Why Recessions Are Dead & How to Invest in The Debasement Era | Macro Investor Vincent Deluard | Bankless

In this episode of Bankless, Ryan Sean Adams interviews macro strategist Vincent Deluard about the ultimate portfolio for the debasement era, focusing on investment strategies beyond cryptocurrency. Deluard discusses the historical dominance of U.S. capital markets and why he believes that cycle is peaking, advocating for investment in China and India. He touches on persistent inflation, fiscal dominance, the obsolescence of traditional recessions, the concentration of the MAG-7 stocks, AI bubbles, and gold's all-time highs. Deluard advises against long-duration bonds, favors a healthy cash position, and recommends market-weight to overweight stocks, particularly international equities, to capitalize on cheap valuations and currency dynamics. He also suggests considering gold and gold miners as part of a debasement-resistant portfolio, highlighting the role of central bank buying.

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Why Recessions Are Dead & How to Invest in The Debasement Era | Macro Investor Vincent Deluard

Bankless

Introduction to Macro Investing and the Role of Pension Funds

The Dominance of U.S. Capital Markets and Key Contributing Factors

Market Structure, Capital Flows, and the Perception of American Success

Signs of Shifting Trends and the AI Bubble

The Inflationista Thesis and the Psychology of Permanent Stimulus

Market Pricing of Inflation and the Role of Government Bonds

Fiscal Dominance and the Myth of Central Bank Independence

The Inevitability of Fiat Debasement and the Death of Recessions

Constructing a Fiscal Dominance Portfolio

Gold, Central Bank Buying, and Final Portfolio Recommendations

Why Recessions Are Dead & How to Invest in The Debasement Era | Macro Investor Vincent Deluard

Bankless

00:00Introduction to Macro Investing and the Role of Pension Funds

Introduction to Macro Investing and the Role of Pension Funds

07:16The Dominance of U.S. Capital Markets and Key Contributing Factors

The Dominance of U.S. Capital Markets and Key Contributing Factors

19:26Market Structure, Capital Flows, and the Perception of American Success

Market Structure, Capital Flows, and the Perception of American Success

27:24Signs of Shifting Trends and the AI Bubble

Signs of Shifting Trends and the AI Bubble

37:12The Inflationista Thesis and the Psychology of Permanent Stimulus

The Inflationista Thesis and the Psychology of Permanent Stimulus

45:50Market Pricing of Inflation and the Role of Government Bonds

Market Pricing of Inflation and the Role of Government Bonds

53:40Fiscal Dominance and the Myth of Central Bank Independence

Fiscal Dominance and the Myth of Central Bank Independence

1:06:27The Inevitability of Fiat Debasement and the Death of Recessions

The Inevitability of Fiat Debasement and the Death of Recessions

1:15:51Constructing a Fiscal Dominance Portfolio

Constructing a Fiscal Dominance Portfolio

1:29:02Gold, Central Bank Buying, and Final Portfolio Recommendations

Gold, Central Bank Buying, and Final Portfolio Recommendations