In this episode of Excess Returns, Matt Zeigler talks with macro strategist and author Remi Tetot, known as “The Mad King.” They explore how liquidity, policy, and narratives have reshaped markets over the last decade, why fundamentals have lost their grip, and how investors can adapt to a fractured global cycle. The conversation spans macro themes like fiscal dominance, housing, crypto, and AI — and ends with a deeper reflection on human capital, autonomy, and the behavioral side of markets. Topics covered: How liquidity replaced fundamentals as the market’s main driver Why investors must adapt to desynchronized global cycles The impact of debt, fiscal dominance, and government policy on markets Housing as the next driver of the business cycle How AI, robotics, and quantum computing are shaping the next growth wave The maturation of crypto and what comes after the “altcoin season” Why narratives now drive price and how to read them effectively The risks and opportunities in trading liquidity and fiscal policy The cognitive and behavioral shifts driving modern investing Protecting human capital in the age of AI and automation Timestamps: 00:00 Liquidity and the end of fundamentals 06:17 Three continents, three policies, one fractured world 12:20 Housing as the next driver of the cycle 16:39 Crypto’s evolution and fiscal dominance 23:26 Portfolio positioning in a policy-driven market 29:44 AI, human capital, and the risk to autonomy 36:00 How narratives shape markets and investment themes 52:00 Building a macro narrative and market framework 58:00 Lessons for investors and closing thoughts
