Why do recessions feel like a relic of the past?
Macro strategist Vincent Deluard argues we’ve entered an era where fiscal dominance, structural inflation, and relentless asset debasement reshape how capital flows and how investors must position themselves.
We cover the U.S. supercycle, the role of tech and energy, why the “2% inflation target” is dead, and what a portfolio looks like in the age of permanent stimulus.
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TIMESTAMPS
0:00 Intro
3:33 The Next 10 Years
5:47 The Mind of a Pension Fund Manager
8:25 US Dominance
26:17 Dominance Shift
37:21 AI Bubble?
41:19 Inflationary Forces
52:40 Inflationista Thesis
58:36 Fiscal Dominance
1:03:38 Trump vs The Fed
1:09:41 Are Debt Cycles Inevitable?
1:12:26 Are Recessions Dead?
1:20:27 Portfolio Construction
1:26:21 Emerging Markets
1:33:45 Gold
1:37:42 Closing & Disclaimers
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RESOURCES
Vincent Deluard
https://x.com/vincentdeluard
StoneX
https://www.stonex.com/en/
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Not financial or tax advice. See our investment disclosures here:
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