Less Noise, More Signal

In this conversation, Pascal Huegli and Michael Nadeau discuss the shifting economic landscape in the U.S., focusing on macro risks, trade imbalances, and the role of tariffs. Michael explores the implications of fiscal deficits and government spending dynamics, as well as the geopolitical factors influencing currency adjustments. The discussion also delves into Bitcoin's market behavior, liquidity concerns, and the impact of globalization on production. Nadeau emphasizes the interplay of cap...