old
1:20.0	and we're transitioning to a new market regime and a new structure which needs invested to recalibrate the way they invest.
1:26.0	Before we get on to the future, maybe you could just explain and sort of summarize the old market regime that we're leaving or have left.
1:34.0	And what were the main sort of salient trade kind of ideas that we all clung on to in that before we then go and talk about the future.
1:42.0	Yeah, I mean, let me tell you about the sort of framework that I used to think about this because I think in terms of these very long sort of 50 year super cycles.
1:52.0	And those super cycles super super cycles, which really drive the sort of macro environment.
1:58.0	They're set by the balance of power in the economy, particularly the balance of power between labor and capital.
2:03.0	So you have to think about the capitalist system as this sort of inherently unstable mechanism.
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