Why the “Emerging Markets” Label Is Now Obsolete | Louis Gave

2026-02-06

The investment playbook has changed. Politics and geopolitics are no longer just background noise—they’re the foundation of every macro trade. In this conversation, Marko Papic, chief strategist at BCA Research and the godfather of “GeoMacro,” breaks down how investors need to completely rethink their approach to markets.

In this week’s Global Macro Update, we cover:

– Wild market swings: precious metals, dollar volatility, and Fed chair speculation
– Whether the dollar is in jeopardy of losing reserve currency status
– Why Europe is more investable than you may think—and the case for European equities
– The demographic solution no one is talking about: high-quality migration flows
– Defense spending rotation: Why European defense contractors are just getting started

“I don’t think

2026-01-23

I sat down with George Friedman of Geopolitical Futures to discuss his latest annual forecast, and what a conversation it turned out to be.

George walks us through what he calls the “re-anchoring” of the world order. The Cold War didn’t truly end with the fall of the Soviet Union—it ended in Ukraine, where Russia proved it couldn’t even take its neighbor. Now the US-China relationship has replaced the US-Russia dynamic as the world’s primary anchor, creating a fundamentally different situation.

We dig into the economic challenges both countries face, the future of NATO, and yes—I had to ask George about Greenland. George also shares his thoughts on what comes after Trump, the demographic crisis facing the developed world, and why Russia’s position has become increasingly precarious.

2026-01-14

Liz Ann Sonders, Chief Investment Strategist at Charles Schwab, joins me to discuss AI’s evolution, which sectors to watch now, and what’s driving markets in 2026.

Liz Ann breaks down a common misconception about the Mag 7: Nvidia was the top contributor to S&P 500 returns in 2025, yet 74 stocks did better on pure price performance. Only two of the seven “Mag 7” stocks beat the index. This distinction between contribution and performance matters for how investors construct their portfolios.

We also discuss the difference between market “uncertainty” and “instability”—Liz Ann argues the current environment is better described by the latter, given the non-linear nature of policy announcements around tariffs and trade.

Our conversation ends with the most valuable takeaway: FOMO, HODL,

2026-01-08

Many investors worry about China weaponizing its US Treasury holdings, but they might be looking in the wrong direction.

Taiwan holds nearly as much US debt as China—roughly $800 billion. But here’s what makes Taiwan’s position uniquely dangerous: private insurance companies own most of these Treasuries, not the government. These insurers hedge their holdings and face strict liquidation requirements.

In this conversation, I sit down with Lyric Hughes Hale, Editor in Chief at EconVue, and Eric Huang, a Taiwan-based geopolitical analyst and former deputy representative to the US for Taiwan’s KMT Party. Together, they’ve uncovered a systemic risk hiding in plain sight.

As Eric explains, even a credible rumor of Chinese aggression could trigger mass redemption requests from Taiwanese

2025-12-05

Everyone worries AI will take their job. Steve Lord thinks we’ll hit a bigger wall first: power. Lord is COO of Burkland Associates, which provides fractional CFO services to hundreds of VC-backed startups. He works with Andreessen Horowitz and dozens of other top VC firms, giving him a unique view of the AI frontier.

In this conversation, we dig into the infrastructure bottleneck facing AI, why startups aren’t going public anymore, what went wrong with crypto’s original promise, and why America still holds an edge in innovation. Plus, Lord’s blunt advice for founders trying to raise capital in today’s market—and for investors looking at VC opportunities.

Learn more about Steve Lord here:
https://burklandassociates.com/executive-team/steven-lord/

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2025-11-20

The CNN Fear and Greed Index hit extreme fear territory this week. Yet when Brent Donnelly surveyed investors, he found something different: a market repricing risk rather than fleeing from it entirely.

Brent runs Spectra Markets and remains one of the sharpest currency traders I know. His survey revealed that zero-revenue AI plays and debt-heavy infrastructure names are getting hammered while companies with actual cash flows hold up better. The pivot point came in late October with Meta’s earnings.

Brent’s survey found that 65% of respondents would rather short OpenAI at a $500 billion valuation than go long on a three-year horizon. Most believe AI is a bubble, but they don’t think it’s topped yet.

We also discuss what happens when OpenAI’s $20/month subscription model can’t support

2025-11-14

Bruce Mehlman is one of Washington’s sharpest political strategists. We dive deep into the recent government shutdown—why it happened, who won, and what it means for investors. Bruce also breaks down the Democratic sweep in November’s off-year elections, the AI bubble, and the economic tailwinds Wall Street is ignoring: massive foreign investment commitments, banking deregulation, and surprisingly strong corporate earnings. We also discuss the K-shaped economy that’s dividing America, why inflation remains the single most powerful political issue, and what deregulation really means for investors. Finally, Bruce pulls out his crystal ball for predictions on the 2026 midterms and who’s positioning for 2028 presidential runs on both sides.

Read Bruce Mehlman’s free Substack here:

2025-10-31

Are we living through 1997/98 all over again? Former Wall Street trader Jared Dillian breaks down why today’s tech market looks eerily similar to the dot-com bubble—but we’re not at the peak yet.

We dive into the troubling rise of circular deals, where companies like Nvidia are investing billions in their own customers—just like Cisco did in the late nineties. Jared reminds us that “it’s never different.”

We haven’t had a real bear market in 17 years (outside the pandemic), and Jared raises a critical question: Will the magnitude of the coming drawdown be proportional to the length of this bull market?

Plus, Jared reveals how he wrote his upcoming book in just 10 days, and why it’s the guide nearly every investor should follow.

Learn more about Jared Dillian here: